The proposed bill would amend the Arizona Revised Statutes regarding the public safety personnel retirement system by updating the age and service requirements for retirement eligibility. For employees who become members of the system between January 1, 2012, and July 1, 2017, the bill clarifies that retirement eligibility can be achieved after either twenty-five years of service or fifteen years of credited service if the employee is at least fifty-two and a half years old. For those who join on or after July 1, 2017, the requirements would shift to twenty-five years of service or fifteen years of credited service if the employee is at least fifty-five years old.

Additionally, the bill modifies the definition of "retirement" to include the attainment of service and age requirements for both groups of employees. It also changes the eligibility for retirement benefits, allowing members who meet the service requirement to retire even if they have not reached the age requirement. Furthermore, the bill updates the timing for cost-of-living adjustments for retired members, changing the triggering anniversary from the seventh to the third anniversary of retirement or when the member reaches sixty years of age.

Statutes affected:
Introduced Version: 38-842, 38-846.01, 38-856.06, 38-843, 38-844.01, 48-803, 48-804, 48-805.01, 28-8423, 28-8424, 28-8426, 9-951, 9-973, 9-911, 9-934, 38-842.03, 38-845, 38-846, 38-856.05, 38-857