AZ SB1002

Allows elected officials in the elected officials' retirement plan who submit irrevocable resignation notice by July 29, 2022 with retirement date by September 30, 2022 to receive normal retirement pension if they meet either age 55 with 10 years of service or age 59.5 with 5 years of service.

Prohibits retired members who return to elected office from making plan contributions, accruing credited service, or participating in the defined contribution retirement system.

Requires employers to pay alternate contribution rates under section 38-810.04 if a retired member becomes an elected official again, regardless of when the member returns to work.

Appropriates $60,000,000 from the state general fund in fiscal year 2022-2023 to the elected officials' retirement plan fund for unfunded accrued liability.

Designates the act as an emergency measure operative immediately and exempts the appropriation from lapsing provisions.