AZ SB1262

Amends Arizona Revised Statutes section 38-848 regarding the Public Safety Personnel Retirement System (PSPRS) board of trustees.

Requires the board to adopt an assumed rate of return for all defined benefit retirement plans it manages that is not greater than the prior fiscal year, unless the funded status of all defined benefit plans reaches at least 80 percent.

Makes clarifying technical changes throughout the statute, including grammatical corrections and updated language regarding board duties, investment authority, and administrative procedures.

Maintains existing board composition of nine members appointed by various state officials and representatives, with specific qualifications for non-system member board appointees.

Preserves board's independent trust fund status and investment management authorities while affirming fiduciary responsibilities and reporting requirements to the governor and legislature.