Arizona Laws 38-865. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 38-865
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
1. "Annuity account" means an account that is established for each participant to record the deposit of participant contributions, employer contributions and interest, dividends or other accumulations credited on behalf of the participant.
2. "Board" means the board of trustees of the public safety personnel retirement system established by section 38-848.
3. "Compensation":
(a) For participants as defined in paragraph 7, subdivision (a) of this section and Section 38-865.01, has the same meaning prescribed in section 38-842.
(b) For participants as defined in paragraph 7, subdivision (b) of this section, means salary as defined in section 38-881.
4. "Defined contribution plan" means the public safety personnel defined contribution retirement plan established pursuant to this article.
5. "Employer" has the same meaning prescribed in section 38-842 or 38-881, as applicable.
6. "Employer contribution" means an amount deposited by an employer, from the employer’s own monies, in the participant’s annuity account on a periodic basis coinciding with the participant’s regular pay period.
7. "Participant" means:
(a) A member as defined in section 38-842, paragraph 31, subdivision (a), excluding subdivision (a), item (vi), who is one of the following:
(i) An employee who is hired on or after July 1, 2017, who makes the irrevocable election to participate solely in the defined contribution plan established pursuant to this article and who was not an active, an inactive or a retired member of the system or a member of the system with a disability on June 30, 2017.
(ii) An employee who is hired on or after July 1, 2017, who is not covered by the federal old age and survivors insurance system and who makes the irrevocable election to participate in the system or is enrolled in the system pursuant to Section 38-842.01, subsection A.
(b) A member as defined in section 38-881, paragraph 27, subdivision (a) who is one of the following:
(i) An employee who is hired on or after July 1, 2018, who is not in a designated position as defined in section 38-881, paragraph 13, subdivision (g) and who was not an active, an inactive or a retired member of the corrections officer retirement plan or a member of the corrections officer retirement plan with a disability on June 30, 2018.
(ii) An employee who is hired on or after July 1, 2018, who is in a designated position as defined in section 38-881, paragraph 13, subdivision (g), who makes the irrevocable election pursuant to Section 38-881.01 to participate solely in the defined contribution plan established pursuant to this article and who was not an active, an inactive or a retired member of the corrections officer retirement plan or a member of the corrections officer retirement plan with a disability on June 30, 2018.
8. "Pensionable compensation" means the amount of the participant’s annual compensation that does not exceed the limitation specified in Section 38-843.04 or 38-895.01, as applicable.
9. "System" means the public safety personnel retirement system established by article 4 of this chapter.