The legislature intends that the system is a qualified pension plan under section 401 of the internal revenue code, as amended, or successor provisions of law, and that the trust is exempt from taxation under section 501 of the internal revenue code, as amended. The assets of the fund are held in trust for the exclusive benefit of the members and beneficiaries of the system. The board may adopt such additional provisions to the system as are necessary to fulfill this intent.
Terms Used In Arizona Laws 38-843.02
- 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, who are the persons appointed to invest and operate the fund. See Arizona Laws 38-842
- Fund: means the public safety personnel retirement fund, which is the fund established to receive and invest contributions accumulated under the system and from which benefits are paid. See Arizona Laws 38-842
- Pension: means a series of monthly amounts that are payable to a person who is entitled to receive benefits under the plan but does not include an annuity that is payable pursuant to section 38-846. See Arizona Laws 38-842
- System: means the public safety personnel retirement system established by this article. See Arizona Laws 38-842