December 22, 2022
Public Safety Personnel Retirement System
State of Arizona
Contact: Christian Palmer
Phone: 602-296-3736
Employer valuations available online
PSPRS, CORP funding rises, average contribution rates fall
ARIZONA – Consolidated actuarial valuations for the fiscal year ending June 30, 2022, are available online for PSPRS, CORP and EORP, along with individual employer valuations for municipalities and agencies across the State of Arizona.
To see the reports, please visit the PSPRS actuarial webpage.
Due to record-setting additional pension debt contributions, average public safety and corrections employer contribution rates for the 2024 fiscal year beginning July 1, 2023, fell considerably. Funding levels and contribution rates will vary according to employer.
Public safety and corrections employers are advised to also check their individual employer valuations for declines to Tier 3 contributions rates, and, in many cases, reductions to Tier 2 member contribution rates that were the result of increases in plan funding levels.
The aggregate funding level of PSPRS increased to 65.2 percent, marking a 10 percent year-to-year gain and the highest level since 2010. The gain in the corrections pension plan was more significant, as the CORP funding level hit 84.8 percent after climbing more than 13 percent from its level in fiscal year 2021.
While the health of PSPRS and CORP rebounded, the pooled Elected Officials Retirement Plan funded status fell slightly to 34.8 percent.
