AZ SB1119

Amends Arizona Revised Statutes sections 38-755 and 38-760 and adds new section 38-776 to establish spousal consent requirements for Arizona State Retirement System (ASRS) members regarding beneficiary designations and retirement benefit options.

Requires married ASRS members to name their current spouse as beneficiary for at least 50% of their account balance, or obtain the spouse's written consent to waive this requirement.

Requires married members retiring on or after July 1, 2013 to elect a joint and survivor annuity with their current spouse as contingent annuitant, unless the spouse consents in writing to a waiver.

Allows members to affirm under penalty of perjury that spousal consent is not required due to circumstances including non-marriage, no community property interest, inability to locate spouse, or court orders requiring alternative payment arrangements.

Appropriates $200,000 from the ASRS administration account in fiscal year 2012-2013 for implementation; provisions effective June 30, 2013 for members retiring or changing beneficiary/contingent annuitant on or after July 1, 2013.