ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature Second Regular Session
	Senate: FIN DP 9-0-1-0 | 3^rd Read 29-0-1-0 House: GE DPA 13-0-0-0

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SB 1084: public retirement systems; administration

Sponsor: Senator Livingston, LD 22

Caucus & COW

Overview

Makes various changes to statute relating to public retirement systems.

History

The Public Safety Personnel Retirement System (PSPRS) was established in order to provide a consistent, uniform and equitable statewide retirement program for the public safety personnel in Arizona.  Separate plans for Arizona's elected officials (EORP) and corrections officers (CORP) were established later on.  All three retirement plans are qualified governmental pension plans under the Internal Revenue Code.  Each system is governed by a nine-member board of trustees that is tasked with the fiduciary responsibility to serve its members and to protect the financial health of PSPRS, EORP and CORP (www.psprs.com).

Provisions

1. Specifies that employers required to participate in the public safety cancer insurance policy program must pay the premiums for the cost of the program and include that amount as wages of the firefighters and peace officers participating in the program subject to federal and state income and employment taxes, to the extent required to exclude coverage under the program as gross income. (Sec. 1)

2. Modifies the date of the following to December 1 of each year:

a) The annual final report of the board of trustees of EORP regarding the contribution rate of the ensuing fiscal year and the status of the defined contribution system; (Sec. 4, 6)

b) A detailed report of the operation and the investment performance of the Elected Officials Defined Contribution (EODC) Retirement System disability program; (Sec. 8)

c) The final report of the board of trustees of PSPRS regarding the contribution rate of the ensuing fiscal year; (Sec. 11)

d) The PSPRS board of trustee's report and posting of the shared cost structure of employees and employers, the funding status and the rate of return; (Sec. 13)

e) The report on the status of the PSPRS defined contribution plan; and (Sec. 15)

f) The final report on the contribution rate for the ensuing fiscal year of CORP. (Sec. 18)

3. Repeals statute relating to:

a) The powers and duties of the board of trustees of EORP; (Sec. 3)

b) The final annual report and quarterly statements of the defined contribution system of EORP; (Sec. 5)

c) The administration of the EODC disability program; (Sec. 7)

d) The powers and duties of the board of trustees of PSPRS; (Sec. 10)

e) The PSPRS board of trustees reporting on employer and employee costs; (Sec. 12)

f) The defined contribution plan design of PSPRS; and (Sec. 14)

g) The powers and duties of the board of trustees of CORP. (Sec. 17)

4. Modifies the definition of eligible retirement plan. (Sec. 2, 9, 16)

5. Makes technical and conforming changes. (Sec. 1, 2, 9, 11, 15, 16)

Amendments

Committee on Government & Elections

1. Modifies the definition of eligible groups to include tribal game rangers who are certified peace officers.

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5.                   SB 1084

6. Initials SJ  Page 0 Caucus & COW

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