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BILL # SB 1257 |
TITLE: ASRS; veterans; service credits |
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SPONSOR: Bundgaard |
STATUS: As Introduced |
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REQUESTED BY: Senate |
PREPARED BY: Gretchen Logan |
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FISCAL YEAR
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2001 |
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2002 |
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2003 |
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EXPENDITURES |
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General
Fund |
$-0- |
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$ -0- |
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$-0- |
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Arizona
State Retirement System Administration Account |
-0- |
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50,000 |
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-0- |
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Total |
$-0- |
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$50,000 |
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$-0- |
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SB 1257 provides for the
recalculation of the military service purchasing cost for Arizona State
Retirement System (ASRS) members who purchased this service on or before July
20, 1996. If the cost of the military
service under the new methodology is less than was paid by the member under the
previous methodology, the member will be refunded the difference at the time of
retirement.
Estimated Impact
Due to the limited number of
individuals that will require a recalculation and because the amount of refund
will be relatively small in the majority of cases, the actuaries contracted by
ASRS report that SB 1257 will not impact the system’s contribution rate. Therefore, the bill would not have a budget
impact when the new contribution rate is set for the FY 2004 – FY 2005
biennium. The appropriation from the
Arizona State Retirement Administration Account of $50,000 is sufficient to
fund the agency’s administrative activities related to the recalculation of
benefits as prescribed by SB 1257.
Local Government Impact
None.
3/8/01