Governor Ducey has signed SB 1442, a bill intended to repair and reforms Arizona’s Corrections Officer Retirement Plan (CORP).
The pension plan is currently broken, funded at only 53%. In the past 15 years, the employer contribution rate has grown from 3.2% to 18.2%, a 600 percent increase.
The current pension plan uses a Permanent Benefit Increase (PBI), which experts have concluded has a systemic flaw, that decreases funding, threatening its solvency. SB 1442 and its accompanying constitutional amendment (SCR 1023) replaces the broken PBI with a predictable, pre-funded Cost of Living Adjustment (COLA). This adjustment follows inflation with a 2% cap and provides certainty of retirees.
| Representative | Vote | Representative | Vote | Representative | Vote | Representative | Vote | |||
| ALLEN J | Y | ALSTON | Y | ANDRADE | Y | BARTON | Y | |||
| BENALLY | Y | BLANC | N | BOLDING | Y | BOWERS | Y | |||
| BOYER | NV | BUTLER | Y | CAMPBELL | Y | CARDENAS | Y | |||
| CARTER | Y | CHÁVEZ | Y | CLARK | Y | CLODFELTER | Y | |||
| COBB | Y | COLEMAN | Y | COOK | Y | DESCHEENIE | NV | |||
| ENGEL | Y | EPSTEIN | Y | ESPINOZA | Y | FARNSWORTH E | Y | |||
| FERNANDEZ | Y | FINCHEM | Y | FRIESE | Y | GABALDÓN | NV | |||
| GONZALES | NV | GRANTHAM | Y | HERNANDEZ | Y | JOHN | Y | |||
| KERN | Y | LAWRENCE | Y | LEACH | Y | LIVINGSTON | Y | |||
| LOVAS | Y | MARTINEZ | Y | MITCHELL | Y | MOSLEY | Y | |||
| NAVARRETE | Y | NORGAARD | Y | NUTT | Y | PAYNE | Y | |||
| POWERS HANNLEY | N | RIOS | Y | RIVERO | Y | RUBALCAVA | Y | |||
| SALDATE | Y | SALMAN | N | SHOOTER | Y | SHOPE | Y | |||
| STRINGER | Y | SYMS | Y | THORPE | Y | TOWNSEND | Y | |||
| UDALL | Y | UGENTI-RITA | Y | WENINGER | Y | MESNARD | Y |