Arizona Laws 38-763. Survivor benefits after retirement
A. Except as provided in subsection B of this section, if a member dies after distribution of retirement benefits commences, ASRS shall continue to distribute the remaining portion of retirement benefits within the required distribution provisions of section 401(a)(9) of the internal revenue code and the regulations that are issued under that section by the United States secretary of the treasury as prescribed in section 38-775.
Terms Used In Arizona Laws 38-763
- ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Interest: means the assumed actuarial investment earnings rate approved by the board. See Arizona Laws 38-711
- Internal revenue code: means the United States internal revenue code of 1986, as amended. See Arizona Laws 38-711
- Retired member: means a member who is receiving retirement benefits pursuant to this article. See Arizona Laws 38-711
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. On the death of a retired member who is receiving benefits, the estate or beneficiary of the member is entitled to receive at least the amount of the member’s contribution to ASRS plus interest, as determined by the director, less the benefits distributed by ASRS. This amount is payable either as a lump sum or at the same periodic rate in effect at the time of the member’s death, as determined by the estate or beneficiary.