AZ SB1330

Allows fire districts with at least five full-time firefighters to transfer excess assets from the fire fighters' relief and pension fund to the public safety personnel retirement system fund after covering all accrued volunteer firefighter benefits.

Transfers may be made as a lump sum when the fire district executes its joinder agreement with the public safety personnel retirement system, or in installments as permitted by the fund manager.

Permits fire districts not enrolling in the public safety personnel retirement system to apply excess monies from the fire fighters' relief and pension fund to an alternate pension and benefit plan for part-time or full-time firefighters.

Requires fire district boards to use actuarial procedures to determine the amount necessary to fully fund benefits accrued for volunteer firefighters before any transfer of monies is authorized.