AZ HB2870

Adds requirement that retirees eligible for group health and accident coverage must make an election for health, dental, or vision insurance within 31 days of becoming eligible, effective January 2, 2023, and must maintain continuous enrollment to retain eligibility or forfeit coverage permanently.

Modifies the Arizona State Retirement System (ASRS) reporting requirements to include annual stress testing using industry standards and an annual investment report due December 1 each year with detailed net-of-fee returns and portfolio information.

Establishes stress testing policy for ASRS and public safety personnel retirement systems that includes scenarios with investment returns 2-4 percentage points below assumed rates and one-year 20 percent investment losses.

Requires the board of trustees for public safety personnel retirement system to develop routine stress testing policy at employer and system levels and include stress test results in annual actuarial valuations.

Changes reference from "public funds" to "monies" in section governing health insurance premium payments for retired public employees and elected officials.