AZ SB1085

Amends section 38-843 of the Arizona Revised Statutes relating to the Public Safety Personnel Retirement System (PSPRS) contributions and employer account management.

Allows employers to request transfer of excess assets from an employer account with no remaining liabilities or beneficiaries to another employer account managed by the board, subject to board verification and Internal Revenue Code compliance.

Requires employers requesting asset transfers to adopt a governing body resolution in open session with public comment and submit a written request to the board administrator.

For state employers, grants the Joint Legislative Budget Committee authority to request confirmation of asset transfer eligibility from the board administrator, with the legislature required to pass a bill directing the transfer before it occurs.

Permits employers to make a one-time election to extend the unfunded liability amortization period from twenty years to not more than thirty years by adopting a resolution and submitting a written request to the board administrator.