AZ SB1467

Amends section 38-810, Arizona Revised Statutes, to modify appropriations to the elected officials' retirement plan fund from the state general fund.

Replaces the previous flat appropriation of $5,000,000 annually (fiscal years 2013-2014 through 2042-2043) with a tiered appropriation schedule beginning in fiscal year 2021-2022.

New appropriation amounts: $6,000,000 (FY 2021-2022), $7,000,000 (FY 2022-2023), $8,000,000 (FY 2023-2024), $9,000,000 (FY 2024-2025), and $10,000,000 (FY 2025-2026 through 2042-2043).

Appropriated monies shall supplement normal cost and amortization of unfunded accrued liability but cannot be used to increase member benefits.

Appropriations are exempt from lapsing provisions under section 35-190 of Arizona Revised Statutes.