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 a new section that outlines the contribution percentages to the state general fund and the elected officials' retirement plan fund.

Furthermore, the bill modifies existing statutes by changing certain percentages related to employer contributions and updating the language regarding the election not to participate in ASRS for individuals over sixty-five. It also appropriates $150,000 from the state general fund for the fiscal year 2026-2027 to cover employer contribution costs associated with the act. The updates aim to streamline the retirement options for newly elected officials and judicial officers while ensuring that the necessary funding is allocated for these changes. The act is set to take effect after June 30, 2026.

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