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REFERENCE TITLE: public retirement systems |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HCR 2005 |
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Introduced by Representative Kavanagh
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A CONCURRENT RESOLUTION
Proposing an amendment to the constitution of Arizona; amending article XXIX, section 1, constitution of Arizona; relating to public retirement systems.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it resolved by the House of Representatives of the State of Arizona, the Senate concurring:
1. Article XXIX, section 1, Constitution of Arizona, is proposed to be amended as follows if approved by the voters and on proclamation of the Governor:
1. Public retirement systems
Section 1. A. Public retirement systems shall be funded with contributions and investment earnings using actuarial methods and assumptions that are consistent with generally accepted actuarial standards.
B. The assets of public retirement systems, including investment earnings and contributions, are separate and independent trust funds and shall be invested, administered and distributed as determined by law solely in the interests of the members and beneficiaries of the public retirement systems.
C. Membership in a public retirement system is a contractual relationship that is subject to article II, section 25, and public retirement system benefits shall not be diminished or impaired.
D. For any public retirement system, this section does not prohibit increases in member contributions or reductions in member benefits that are consistent with generally accepted actuarial standards and that are in the interest of the financial stability of the public retirement system.
2. The Secretary of State shall submit this proposition to the voters at the next general election as provided by article XXI, Constitution of Arizona.