Arizona Laws 38-933. Administration and investment by the board; investment options; administrative costs
A. The board shall have the sole and exclusive control of the administration and investment of the prefunding plan.
Terms Used In Arizona Laws 38-933
- 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 38-931
- Employer: means an employer as defined in section 38-801, 38-842 or 38-881. See Arizona Laws 38-931
- Fiduciary: A trustee, executor, or administrator.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Participating employer: means an employer that is authorized and has elected to participate in the prefunding plan and whose governing body has entered into a contract with the board as provided in this article. See Arizona Laws 38-931
- Prefunding plan: means the Arizona employers' pension prefunding plan established by this article. See Arizona Laws 38-931
- System: means the public safety personnel retirement system. See Arizona Laws 38-931
B. The board shall administer and invest the prefunding plan as provided in this article. Notwithstanding any other provision of this title, the board shall offer each participating employer investment options for monies in the prefunding plan consisting of cost-effective, diversified investment portfolios in publicly traded investment options that do not exceed the risk and return profiles established by the board, consistent with the board’s fiduciary duty.
C. Except as otherwise specified in this article, the provisions of article 4 of this chapter pertaining to the administration and investment of the system, including delegation of authority to the administrator and others persons, supplement this article.
D. The board may keep assets of the prefunding plan separate or commingle the assets of the prefunding plan in one or more group trusts, subject to the crediting of assets, receipts and earnings and charging of payments to the appropriate employer.
E. All assets of and income earned on the prefunding plan shall be credited to the prefunding plan.
F. Each participating employer shall pay the reasonable administrative costs as determined by the board in its sole and absolute discretion for the administration and investment of the prefunding plan. The board shall deposit in the prefunding plan all monies received by the board for those administrative costs.