The proposed bill, if enacted, would amend several sections of the Arizona Revised Statutes related to public retirement systems. It would replace the term "plan" with "system" in the context of the Elected Officials Defined Contribution Retirement System. Additionally, it would clarify that members who are not currently active, inactive, or retired, or who have a disability, may still receive benefits if they develop a total disability. The bill also expands the investment options for the Public Safety Personnel Retirement System (PSPRS) by allowing investments in stocks acquired as part of commingled investments, which were previously restricted.

Furthermore, the bill would remove the limitation that prevents retired members from being reemployed in the same position at any time, thus allowing them to receive pension payments without restrictions if they are reemployed by the same employer after a six-month period. It also specifies that state elected officials who were subject to term limits and certain exempt state officers and employees can participate in the defined contribution retirement plan. Overall, these changes aim to enhance the flexibility and accessibility of retirement benefits for elected officials and public safety personnel.

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