Bill Text: AZ HB2097 | 2018 | Fifty-third Legislature 2nd Regular | Chaptered
Bill Title: Pension funding policies; employers
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-04-03 - Chapter 112 [HB2097 Detail]
Download: Arizona-2018-HB2097-Chaptered.html
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House Engrossed |
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State of Arizona House of Representatives Fifty-third Legislature Second Regular Session 2018
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CHAPTER 112
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HOUSE BILL 2097 |
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AN ACT
Amending Title 38, chapter 5, article 4, Arizona Revised Statutes, by adding section 38‑863.01; relating to the public safety personnel retirement system.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 38, chapter 5, article 4, Arizona Revised Statutes, is amended by adding section 38-863.01, to read:
38-863.01. Pension funding policies; employers
A. Beginning on or before July 1, 2019, each governing body of an employer shall annually:
1. Adopt a pension funding policy for the system for employees who were hired before July 1, 2017. The pension funding policy shall include funding objectives that address at least the following:
(a) How to maintain stability of the governing body's contributions to the system.
(b) How and when the governing body's funding requirements of the system will be met.
(c) Defining the governing body's funded ratio target under the system and the timeline for reaching the targeted funded ratio.
2. Formally accept the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report.
B. The governing body shall post the pension funding policy on the governing body's public website.
APPROVED BY THE GOVERNOR APRIL 3, 2018.
FILED IN THE OFFICE OF THE SECRETARY OF STATE APRIL 3, 2018.
