AZ HCR2005

Proposes amending Article XXIX, Section 1 of the Arizona Constitution to establish constitutional protections for public retirement systems.

Requires public retirement systems to be funded using actuarial methods and assumptions consistent with generally accepted actuarial standards.

Establishes that retirement system assets, including investment earnings and contributions, are separate trust funds managed solely in the interests of members and beneficiaries.

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

Permits increases in member contributions or reductions in member benefits if consistent with generally accepted actuarial standards and necessary for the financial stability of the retirement system.