PSPRS; service requirement; cost-of-living adjustment

This bill (SB 1504) amends Arizona's Public Safety Personnel Retirement System (PSPRS) definitions in Section 38-842 of the Arizona Revised Statutes. It primarily clarifies terms like "Average monthly benefit compensation," "Compensation" (including how to calculate salary for retirement benefits), and "Credited service" for public safety employees. The bill does not introduce new benefit formulas, cost-of-living adjustments, or service requirements; it only defines existing terms used in the retirement system. The provided text shows no substantive policy changes beyond these definitional updates.