AZ HB2407

Amends Arizona Revised Statutes Title 38, Chapter 5, Article 3 by adding section 38-816.01 regarding the Elected Officials' Retirement Plan (EORP).

Allows members purchasing service credit to make payments through lump sum payments or installment arrangements over time.

Permits members to satisfy service purchase obligations by accepting direct transfers of eligible rollover distributions from qualified retirement plans under Internal Revenue Code sections 401(a), 403(a), and 403(b).

Allows members to contribute rollover distributions from individual retirement accounts or annuities under Internal Revenue Code section 408, subject to specified limitations.