HB2113 Summary

• Amends section 38-738 of Arizona Revised Statutes regarding the Arizona State Retirement System (ASRS) contribution adjustments and refunds.

• For employer overpayments due to mistake of fact, allows employers to receive refunds by check (if requested within one year) or as a credit against future contributions; ASRS may not pay earnings on excess contributions but must reduce refunds by losses attributable to excess contributions.

• For employer underpayments, members must pay back-owed member contributions within 90 days with interest at the approved actuarial equivalency rate; employers must pay back-owed employer contributions plus accumulated interest within 90 days.

• Permits employers to correct contribution errors through payroll adjustments within the same fiscal year if the employee provides written consent, providing an alternative to lump-sum payments.

• Establishes that member contributions cannot be paid to ASRS after the member's death, even if contributions were previously underpaid.