House of Representatives

HB 2379

ASRS; retirees; graded multiplier increase

Sponsors: Representatives McClure, Binder, Pickens et al

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

HB 2379 grants a graded retirement benefit multiplier to current Arizona State Retirement System (ASRS) retirees or their beneficiaries based on years of credited service.

History

Normal retirement for ASRS members is achieved by any of the following:

· Age 65

· Age 62 with 10 years of credited service

· Any combination of age and credited service totaling 80 points.

Laws 2000, Chapter 380, section 6, changed the formula for determining future retirement benefits for ASRS active members. The normal retirement benefit formula is calculated as follows:

Less than 20 years of service	2.1% x years of credited service x average monthly compensation
20 to 24.99 years of service	2.15% x years of credited service x average monthly compensation
25 to 29.99 years of service	2.20% x years of credited service x average monthly compensation
30 or more years of service	2.30% x years of credited service x average monthly compensation

Provisions

· Provides a graded retirement benefit multiplier to current ASRS retirees or their beneficiaries based on years of credited service equivalent to Laws 2000, Chapter 380, section 6.

· Applies retroactively to August 9, 2001.

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· 45th Legislature

· Second Regular Session 2 February 12, 2002

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