ASRS; benefits; 2.5
multiplier
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Committee on Retirement & Government Operations |
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Committee on Appropriations |
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Caucus and COW |
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As Passed the House |
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HB 2049 increases the normal retirement multiplier for Arizona State Retirement System (ASRS) members to 2.5% from 2.1% and gives current retirees a permanent benefit increase of 20%.
Currently, normal retirement eligibility for ASRS members is achieved when the member is 65 years of age, or age 62 with 10 years of credited service, or any combination of age and years of credited service totaling 80 points. The normal retirement benefits are calculated by multiplying 2.1% times the average monthly salary times the years of credited service.
Laws 1999, Chapter 327, changed the normal retirement multiplier to 2.1% from 2% and provided a 5% permanent benefit increase to current retirees, effective July 1, 2000. This legislation increases the normal retirement multiplier by 20%.