AZ SB1027

Amends section 38-772 of the Arizona Revised Statutes concerning prior service credits under the Arizona State Retirement System (ASRS) defined contribution program.

Employer payments made to ASRS on behalf of members with prior service credits reduce the payments required for those same prior service credits under the defined contribution program.

Prior service credits earned under the defined contribution program are added to the calculation specified in section 38-757, subsection B, paragraphs 1 and 2, notwithstanding existing restrictions.

Defines "prior service" as service to the state or its political subdivisions before membership in the ASRS defined contribution program.

Defines "prior service credits" as the amount allowed for services before membership in the defined contribution program that is payable as a retirement benefit.