correctional officers; supplemental contributions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends Arizona’s Public Safety Personnel Defined Contribution Retirement Plan to increase employer and employee contributions for correctional officers. It establishes specific contribution percentages based on an officer’s role and service years, with employers also able to provide supplemental contribution incentives up to $5,000 per year. These contributions are designed to bolster retirement savings for this specific group of public safety personnel.
Key provisions
- Correct correctional officers' contribution rates to 3%, 9%, or 7% depending on their role.
- Employers must contribute an additional 3%, 9%, or 5.5% of correctional officers’ compensation.
- Employers can provide supplemental contribution incentives up to $5,000 per year, subject to vesting requirements.
- Employer contributions vest over time, with full vesting for employee contributions after 10 years of service for some roles and 3 years for others.
- Participants’ contributions and earnings are immediately vested.
- Supplemental contributions must meet specific requirements regarding amounts, vesting, and participation.
- Employers must adopt a written policy outlining supplemental contribution incentive payments.
- Employer contributions are treated as employer contributions for tax purposes.
Who is affected
- Correctional Officers
- Employers of Correctional Officers
Bill text
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Primary sponsor
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