The proposed bill, if enacted, would amend the Arizona Revised Statutes to modify the retirement provisions for members of the Public Safety Personnel Retirement System (PSPRS). Specifically, it would allow employees hired on or after January 1, 2012, to retire after completing 25 years of service without a minimum age requirement, as opposed to the current stipulation that requires them to be at least 52.5 years old after 15 years of credited service. Additionally, the bill would reduce the waiting period for retirees to receive cost-of-living adjustments (COLA) from seven years to three years.

Furthermore, the bill would redefine the terms of "retirement" for both Tier 2 and Tier 3 members, allowing them to retire once they meet the service requirements or the age and credited service requirements, rather than the previous requirement of meeting both age and service criteria. This change aims to provide more flexibility for public safety personnel in their retirement planning. Overall, the bill seeks to enhance the retirement benefits and options available to members of the PSPRS while also addressing the timing of COLA eligibility.

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