REFERENCE TITLE: appropriation; unfunded liability; CORP State of Arizona House of Representatives Fifty-sixth Legislature First Regular Session 2023 HB 2027 Introduced by Representative Livingston An Act appropriating monies to the public safety personnel retirement system. (TEXT OF BILL BEGINS ON NEXT PAGE)
REFERENCE TITLE: appropriation; unfunded liability; CORP
State of Arizona House of Representatives Fifty-sixth Legislature First Regular Session 2023
HB 2027
Introduced by Representative Livingston
REFERENCE TITLE: appropriation; unfunded liability; CORP
State of Arizona
House of Representatives
Fifty-sixth Legislature
First Regular Session
2023
HB 2027
Introduced by
Representative Livingston
An Act
appropriating monies to the public safety personnel retirement system.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona: Section 1. Supplemental appropriation; administrative office of the courts; corrections officer retirement plan; unfunded liability A. In addition to any other appropriations made in fiscal year 2022-2023, the sum of $428,813,700 is appropriated from the state general fund in fiscal year 2022-2023 to the public safety personnel retirement system to be deposited in the administrative office of the courts corrections officer retirement plan group employer account to pay the unfunded accrued liability. B. The board of trustees of the public safety personnel retirement system shall account for the appropriation made in subsection A of this section in the June 30, 2023 actuarial valuation of the corrections officer retirement plan. The board shall account for the appropriation when calculating the employee contribution rates and the employer contribution rates pursuant to section 38-891, Arizona Revised Statutes, during fiscal year 2023-2024.
Be it enacted by the Legislature of the State of Arizona:
Section 1. Supplemental appropriation; administrative office of the courts; corrections officer retirement plan; unfunded liability
A. In addition to any other appropriations made in fiscal year 2022-2023, the sum of $428,813,700 is appropriated from the state general fund in fiscal year 2022-2023 to the public safety personnel retirement system to be deposited in the administrative office of the courts corrections officer retirement plan group employer account to pay the unfunded accrued liability.
B. The board of trustees of the public safety personnel retirement system shall account for the appropriation made in subsection A of this section in the June 30, 2023 actuarial valuation of the corrections officer retirement plan. The board shall account for the appropriation when calculating the employee contribution rates and the employer contribution rates pursuant to section 38-891, Arizona Revised Statutes, during fiscal year 2023-2024.