Assigned to FIN                                                                                                                      FOR COMMITTEE

 


 

 

 


ARIZONA STATE SENATE

Fifty-Sixth Legislature, First Regular Session

 

FACT SHEET FOR h.b. 2009

 

ASRS; retirement application; changes

Purpose

Outlines circumstances in which an Arizona State Retirement System (ASRS) member may modify the member's retirement application.

Background

An ASRS member's retirement is deemed to commence on a date elected by the member, which may not be earlier than: 1) the day after the termination of employment; 2) the date ASRS receives the member's completed retirement application; or 3) the date specified by a member who is employed for less than 20 hours per week and attains a normal retirement date and retires without terminating employment. All retirement benefits are normally payable in monthly installments beginning on the commencement of retirement. An ASRS member may elect to cancel the effective date of retirement within 30 days of retirement or before the member's receipt of retirement benefits, whichever is later (A.R.S. § 38-764).

There is no anticipated fiscal impact to the state General Fund associated with this legislation.

Provisions

1.   Allows an ASRS member to elect to make changes to a retirement application before the member's retirement date and exercise a onetime election to make changes to the retirement application within 60 days after the member's retirement date.

2.   Prohibits an ASRS member from changing the member's retirement date and specifies that any changes made to the retirement application after the member's retirement date are retroactive to the member's retirement.

3.   Makes conforming changes.

4.   Becomes effective on the general effective date.

House Action

WM                 1/18/23      DP     10-0-0-0

3rd Read          2/21/23                 60-0-0

Prepared by Senate Research

March 2, 2023

MG/ZS/sr