The proposed bill, if enacted, would amend the current statutes regarding participation in the Arizona State Retirement System (ASRS) for individuals aged 65 and older. Specifically, it would allow a person to waive participation in ASRS within 30 days after becoming eligible to participate, rather than after being employed by an ASRS employer. The language in the current statute that specifies the requirement of being employed by an ASRS employer would be replaced with the broader term "eligible to participate in ASRS."

Additionally, the bill would clarify that the election not to participate must be made in writing and filed with ASRS within the specified 30-day period after eligibility. The existing language that refers to "employment" would be updated to reflect this change in eligibility criteria. The bill maintains the irrevocability of the election and the waiver of benefits provided by ASRS, while also ensuring that the period of work during which the waiver is in effect remains ineligible for purchase under sections 38-743 or 38-744.

Statutes affected:
Introduced Version: 38-727