ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature Second Regular Session
	House: WM DP 10-0-0-0 | 3^rd Read 56-0-3-0-1 Senate: FICO DP 6-0-1-0 | 3^rd Read 23-6-1-0-0

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HB 2208: continuation; ASRS

Sponsor: Representative Livingston, LD 28

Transmitted to the Governor

Overview

Continues the Arizona State Retirement System (ASRS) through July 1, 2032.

History

ASRS was established in 1953, in order to: 1) provide an incentive in the recruitment and retention of employees; 2) contribute toward providing a total compensation package that is generally equivalent to comparable employment across Arizona; 3) provide a retirement system that encourages employees to remain in service for periods of time that will provide public employers with the full benefit of the training and experience gained by the employees; 4) provide an orderly method of promoting and maintaining a high level of service to the public; and 5) provide a base retirement benefit that is less than one hundred percent of a member's post-retirement income requirements, recognizing the equal contributions between the employee and employer (A.R.S. § 38-712).

The House Ways & Means Committee of Reference (COR) met on January 10, 2024 to consider ASRS's response to the sunset factors and receive public testimony. The COR recommended that ASRS be continued for eight years until July 1, 2032. Currently, ASRS is set to terminate on July 1, 2024 unless legislation is enacted for its continuation (A.R.S § 41-3024.26).

Provisions

1. Continues ASRS through July 1, 2032. (Sec. 2)

2. Contains a purpose statement. (Sec. 3)

3. Contains a retroactivity clause. (Sec. 4)

4. Makes conforming changes. (Sec. 1)

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8.                   HB 2208

9. Initials VP/MG    Page 0 Transmitted to the Governor

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