AZ SB1017

Amends title 38, chapter 5, article 2, Arizona Revised Statutes by adding section 38-719 establishing that the Arizona State Retirement System (ASRS) may not pay interest on amounts paid to members, alternate payees, or employers unless specifically authorized by statute.

Amends title 38, chapter 5, article 2.1, Arizona Revised Statutes by adding section 38-797.15 with identical language restricting ASRS interest payments to amounts specifically authorized by statute.

Applies the same interest payment restriction to both regular ASRS accounts (article 2) and the public safety personnel retirement system accounts (article 2.1).

Eliminates ASRS discretionary interest payments by requiring explicit statutory authorization before any interest can be paid on member distributions or employer refunds.

Effective upon approval by the Governor on March 29, 2019.