AZ SB1478

Modifies employer contribution requirements for the Elected Officials' Retirement Plan (EORP) beginning July 1, 2018, using actuarial valuations instead of the fixed 23.5% rate in effect since January 1, 2014.

Establishes employer contributions at a level percent of compensation sufficient to meet normal cost plus actuarially determined unfunded accrued liability, amortized over a closed period of 20-30 years as determined by the board.

Creates a stabilization reserve account to hold 50% of excess valuation assets when the fund is over 100% funded, and requires use of these reserves to limit funding ratio declines to no more than 2% when facing unfunded liabilities.

Appropriates $5,000,000 annually from the state general fund for fiscal years 2013-2014 through 2042-2043 to supplement normal cost and unfunded liability amortization, with restrictions against benefit increases.

Declares the act an emergency measure operative immediately upon enactment.