AZ HB4044

Establishes the Public Safety Parity Fund to provide retention pay and benefits for employees of the Department of Public Safety and the State Department of Corrections.

Redirects investment earnings from the Budget Stabilization Fund to the new Public Safety Parity Fund, with the first $10 million annually remaining in the Budget Stabilization Fund.

Requires the State Department of Corrections to deposit 40% of Public Safety Parity Fund monies into the existing Parity Compensation Fund for law enforcement personnel, beginning June 30, 2027.

Authorizes retention bonuses of up to 3% for both Department of Corrections and Department of Public Safety employees from fund monies, distributed on July 1 and December 31 each year.

Mandates annual benchmarking of compensation against the two largest county jails and two largest private prisons (for corrections) and the three largest county or municipal law enforcement agencies (for public safety) to determine fund expenditures.