AZ HB2306

Amends Section 38-772 of Arizona Revised Statutes regarding the Arizona State Retirement System (ASRS) defined contribution program.

Clarifies that employer payments required under Section 38-737 for prior service credits are in addition to other required payments, with amounts paid to ASRS reducing the defined contribution program payments dollar-for-dollar.

Specifies that prior service credits earned before membership in the ASRS defined contribution program shall be added to retirement benefit calculations under Section 38-757, subsection B.

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