PREFILED JAN 05 2018
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REFERENCE TITLE: pension funding policies; employers |
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State of Arizona House of Representatives Fifty-third Legislature Second Regular Session 2018
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HB 2097 |
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Introduced by Representative Livingston
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AN ACT
Amending Title 38, chapter 5, article 4, Arizona Revised Statutes, by adding section 38‑863.01; relating to the public safety personnel retirement system.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 38, chapter 5, article 4, Arizona Revised Statutes, is amended by adding section 38-863.01, to read:
38-863.01. Pension funding policies; employers
A. Beginning on or before July 1, 2019, Each governing body of an employer shall annually:
1. Adopt a pension funding policy for the system as a part of the governing body's financial policies. The pension funding policy shall include funding objectives that address at least the following:
(a) How the governing body will maintain adequate assets to fund benefits payable under the system.
(b) How to maintain stability of the governing body's contributions to the system.
(c) How and when the governing body's funding requirements of the system will be met.
(d) Defining the governing body's funded ratio target under the system and the timeline for reaching the targeted funded ratio.
2. Formally accept the system's actuarial valuation report of each employer under the governing body.
B. The governing body shall post the pension funding policy on the governing body's public website.