ARIZONA STATE SENATE
Phoenix, Arizona
Changes the method used to
calculate maximum benefit increases for members of the Corrections Officer
Retirement Plan (CORP).
Background
Currently, annual CORP
benefit increases are limited to four percent of the average benefit received
by CORP members on the preceding June 30.
According to CORP administrators, there is a great deal of disparity between
individual pensions within CORP, thereby making the percentage of increased
benefits larger for some than for others.
S.B. 1045 would eliminate the disparity in the percentage increase of
individual benefits by limiting the yearly benefit increase to four percent of
each individual’s benefit on the preceding June 30.
CORP administrators
anticipate no fiscal impact to the state general fund. A fiscal note has been ordered for this
bill.
1. Changes the maximum CORP yearly benefit increase for an individual member from four percent of all members’ average benefits to four percent of the individual member’s retirement benefit, on the preceding June 30.
2. Provides for a general effective date.
Prepared by Senate Staff
February 7, 2001