HB2027 is an emergency measure that appropriates $428,813,700 from the state General Fund to the Public Safety Personnel Retirement System (PSPRS) for the Corrections Officer Retirement Plan (CORP) group employer account to address unfunded accrued liability. The bill establishes a repayment schedule for each county to repay their share of the unfunded accrued liability paid by the state, with specific annual amounts listed for each county from Apache ($73,200) to Yuma ($675,400), starting July 1, 2023, until June 30, 2033.

The bill also includes provisions for the State Treasurer to bill each county annually and outlines the process for withholding payments from state-shared revenues if a county fails to pay its annual repayment amount. Additionally, it reduces appropriations related to judiciary-superior court services for FY 2024 by a total of $10,114,100 across various line items. The bill repeals the county repayment schedule on July 1, 2034, and becomes effective upon the Governor's signature if the emergency clause is enacted.

Statutes affected:
House Engrossed Version: 38-915