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 retirement plan for its employees.
B.Any such retirement plan may provide for such of the following benefits in such amounts and at such times as the governing body of a district may determine:
1.Retirement income or pensions for eligible district employees upon attaining age not less than sixty years payable in installments not more frequently than monthly, either from a trust fund and the income therefrom created by employees' and district contributions or by the purchase of single premium annuity contracts with
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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 retirement plan for its employees.
B. Any such retirement plan may provide for such of the following benefits in such amounts and at such times as the governing body of a district may determine:
1. Retirement income or pensions for eligible district employees upon attaining age not less than sixty years payable in installments not more frequently than monthly, either from a trust fund and the income therefrom created by employees' and district contributions or by the purchase of single premium annuity contracts with legal reserve life insurance companies authorized to transact business in Arizona in such amounts as the balance in the employees' accounts on the books of the trust fund will provide.
2. The purchase by the district of a group annuity contract with a reserve life insurance company providing for retirement income upon attaining age not less than sixty years, for death benefits of a participant prior to the participant's retirement, and for any of the other benefits mentioned in this section.
3. Payment of retirement pension or income upon an employee having a permanent and total disability to the extent to which the employee is prevented from engaging in the employee's normal occupation with the district. The disability retirement income shall commence at such time as the plan adopted by the governing body of a district shall provide.
4. Termination of service withdrawal benefits after both the attainment of age fifty and five years of participation in the plan.
5. The establishment of nonforfeitable interests of various types in any trust fund or annuity contract upon termination of service after not less than five years of continuous participation in the plan, depending upon the period of continuous participation.
6. Prior service retirement income and benefits.
C. The governing body is authorized to adopt such other provisions in a plan as it may deem to be for the best interests of the participants and the district and which are actuarially sound and not in conflict with the provisions of this article.