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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
Senate: RAGE DPA 7-0-0-0 | Third Reading 30-0-0-0-0 |
SB 1515: industrial commission; revisions
S/E: public safety parity fund
Sponsor: Senator Dunn, LD 25
Committee on Commerce
Summary of the Strike-Everything Amendment to SB 1515
Overview
Establishes the Public Safety Parity Fund (Parity Fund) to provide retention pay and benefits for Department of Public Safety (DPS) and State Department of Corrections (DOC) employees. Redirects a portion of Budget Stabilization Fund (BSF) investment earnings to the Parity Fund.
History
The BSF, colloquially known as Arizona's "Rainy Day Fund", was enacted in 1990 to set revenue aside during times of above-trend economic growth and to utilize this revenue during times of below-trend growth. The BSF is administered by the State Treasurer, who is responsible for transferring state General Fund (GF) monies into and out of the BSF. Additionally, the State Treasurer is allowed to invest up to 25% of the BSF in equity securities, in addition to its authority to invest and reinvest trust and treasury monies. Investment earnings are credited back to the BSF (A.R.S. §§ 35-144; 35-314.02).
The Parity Compensation Fund is administered by DPS and is used to fund the salaries and benefits for law enforcement personnel. The fund consists of 1.51% of the portion of vehicle license tax revenues that are otherwise deposited in the State Highway Fund, and monies appropriated by the Legislature (A.R.S. § 41-1720).
Provisions
Public Safety Parity Fund
1. Establishes the Parity Fund to provide retention pay and benefits for DPS and DOC employees. (Sec. 2)
2. Specifies the Parity Fund:
a. is administered by DOC;
b. subject to legislative appropriations; and
c. consists of monies earned from investment from the BSF. (Sec. 2)
3. Instructs DOC, beginning June 30, 2027, and each fiscal year thereafter, to deposit 40% of Parity Fund monies in the Parity Compensation Fund. (Sec. 2)
4. Prescribes the method for determining the amount of the expenditures from the Parity Fund. (Sec. 2)
5. Directs DOC to distribute monies from the Parity Fund on July 1 and December 31 each year. (Sec. 2)
6. Limits the retention bonus that DOC may provide to employees to 3% from Parity Fund monies. (Sec. 2)
Parity Compensation Fund
7. Adds that DPS must spend Parity Compensation Fund monies to provide retention pay and benefits for department employees, in addition to providing salaries and benefits for law enforcement personnel. (Sec. 3)
8. Limits the retention bonus that DPS may provide to employees to 3% from monies deposited from the Parity Fund. (Sec. 3)
Budget Stabilization Fund
9. Requires the first $10,000,000 of investment earnings generated annually be credited to the BSF and the remaining investment earnings be deposited into the Parity Fund. (Sec. 1)
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13. Initials PB SB 1515
14. 3/19/2026 Page 0 Commerce
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