AZ SB1037

Amends section 38-714 of Arizona Revised Statutes regarding the Arizona State Retirement System (ASRS).

Allows the ASRS board to delegate its duty and authority to a committee of the board to act on the board's behalf for purposes of determining rights, benefits, or obligations of persons under ASRS.

The delegated committee authority applies to decisions made under title 41, chapter 6, article 10 relating to administrative hearings.

Effective June 30, 2016, the board retains responsibility for determining which generally accepted actuarial cost methods are used in annual actuarial valuations of the ASRS plan.

Maintains existing board responsibilities for fiduciary duties, performance of financial operations, and submission of annual reports to the governor and legislature.