Arizona Laws 38-934. Board authorization of employer participation; employer election
A. The board, pursuant to the terms and conditions set by the board, may authorize an employer to participate in the prefunding plan.
Terms Used In Arizona Laws 38-934
- Board: means the board of trustees of the system. See Arizona Laws 38-931
- Contract: A legal written agreement that becomes binding when signed.
- Employer: means an employer as defined in section 38-801, 38-842 or 38-881. See Arizona Laws 38-931
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Prefunding plan: means the Arizona employers' pension prefunding plan established by this article. See Arizona Laws 38-931
B. An employer authorized by the board may elect to participate in the prefunding plan if all of the following occur:
1. The governing body of the employer adopts a resolution requesting to participate in the prefunding plan.
2. The employer submits a written request to participate in the prefunding plan with the resolution to the administrator of the board.
3. The governing body of the employer enters into a contract with the board setting forth the terms and conditions of that employer’s participation in the prefunding plan, including reflecting or incorporating the requirements of this article and addressing funding and expenditures and actuarial, accounting, reporting and investment considerations.