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SB 1115
SB 1115: PSPRS; retirement benefit calculation
(Click for bill language and additional information)

Sponsor: Sen. Lesko

Summary:The bill allows a PSPRS member, who was hired on or after January 1, 2012 and before July 1, 2017, to retire after 15 years of credited service, in addition to the current benefit of retiring after 25 years of service, if the employee is at least 52.5 years of age. The bill limits the benefit of a member with fewer than 25 years of credited service to the set of reduced graded multipliers.

League Position: SUPPORT – The League supports this change for full compliance with new statute and case law.

UPDATES

1/25/2017: SB1115 passed out of Senate Finance by a vote of 7-0. The bill now proceeds to the Rules Committee.

3/6/2017: SB1115 passed Senate Third Read by a vote of 30-0. The bill was transmitted to the House.

3/20/2017: SB1115 passed out of House Banking and Insurance by a vote of 5-0-0-3. The bill now proceeds to the Rules Committee.

4/25/2017: SB1115 passed the House Third Read by a vote of 55-0-4-0-1. The bill was transmitted back to the senate.

4/26/2017: SB1115 was transmitted to the Governor.

5/2/2017: SB1115 was signed by Governor Ducey.