HB2080 Summary

• Amends Arizona retirement system statutes to clarify terminology, changing "plan" to "system" in the elected officials' defined contribution retirement program and updating percentage language from "per cent" to "percent" in member and employer contribution sections.

• Expands the definition of reemployment to include contracted or leased employees for retired members of the public safety personnel and corrections officer retirement plans, affecting pension suspension requirements and reemployment restrictions.

• Modifies disability benefit eligibility in the elected officials' defined contribution system to limit coverage to individuals who were not previously active, inactive, or retired members of the elected officials' retirement plan or had a disability.

• Adds reporting requirements for the board to provide ten-year projections of employer contribution rates for specific state employers and agencies within the public safety and corrections officer retirement systems, and to estimate aggregate fees for private equity and alternative investments.

• Updates provisions governing elected officials who retire and subsequently become elected officials again, clarifying they are not considered reemployed by their former employer.