Bill Text: AZ SB1252 | 2016 | Fifty-second Legislature 2nd Regular | Introduced
Bill Title: Technical correction; retirement systems; guarantees
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-01-27 - Referred to Senate RULES Committee [SB1252 Detail]
Download: Arizona-2016-SB1252-Introduced.html
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REFERENCE TITLE: technical correction; retirement systems; guarantees |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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SB 1252 |
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Introduced by Senator Lesko
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AN ACT
amending section 38-854, Arizona Revised Statutes; 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. Section 38-854, Arizona Revised Statutes, is amended to read:
38-854. Guarantees from prior systems
A. An employee covered under the prior systems set forth in sections 9‑912 to 9‑934, inclusive, and in sections 9‑951 to 9‑971, inclusive, or prior statutes amended thereby and antecedent thereto, and covered under such prior systems on June 30, 1968, and who becomes a member of this system shall nevertheless retain the right to elect, prior to retirement, benefits under this system or to elect benefits under the employee's prior system for which the employee's service and age make the employee eligible, provided that an employee shall elect in writing at the time benefits are claimed the system under which the employee elects to have the employee's eligibility for benefits and the amount thereof determined. Such election shall be irrevocable on retirement and shall be filed with the employee's local board.
B. An employee of the state highway patrol who was a member of the state highway patrol retirement system on June 30, 1968 and who became a member on July 1, 1968 and who qualifies for a pension under the system, shall have the employee's pension determined in an actuarial equivalent form of payment such that the system's benefits shall not be less than the amount payable during this period under the preexisting system. Any such employee shall nevertheless retain rights to elect to receive any benefit for which the employee's service and age make the employee eligible, including but not limited to the following:
1. The employee shall be entitled to a pension if the employee's employment terminates after attainment of age sixty and completion of at least twenty years of service in an amount equal to fifty per cent percent of the employee's average monthly compensation.
2. The employee shall be entitled to a separation benefit in the form of a deferred vested pension if the employee's employment terminates after completion of at least twenty years of service, provided that the employee leaves the employee's accumulated contributions on deposit with the fund.
