Bill Amendment: AZ SB1034 | 2020 | Fifty-fourth Legislature 2nd Regular
Bill Title: ASRS; required distributions; nonparticipatory employers
Status: 2020-03-12 - House GOV Committee action: Do Pass, voting: (9-0-0-2-0-0) [SB1034 Detail]
Download: Arizona-2020-SB1034-SENATE_-_Finance.html
Fifty-fourth Legislature Finance
Second Regular Session S.B. 1034
PROPOSED
SENATE AMENDMENTS TO S.B. 1034
(Reference to printed bill)
Page 1, between lines 1 and 2, insert:
"Section 1. Section 38-759, Arizona Revised Statutes, is amended to read:
38-759. Late retirement; definition
A. A member who is eligible for normal retirement benefits on the member's normal retirement date may elect to defer receiving retirement benefits.
B. Notwithstanding this section, payment of a member's deferred benefits shall not commence later than the April 1 following the calendar year in which the member attains seventy and one‑half years of age or the calendar year in which the member terminates employment, whichever occurs later member's required beginning date.
C. For the purposes of this section, "required beginning date" has the same meaning prescribed in section 38‑775."
Renumber to conform
Line 36, strike "seventy and one‑half" insert "seventy‑two"
Page 5, line 38, after "commence" strike remainder of line
Strike lines 39 and 40
Line 41, strike "employment, whichever occurs later" insert "in accordance with section 401(a)(9)(C) of the internal revenue code"
Amend title to conform
