AZ HB2032

Amends Section 38-772, Arizona Revised Statutes, relating to the Arizona State Retirement System (ASRS) defined contribution program.

Clarifies that employer payments for prior service credits under the ASRS defined contribution program reduce the amounts otherwise required to be paid to that program for those same prior service credits.

Specifies that prior service credits earned before membership in the ASRS defined contribution program shall be added to retirement benefits calculated under Section 38-757, subsections B, paragraphs 1 and 2.

Provides definitions stating "prior service" means service with the state or political subdivisions before ASRS defined contribution program membership, and "prior service credits" means the allowable amount for pre-membership service payable as a retirement benefit.