The proposed bill would amend several sections of the Arizona Revised Statutes related to public retirement systems, specifically the Public Safety Personnel Retirement System (PSPRS) and the Elected Officials' Retirement Plan (EORP). Key updates include the introduction of new provisions that impose pension payment limitations on retired PSPRS and Corrections Officer Retirement Plan (CORP) members who are reemployed as contracted or leased employees within six months of retirement. The bill also clarifies that employee contributions will not be made during this reemployment period, and service will not be credited, while the employer is required to pay an alternate contribution rate. Additionally, the bill removes the previous requirement that reemployment in the same position triggers these limitations.

Furthermore, the bill expands the definition of eligible groups for participation in supplemental defined contribution plans to include term-limited state elected officials and exempt state officers who opted into the defined contribution retirement plan established in 1999. It also allows the PSPRS Board to invest in stocks acquired through commingled investments, enhancing the investment options available to the retirement system. Other technical changes are made to ensure clarity and compliance with the new provisions. Overall, these updates aim to modernize the administration of retirement systems while maintaining the integrity of pension benefits for public safety personnel and elected officials.

Statutes affected:
Introduced Version: 38-833, 38-848, 38-849, 38-951, 38-727, 41-1750, 92-544, 38-295, 38-848.03, 35-154, 41-4401, 38-611, 44-1801, 13-713, 38-846.02, 38-843.05, 38-850, 38-844, 44-1201
House Engrossed Version: 38-833, 38-848, 38-849, 38-884, 38-951, 38-727, 41-1750, 92-544, 38-295, 38-848.03, 35-154, 41-4401, 38-611, 44-1801, 13-713, 38-846.02, 38-843.05, 38-850, 38-844, 44-1201, 41-1822, 38-891, 38-921, 38-922, 38-899
Chaptered Version: 38-833, 38-848, 38-849, 38-884, 38-951, 38-727, 41-1750, 92-544, 38-295, 38-848.03, 35-154, 41-4401, 38-611, 44-1801, 13-713, 38-846.02, 38-843.05, 38-850, 38-844, 44-1201, 41-1822, 38-891, 38-921, 38-922, 38-899