State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1017: ASRS; paying interest; authorization

PRIME SPONSOR: Senator Livingston, LD 22

BILL STATUS: Caucus & COW

                                Government: DP 9-0-0-2

                               

 

Overview

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteProhibits the Arizona State Retirement System (ASRS) from paying interest on any amount paid to a member, an alternate payee or an employer unless specifically authorized by statute.

History

ASRS is a state agency that exists to administer a long term disability plan, pension plan, retiree health insurance plans and other benefits to qualified government workers (www.azasrs.gov).  The ASRS Board is authorized to determine the amount, manner and time of payment of any benefits under statute (A.R.S. §38-714).

Interest is defined in statute as the assumed actuarial investment earnings rate approved by the ASRS Board (A.R.S. §38-711).

Provisions

1.       Stipulates that ASRS may not pay interest on any amount paid to a member, an alternate payee or an employer unless specifically authorized by statute. (Sec. 1, 2)

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5.       Fifty-fourth Legislature                       SB 1017

6.       First Regular Session                            Version 2: Caucus & COW

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