Assigned to APPROP FOR
COMMITTEE
Assigned to APPROP FOR
COMMITTEE
ARIZONA STATE SENATE
Fifty-Third Legislature, Second Regular Session
appropriation; PSPRS; pension liability; Prescott
Purpose
Appropriates $7.8 million from the state General Fund in FY 2019 to PSPRS to offset the increased pension liability caused by the deaths of the Granite Mountain Hotshots.
Background
Statute specifies that the surviving spouse of a deceased member who is killed in the line of duty or dies from injuries suffered in the line of duty is entitled to receive a monthly amount equal to the deceased member's average monthly benefit compensation. "Killed in the line of duty" means the decedent's death was the direct and proximate result of the performance of the decedent's public safety duties and does not include suicide.
For actuarial valuation purposes, the actuarial present value of the amount computed for a surviving spouse of a deceased member who is killed in the line of duty, plus any amount payable for an eligible child, shall be deposited directly into the employer account and charged against the investment earnings of the fund before those earnings are distributed to each employer.
The fiscal impact to the state General Fund is the amount of the appropriation.
Provisions
1. Appropriates $7.8 million from the state General Fund in FY 2019 to PSPRS to be deposited in the employer account of the Prescott fire department group to offset the increased pension liability caused by the deaths of the Granite Mountain Hotshots.
2. Becomes effective on the general effective date.
Prepared by Senate Research
February 15, 2018
CS/lat