The bill, HB2378, seeks to continue the Public Safety Personnel Retirement System (PSPRS) Board of Trustees for an additional six years, extending its termination date to January 1, 2030. It also includes a provision that will repeal the Elected Officials' Retirement Plan (EORP), PSPRS, and the Corrections Officer Retirement Plan (CORP) on January 1, 2031. The bill emphasizes the board's role in managing and investing contributions and assets, as well as distributing retirement benefits to members of various retirement plans.

In contrast to current law, which allows the PSPRS Board to operate until July 1, 2024, this bill retroactively extends its authority to July 1, 2024, and establishes a clear termination date of January 1, 2030. Additionally, it repeals specific sections of the Arizona Revised Statutes related to the retirement plans, thereby streamlining the legal framework governing these retirement systems. There is no anticipated fiscal impact on the state General Fund as a result of this legislation.

Statutes affected:
Introduced Version: 41-3024.27, 41-3028.04
House Engrossed Version: 41-3024.27, 41-3030.12
Chaptered Version: 41-3024.27, 41-3030.12