House of Representatives

HB 2081

PSPRS; prior service; redemption

Sponsors: Representatives Cannell, Carruthers,

Senator Guenther, Representative Huppenthal, et al

 

DP

Committee on Retirement and Government Operations

DP

Caucus and COW

DP

Third Read

 

DP

As Passed the House

 

X

As Transmitted to Governor

 

HB 2081 allows all prior service to be redeemable if an employee is with an employer now covered under Public Safety Personnel Retirement System (PSPRS).

 

History

The purpose of PSPRS is to provide uniform, consistent and equitable statewide retirement program for public safety personnel who are regularly assigned to hazardous duty by the State of Arizona, or a political subdivision of this State.  The membership is comprised of eligible employees who are employed by an employer who entered the system in 1968 or who has entered into an agreement to join the system on behalf of an eligible group.  Active members who have had previous service in Arizona in a covered position with an employer now covered by the system and who received a refund of accumulated contributions from the applicable retirement system upon termination or who have had previous service in PSPRS and received a refund of accumulated contributions from this system may elect to redeem any part of the prior service by paying into the system the amounts required by ARS §38-853.01.

 

Provisions

·          Repeals the stipulation that a member had to receive the refund from the fire fighters’ relief and pension fund, police pension fund, state highway patrol retirement fund or state retirement system or plan upon termination or who had previous service in the system.

 

·          Allows employees to redeem any part of prior service, if the prior service is not on account with any other retirement system.

 

·          Authorizes redemption calculations using actuarial methods and assumptions prescribed by the system’s actuary, rather than the fund manager.

 

·          Makes technical and conforming changes

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·          45th Legislature                 

·          Second Regular Session      49        April 10, 2002

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