Bill Text: AZ HCR2060 | 2012 | Fiftieth Legislature 2nd Regular | Engrossed

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Bill Title: Retirement benefits; public employees

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-05-02 - Senate Committee of the Whole action: Do Pass [HCR2060 Detail]

Download: Arizona-2012-HCR2060-Engrossed.html

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House Engrossed

 

 

 

 

State of Arizona

House of Representatives

Fiftieth Legislature

Second Regular Session

2012

 

 

HOUSE CONCURRENT RESOLUTION 2060

 

 

 

A CONCURRENT RESOLUTION

 

proposing an amendment to the constitution of arizona; amending article XXiX, section 1, Constitution of Arizona; relating to public retirement systems.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it resolved by the House of Representatives of the State of Arizona, the Senate concurring:

1.  Article XXIX, section 1, Constitution of Arizona, is proposed to be amended as follows if approved by the voters and on proclamation of the Governor:

START_STATUTE1.  Public retirement systems

Section 1.  A.  Public retirement systems shall be funded with contributions and investment earnings using actuarial methods and assumptions that are consistent with generally accepted actuarial standards.

B.  The assets of public retirement systems, including investment earnings and contributions, are separate and independent trust funds and shall be invested, administered and distributed as determined by law solely in the interests of the members and beneficiaries of the public retirement systems.

C.  Membership in a public retirement system is a contractual relationship that is subject to article II, section 25, and public retirement system benefits shall not be diminished or impaired.

D.  For the elected officials' retirement plan, this section does not prohibit increases in member contributions or reductions in cost of living adjustments consistent with generally accepted actuarial standards and in the interests of the stability of the plan. END_STATUTE

2.  The Secretary of State shall submit this proposition to the voters at the next general election as provided by article XXI, Constitution of Arizona.