AZ SB1504

Reduces the service threshold for cost-of-living adjustment (COLA) eligibility from the 7th anniversary of retirement to the 3rd anniversary for Public Safety Personnel Retirement System (PSPRS) members hired on or after July 1, 2017

Clarifies that members hired on or after January 1, 2012 who meet the 25-year service requirement or the combined age/credited service requirement qualify for normal retirement and retirement benefits

Establishes that members hired on or after July 1, 2017 reach normal retirement upon completing either 25 years of service or 15 years of credited service at age 55 or older

COLA amounts remain tied to the system's funded ratio: up to 2% at 90%+ funded, 1.5% at 80-89% funded, and 1% at 70-79% funded, based on the Phoenix-Mesa consumer price index