AZ SB1115

Amends the Public Safety Personnel Retirement System (PSPRS) definition of "average monthly benefit compensation" effective July 1, 2017, changing the calculation period from the last twenty years to the last fifteen years of credited service for members hired on or after that date.

Modifies "normal retirement date" for members hired on or after July 1, 2017, requiring fifteen years of credited service and age fifty-five, replacing the previous requirement of twenty-five years of service or fifteen years with age fifty-two and one-half.

Establishes a new tiered benefit formula for members hired on or after July 1, 2017, using percentage multipliers ranging from 1.50% to 2.50% per year of credited service, replacing the previous flat percentage calculations.

Caps maximum normal pension at eighty percent of average monthly benefit compensation for all members across subsections A, G, and H.

Bill was approved by the Governor and filed with the Secretary of State on May 2, 2017.