Arizona Laws 38-802. Elected officials’ retirement plan and fund; administration
A. The elected officials’ retirement plan is established.
Terms Used In Arizona Laws 38-802
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of trustees of the system. See Arizona Laws 38-801
- Employer: means a department, agency or political subdivision of this state that makes employer contributions to the plan pursuant to section 38-810 on behalf of an elected official who participates in the plan. See Arizona Laws 38-801
- Fund: means the elected officials' retirement plan fund. See Arizona Laws 38-801
- Plan: means the elected officials' retirement plan. See Arizona Laws 38-801
B. The elected officials’ retirement plan fund is established. The fund shall be made up of the assets of the judges’ retirement plan and the elected officials’ retirement plan terminated on August 7, 1985 plus the assets generated by this plan and the assets of the administrator of the board in the state employees retirement plan on the date of transfer plus any assets transferred to the fund in accordance with a joinder agreement. The fund shall be used exclusively for payment of benefits to retired members or their beneficiaries as provided in this article and for payment of the administration, operation and investment expenses of the plan. In no case shall any portion of the fund revert or otherwise be paid to an employer.
C. The board shall administer, manage and operate the plan and fund.
D. The elected officials’ retirement plan is a jural entity that may sue and be sued.