AZ HB2292

Amends Section 38-772 of Arizona Revised Statutes regarding prior service credits under the defined contribution program administered by the Arizona State Retirement System (ASRS).

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

Provides that prior service credits earned under the defined contribution program shall be added to retirement benefit calculations under Section 38-757, subsection B, notwithstanding other provisions.

Defines "prior service" as service for Arizona 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.