HB 2203 Summary

• Allows reemployed members in the same retirement plan to transfer actuarially accrued liability from previous employers to subsequent employers, with all benefit liabilities attributed to the new employer.

• Modifies penalty interest calculations from daily compounding to annual compounding for late retirement contribution transfers in the EODC disability program and public safety personnel retirement system.

• Expands the definition of eligible groups under the supplemental defined contribution plan provisions to include the elected officials' defined contribution retirement system and public safety personnel defined contribution retirement plan.

• Clarifies that trust funds administered by the board are exempt from Arizona's unclaimed property statute (title 44, chapter 3) and requires the board to adopt policies for handling presumed abandoned monies with notification and distribution procedures.

• Applies retroactively to August 5, 2016 for public safety personnel retirement system changes and August 9, 2017 for corrections officer retirement plan changes.