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AZ SB1038

Bill

Official Source

Status

Engrossed

2/8/2016

Primary Sponsor

Debbie Lesko

Click for details

Origin

Senate

Fifty-second Legislature - Second Regular Session (2016)

AI Summary

  • Amends Arizona Revised Statutes section 38-742 regarding reinstatement of service credits in the Arizona State Retirement System (ASRS).

  • Changes the language in subsection B to clarify that members redepositing contributions must pay back "ASRS paid" contributions (rather than "member received" contributions) with interest at the board-approved actuarial equivalency rate.

  • Allows members who are receiving benefits under section 38-797.07 and previously forfeited service credits to redeposit contributions with interest to reinstate those service credits.

  • Specifies that members redepositing less than the full required amount will have their reinstated service credits proportionately reduced by ASRS.

Legislative Description

ASRS; reinstatement; contribution amount

Last Action

House majority caucus: Do pass

3/15/2016

Full Bill Text

No bill text available