HB 2166 Summary

• Amends section 38-766.02, Arizona Revised Statutes, to modify employer contribution requirements for retired members who return to work with an Arizona State Retirement System (ASRS) employer.

• Requires employers to pay an alternate contribution rate on behalf of retired members who return to work in positions ordinarily filled by employees or in positions with similar duties and responsibilities, effective July 1, 2012.

• Establishes that the alternate contribution rate shall not be less than 2 percent annually and is calculated as the lesser of the combined employer contribution rates or combined past service funding requirement rates under specified statutes.

• Mandates that the ASRS actuary determine the alternate contribution rate annually through valuations performed as of June 30, with rates applying to compensation, gross salary, or contract fees.

• Requires employers to submit reports, data, and materials requested by ASRS to determine retired members' compensation and monitor the return to work program's operation.