AZ SB1186

Amends Arizona Revised Statutes section 9-958 to allow fire districts with at least five full-time firefighters to transfer excess monies from the fire fighters' relief and pension fund to the public safety personnel retirement system after determining actuarially what is necessary to fund volunteer firefighter benefits.

Permits excess fund transfers to occur in a lump sum at the time of joinder agreement execution or in installments as allowed by the public safety personnel retirement system fund manager.

Allows fire districts with excess monies that do not elect to cover full-time firefighters under the public safety personnel retirement system to instead apply excess funds to an alternate pension and benefit plan for part-time or full-time firefighters.

Adds new authority for cities and towns to transfer excess monies from fire fighters' relief and pension funds to the public safety personnel retirement system to address any past or present unfunded liability, subject to actuarial determination of amounts needed for part-time or volunteer firefighter benefits.