AZ HB2138

Amends Arizona Revised Statutes Section 15-1628 regarding optional retirement programs administered by the Arizona Board of Regents for university faculty and employees.

Replaces the term "administrative officers" with "employees" throughout the statute to broaden the scope of eligible participants.

Changes terminology from "funds" to "monies," "per cent" to "percent," "five year" to "five-year," and other minor grammatical updates for consistency and clarity.

Modifies provisions regarding forfeited employer contributions when an employee does not complete five years of service, specifying that such amounts are forfeited to the institution for future employer contributions rather than refunded to the state.

Makes grammatical corrections to existing language including changes to verb tenses, pronouns, and phrasing to improve clarity of the optional retirement program rules.