ARIZONA HOUSE OF REPRESENTATIVES

57th Legislature, 2nd Regular Session

Majority Research Staff

House: WM DP 7-0-1-1

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note

HB 2143: PSPRS; investments.

Sponsor: Representative Livingston, LD 28

Caucus & COW

Overview

Provides Public safety Personal Retirement System (PRSPRS) may not hold more than 5% voting stock of any publicly traded corporation that the PSPRS board administers or is owned by the system and other plans that the board administers, except that this limitation does not apply to membership interests in limited liability companies.  

History

PSPRS was established in 1968 as a uniform, consistent and equitable statewide program for public safety personnel who are regularly assigned hazardous duty in the employ of Arizona or a political subdivision. This program provides for municipal firemen and policemen, employees of the Arizona highway patrol and other public safety personnel in Arizona (A.R.S. § 38-841).

PSPRS board will have the full power in its sole discretion to invest and reinvest, alter and change the monies accumulated under the system and other retirement plans and trusts that the board administers as provided in this article. The board may commingle securities and monies of the fund, the elected officials' retirement plan, the corrections officer retirement plan and other plans or monies entrusted to its care, subject to the crediting of receipts and earnings and charging of payments to the account of the appropriate employer, system or plan. In making every investment, the board shall exercise the judgment and care under the circumstances that the prevailing person of ordinary prudence, discretion and intelligence exercise in the management of their own affairs, not regarding speculation but in regard to the permanent disposition of their funds, considering the probable income from their funds as well as the probable safety of their capital (A.R.S. § 38-848).

Provisions

1.   Provides PSPRS may not hold voting stock of more than 5% any publicly traded corporation that the PSPRS board administers or is owned by the system and other plans that the board administers, except that this limitation does not apply to membership interests in limited liability companies.  (Sec. 1)

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5.   Initials VP/CS                 HB 2143

6.   2/18/2026  Page 0 Caucus & Cow

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