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ARIZONA HOUSE OF REPRESENTATIVESFifty-seventh Legislature First Regular Session |
House: WM DP 8-0-0-1 |
HB 2080: public retirement systems; administration
Sponsor: Representative Blackman, LD 7
Caucus & COW
Overview
Specifies eligibility for the Elected Officials Defined Contribution Retirement Disability Program, removes being reemployed in the same position at any time as a limiting factor to members receiving pension payments, allows the board of trustees (board) of the Public Safety Personnel Retirement System (PSPRS) to invest in stocks acquired as an investment in any commingled investment and expands eligible groups for defined contribution plans to include the State elected officials who were subject to term limits and exempt state officers and employees who elected to participate in the defined contribution retirement plan.
History
Under the Elected Officials Defined Contribution Retirement System (EODCRS) members can receive benefits is the member develops a total disability (A.R.S. § 38-833).
The board of PSPRS has the power to invest and reinvest, alter and change monies accumulated under PSPRS and other retirement plans and trusts the board administers. When making investments the board is limited to corporate stocks and exchange traded funds with the exception of bank stocks, insurance stocks, stocks acquired for coinvestment in connection with the system's or the plans' or trusts' commingled investments and interests in limited liability companies and mutual funds (A.R.S. § 38-848).
PSPRS currently restricts the pensions of members who became reemployed by the same employer before six months after their date of retirement and to those who become reemployed by the same employer to the same position at any time. The restriction: 1) requires the board to advise PSPRS in writing of the retired members reemployment. 2) Prevents the PSPRS from making pension payments during the period of reemployment. 3) Prevents the reemployed member from making employee contributions or receive service credit during time of reemployment. 4) Allows for the repayment of pension payments to PSPRS if a retired member who became reemployed during the six month period received payments while reemployed (A.R.S. § 38-849).
Provisions
Elected Officials' Defined Contribution Retirement System
1. Replaces plan with system. (Sec. 1)
2. Specifies that members who are not an active, inactive, or retired member of the elected officials' retirement plan or a member of the elected officials' retirement plan with a disability are able to receive benefits if the member develops a total disability. (Sec. 1)
Public Safety Retirement System
3. Adds stocks acquired as an investment in any commingled investment as an exception to the restriction of board investments to stocks and exchange traded funds. (Sec. 2)
4. Removes retired members being reemployed in the same position at any time by the same employer from being subject to the requirements limiting pensions. (Sec. 3)
5. Specifies that a retired members reemployment must be with the employer that the member retired during the 6-month period. (Sec. 3)
6. Removes in a position other than the same position from which the member retired. (Sec. 3)
Defined Contribution Plans
7. Adds State elected officials who were subject to term limits and exempt state officers and employees who elected to participate in the defined contribution retirement plan option established pursuant to 18 section 38-952 in effect on August 6, 1999, to the definition of an eligible group. (Sec. 4)
8. Makes technical changes. (Sec. 1)
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HB 2080
Initials VP/DD Page 0 Caucus & COW
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