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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
Senate: FIN DP 4-3-0-0 |Third Read 16-13-1-0 |
SB 1503: public pensions; proxy voting
Sponsor: Senator Gowan, LD 19
Committee on Ways & Means
Overview
Prohibits a public entity retirement plan from entering into an agreement with a proxy advisory firm unless the firm acknowledges in writing and accepts under obligation to vote all shares in the sole economic interest of the plan's participants and beneficiaries.
History
The state offers four retirement systems: 1) the Arizona State Retirement System (ASRS); 2) the Elected Officials' Retirement Plan; 3) the Corrections Officer Retirement Plan; and 4) the Public Safety Personnel Retirement System (PSPRS). (A.R.S. Title 38, Chapter 5)
Additionally, ASRS may establish supplemental employee savings plans for employers to provide public employees an opportunity to save additional tax-deferred monies for retirement. A political subdivision or political subdivision entity that is not participating in ASRS may elect to allow its employees to participate in a supplemental employee deferral plan overseen by ASRS. Also, an employee of an employer who is not participating in PSPRS or any of its administered retirement plans may elect to participate in an ASRS supplemental employee deferral plan.
Provisions
1. Prohibits a public entity retirement plan from entering into an agreement with a proxy advisory firm unless the firm acknowledges in writing and accepts under contract its obligations to vote all shares in the sole economic interest of the plan's participants and beneficiaries as outlined by the plan. (Sec. 1)
2. Defines Plan, Proxy Advisory Firm and Sole Economic Interest. (Sec. 1)
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6. Initials VP/CS SB 1503
7. 3/17/2026 Page 0 Ways & Means
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