Bill > SB1148

This bill modifies the Arizona Public Safety Personnel Retirement System's defined contribution plan by making several key changes. It updates the definition of "participant" to include additional employee categories, specifically adding a new group of corrections officers hired after July 1, 2026. The bill adjusts contribution rates for different types of employees, increasing the employer contribution for certain corrections officers from 5% to 10% starting July 1, 2026, and modifying employee contribution percentages accordingly. For participants hired on or after July 1, 2018, and before July 1, 2026, the contribution rate remains seven percent, while those hired after July 1, 2026, will contribute seven and one-half percent. The bill maintains existing provisions about contribution pickup, meaning employers will continue to pay these contributions on behalf of employees, and preserves the vesting schedules for different employee categories. These changes aim to refine the retirement system's structure for public safety personnel, particularly focusing on corrections officers, by updating contribution rates and eligibility criteria to reflect evolving workforce needs and retirement planning strategies.

Budget and Finance, Military Affairs and Security

https://apps.azleg.gov/BillStatus/BillOverview/82247