AZ SB1145

Amends Arizona Revised Statutes section 15-1628 to restrict optional retirement program eligibility to employees hired on or after January 1, 2023.

Changes the disposition of forfeited employer contributions for employees who do not complete five years of service from returning funds to the state to allowing institutions to retain and reuse those funds for future employer contributions.

Makes technical corrections to statutory language, including replacing terms like "per cent" with "percent," "five year" with "five-year," and updating pronouns and verb forms throughout the section.

Maintains existing provisions regarding the seven percent employer and employee contribution rates, five-year vesting requirements, death benefits, and restrictions on loans under optional retirement programs.

Preserves the Arizona Board of Regents' authority to approve retirement program providers and establish program administration procedures.