House of Representatives

HB 2379

ASRS; retirees; graded multiplier increase

Sponsors: Representatives McClure, Binder, Pickens et al

 

DPA

Committee on Retirement and Government Operations

X

Committee on Appropriations

 

Caucus and COW

 

Third Read

 

 

As Passed the House

 

HB 2379 grants a graded retirement benefit increase to Arizona State Retirement System (ASRS) retirees or their beneficiaries receiving a benefit on August 8, 2001 based on years of credited service. 

 

Current Status

HB 2379 was amended in the Retirement and Government Operations committee to grant the graded retirement benefit increase to all retirees or their beneficiaries receiving a benefit on May 9, 2001 and applies retroactively to May 9, 2001. 

 

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 increase to ASRS retirees or their beneficiaries receiving a benefit on August 8, 2001 based on years of credited service equivalent to Laws 2000, Chapter 380, section 6.

 

·          Applies retroactively to August 9, 2001.

 

 

 

Amendments

HB 2379 was amended in the Retirement and Government Operations Committee as follows:

·          Grants the graded retirement benefit increase to all retirees or their beneficiaries receiving a benefit on May 9, 2001 and applies retroactively to May 9, 2001. 

 

 

 

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45th Legislature                       

Second Regular Session            2          March 20, 2002

 

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