PSPRS; investments
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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 Retirement System (PSPRS) by strengthening the board of trustees and clarifying its investment powers. Specifically, it updates the board’s composition, duties, and investment guidelines, including requirements for board members’ qualifications and restrictions on investment strategies. The bill also establishes an advisory committee to provide input to the board and outlines reporting requirements for the system’s financial performance.
Key provisions
- Updates the composition of the PSPRS board of trustees, including appointment processes for members representing law enforcement, firefighters, cities and towns, and counties.
- Establishes minimum qualifications for board members, requiring them to have substantial experience in finance, investments, or public pensions.
- Clarifies the board’s authority to invest in a wider range of assets, including private equity and real estate, while imposing limitations on certain investments.
- Creates a PSPRS advisory committee to provide input to the board on system matters.
- Requires the board to submit an annual financial report to the governor and legislature detailing the system’s operations and financial condition.
- Defines the process for handling abandoned funds within the system.
- Establishes a framework for the administrator’s role and responsibilities.
- Outlines procedures for contract management with external consultants (actuaries, auditors, investment counsel).
Bill text
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Sponsors
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1 on record
Primary sponsor
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