A. ASRS shall maintain an administration account consisting of all monies for administrative purposes. The following monies shall be deposited in the administration account:

Terms Used In Arizona Laws 38-721

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
  • Board: means the ASRS board established in section 38-713. See Arizona Laws 38-711
  • Employer: means :

    (a) This state. See Arizona Laws 38-711

  • State: means this state, including any department, office, board, commission, agency, institution or other instrumentality of this state. See Arizona Laws 38-711

1. All monies appropriated by the legislature to pay administrative expenses of ASRS.

2. All monies received for proportionate shares of administrative expenses from departments that pay the salaries of their officers and employees wholly or in part from monies received from sources other than appropriations from the state general fund.

3. All monies received for proportionate shares of administrative expenses from political subdivisions paying employer contributions.

4. Monies that the director transfers from the investment account and that are necessary for the payment of expenditures made pursuant to subsections C and D of this section.

B. Except as provided in subsection C of this section, expenditures from the administration account shall be made in accordance with board directives, subject to legislative appropriation.

C. Expenditures for the following are continuously appropriated and shall be paid from the administration account in the amount deemed necessary by the board:

1. Investment management fees and related consulting fees necessary to meet the board’s investment objectives.

2. Rent.

3. Actuarial consulting fees.

4. Retiree payroll.

D. With the approval of the board, the director:

1. May expend monies from the administration account for staff, expenses and related consulting fees necessary to implement section 38-714, subsection E, paragraph 1 and subsection I, paragraphs 2 and 3, section 38-718, subsection D, paragraph 5 and sections 38-755 and 38-756.

2. Shall pay from the administration account the costs for administering the health insurance program for retired members pursuant to section 38-782, the cost of continuing education programs for the board and the cost of legal counsel.

 

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