ARIZONA STATE SENATE
Phoenix, Arizona
Allows prior service to be
redeemed by all Public Safety Personnel Retirement System (PSPRS) members
employed by an employer now covered under PSPRS.
Background
PSPRS is designed for public
employees who are regularly assigned to hazardous duties. Originally, PSPRS was established for a
specific group of fire fighters and police officers; however, over a period of
several years many other groups have become eligible for coverage under PSPRS
and entered the system. PSPRS members
who had previous service in the State with an employer now covered under PSPRS
and who received a refund of contributions from the fire fighters pension fund,
police pension fund, state highway patrol fund or state retirement system can
redeem prior service by paying into PSPRS actuarial adjusted amounts.
H.B. 2081 eliminates
provisions limiting prior service redemption to employees who receive a refund
from statutorily specified pension funds.
There is no identifiable
fiscal impact associated with this bill.
Provisions
1. Allows prior service to be redeemed by all PSPRS members employed by an employer now covered under PSPRS.
2. Specifies that prior service being redeemed cannot be on account with any other retirement system.
3. Changes the redemption calculation responsibility from the fund manager to the PSPRS actuary.
4. Makes technical and conforming changes
5. Provides for a general effective date.
House Actions
RGO 1/29/02 DP 8-0-0-2-0
3rd Read 2/12/02 59-0-1-0
Prepared by Senate Staff
March 21, 2002