38-841. Purpose; vested benefits A. Before the establishment of the public safety personnel retirement system, municipal firemen and policemen, employees of the Arizona highway patrol and other public safety personnel in the state of Arizona were covered under various local, municipal and state retirement programs. These heterogeneous programs provided for wide and significant differentials in […]
38-842. Definitions In this article, unless the context otherwise requires: 1. " Accidental disability" means a physical or mental condition that the local board finds totally and permanently prevents an employee from performing a reasonable range of duties within the employee’s job classification and that was incurred in the performance of the employee’s duty. 2. […]
38-842.01. Benefit election; eligibility; disability; death; employees hired on or after July 1, 2017 A. An employee who is hired on or after July 1, 2017 and who was not an active, an inactive or a retired member of the system or a member of the system with a disability on June 30, 2017 is […]
38-842.02. Public safety employer risk pool A. The public safety employer risk pool is established for members hired on or after July 1, 2017 and consists of, for actuarial purposes in the system and to determine contribution rates pursuant to section 38-843, any employer of an eligible group that has on May 1, 2017 two […]
38-843. Contributions; employer account asset transfers A. Each employer who participates in the system on behalf of a group of employees who were covered under a prior public retirement system, other than the federal social security act, shall transfer all securities and monies attributable to the taxes and contributions of the state other than the […]
38-843.01. Internal revenue code section 414(h) pickup of member contributions Each employer shall pick up the contributions required of members on account of compensation paid after the effective date specified in the resolution of the board activating the provisions of this section. The picked up contributions shall be treated as employer contributions for the purpose […]
38-843.02. Internal revenue code qualification The legislature intends that the system is a qualified pension plan under section 401 of the internal revenue code, as amended, or successor provisions of law, and that the trust is exempt from taxation under section 501 of the internal revenue code, as amended. The assets of the fund are […]
38-843.03. Statutory construction Because the system as enacted at a particular time is a unique amalgam of rights and obligations having a critical impact on the actuarial integrity of the system, the legislature intends that the system as enacted at a particular time be construed and applied as a coherent whole and without reference to […]
38-843.04. Compensation limitation; adjustments; definition A. The annual compensation of each member taken into account for purposes of the system shall not exceed the following: 1. Beginning January 1, 1996 through December 31, 2001, $150, 000. 2. Except for members who are hired on or after July 1, 2017, beginning January 1, 2002, $200, 000. […]
38-843.05. Retired members; return to work; employer contributions A. An employer shall pay contributions at an alternate contribution rate on behalf of a retired member who returns to work in any capacity in a position ordinarily filled by an employee of the employer of an eligible group, unless the retired member is required to participate […]
38-843.06. Required distributions All distributions required under this article shall be determined and made pursuant to section 401(a)(9) of the internal revenue code and the regulations that are issued under that section by the United States secretary of the treasury.
38-843.07. Adjustment and refund; termination of the system A. If more than the correct amount of employer or member contributions is paid into the system by an employer through a mistake of fact, the board shall return those contributions to the employer if the employer requests return of the contributions within one year after the […]
38-844. Requirements for retirement benefits and disability pensions A. A member shall be eligible for a normal pension on retirement on or after the member’s normal retirement date. Payment of a normal pension shall commence as of the first day of the month following the date of retirement, and the last payment shall be made […]
38-844.01. Vested rights to benefits A member of the system does not have vested rights to benefits under the system, except as provided in section 38-854, until he files an application for benefits and is found eligible for those benefits as provided in this article. An eligible claimant’s rights to benefits vest on the date […]
38-844.02. Deferred retirement option plan for employees hired before January 1, 2012; purpose A. A deferred retirement option plan is established for those employees who become members of the system before January 1, 2012. The purpose of the deferred retirement option plan is to add flexibility to the system and to provide members who elect […]
38-844.03. Eligibility; participation A. Any member who is eligible for a normal pension pursuant to section 38-844, subsection A, who becomes a member of the system before January 1, 2012 and who has at least twenty years of credited service is eligible to participate for not more than sixty consecutive months in the deferred retirement […]
38-844.04. Termination of deferred retirement option plan participation A. A member may terminate participation in the deferred retirement option plan by voluntarily terminating employment at any time before the completion of the deferred retirement option plan participation period designated by the member on the appropriate deferred retirement option plan participation form. B. Participation in the […]
38-844.05. Deferred retirement option benefits and participation accounts A. A deferred retirement option plan participation account is an account established within the system on behalf of each deferred retirement option plan participant. All benefits accrued pursuant to this article shall be accounted for in the deferred retirement option plan participation account. A deferred retirement option […]
38-844.06. Additional deferred retirement option plan provisions A. Beginning on the day after the date the member elects to participate in the deferred retirement option plan, employee and employer contributions pursuant to section 38-843 cease with respect to that member. B. A member who elects to participate in the deferred retirement option plan and who […]
38-844.07. Designation of deferred retirement option plan beneficiaries A. A member who elects to participate in the deferred retirement option plan shall designate a beneficiary. A member’s beneficiary designation applies to all amounts in the member’s deferred retirement option plan participation account. B. If a designated beneficiary predeceases a deferred retirement option plan participant who […]
