State SealARIZONA HOUSE OF REPRESENTATIVES

 

HCR2032: public retirement systems.

PRIME SPONSOR: Representative Livingston, LD 22

BILL STATUS: Banking & Insurance

 

Legend: CORP – Corrections Officer Retirement Plan EORP – Elected Official Retirement Plans SOS – Secretary of State Amendments – BOLD and Stricken (Committee)

Abstract

Relating to public retirement system benefits.☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note

Provisions

1.       Excludes, upon voter approval, the following adjustments to CORP and EORP from the constitutional prohibition of diminishment or impairment of benefits:

a.       CORP as provided in Senate Bill 1442 enacted by the 53rd Legislature, First Regular Session.

b.       EORP as provided in House Bill 2545 enacted by the 53rd Legislature, Second Regular Session.

2.       Requests the SOS return Senate Concurrent Resolution 1023, 53rd Legislature, First Regular Session.

3.       Requires the SOS to submit this proposition to the voters at the next general election

Current Law

Public retirement systems are funded with contributions and investment earnings using actuarial methods and assumptions. These assets are separate and independent trust funds which must be invested, administered and distributed as determined by law. Membership in a public retirement system is a contractual relationship and benefits are prohibited from being diminished or impaired (Arizona Constitution, Article XXIX, § 1).

Additional Information

The next general election will be held on November 6, 2018.

 

 

 

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Fifty-third Legislature                  HCR 2032

Second Regular Session                               Version 1: Banking & Insurance

 

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