Bill Text: AZ HCR2001 | 2014 | Fifty-first Legislature 2nd Regular | Introduced

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Bill Title: Public retirement systems

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-29 - Referred to House IR Committee [HCR2001 Detail]

Download: Arizona-2014-HCR2001-Introduced.html

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PREFILED    JAN 08 2014

REFERENCE TITLE: public retirement systems

 

 

 

State of Arizona

House of Representatives

Fifty-first Legislature

Second Regular Session

2014

 

 

HCR 2001

 

Introduced by

Representative Kavanagh

 

 

A CONCURRENT RESOLUTION

 

Proposing an amendment to the constitution of Arizona; amending article XXIX, section 1, constitution of Arizona; relating to public retirement systems.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it resolved by the House of Representatives of the State of Arizona, the Senate concurring:

1.  Article XXIX, section 1, Constitution of Arizona, is proposed to be amended as follows if approved by the voters and on proclamation of the Governor:

START_STATUTE1.  Public retirement systems

Section 1.  A.  Public retirement systems shall be funded with contributions and investment earnings using actuarial methods and assumptions that are consistent with generally accepted actuarial standards.

B.  The assets of public retirement systems, including investment earnings and contributions, are separate and independent trust funds and shall be invested, administered and distributed as determined by law solely in the interests of the members and beneficiaries of the public retirement systems.

C.  Membership in a public retirement system is a contractual relationship that is subject to article II, section 25, and public retirement system benefits shall not be diminished or impaired.

D.  For any public retirement system, this section does not prohibit increases in member contributions or reductions in member benefits that are consistent with generally accepted actuarial standards and that are in the interest of the financial stability of the public retirement system.  This subsection shall be implemented as provided in statute. END_STATUTE

2.  The Secretary of State shall submit this proposition to the voters at the next general election as provided by article XXI, Constitution of Arizona.