Arizona Laws 38-867.02. Trustee-to-trustee transfers from system; definitions
A. A trustee-to-trustee transfer made pursuant to Section 38-844.06, subsection C shall be deposited in a separate transfer account established on behalf of the participant and made immediately available for the participant’s beneficiary to either withdraw all or any portion of the deposited monies or directly transfer all or any portion of the monies to an eligible retirement plan in accordance with section 401(a)(31) of the internal revenue code.
Terms Used In Arizona Laws 38-867.02
- 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
- Defined contribution plan: means the public safety personnel defined contribution retirement plan established pursuant to this article. See Arizona Laws 38-865
- Participant: means :
(a) A member as defined in section 38-842, paragraph 31, subdivision (a), excluding subdivision (a), item (vi), who is one of the following:
(i) An employee who is hired on or after July 1, 2017, who makes the irrevocable election to participate solely in the defined contribution plan established pursuant to this article and who was not an active, an inactive or a retired member of the system or a member of the system with a disability on June 30, 2017. See Arizona Laws 38-865
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
B. For the purposes of this section:
1. "Beneficiary" means the person designated as the beneficiary of a participant’s deferred retirement option plan participation account pursuant to Section 38-844.07.
2. "Participant" means a member as defined in section 38-842, paragraph 31, subdivision (a), item (vi), who has both:
(a) Elected to enter into the deferred retirement option plan established by Section 38-844.02.
(b) Died while a participant in the deferred retirement option plan.
3. "Separate transfer account" means a fully vested and nonforfeitable separate account under the defined contribution plan established by the trustee in accordance with subsection A of this section.