AZ SB1087

Appropriates $420,559,600 from the state general fund in fiscal year 2021-2022 to the Public Safety Personnel Retirement System for the Department of Public Safety group to reduce unfunded accrued liability.

Appropriates $474,635,300 from the state general fund in fiscal year 2021-2022 to the Public Safety Personnel Retirement System for the State Department of Corrections corrections officer retirement plan group to reduce unfunded accrued liability.

Appropriates $15,000,000 from the Game and Fish Fund and $82,243,000 from the state general fund in fiscal year 2021-2022 to the Public Safety Personnel Retirement System for the Arizona Game and Fish Department group to reduce unfunded accrued liability.

Appropriates $73,940,800 from the state general fund in fiscal year 2021-2022 to the Public Safety Personnel Retirement System for the Department of Juvenile Corrections corrections officer retirement plan group to reduce unfunded accrued liability.

Requires the Public Safety Personnel Retirement System board of trustees to account for these appropriations in the June 30, 2022 actuarial valuation and apply them when calculating employee and employer contribution rates for fiscal year 2023-2024.