AZ HB2390

Allows retired members of the Arizona State Retirement System (ASRS) who have reached normal retirement age to return to work and still receive retirement benefits if they terminated employment at least 12 consecutive months prior.

Retired members returning to work must file a written acknowledgment with their employer within 30 days and cannot accrue new credited service, additional benefits, or long-term disability benefits during the return to work period.

Beginning July 1, 2011, employers must pay an alternate contribution rate (the greater of 2% or two times the past service funding requirement rate plus additional rates) on behalf of retired members who return to work, rather than standard contributions.

The ASRS actuary determines the alternate contribution rate annually based on valuations performed as of June 30, with rates effective for the following fiscal year beginning July 1.

Appropriates $150,000 from the ASRS administration account fund for fiscal year 2010-2011 to implement the act's provisions.