PREFILED    JAN 05 2022

REFERENCE TITLE: appropriation; unfunded liability; PSPRS; CORP

State of Arizona

Senate

Fifty-fifth Legislature

Second Regular Session

2022

SB 1086

Introduced by

Senators Livingston: Gowan, Leach; Representative Cook

AN ACT

Appropriating monies 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. Supplemental appropriations; public safety personnel retirement system; corrections officer retirement plan; pension liability

A. In addition to any other appropriations made in fiscal year 2021-2022, the following sums are appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the following public safety personnel retirement system group employer accounts to reduce the unfunded accrued liability for the following agencies:

1. Department of emergency and military affairs      $8,559,300

2. Attorney general investigators                    $9,132,900

3. Arizona state parks board rangers                 $8,833,200

4. Department of liquor licenses and control         $7,636,700

B. In addition to any other appropriations made in fiscal year 2021-2022, the following sums are appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the following corrections officer retirement plan group employer accounts to reduce the unfunded accrued liability for the following agencies:

1. Department of public safety dispatchers           $6,352,000

2. Department of public safety detention officers    $ 309,200

C. The board of trustees of the public safety personnel retirement system shall account for the appropriations made in this section in the June 30, 2022 actuarial valuation of the public safety personnel retirement system groups listed in subsection A of this section and the corrections officer retirement plan groups listed in subsection B of this section.  The board shall account for the appropriations when calculating the employee contribution rates and employer contribution rates, which the public safety personnel retirement system groups shall use when making contributions pursuant to section 38-843, Arizona Revised Statutes, and the corrections officer retirement plan groups shall use when making contributions pursuant to section 38-891, Arizona Revised Statutes, during fiscal year 2023-2024.