Second Regular Session S.B. 1268
PROPOSED
SENATE AMENDMENTS TO S.B. 1268
(Reference to printed bill)
Page 1, after line 45, insert:
"Sec. 2. Section 38-844.05, Arizona Revised Statutes, is amended to read:
38-844.05. Deferred retirement option benefits and participation accounts
A. A deferred retirement option plan participation account is an account established within the system on behalf of each deferred retirement option plan participant. All benefits accrued pursuant to this article shall be accounted for in the deferred retirement option plan participation account. A deferred retirement option plan participant does not have a claim on the assets of the system with respect to the member's deferred retirement option plan participation account and assets shall not be set aside for any deferred retirement option plan participant that are separate from all other system assets.
B. All amounts credited to a member's deferred retirement option plan participation account are fully vested.
C. A member's deferred retirement option plan participation account shall be credited with the following:
1. An amount, credited monthly, that is computed in the same manner as a normal retirement benefit using the factors of credited service and average monthly benefit compensation in effect on the date of deferred retirement option plan participation.
2. For the first sixty months, an amount, credited monthly, that represents interest on the amount credited pursuant to paragraph 1 of this subsection at a rate equal to the assumed rate of return determined by the board. For the remaining twenty-four months, an amount, credited monthly, that represents interest on the amount credited pursuant to paragraph 1 of this subsection at a rate equal to the actual rate of return, smoothed over a period of seven years, to be NOT less than zero percent or NOT more than nine percent.
D. The participant is not entitled to receive any amount prescribed by section 38-856.05 or 38-857 during the deferred retirement option plan participation period.
Sec. 3. Public safety personnel retirement system board of trustees; recommendations
On or before December 31, 2022, the public safety personnel retirement system board of trustees shall report to the governor, president of the senate and the speaker of the house of representatives recommendations from stakeholders regarding measures that can improve retention for members of the public safety personnel retirement system who were hired on or after January 1, 2012 and before July 1, 2017 and measures that can improve retention and recruitment for members who were hired on or after July 1, 2017."
Amend title to conform