AZ SB1292

Repeals existing sections 38-818, 38-818.01, 38-818.02, 38-818.03, and 38-819 of Arizona Revised Statutes related to the elected officials' retirement plan.

Creates new section 38-818.04 establishing an annual cost-of-living adjustment (COLA) for retired members and survivors based on the metropolitan Phoenix-Mesa consumer price index.

COLA payments are capped at 2 percent annually and applied to the base benefit on a compounding basis, with the first payment made after the first year of retirement.

In a retiree's first year, the COLA is prorated based on the retirement date; subsequent adjustments occur on July 1 each year.

Plan actuary must include projected COLA costs in calculations of normal cost and accrued liability; all provisions are contingent on voter approval of Senate Concurrent Resolution 1010 at the next general election.