ArizonaHB 2015Fifty-seventh Legislature - First Regular SessionHouseWALLET

EORP; CORP; funded ratio

Sponsored By: David Livingston (Republican)

Signed by Governor

corp (see also: corrections officer retirement plan)corrections officer retirement plan (corp)elected officials' retirement plan (eorp)eorp (see also: elected officials' retirement plan)funded ratiopublic officers and employees - title 38public retirement systems

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Corrections pensions get reserve protection

The corrections retirement plan can count qualifying reserve assets up to the value of an employer’s future benefits, up from 50%. Assets already in the account in fiscal year 2004–2005 do not count as excess assets. If an account later has an asset shortfall and unfunded liability, reserves limit the employer’s funding-ratio drop to 2%. The law removes the 6% and 5% minimum employer contribution floors, but employers still must meet actuarially set contribution requirements.

Elected officials' pension funding rules

The elected officials’ retirement plan can count reserve assets up to the value of an employer’s future benefits, up from 50%. If the plan later has an asset shortfall and unfunded liability, reserves limit the employer’s funding-ratio drop to 2%. Contributions above 7% of pay cannot lower an employer’s rate while its funded ratio is below 100%. The board can pause normal-cost contributions only when the reserve covers 100% of future benefits and the board finds the pause fits its fiduciary duty.

Sponsors & Cosponsors

Sponsor

David Livingston
Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 92 • No: 11

House vote • 6/27/2025

THIRD: Passed

Yes: 21 • No: 8

House vote • 3/3/2025

Yes: 6 • No: 1

House vote • 2/13/2025

THIRD: Passed

Yes: 49 • No: 2

House vote • 2/10/2025

C&P

Yes: 8 • No: 0

House vote • 2/5/2025