This bill proposes several updates to the Arizona Revised Statutes regarding public retirement systems. It introduces new provisions for judicial officers, clerks, and elected officials who are elected or appointed on or after July 1, 2026, allowing them to make an irrevocable election to participate either in the Arizona State Retirement System (ASRS) or in the elected officials' defined contribution retirement system. The bill also specifies that if no election is made within ninety days of their election or appointment, the individual will be deemed to have elected to participate solely in ASRS. Additionally, it clarifies definitions for "elected official" and "judicial officer or clerk" and includes provisions for the filing of election decisions.

Furthermore, the bill modifies existing contribution percentages to the elected officials' retirement plan fund, changing it from 6.00 percent to 5.70 percent, and introduces a new allocation of 0.30 percent to the state general fund. It also updates the language regarding the contributions required from employers, ensuring they meet the actuarial valuations for all employees eligible under the specified sections. The bill appropriates $150,000 from the state general fund for the fiscal year 2026-2027 to cover employer contribution costs associated with these changes and establishes an effective date of June 30, 2026, for the new provisions.

Statutes affected:
Introduced Version: 12-284.03, 38-727, 38-728, 38-810, 38-831, 12-284, 41-2402, 36-3002, 8-550.01, 12-305, 12-135, 38-802, 12-113, 8-135, 12-116, 15-1628, 15-1451, 38-804, 38-743, 38-744, 12-119.01, 12-120.31, 22-281, 41-178, 38-797.05, 38-833, 38-737, 38-803.01, 2011-2012, 2012-2013, 2013-2014, 2042-2043, 35-190