HB 2035 Summary

• Appropriates $178.69 million from the state general fund in fiscal year 2021-2022 to reduce unfunded accrued liabilities across eight public safety personnel retirement system group employers, including the Department of Emergency and Military Affairs ($8.54M), Attorney General Investigators ($9.12M), Arizona Game and Fish Department ($97.24M), and three university campus police departments.

• Appropriates $501.56 million from the state general fund in fiscal year 2021-2022 to reduce unfunded accrued liabilities for corrections officer retirement plan groups, including the Administrative Office of the Courts-Probation ($421.26M), Department of Juvenile Corrections ($73.94M), and Department of Public Safety ($6.66M).

• Appropriates $420.56 million to the Department of Public Safety public safety personnel retirement system group employer account to reduce unfunded accrued liability.

• Appropriates $474.64 million to the State Department of Corrections corrections officer retirement plan group employer account to reduce unfunded accrued liability.

• Directs the Public Safety Personnel Retirement System board of trustees to account for all appropriations in the June 30, 2022 actuarial valuation and use them when calculating employee and employer contribution rates for fiscal year 2023-2024.