The proposed bill, if enacted, would amend section 38-867 of the Arizona Revised Statutes to allow employers of participants in the Public Safety Personnel Defined Contribution Retirement Plan (PSPDCRP) to make supplemental contribution incentive payments. These payments would be limited to a maximum of $5,000 per participant and would only be made at specified service intervals, such as five, ten, or fifteen years of service. The bill stipulates that these contributions must be made equally to all eligible participants who meet the service requirement and do not require any additional monetary contribution from the participants to receive the employer's supplemental contribution.

Additionally, the bill clarifies that a supplemental contribution made under this provision does not affect other employers or participants employed by the contributing employer. It also states that employers are not obligated to make further supplemental contributions to a participant who has already received one and may discontinue these payments at any time. Overall, the bill introduces new provisions to enhance the retirement benefits for Tier 3 CORP members while maintaining flexibility for employers.

Statutes affected:
Introduced Version: 38-867
Senate Engrossed Version: 38-867