SB 1086 Summary

• Appropriates $87,446,500 from the state general fund in fiscal year 2021-2022 to the Public Safety Personnel Retirement System (PSPRS) to reduce unfunded accrued liability across seven agencies, including $23,565,000 to ASU campus police, $15,645,900 to University of Arizona campus police, and $8,542,800 to the Department of Emergency and Military Affairs.

• Appropriates $6,661,200 from the state general fund in fiscal year 2021-2022 to the Corrections Officer Retirement Plan (CORP) for Department of Public Safety dispatchers ($6,352,000) and detention officers ($309,200).

• Requires the PSPRS board of trustees to account for these appropriations in the June 30, 2022 actuarial valuation when calculating employee and employer contribution rates for fiscal year 2023-2024.

• Became effective June 28, 2022.