AZ HB2088

Modifies normal retirement dates for Public Safety Personnel Retirement System (PSPRS) members hired on or after July 1, 2017, requiring 15 years of credited service instead of other age/service combinations, with language change regarding age requirements.

Establishes separate contribution structures for members hired on or after July 1, 2017, splitting employer and employee cost-sharing 50/50 for normal cost and unfunded accrued liability, either through a consolidated public safety employer risk pool or individual employer basis.

Creates a new annual compensation limit of $110,000 for members hired on or after July 1, 2017, with adjustments beginning fiscal year 2020-2021 based on a public safety wage index compiled from employers representing large, midsized, and small organizations.

Establishes a public safety wage index composed of 26 employers across the state representing state/county/municipal law enforcement and fire agencies to track compensation changes for adjustment purposes.

Repeals section 38-845.03, Arizona Revised Statutes (specific content not detailed in provided text).