REFERENCE TITLE: appropriation; unfunded liability; CORP

State of Arizona

House of Representatives

Fifty-sixth Legislature

First Regular Session

2023

HB 2027

Introduced by

Representative Livingston

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 appropriation; administrative office of the courts; corrections officer retirement plan; unfunded liability

A. In addition to any other appropriations made in fiscal year 2022-2023, the sum of $428,813,700 is appropriated from the state general fund in fiscal year 2022-2023 to the public safety personnel retirement system to be deposited in the administrative office of the courts corrections officer retirement plan group employer account to pay the unfunded accrued liability.

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