AZ HB2203

Increases ASRS board from 9 to 10 members by adding a new position for an employee of a city or town in a county with population of 500,000 or less, and removes the at-large member position.

Changes ASRS board member investment experience requirement from 4 members to 6 members with at least ten years' experience in portfolio management, securities analysis, financial institutions, or related fields.

Increases PSPRS board of trustees from 7 to 9 members, adding separate representation for political subdivisions in counties with more than 500,000 population and counties with 500,000 or less population.

Reduces PSPRS board member terms from 5 years to 3 years, expiring on the third Monday in January.

Adds investment experience qualifications for certain PSPRS board members appointed under the reorganized subsection, requiring ten years' experience in portfolio management, securities analysis, or related financial fields.