Senate Bill 1083 - ASRS Modifications

• Modifies Arizona State Retirement System (ASRS) definitions and contribution calculations, including changes to compensation definitions for members beginning January 1, 2020 to exclude accrued leave payouts and termination payments.

• Updates employer contribution determination methodology to allow the board to select actuarial cost methods consistent with generally accepted actuarial standards, with focus on improving funded status when the trust fund is below 100% funded.

• Expands supplemental employee deferral plan eligibility to allow employees not eligible for other public retirement systems to participate beginning July 1, 2022.

• Makes technical revisions to benefit payment provisions, including changes to retirement benefit calculations, survivor benefits, lump sum payment thresholds, and required minimum distribution rules.

• Repeals section 38-797.09 and makes conforming changes to long-term disability program contribution rates and benefit limitations.