Arizona § 38-935 Transfer of monies by employer

Arizona Statutes

§ 38-935 — Transfer of monies by employer

Arizona § 38-935

Title 38Arizona Revised Statutes

Ch. 5SOCIAL SECURITY AND RETIREMENT

Art. 7.Arizona Employers' Pension Prefunding Plan

This text of Arizona § 38-935 (Transfer of monies by employer) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 38-935 (2026).

Text

A.The board may authorize a participating employer to transfer monies into the prefunding plan. A transfer of monies into the prefunding plan shall comply with all of the following:

1.The transfer satisfies the terms of the contract between the governing body of the participating employer and the board.

2.The transfer satisfies the requirements under the applicable governmental accounting standards.

3.The transfer does not jeopardize the tax-exempt status of the prefunding plan's income.

B.Except as otherwise provided in this section and sections 38-936 and 38-937, monies transferred by a participating employer to the prefunding plan pursuant to subsection A of this section are irrevocable and may not be refused by the board or refunded or returned to the participating employer m

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A. The board may authorize a participating employer to transfer monies into the prefunding plan. A transfer of monies into the prefunding plan shall comply with all of the following:

1. The transfer satisfies the terms of the contract between the governing body of the participating employer and the board.

2. The transfer satisfies the requirements under the applicable governmental accounting standards.

3. The transfer does not jeopardize the tax-exempt status of the prefunding plan's income.

B. Except as otherwise provided in this section and sections 38-936 and 38-937, monies transferred by a participating employer to the prefunding plan pursuant to subsection A of this section are irrevocable and may not be refused by the board or refunded or returned to the participating employer making the transfer.