The legislature intends that the retirement plan 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 retirement plan. The board may adopt such additional provisions to the retirement plan as are necessary to fulfill this intent.

Terms Used In Arizona Laws 38-900

  • 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 public safety personnel retirement system. See Arizona Laws 38-881
  • Fund: means the corrections officer retirement plan fund. See Arizona Laws 38-881
  • Pension: means a series of monthly payments by the retirement plan but does not include an annuity that is payable pursuant to section 38-911. See Arizona Laws 38-881
  • plan: means the corrections officer retirement plan established by this article. See Arizona Laws 38-881

 

  Previous section
Next section  
 Article 6 Contents