AZ HB2713

Creates a new elected officials' defined contribution retirement system for elected officials hired on or after January 1, 2012, replacing the existing defined benefit plan for new officials.

Members of the new system contribute 0-15% of gross compensation through salary reduction (picked up by employer), with employers matching contributions up to 5% of member compensation.

Establishes retirement eligibility at age 55 with distributions based on account balance at retirement; members with less than 4 years of service receive only their contributions plus earnings, while those with 4+ years receive all accumulated funds.

Allows existing elected officials hired before January 1, 2012 to voluntarily elect membership in the new defined contribution system on a prospective basis, with their previous benefits frozen under the existing plan.

Vested forfeited balances after 5 years in a suspension account can be used by employers to reduce future contribution requirements or be distributed to current employee accounts.