Arizona Laws 38-772. Prior service under defined contribution program administered by ASRS; definitions
A. Amounts required of employers as provided in section 38-737, subsections A and B are in addition to any payments required of employers on behalf of prior service credits under the defined contribution program administered by ASRS arising from members of ASRS. Payments made to ASRS on behalf of members with those prior service credits shall reduce by that amount the payments required to be paid to the defined contribution program administered by ASRS for those prior service credits.
Terms Used In Arizona Laws 38-772
- ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
- Political subdivision: means any political subdivision of this state and includes a political subdivision entity. 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
B. Notwithstanding section 38-757, subsection B, any prior service credits to which the member was entitled under the defined contribution program administered by ASRS shall be added to the product of section 38-757, subsection B, paragraphs 1 and 2.
C. For the purposes of this section:
1. "Prior service" means service for this state or a political subdivision of this state before membership in the defined contribution program administered by ASRS.
2. "Prior service credits" means the amount that is allowed for services before membership in the defined contribution program administered by ASRS and that is payable as a retirement benefit.