Arizona § 38-772 Prior service under defined contribution program administered by ASRS; definitions

Arizona Statutes

§ 38-772 — Prior service under defined contribution program administered by ASRS; definitions

Arizona·Title 38 Arizona Revised Statutes·Ch. 5 SOCIAL SECURITY AND RETIREMENT·Art. 2 Arizona State Retirement System

A.Amounts required of employers as provided in section 38-737, subsections A and B are in addition to any payments required of employers on behalf of prior service credits under the defined contribution program administered by ASRS arising from members of ASRS. Payments made to ASRS on behalf of members with those prior service credits shall reduce by that amount the payments required to be paid to the defined contribution program administered by ASRS for those prior service credits.

B.Notwithstanding section 38-757, subsection B, any prior service credits to which the member was entitled under the defined contribution program administered by ASRS shall be added to the product of section 38-757, subsection B, paragraphs 1 and 2.

C.For the purposes of this section:

1."Prior service"

Free access — add to your briefcase to read the full text and ask questions with AI

A. Amounts required of employers as provided in section 38-737, subsections A and B are in addition to any payments required of employers on behalf of prior service credits under the defined contribution program administered by ASRS arising from members of ASRS. Payments made to ASRS on behalf of members with those prior service credits shall reduce by that amount the payments required to be paid to the defined contribution program administered by ASRS for those prior service credits.

B. Notwithstanding section 38-757, subsection B, any prior service credits to which the member was entitled under the defined contribution program administered by ASRS shall be added to the product of section 38-757, subsection B, paragraphs 1 and 2.

C. For the purposes of this section:

1. "Prior service" means service for this state or a political subdivision of this state before membership in the defined contribution program administered by ASRS.

2. "Prior service credits" means the amount that is allowed for services before membership in the defined contribution program administered by ASRS and that is payable as a retirement benefit.

Arizona § 38-772 (Prior service under defined contribution program administered by ASRS; definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.