The proposed bill would amend current statutes regarding participation in the Arizona State Retirement System (ASRS) by allowing individuals to waive participation if they become eligible after turning 65 years old, rather than only if they are employed by an ASRS employer after that age. Specifically, the language in the current statute that specifies the requirement of employment is deleted, and the new language clarifies that eligibility for participation is the key factor.

Additionally, the bill requires that the written waiver of participation must be filed with ASRS within 30 days of becoming eligible, rather than within 30 days of employment. The bill also makes technical changes to the language used in the statute, including the removal of references to "employment" and "the Arizona state retirement system," replacing them with "becoming eligible to participate in ASRS" and "ASRS," respectively. Overall, these updates aim to streamline the process for individuals over 65 to opt out of ASRS participation.

Statutes affected:
Introduced Version: 38-727
House Engrossed Version: 38-727