House of Representatives

HB 2048

ASRS; benefits; graded multiplier

Sponsors: Representatives Brimhall, Hatch-Miller

 

 

DPA

S/E

Committee on Retirement & Government Operations

D/C

Committee on Appropriations

X

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.

 

 

HB 2048 was discharged from the Appropriations Committee.

 

 

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45th Legislature                                                                                                                                

First Regular Session                                   2                                                         March 20, 2001

 

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