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Senate Engrossed
appropriations; unfunded liability; corrections; safety |
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State of Arizona Senate Fifty-fifth Legislature Second Regular Session 2022
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SENATE BILL 1087 |
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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 appropriations; public safety personnel retirement system; corrections officer retirement plan group; pension liability
A. In addition to any other appropriations made in fiscal year 2021-2022, the sum of $420,559,600 is appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the employer account of the department of public safety public safety personnel retirement system group to reduce the unfunded accrued liability.
C. In addition to any other appropriations made in fiscal year 2021-2022, the sum of $15,000,000 is appropriated from the game and fish fund established by section 17-261, Arizona Revised Statutes, and the sum of $82,243,000 is appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the Arizona game and fish department public safety personnel retirement system group employer account to reduce the unfunded accrued liability for the Arizona game and fish department.
D. In addition to any other appropriations made in fiscal year 2021-2022, the sum of $73,940,800 is appropriated from the state general fund in fiscal year 2021-2022 to the public safety personnel retirement system to be deposited in the department of juvenile corrections corrections officer retirement plan group employer account to reduce the unfunded accrued liability for the department of juvenile corrections.
E. The board of trustees of the public safety personnel retirement system shall account for the appropriations made in this section in the June 30, 2022 actuarial valuation of both the department of public safety public safety personnel retirement system group and the state department of corrections corrections officer retirement plan group. The board shall account for the appropriations when calculating the employee contribution rates and employer contribution rates, which the department of public safety public safety personnel retirement system group shall use when making contributions pursuant to section 38-843, Arizona Revised Statutes, and the state department of corrections corrections officer retirement plan group shall use when making contributions pursuant to section 38-891, Arizona Revised Statutes, during fiscal year 2023-2024.