PREFILED JAN 05 2022
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REFERENCE TITLE: appropriations; unfunded liability; corrections; safety |
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State of Arizona Senate Fifty-fifth Legislature Second Regular Session 2022
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SB 1087 |
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Introduced by Senators Livingston: Gowan, Leach; Representative Cook
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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 group; pension liability
A. In addition to any other appropriations made in fiscal year 2021-2022, the sum of $421,859,400 is appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the employer account of the department of public safety public safety personnel retirement system group to reduce the unfunded accrued liability.
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 both the department of public safety public safety personnel retirement system group and the state department of corrections corrections officer retirement plan group. The board shall account for the appropriations when calculating the employee contribution rates and employer contribution rates, which the department of public safety public safety personnel retirement system group shall use when making contributions pursuant to section 38-843, Arizona Revised Statutes, and the state department of corrections corrections officer retirement plan group shall use when making contributions pursuant to section 38-891, Arizona Revised Statutes, during fiscal year 2023-2024.