AZ HB2066

Amends the definition of "average monthly compensation" for Arizona State Retirement System (ASRS) members whose membership commenced on or after July 1, 2011, to use a sixty consecutive-month calculation period instead of thirty-six months.

Changes the normal retirement date calculation for members whose membership commenced on or after July 1, 2011, by increasing the age-plus-service requirement from eighty to eighty-five.

Maintains existing benefit formulas for members whose membership commenced before July 1, 2011, while establishing new, less generous standards for new members joining on or after that date.

Appropriates $1,190,390 from the ASRS administration account fund for fiscal year 2010-2011 to implement the changes in this act.

Exempts the appropriation from lapsing provisions, allowing any unspent funds to carry forward.