Bill > SB1504

This bill modifies provisions related to the Public Safety Personnel Retirement System (PSPRS) in Arizona. Specifically, it adjusts the definition of "normal retirement date" for members hired on or after July 1, 2017, allowing them to retire with fifteen years of credited service if they are at least fifty-five years old, rather than requiring twenty-five years of service. Additionally, it changes the eligibility for a cost-of-living adjustment (COLA) for members hired on or after July 1, 2017, allowing them to receive this adjustment starting the third anniversary of their retirement or when they turn sixty, whichever comes first, instead of the seventh anniversary. The bill also makes a technical correction to the definition of "retirement" to align with the updated normal retirement date criteria.

Budget and Finance, Military Affairs and Security

https://apps.azleg.gov/BillStatus/BillOverview/85103