ARIZONA STATE SENATE
Phoenix, Arizona
CORP; normal retirement;
twenty years.
Purpose
Reduces, from 25 to 20, the
years of service required for normal retirement for members of the Corrections
Officer Retirement Plan (CORP).
Background
Currently, normal retirement for members of CORP is the first day of the calendar month following a member’s completion of 25 years of service, reaching age 62 with 10 years of service, or have any combination of age and credited service equaling 80. A CORP member’s normal retirement pension is calculated by multiplying 2.5 percent of the average compensation by the number years of service up to 30, not to exceed 75 percent of the member’s average compensation. S.B. 1176 lowers the years of service required for normal retirement from 25 to 20 years, which, according to the Department of Corrections, is needed to improve the recruitment and retention of corrections employees.
In an informal fiscal estimate, the Joint Legislative Budget Committee (JLBC) forecasted the cost to the general fund to be $6,984,400 for FY 2004. A formal fiscal note has been requested from JLBC.
Provisions
1. Reduces, from 25 to 20, the years of service required for normal retirement for members of CORP.
2. Removes the hiring date restrictions for various positions within the Director's office under the definition of "designated position."
3. Provides for a general effective date.
Amendments
Adopted by Committee
1. Removes the hiring date restrictions for various positions within the Director's offices of the Department of Corrections, the Department of Juvenile Corrections and the Superintendent of the State Educational System for Committed Youth, under the definition of "designated position."
Senate Action
FIN 2/05/01 DPA 6-2-00
Prepared by Senate Staff
February 1, 2001