ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

 

HB 2009: ASRS; retirement application; changes

Sponsor: Representative Livingston, LD 28

Committee on Ways & Means

Overview

Allows members to change retirement application information within 60 days of the member's retirement date.

History

The Arizona State Retirement System (ASRS) is a benefit plan designed to provide benefits to members entitled to benefits under their defined contribution program. The ASRS aims to provide an incentive for recruiting high quality employees, encourage employees to remain in service for periods of time that will provide public employers with the full benefit of the employee training and experience and contribute toward providing a total compensation package that is generally equivalent to comparable employment in other public and private organizations in this state. (A.R.S. § 38-712)

To create a degree of security for ASRS members, a public employee's retirement trust fund was established. All assets and monies of the ASRS are a part of the trust fund as well as all accounts, depositories and funds. (A.R.S. § 38-712)

Provisions

1.   Allows members to make changes to a retirement application before the member's retirement date. (Sec. 2)

2.   Grants members a one-time election to make changes to their retirement application within 60 days after the member's retirement date. (Sec. 2)

3.   Specifies that any changes made to the retirement application are retroactive to the members retirement date. (Sec. 2)

4.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteMakes conforming changes. (Sec. 1, Sec. 2)

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8.                     HB 2009

9.   Initials VP/AA        Page 0 Ways & Means

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