SB 1115 Summary

• Amends section 38-848 of the Arizona Revised Statutes relating to the Public Safety Personnel Retirement System (PSPRS) board of trustees' investment powers and duties.

• Changes terminology from "promulgated" to "adopted" regarding investment policies that the administrator and investment management must follow.

• Changes terminology from "which" to "that" in the prudence standard for investment management.

• Replaces references to "fund manager" with "board" in multiple provisions regarding board authority over litigation, contested decisions, and tax-qualified status protection.

• Clarifies that investment contracts and management agreements entered into by the board do not require certifications related to Sudan/Iran sanctions, terrorist support, or illegal immigration, and are exempt from certain procurement requirements.