Bill Text: AZ SCR1019 | 2016 | Fifty-second Legislature 2nd Regular | Enrolled

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Bill Title: Public retirement system benefits

Spectrum: Bipartisan Bill

Status: (Passed) 2016-02-15 - Transmitted to Secretary Of State [SCR1019 Detail]

Download: Arizona-2016-SCR1019-Enrolled.html

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House Engrossed Senate Bill

 

 

 

State of Arizona

Senate

Fifty-second Legislature

Second Regular Session

2016

 

 

SENATE CONCURRENT RESOLUTION 1019

 

 

 

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 Senate of the State of Arizona, the House of Representatives 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

D.  Public retirement system benefits shall not be diminished or impaired, except that certain adjustments to the public safety personnel retirement system may be made as provided in senate bill 1428, as enacted by the fifty‑second legislature, second regular session.

E.  This section preserves the authority vested in the legislature pursuant to this constitution and does not restrict the legislature's ability to modify public retirement system benefits for prospective members of public retirement systems. END_STATUTE

2.  The Secretary of State shall submit this proposition to the voters at a special election called to be held for that purpose on May 17, 2016 as provided by article XXI, Constitution of Arizona.

 

 

 

PASSED BY THE SENATE FEBRUARY 4, 2016

 

PASSED BY THE HOUSE FEBRUARY 11, 2016.

 

SENATE CONCURS IN HOUSE AMENDMENTS FEBRUARY 15, 2016.

 

FILED IN THE OFFICE OF THE SECRETARY OF STATE FEBRUARY 15, 2016.