AZ HB2057

Amends survivor benefits under Arizona State Retirement System (ASRS) to allow designated beneficiaries to elect monthly income payments over 5, 10, or 15 years certain and for life, or other board-approved options.

Adds new survivor benefit provisions for spouses and dependent children of members who reach early retirement or have 15+ years of credited service, with benefit amounts based on the present value of a joint and survivor annuity.

Modifies benefit increase eligibility in ASRS to apply only to members whose membership commenced before the effective date of this amendment, restricting future increases to existing members.

Expands group health and accident coverage eligibility to include surviving beneficiaries receiving monthly survivor benefits under the amended section 38-762, in addition to retired and disabled members.

Appropriates $200,000 from the ASRS administration account fund for fiscal year 2013-2014 to implement the act, with the appropriation exempt from lapsing provisions.