48-221. Definitions In this article, unless the context otherwise requires: 1. " Compensation" means money paid to an employee of a district for services in the form of a fixed salary or wages at the end of established pay periods, which, in the case of employees with fluctuating rates of pay, shall be considered as […]
48-222. District retirement plans authorized; benefits provided A. A district which is not participating in the Arizona state retirement system provided by title 38, chapter 5, article 2, or the employees of which are not members of the Arizona state retirement system may, by appropriate action of a majority of its governing body, adopt a […]
48-223. Types of retirement plans; trust fund; insured plan The plan adopted may provide for either: 1. The creation of a retirement trust fund to consist of all contributions made by the district and the participants and the net income produced by the investment of the trust fund. The trust fund shall be held, managed […]
48-224. Eligibility and participation Each employee of a district shall be eligible to participate in the plan adopted if he has been continuously employed by the district for a period of not less than twenty-four months prior to the effective date of the plan adopted by a district, or for such longer period as may […]
48-225. Employee and district contributions; administration expenses A. A plan shall provide for contributions by each participant of not less than three per cent of his compensation, and the district shall deduct the amount from each payment of compensation to a participant. All such amounts shall be used and applied by the district for providing […]
48-226. Retirement or advisory committee; qualifications; terms; powers A. The governing body may appoint a retirement or advisory committee of either three or five persons, as shall be determined by the governing body of the district, and a majority of the members of such committee shall constitute a quorum. Any determination or action of a […]
48-227. Exemption from taxation and execution; exceptions; nonassignability of benefits A. The benefits, annuities and pensions, the employee and district contributions and the securities in which any trust fund provided for in a plan shall be invested shall not be subject to execution or attachment, garnishment, bankruptcy proceedings or other legal process. The securities in […]
48-228. Expenditure of district funds The governing body of a district is authorized to expend all necessary funds for the purposes of carrying out any plan adopted by a district. There shall be included in each annual levy of district taxes or assessments a sufficient amount for such purposes.
48-229. Exclusion of existing retirement plans No employees’ retirement plan heretofore adopted or entered into by a district and now in effect shall be affected by any provision of this article; and any such plan may be continued in all respects as though this article had not been enacted.
