A. After application on a form prescribed by the director, a member may retire on reaching the member’s normal retirement date. Except as provided in section 13-713, a member’s right to the member’s normal retirement benefit as described in subsection B of this section is nonforfeitable by an employer or ASRS on attainment of the member’s normal retirement date.

Terms Used In Arizona Laws 38-757

  • 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.
  • ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
  • Average monthly compensation: means :

    (a) For a member whose membership in ASRS commenced before January 1, 1984 and who left the member's contributions on deposit or reinstated forfeited credited service pursuant to section 38-742 for a period of employment that commenced before January 1, 1984, the higher of either:

    (i) The monthly average of compensation that is calculated pursuant to subdivision (b) of this paragraph. See Arizona Laws 38-711

  • Board: means the ASRS board established in section 38-713. See Arizona Laws 38-711
  • Compensation: means :

    (a) For members whose membership began on or before December 31, 2019, the gross amount paid to a member by an employer as salary or wages, including amounts that are subject to deferred compensation or tax shelter agreements, for services rendered to or for an employer, or that would have been paid to the member except for the member's election or a legal requirement that all or part of the gross amount be used for other purposes, but does not include amounts paid in excess of compensation limits established in section 38-746. See Arizona Laws 38-711

  • Credited service: means , subject to section 38-739, the number of years standing to the member's credit on the books of ASRS during which the member made the required contributions. See Arizona Laws 38-711
  • Employer: means :

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

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Normal retirement date: means the earliest of the following:

    (a) For a member whose membership commenced before July 1, 2011:

    (i) A member's sixty-fifth birthday. See Arizona Laws 38-711

B. Except as provided in section 38-768, a member who meets the requirements for retirement benefits at normal retirement shall receive a straight life annuity that equals the result of paragraph 1 of this subsection multiplied by paragraph 2 of this subsection when those paragraphs are defined as follows:

1. The number of whole and fractional years of credited service times the following:

(a) 2.10 percent if the member does not have more than 19.99 years of credited service.

(b) 2.15 percent if the member has at least 20.00 years of credited service but not more than 24.99 years of credited service.

(c) 2.20 percent if the member has at least 25.00 years of credited service but not more than 29.99 years of credited service.

(d) 2.30 percent if the member has at least 30.00 years of credited service.

2. The member’s average monthly compensation.

C. Employers shall provide evidence of, and certify to, in a manner provided by the board, the member’s average monthly compensation if that information is not already available from the records of ASRS.

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