AZ HCR2046

Proposes constitutional amendment to Article XXIX, Section 1 of Arizona Constitution relating to public retirement systems.

Requires public retirement systems to use contributions and investment earnings with actuarial methods and assumptions consistent with generally accepted actuarial standards.

Establishes that public retirement system assets, including investment earnings and contributions, are separate trust funds administered solely in the interests of members and beneficiaries.

Protects membership in public retirement systems as a contractual relationship subject to Article II, Section 25, and prohibits diminishment or impairment of retirement system benefits.

Requires any changes to public retirement systems subject to legislative authority to be enacted by law, and prohibits the legislature from enacting new benefit provisions with actuarial costs unless approved by a two-thirds vote in each house.