House of Representatives

HB 2048

ASRS; benefits; graded multiplier

Sponsors: Representatives Brimhall, Hatch-Miller

 

 

DPA

S/E

Committee on Retirement & Government Operations

X

Committee on Appropriations

 

Caucus and COW

 

 

As Passed the House

 

HB 2048 establishes a schedule of increases to the benefit multiplier for the Arizona State Retirement System (ASRS) members when they reach 15 years of credited service.  The schedule increase reaches a maximum benefit multiplier of 2.5% when an employee reaches 25 or more years of credited service.

 

The proposed strike-everything amendment to HB 2048 creates a joint legislative task force on voluntary employee benefits associations (VEBAs).

 

History

A VEBA is a tax-exempt trust (501 c, 9), which enables employers to make deposits into an account on behalf of employees, enabling them to obtain tax-free reimbursements for medical expenses and insurance premium deposits.

 

Provisions

·                      Creates an 11-member joint legislative task force on VEBAs comprised of the following members:

1)      Two members of the Senate, the chairman of the Senate Finance Committee will cochair the task force.

2)      Two members of the House of Representatives, the chairman of the Retirement & Government Operations will cochair the task force.

3)      Three members appointed by the Governor.

4)      Two retired public members.

5)      Two active public members.

 

·                      Charges the task force with reviewing and analyzing VEBAs to determine whether VEBA plans shall be adopted for use by the state, political subdivisions and school district employees.

 

·                      Requires the task force to submit a report by December 31, 2001 to the Governor and the Legislature.

 

 

The strike-everything amendment to HB 2048 was amended in the Retirement and Government Operations Committee as follows:

 

·                      Requires a copy of the report to be submitted to the Secretary of State and the Director of the Arizona State Library, Archives and Public Records.

 

 

 

 

 

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45th Legislature                                                                                                                                

First Regular Session                                   2                                                         March 12, 2001

 

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