Public Safety Personnel Retirement System
State of Arizona
NEWS RELEASE
Contact: Christian Palmer
Phone: (602) 296-3736
FY2025 plan reports, employer valuations available
Reports provide FY2027 employer contributions rates
ARIZONA – Consolidated actuarial valuations for the fiscal year ending June 30, 2025, are now posted for the Public Safety Personnel Retirement System (PSPRS), the Corrections Officer Retirement Plan (CORP), and the Elected Officials Retirement Plan (EORP). Updated individual employer valuations for cities, counties, districts, and state agencies are also available.
The valuations determine employer contribution rates for fiscal year 2027, spanning July 1, 2026, through June 30, 2027, and can be viewed and downloaded from the PSPRS financial reporting webpage.
“These FY2025 results reflect the long-term discipline shown by employers and the governing board,” said Interim Administrator Bret Parke. “Additional employer contributions, strong investment returns, and strengthened actuarial policies have collectively improved the health of all three legacy plans and maintained stability for the tier 3 plans. These advances reinforce retirement security for our members while helping moderate costs for employers and taxpayers.”
Aggregate funding levels for all three tier 1 and 2 plans – PSPRS, CORP and EORP – increased despite the adoption of increasingly conservative actuarial assumptions and higher than expected member salary increases. The PSPRS aggregate funding level reached 70.2 percent and CORP elevated to 90.2 percent, both marking the highest levels in nearly 20 years. A gain was also posted for EORP, which increased by 2 percentage points to 43.6 percent.
Aggregate contribution rates increased by a miniscule amount for PSPRS to 45.6 percent while falling for corrections plan to 12.7 percent. The employer contribution rate for EORP fell slightly to 70.4 percent.
Contribution rates for individual public safety and corrections employers will vary, in some cases significantly, based on local demographic experience, funded status and other factors. Employers are encouraged to review Tier 3 rate changes, as those plans continue to report strong position and funding resiliency.