Proposed Amendment to the Constitution by the Legislature Relating to Public Retirement Systems
House Concurrent Resolution 2032
A concurrent resolution requesting the Secretary of State to return Senate Concurrent Resolution 1023, Fifty-third Legislature, First Regular Session, to the Legislature; proposing an amendment to the Constitution of Arizona; amending Article XXIX, Section 1, Constitution of Arizona; relating to public retirement systems.
Whereas, pursuant to Article XXI, Constitution of Arizona, the fifty-third legislature, first regular session, presented Senate Concurrent Resolution 1023 to the Secretary of State for submission of an amendment of Article XXIX, section 1, Constitution of Arizona, to the voters at the next general election; and
Whereas, the general election having not yet occurred, the proposition has not yet been presented to the voters; and
Whereas, on further consideration, the Legislature has determined that the subject of the proposed Constitutional amendment, the corrections officer retirement plan, should be addressed in another manner.
Be it resolved by the House of Representatives of the State of Arizona, the Senate concurring:
- The Legislature of the State of Arizona respectfully requests that the Secretary of State, pursuant to Section 41-121, subsection A, paragraph 1, Arizona Revised Statutes, return Senate Concurrent Resolution 1023, fifty-third legislature, first regular session, to the Legislature.
- The Secretary of State shall submit the proposition contained in Section 3 of this resolution to the voters at the next general election as provided by Article XXI, Constitution of Arizona, in lieu of Senate Concurrent Resolution 1023.
- 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:
This bill updated Article 29 of the Arizona Constitution.
It lets lawmakers change public retirement benefits based on two new laws, explained in the next section.
1. Public retirement systems
- Public retirement systems shall be funded with contributions and investment earnings using actuarial methods and assumptions that are consistent with generally accepted actuarial standards.
- 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.
- Membership in a public retirement system is a contractual relationship that is subject to Article II, Section 25.
- Public retirement system benefits shall not be diminished or impaired, except that:
- Certain adjustments to the public safety personnel retirement system may be made as provided in senate bill 1428, as enacted by the fifty-second legislature, second regular session.
- CERTAIN ADJUSTMENTS TO THE CORRECTIONS OFFICER RETIREMENT PLAN MAY BE MADE AS PROVIDED IN SENATE BILL 1442, AS ENACTED BY THE FIFTY-THIRD LEGISLATURE, FIRST REGULAR SESSION.
- CERTAIN ADJUSTMENTS TO THE ELECTED OFFICIALS' RETIREMENT PLAN MAY BE MADE AS PROVIDED IN HOUSE BILL 2545, AS ENACTED BY THE FIFTY-THIRD LEGISLATURE, SECOND REGULAR SESSION.
- This section preserves the authority vested in the legislature pursuant to this constitution and does not restrict the legislature's ability to modify public retirement system benefits for prospective members of public retirement systems.
Passed by the House February 21, 2018.
Passed by the Senate March 29, 2018.
Filed in the office of the Secretary of State April 2, 2018.