ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

 

HB 2027: appropriation; unfunded liability; CORP

Sponsor: Representative Livingston, LD 28

Committee on Appropriations

Overview

Appropriates $428,813,700 from the state General Fund (GF) in FY 2023 to the Public Safety Personnel Retirement System (PSPRS) to pay the unfunded accrued liability.

History

Before the establishment of the PSPRS, public safety personnel in the state of Arizona were covered under various local, municipal and state retirement programs. This provided for wide and significant differentials in employee contribution rates, benefit eligibility provisions, types of benefit protection and benefit formulas. The PSPRS pension plan was established July 1, 1968 to provide a uniform, consistent and equitable statewide retirement program for Arizona’s public safety personnel. (A.R.S. § 38-841)

PSPRS is a qualified governmental pension plan under section 401(a) of the Internal Revenue Code. (A.R.S. § 38-843.02)

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteAppropriates $428,813,700 from the GF in FY 2023 to PSPRS pay the unfunded accrued liability. (Sec. 1)

2.   Specifies that the Board of Trustees for PSPRS shall account for the appropriation when calculating the employee contribution rates and the employer contribution rates. (Sec. 1)

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6.                     HB 2027

7.   Initials VP/AA        Page 0 Appropriations

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