AZ HB2159

Exempts the Arizona State Retirement System (ASRS) board and ASRS from Title 41, Chapter 6 rulemaking requirements, except for Article 10 provisions, effective June 30, 2016.

Clarifies that actuarial assumptions, calculations, investment strategy, decisions, and accounting methodology are fiduciary decisions not subject to rulemaking procedures.

Amends section 38-721 to authorize the director to expend monies for staff and consulting fees necessary to implement the board's fiduciary responsibilities under section 38-714.

Applies amendments retroactively to December 31, 1986.

States the act's purpose is to clarify that ASRS actuarial and investment decisions are fiduciary decisions exempt from rulemaking requirements.