AZ HB2160

Amends Arizona Revised Statutes section 38-747 regarding the Arizona State Retirement System (ASRS) to modify provisions for purchasing credited service.

Allows members to accept direct transfers from individual retirement accounts (IRAs) and individual retirement annuities to purchase credited service, in addition to existing rollover options from qualified retirement plans and 403(b) annuity contracts.

Replaces language referring to "rollover contributions" from IRAs with "direct transfer" language to align with Internal Revenue Code section 408(d)(3)(A)(ii) requirements for IRA-to-ASRS transfers.

Maintains existing limitations on contributions, payment methods, and irrevocable election provisions for members purchasing credited service through employer salary reduction programs.

Became effective upon Governor approval on April 5, 2016.