House of Representatives

HB 2372

PSPRS; redemption of prior service

Sponsors: Representatives Marsh, Avelar:

Cardamone, Carpenter, et al

X	Committee on Retirement and Government Operations
	Committee on Appropriations
	Caucus and COW
	Third Read
	As Passed the House

HB 2372 allows all prior service to be redeemable including a full-time paid firefighter or full-time paid certified peace officer of the United States Government, a state of the United States Government or a political subdivision of a state of the United States 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 members formally working as full-time paid firefighters or as full-time paid certified peace officer employed by the United States Government, a state of the United states or a political subdivision of the United States to redeem prior service.

· 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 2 February 5, 2002

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