AZ HCR2060

Proposes amendment to Arizona Constitution Article XXIX, Section 1 regarding public retirement systems.

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

Establishes retirement system assets as separate trust funds to be invested, administered, and distributed solely in the interests of members and beneficiaries.

Protects membership in public retirement systems as a contractual relationship that cannot be diminished or impaired, subject to Article II, Section 25 of the Arizona Constitution.

Permits increases in member contributions and reductions in cost-of-living adjustments for the elected officials' retirement plan if consistent with actuarial standards and plan stability.