Bill Amendment: AZ SB1442 | 2017 | Fifty-third Legislature 1st Regular
Bill Title: Modifications; corrections officer retirement plan
Status: 2017-04-17 - Chapter 163 [SB1442 Detail]
Download: Arizona-2017-SB1442-SENATE_-_Lesko_flr_amend_ref_FIN_adopted.html
Bill
Number: S.B. 1442
Lesko Floor Amendment
Reference to: FINANCE Committee amendment
Amendment drafted by: Leg Council
FLOOR AMENDMENT EXPLANATION
1. Adds surveillance officers to the CORP probation category.
2. Adds an inflator to the pensionable pay cap.
3. Mirrors the death benefit language current in PSPRS for CORP members.
4. Provides various technical changes.
5. Changes 20-year amortization base to 30-year for PSPRS and CORP.
Fifty-third Legislature Lesko
First Regular Session S.B. 1442
LESKO FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1442
(Reference to FINANCE Committee amendment)
Page 1, line 25, strike "twenty" insert "thirty"
Page 13, between lines 8 and 9, insert:
"Sec. 7. Title 38, chapter 5, article 4.2, Arizona Revised Statutes, is amended by adding section 38-870.07, to read:
38-870.07. Death benefits; surviving spouse
A. If a participant, as defined in section 38‑865, paragraph 7, subdivision (b), is killed in the line of duty or dies from injuries suffered in the line of duty, the local board shall follow the same procedures and methods as prescribed in section 38‑888 to determine eligibility for and the continuation of a death benefit to a surviving spouse.
B. A surviving spouse of a participant as specified in subsection A of this section who meets the requirements for a death benefit as prescribed in section 38‑888 shall receive a monthly death benefit equal to a monthly death pension that would be provided to a corrections officer retirement plan member who is hired on or after July 1, 2018, reduced by an amount equal to the monthly annuitized value of the participant's annuity account under article 4.1 of this chapter that does not include a cost‑of‑living adjustment, as determined by the board. In determining the monthly annuitized offset value of the participant's annuity account under article 4.1 of this chapter to be used in reducing the death benefit paid pursuant to this section, the board shall instruct the actuary for the public safety personnel retirement system to calculate the monthly payment that would be paid to the surviving spouse assuming the participant had elected a straight life annuity commencing on the participant's date of death, using the mortality and interest factors then used by the actuary in determining the valuation of the corrections officer retirement plan."
Renumber to conform
Page 16, line 19, strike "surveillance and"
Line 23, after "probation" insert "and surveillance"
Page 37, line 2, strike "not more than twenty"; strike "not more than" insert "not more than"
Line 3, strike "thirty" insert "thirty"
Page 42, Line 3, after "adjustments" insert "; definition"
Line 9, after the period insert "The board shall adjust the two hundred thousand dollar annual compensation limit under this paragraph at the same time and in the same manner as adjusted by the United States secretary of the treasury under section 401(a)(17)(B) of the internal revenue code. The adjustment under this paragraph for a calendar year applies to annual compensation for the plan year that begins with or within the calendar year."
Line 11, after the period insert "The board shall adjust the seventy thousand dollar annual compensation limit under this paragraph as prescribed in subsection C of this section. Notwithstanding the adjustments made under subsection C of this section, the limit under this paragraph, as adjusted by the board, may not exceed the maximum compensation limit of section 401(a)(17) of the internal revenue code, as adjusted by the United States secretary of the treasury."
Strike lines 18 through 23, insert:
"C. Beginning in fiscal year 2021‑2022, and every third fiscal year thereafter, the board shall adjust the annual compensation limit specified in subsection A, paragraph 3 of this section by the average change in the probation wage index as determined pursuant to this subsection. the board shall annually publish the probation wage index in January. To determine the probation wage index:
1. The administrative office of the courts shall provide to the board pay scales for the month of July for the classifications of probation officers, by county, annually in July.
2. The board shall determine the weighted average of the change in the top of the pay scale for probation officers. The average change shall be weighted by measuring each county's total number of members divided by the total number of members of all counties represented in the probation wage index.
D. The board shall establish a probation wage index that reflects the calculation made pursuant to subsection C of this section.
E. For the purposes of this section, "probation officers" means the classifications of probation officers or surveillance officers or their equivalent classifications."
Amend title to conform
