HB 2027
Initials VP/AA Page 1 Appropriations
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
HB 2027: appropriation; unfunded liability; CORP
Sponsor: Representative Livingston, LD 28
Committee on Appropriations
Overview
Appropriates $428,813,700 from the state General Fund (GF) in FY 2023 to the Public Safety
Personnel Retirement System (PSPRS) to pay the unfunded accrued liability.
History
Before the establishment of the PSPRS, public safety personnel in the state of Arizona were
covered under various local, municipal and state retirement programs. This provided for wide and
significant differentials in employee contribution rates, benefit eligibility provisions, types of benefit
protection and benefit formulas. The PSPRS pension plan was established July 1, 1968 to provide
a uniform, consistent and equitable statewide retirement program for Arizona’s public safety
personnel. (A.R.S. § 38-841)
PSPRS is a qualified governmental pension plan under section 401(a) of the Internal Revenue
Code. (A.R.S. § 38-843.02)
Provisions
1. Appropriates $428,813,700 from the GF in FY 2023 to PSPRS pay the unfunded accrued
liability. (Sec. 1)
2. Specifies that the Board of Trustees for PSPRS shall account for the appropriation when
calculating the employee contribution rates and the employer contribution rates. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note