Arizona § 38-802 Elected officials' retirement plan and fund; administration

Arizona Statutes

§ 38-802 — Elected officials' retirement plan and fund; administration

Arizona·Title 38 Arizona Revised Statutes·Ch. 5 SOCIAL SECURITY AND RETIREMENT·Art. 3 Elected Officials' Retirement Plan

A.The elected officials' retirement plan is established.

B.The elected officials' retirement plan fund is established. The fund shall be made up of the assets of the judges' retirement plan and the elected officials' retirement plan terminated on August 7, 1985 plus the assets generated by this plan and the assets of the administrator of the board in the state employees retirement plan on the date of transfer plus any assets transferred to the fund in accordance with a joinder agreement. The fund shall be used exclusively for payment of benefits to retired members or their beneficiaries as provided in this article and for payment of the administration, operation and investment expenses of the plan. In no case shall any portion of the fund revert or otherwise be paid to an employer. C.

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

A. The elected officials' retirement plan is established.

B. The elected officials' retirement plan fund is established. The fund shall be made up of the assets of the judges' retirement plan and the elected officials' retirement plan terminated on August 7, 1985 plus the assets generated by this plan and the assets of the administrator of the board in the state employees retirement plan on the date of transfer plus any assets transferred to the fund in accordance with a joinder agreement. The fund shall be used exclusively for payment of benefits to retired members or their beneficiaries as provided in this article and for payment of the administration, operation and investment expenses of the plan. In no case shall any portion of the fund revert or otherwise be paid to an employer.

C. The board shall administer, manage and operate the plan and fund.

D. The elected officials' retirement plan is a jural entity that may sue and be sued.

Arizona § 38-802 (Elected officials' retirement plan and fund; administration) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.