AZ HB2007

Amends section 38-729 to add provision preventing ASRS members who previously received retirement benefits from another public employee retirement system from receiving duplicate service credit for the same period of employment.

Modifies section 38-729 regarding employer contributions for supplemental retirement plans to require political subdivisions pay "the amount equal to the present value" using board-approved actuarial assumptions rather than undefined "amounts as determined by the board."

Adds new subsection E to section 38-738 allowing employers to correct contribution errors within the same fiscal year through payroll adjustments with written employee consent, rather than only through formal refund or credit procedures.

Establishes 15-year lookback period for correcting underreported contributions under section 38-738, with older service treated as purchasable public service credit.