AZ HB2060

Amends sections 38-848 and 38-848.03 of Arizona Revised Statutes to modify procurement rules for the Public Safety Personnel Retirement System (PSPRS) board, exempting investment-related contracts from Title 41, Chapter 23 procurement requirements effective July 1, 2015.

Creates new section 38-848.04 establishing an administration account for PSPRS to hold appropriated funds and monies from participating employers, with continuously appropriated expenditures for investment management fees, rent, actuarial consulting, and retiree payroll.

Expands the administrator's authority to expend funds from the administration account with board approval for staff, expenses, vendor fees, continuing education, and legal counsel necessary to implement board functions.

Exempts investment-related contracts entered into by the PSPRS board and the Arizona State Retirement System from procurement rules under Title 41, Chapter 23.

Appropriates all revenues received into the administration account through June 30, 2015 to PSPRS for fiscal year 2014-2015 and requires PSPRS to submit a budget request by September 1, 2014 for fiscal year 2015-2016.