Fifty-fifth Legislature                                    Government & Elections

Second Regular Session                                                  S.B. 1268

 

PROPOSED

HOUSE OF REPRESENTATIVES AMENDMENTS TO S.B. 1268

(Reference to Senate engrossed bill)

 

 


Page 1, lines 17 and 18, strike "sixty eighty-four" insert "sixty"

Line 32, after "form" insert ", unless the member and the member's employer have agreed to an extended deferred retirement option plan period pursuant to section 38-844.10"

Line 34, after "period" insert ", unless the member and the member's employer have agreed to an extended deferred retirement option plan period pursuant to section 38-844.10"

Page 2, strike lines 1 through 32, insert:

"Sec. 2. Title 38, chapter 5, article 4, Arizona Revised Statutes, is amended by adding section 38-844.10, to read:

START_STATUTE38-844.10. Extended deferred retirement option plan

A. Before a member has completed the member's deferred retirement option plan period pursuant to section 38-844.03, subsection B, the member and the member's employer may enter into an extended deferred retirement option plan agreement that would designate an extended deferred retirement option plan period of participation of not more than twenty-four months.  The member's participation in an extended deferred retirement option plan  begins the first day of the month following the completion of the member's sixty-month period in the deferred retirement option plan.  A member who elects to participate must agree with the member's employer to irrevocably:

1. designate a period of participation that is not more than twenty-four months.

2. Have the extended deferred retirement option plan benefits credited to an extended deferred retirement option plan defined contribution account created for the member in the public safety personnel defined contribution retirement plan established pursuant to article 4.1 of this chapter.

3. deposit the member's accumulated balance and interest in the deferred retirement option plan participation account under section 38-844.05 in the member's extended deferred retirement option plan defined contribution account and directly transfer the monies to an eligible retirement plan under section 401(a) of the internal revenue code.

4. Receive benefits from the system on termination of employment at the same time and in the same manner as otherwise prescribed in this article.

5. AGree to terminate employment on completion of the extended deferred retirement option plan participation period designated by the member and the member's employer pursuant to this subsection.

B. If a member fails to terminate EMPLOYMENT on completion of the designated extended deferred retirement option plan participation period:

1. The payment prescribed in section 38-844.08, subsection A, paragraph 1 may not be paid until the member terminates employment and is payable at the same time as the pension amount is paid on retirement.

2. The member does not acquire any further credited service in the system."END_STATUTE

Page 2, after line 42, insert:

"Sec. 4. Effective date

Section 38-844.03, Arizona Revised Statutes, as amended by this act, and section 38-844.10, Arizona Revised Statutes, as added by this act, are effective from and after December 31, 2022."

Amend title to conform


 

JOHN KAVANAGH

1268KAVANAGH2

03/22/2022

09:52 AM

C: MH