AZ HCR2032

Requests the Secretary of State to return Senate Concurrent Resolution 1023 to the Legislature and instead submit a revised constitutional amendment to voters at the next general election.

Proposes to amend Article XXIX, Section 1 of the Arizona Constitution regarding public retirement systems, requiring them to be funded using actuarial methods consistent with generally accepted actuarial standards.

Establishes that public retirement system assets are separate trust funds to be invested solely in the interests of members and beneficiaries, and that membership constitutes a contractual relationship.

Prohibits diminishment or impairment of public retirement system benefits except for specific adjustments authorized under Senate Bill 1428 (public safety personnel), Senate Bill 1442 (corrections officer plan), and House Bill 2545 (elected officials' plan).

Preserves legislative authority to modify retirement benefits for prospective members of public retirement systems.