Sections
Article 1 Dissent and Payment for Shares 10-1301 – 10-1303
Article 2 Procedure for Exercise of Dissenters’ Rights 10-1320 – 10-1328
Article 3 Judicial Appraisal of Shares 10-1330 – 10-1331

Terms Used In Arizona Laws > Title 10 > Chapter 13 - Dissenters' Rights

  • Accidental disability: means a physical or mental condition that the local board finds totally and permanently prevents an employee from performing a reasonable range of duties within the employee's job classification and that was incurred in the performance of the employee's duty. See Arizona Laws 38-842
  • Accidental disability: means a physical or mental condition that the local board finds totally and permanently prevents an employee from performing a reasonable range of duties within the employee's department and was incurred in the performance of the employee's duties. See Arizona Laws 38-881
  • Accumulated contributions: means the sum of all member contributions deducted from the member's salary pursuant to section 38-810, subsection A plus the amount transferred to the fund on behalf of the member plus the amount deposited in the fund pursuant to section 38-816. See Arizona Laws 38-801
  • Accumulated contributions: means , for each member, the sum of the amount of the member's aggregate contributions made to the fund and the amount, if any, attributable to the employee's contributions before the member's effective date under another public retirement system, other than the federal social security act, and transferred to the fund minus the benefits paid to or on behalf of the member. See Arizona Laws 38-842
  • Accumulated member contributions: means for each member the sum of the amount of all the member's contributions deducted from the member's salary and paid to the fund, plus member contributions transferred to the fund by another retirement plan covering public employees of this state, plus previously withdrawn accumulated member contributions that are repaid to the fund in accordance with this article, minus any benefits paid to or on behalf of a member. See Arizona Laws 38-881
  • Active member: means a member as defined in paragraph 23, subdivision (b) of this section who satisfies the eligibility criteria prescribed in section 38-727 and who is currently making member contributions as prescribed in section 38-736. See Arizona Laws 38-711
  • Actuarial equivalent: means equality in value of the aggregate amounts expected to be received under two different forms of payment, based on mortality and interest rate assumptions approved from time to time by the board. See Arizona Laws 38-711
  • Actuarial equivalent: means equality in present value of the aggregate amounts expected to be received under two different forms of payment, based on mortality and interest assumptions adopted by the board. See Arizona Laws 38-801
  • Actuarial equivalent: means equality in present value of the aggregate amounts expected to be received under two different forms of payment, based on mortality and interest assumptions adopted by the board. See Arizona Laws 38-842
  • Actuarial equivalent: means equality in present value of the aggregate amounts expected to be received under two different forms of payment, based on mortality and interest assumptions adopted by the board. See Arizona Laws 38-881
  • Address: means a mailing address. See Arizona Laws 10-140
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agreement: means the document that on execution obligates the borrower and originator under the reverse mortgage. See
  • Alternate payee: means the spouse or former spouse of a participant as designated in a domestic relations order. See Arizona Laws 38-801
  • Alternate payee: means the spouse or former spouse of a participant as designated in a domestic relations order. See Arizona Laws 38-842
  • Alternate payee: means the spouse or former spouse of a participant as designated in a domestic relations order. See Arizona Laws 38-881
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuitant: means a person who is receiving a benefit pursuant to Section 38-846. See Arizona Laws 38-842
  • Annuitant: means a person who is receiving a benefit pursuant to section 38-911. See Arizona Laws 38-881
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Annuity account: means an account that is established for each member to record the deposit of member contributions, employer contributions and interest, dividends or other accumulations credited on behalf of the member. See Arizona Laws 38-831
  • Annuity account: means an account that is established for each participant to record the deposit of participant contributions, employer contributions and interest, dividends or other accumulations credited on behalf of the participant. See Arizona Laws 38-865
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
  • ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
  • ASRS: means the Arizona state retirement system established by article 2 of this chapter. See Arizona Laws 38-797
  • Assets: means the resources of ASRS including all cash, investments or securities. See Arizona Laws 38-711
  • Assets: means the accumulated resources of the LTD program. See Arizona Laws 38-797
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Assets: means the accumulated resources of the EODC disability program. See Arizona Laws 38-840
  • Associate director: means the associate director of the citrus, fruit and vegetable division of the department. See Arizona Laws 3-525
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Average monthly benefit compensation: means the result obtained by dividing the total compensation paid to an employee during a considered period by the number of months, including fractional months, in which such compensation was received. See Arizona Laws 38-842
  • Average monthly compensation: means :

    (a) For a member whose membership in ASRS commenced before January 1, 1984 and who left the member's contributions on deposit or reinstated forfeited credited service pursuant to section 38-742 for a period of employment that commenced before January 1, 1984, the higher of either:

    (i) The monthly average of compensation that is calculated pursuant to subdivision (b) of this paragraph. See Arizona Laws 38-711

  • Average monthly salary: means :

    (a) For an employee who becomes a member of the plan:

    (i) Before January 1, 2012, one-thirty-sixth of the aggregate amount of salary that is paid a member by a participating employer during a period of thirty-six consecutive months of service in which the member received the highest salary within the last one hundred twenty months of service. See Arizona Laws 38-881

  • Average yearly salary: means the result obtained by dividing the total salary paid to an employee during a considered period by the number of years, including fractional years, in which the salary was received. See Arizona Laws 38-801
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • base salary: means the amount of compensation each employee is regularly paid for personal services rendered to an employer before the addition of any extra monies, including overtime pay, shift differential pay, holiday pay, longevity pay, fringe benefit pay and similar extra payments. See Arizona Laws 38-842
  • base salary: means the amount of compensation each member is regularly paid for personal services rendered to an employer before the addition of any extra monies, including overtime pay, shift differential pay, holiday pay, fringe benefit pay and similar extra payments. See Arizona Laws 38-881
  • Beneficial shareholder: means the person who is a beneficial owner of shares held in a voting trust or by a nominee as the record shareholder. See Arizona Laws 10-1301
  • 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
  • Beneficiary: means an individual who is being paid or who has entitlement to the future payment of a pension on account of a reason other than the individual's membership in the retirement plan. See Arizona Laws 38-881
  • Board: means the ASRS board established in section 38-713. See Arizona Laws 38-711
  • Board: means the ASRS board established pursuant to section 38-713. See Arizona Laws 38-797
  • Board: means the board of trustees of the system. See Arizona Laws 38-801
  • Board: means the board of trustees of the public safety personnel retirement system established by section 38-848. See Arizona Laws 38-831
  • Board: means the board of trustees established pursuant to section 38-848. See Arizona Laws 38-840
  • 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
  • Board: means the board of trustees of the public safety personnel retirement system established by section 38-848. See Arizona Laws 38-865
  • Board: means the board of trustees established by section 38-848. See Arizona Laws 38-870
  • Board: means the board of trustees of the public safety personnel retirement system established by section 38-848. See Arizona Laws 38-875
  • Board: means the board of trustees of the public safety personnel retirement system. See Arizona Laws 38-881
  • Board: means the board of trustees of the system. See
  • Board: means the Arizona state retirement system board established by section 38-713 or the board of trustees established by section 38-848. See Arizona Laws 38-951
  • Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of such water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
  • Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
  • Catastrophic disability: means a physical and not a psychological condition that the local board determines prevents the employee from totally and permanently engaging in any gainful employment and that results from a physical injury incurred in the performance of the employee's duty. See Arizona Laws 38-842
  • Certified peace officer: means a peace officer certified by the Arizona peace officer standards and training board. See Arizona Laws 38-842
  • Claimant: means any member or beneficiary who files an application for benefits pursuant to this article. See Arizona Laws 38-842
  • Claimant: means a member, beneficiary or estate that files an application for benefits with the retirement plan. See Arizona Laws 38-881
  • Class: refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption and transfer. See Arizona Laws 10-3140
  • commission: means any office, board or commission of the state, or any political subdivision thereof, the salary or compensation of the incumbent or members of which is paid from a fund raised by taxation or by public revenue. See Arizona Laws 38-101
  • Commissioner of social security: includes any individual to whom the commissioner of social security has delegated any of the commissioner's functions under the social security act with respect to coverage under the act of employees of states and their political subdivisions. See Arizona Laws 38-701
  • Compensation: means :

    (a) For members whose membership began on or before December 31, 2019, the gross amount paid to a member by an employer as salary or wages, including amounts that are subject to deferred compensation or tax shelter agreements, for services rendered to or for an employer, or that would have been paid to the member except for the member's election or a legal requirement that all or part of the gross amount be used for other purposes, but does not include amounts paid in excess of compensation limits established in section 38-746. See Arizona Laws 38-711

  • Compensation: means , for the purpose of computing retirement benefits, base salary, overtime pay, shift differential pay, military differential wage pay, compensatory time used by an employee in lieu of overtime not otherwise paid by an employer and holiday pay paid to an employee by the employer for the employee's performance of services in an eligible group on a regular monthly, semimonthly or biweekly payroll basis and longevity pay paid to an employee at least every six months for which contributions are made to the system pursuant to section 38-843, subsection D. See Arizona Laws 38-842
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contingent annuitant: means the person named by a member to receive retirement income payable following a member's death after retirement as provided in section 38-760. See Arizona Laws 38-711
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: means the issuer of the shares held by a dissenter before the corporate action or the surviving or acquiring corporation by merger or share exchange of that issuer. See Arizona Laws 10-1301
  • Court: means the superior court of this state. See Arizona Laws 10-140
  • Credited service: means , subject to section 38-739, the number of years standing to the member's credit on the books of ASRS during which the member made the required contributions. See Arizona Laws 38-711
  • Credited service: means the number of whole and fractional years of a member's service as an elected official after the elected official's effective date of participation for which member and employer contributions are on deposit with the fund, plus credited service transferred to the plan from another retirement system or plan for public employees of this state, plus service as an elected official before the elected official's effective date of participation that is being funded pursuant to a joinder agreement pursuant to section 38-815 or service that was redeemed pursuant to section 38-816. See Arizona Laws 38-801
  • Credited service: means the member's total period of service before the member's effective date of participation, plus those compensated periods of the member's service thereafter for which the member made contributions to the fund. See Arizona Laws 38-842
  • Credited service: means credited service transferred to the retirement plan from another retirement system or plan for public employees of this state, plus those compensated periods of service as a member of the retirement plan for which member contributions are on deposit in the fund. See Arizona Laws 38-881
  • Cure period: means the ninety-day period in which a participant or alternate payee may submit an amended domestic relations order and request a determination, calculated from the time the plan issues a determination finding that a previously submitted domestic relations order did not qualify as a plan approved domestic relations order. See Arizona Laws 38-801
  • Cure period: means the ninety-day period in which a participant or alternate payee may submit an amended domestic relations order and request a determination, calculated from the time the system issues a determination finding that a previously submitted domestic relations order did not qualify as a plan approved domestic relations order. See Arizona Laws 38-842
  • Cure period: means the ninety-day period in which a participant or alternate payee may submit an amended domestic relations order and request a determination, calculated from the time the plan issues a determination finding that a previously submitted domestic relations order did not qualify as a plan approved domestic relations order. See Arizona Laws 38-881
  • Decedent: A deceased person.
  • Deferred compensation plan: means an eligible deferred compensation plan as defined in section 457(b) of the internal revenue code. See Arizona Laws 38-875
  • Defined benefit pension: means the elected officials' retirement plan established by article 3 of this chapter, the public safety personnel retirement system established by article 4 of this chapter and the corrections officer retirement plan established by article 6 of this chapter. See
  • Defined contribution plan: means the public safety personnel defined contribution retirement plan established pursuant to this article. See Arizona Laws 38-865
  • Defined contribution system: means the elected officials' defined contribution retirement system established pursuant to this article. See Arizona Laws 38-831
  • Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
  • Department: means the Arizona department of agriculture. See Arizona Laws 3-101
  • Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
  • Dependent: A person dependent for support upon another.
  • Depository: means a bank in which the monies of the LTD program are deposited and collateralized as provided by law. See Arizona Laws 38-797
  • Depository: means a bank in which the monies of the EODC disability program are deposited and collateralized as provided by law. See Arizona Laws 38-840
  • Depository: means a bank in which all monies of the system are deposited and held and from which all expenditures for benefits, expenses and investments are disbursed. See Arizona Laws 38-842
  • Designated position: means :

    (a) For a county:

    (i) A county detention officer. See Arizona Laws 38-881

  • Determination: means a written document that indicates to a participant and alternate payee whether a domestic relations order qualifies as a plan approved domestic relations order. See Arizona Laws 38-801
  • Determination: means a written document that indicates to a participant and alternate payee whether a domestic relations order qualifies as a plan approved domestic relations order. See Arizona Laws 38-842
  • Determination: means a written document that indicates to a participant and alternate payee whether a domestic relations order qualifies as a plan approved domestic relations order. See Arizona Laws 38-881
  • Determination period: means the ninety-day period in which the plan must review a domestic relations order that is submitted by a participant or alternate payee to determine whether the domestic relations order qualifies as a plan approved domestic relations order, calculated from the time the plan mails a notice of receipt to the participant and alternate payee. See Arizona Laws 38-801
  • Determination period: means the ninety-day period in which the system must review a domestic relations order that is submitted by a participant or alternate payee to determine whether the domestic relations order qualifies as a plan approved domestic relations order, calculated from the time the system mails a notice of receipt to the participant and alternate payee. See Arizona Laws 38-842
  • Determination period: means the ninety-day period in which the plan must review a domestic relations order that is submitted by a participant or alternate payee to determine whether the domestic relations order qualifies as a plan approved domestic relations order, calculated from the time the plan mails a notice of receipt to the participant and alternate payee. See Arizona Laws 38-881
  • Direct rollover: means a payment by the plan to an eligible retirement plan that is specified by the distributee. See Arizona Laws 38-801
  • Direct rollover: means a payment by the system to an eligible retirement plan that is specified by the distributee. See Arizona Laws 38-842
  • Direct rollover: means a payment by the plan to an eligible retirement plan that is specified by the distributee. See Arizona Laws 38-881
  • Director: means the director of the department. See Arizona Laws 3-101
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dissenter: means a shareholder who is entitled to dissent from corporate action under section 10-1302 and who exercises that right when and in the manner required by article 2 of this chapter. See Arizona Laws 10-1301
  • Distributee: means a member, a member's surviving spouse or a member's spouse or former spouse who is the alternate payee under a plan approved domestic relations order. See Arizona Laws 38-801
  • Distributee: means a member, a member's surviving spouse or a member's spouse or former spouse who is the alternate payee under a plan approved domestic relations order. See Arizona Laws 38-842
  • Distributee: means a member, a member's surviving spouse or a member's spouse or former spouse who is the alternate payee under a plan approved domestic relations order. See Arizona Laws 38-881
  • domestic corporation: means a corporation for profit that is not a foreign corporation and that is incorporated under or subject to chapters 1 through 17 of this title. See Arizona Laws 10-140
  • Domestic relations order: means an order of a court of this state that is made pursuant to the domestic relations laws of this state and that creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to, receive a portion of the benefits payable to a participant. See Arizona Laws 38-801
  • Domestic relations order: means an order of a court of this state that is made pursuant to the domestic relations laws of this state and that creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to, receive a portion of the benefits payable to a participant. See Arizona Laws 38-842
  • Domestic relations order: means an order of a court of this state that is made pursuant to the domestic relations laws of this state and that creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to, receive a portion of the benefits payable to a participant. See Arizona Laws 38-881
  • Dwelling: means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least one of the units. See
  • Early retirement: means retirement before a member's normal retirement date after five years of total credited service and attainment of age fifty. See Arizona Laws 38-711
  • Effective date: means July 1, 1970, except with respect to employers and members whose contributions to ASRS commence thereafter, the effective date of their membership in ASRS is as specified in the applicable joinder agreement. See Arizona Laws 38-711
  • Effective date of participation: means August 7, 1985, except with respect to employers and their elected officials whose contributions to the plan commence after that date, in which case the effective date of their participation in the plan is specified in the applicable joinder agreement. See Arizona Laws 38-801
  • Effective date of participation: means July 1, 1968, except with respect to employers and their covered employees whose contributions to the fund commence thereafter, the effective date of their participation in the system is as specified in the applicable joinder agreement. See Arizona Laws 38-842
  • Elected official: means :

    (a) Every elected official of this state who was a member of the plan on December 31, 2013. See Arizona Laws 38-801

  • Elected official: means :

    (a) Every elected official of this state who was elected or appointed on or after January 1, 2014 and who was not an active, an inactive, a disabled or a retired member of the plan on December 31, 2013. See Arizona Laws 38-831

  • Eligible child: means an unmarried child of a deceased active or retired member who meets one of the following qualifications:

    (a) Is under eighteen years of age. See Arizona Laws 38-801

  • Eligible child: means an unmarried child of a deceased member or retired member who meets one of the following qualifications:

    (a) Is under eighteen years of age. See Arizona Laws 38-842

  • Eligible child: means an unmarried child of a deceased active or retired member who meets one of the following qualifications:

    (a) Is under eighteen years of age. See Arizona Laws 38-881

  • Eligible group: means any of the following:

    (a) The Arizona state retirement system established by article 2 of this chapter. See Arizona Laws 38-951

  • Eligible groups: means only the following who are regularly assigned to hazardous duty:

    (a) Municipal police officers who are certified peace officers. See Arizona Laws 38-842

  • Eligible retirement plan: means any of the following that accepts a distributee's eligible rollover distribution:

    (a) An individual retirement account described in section 408(a) of the internal revenue code. See Arizona Laws 38-801

  • Eligible retirement plan: means any of the following that accepts a distributee's eligible rollover distribution:

    (a) An individual retirement account described in section 408(a) of the internal revenue code. See Arizona Laws 38-842

  • Eligible retirement plan: means any of the following that accepts a distributee's eligible rollover distribution:

    (a) An individual retirement account described in section 408(a) of the internal revenue code. See Arizona Laws 38-881

  • Eligible rollover distribution: means a payment to a distributee, but does not include any of the following:

    (a) Any distribution that is one of a series of substantially equal periodic payments made not less frequently than annually for the life or life expectancy of the member or the joint lives or joint life expectancies of the member and the member's beneficiary or for a specified period of ten years or more. See Arizona Laws 38-801

  • Eligible rollover distribution: means a payment to a distributee, but does not include any of the following:

    (a) Any distribution that is one of a series of substantially equal periodic payments made not less frequently than annually for the life or life expectancy of the member or the joint lives or joint life expectancies of the member and the member's beneficiary or for a specified period of ten years or more. See Arizona Laws 38-842

  • Eligible rollover distribution: means a payment to a distributee, but does not include any of the following:

    (a) Any distribution that is one of a series of substantially equal periodic payments made not less frequently than annually for the life or life expectancy of the member or the joint lives or joint life expectancies of the member and the member's beneficiary or for a specified period of ten years or more. See Arizona Laws 38-881

  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Employee: means any person in the employ of this state or a political subdivision of this state and includes an elective or appointive officer of this state or an eligible political subdivision of this state. See Arizona Laws 38-701
  • Employee: means any person who is employed by a participating employer and who is a member of an eligible group but does not include any persons compensated on a contractual or fee basis. See Arizona Laws 38-842
  • Employee: means a person employed by a participating employer in a designated position. See Arizona Laws 38-881
  • Employer: means :

    (a) This state. See Arizona Laws 38-711

  • Employer: means a department, agency or political subdivision of this state that makes employer contributions to the plan pursuant to section 38-810 on behalf of an elected official who participates in the plan. See Arizona Laws 38-801
  • Employer: means a department or political subdivision of this state that makes employer contributions to the defined contribution system on behalf of a member. See Arizona Laws 38-831
  • Employer: means any entity that participates as an employer in a retirement system or plan that is administered by the board. See Arizona Laws 38-875
  • Employer: means an agency or department of this state or a political subdivision of this state that has one or more employees in a designated position. See Arizona Laws 38-881
  • Employer: means an employer as defined in section 38-801, 38-842 or 38-881. See
  • Employer: means an agency or department of this state or an agency or department of a political subdivision of this state that has employees in an eligible group. See Arizona Laws 38-951
  • Employer contributions: means all amounts paid into ASRS by an employer on behalf of a member. See Arizona Laws 38-711
  • Employer contributions: means all amounts paid into the LTD program by an employer. See Arizona Laws 38-797
  • Employer contributions: means all amounts paid into the EODC disability program by an employer. See Arizona Laws 38-840
  • Employers: means :

    (a) Cities contributing to the fire fighters' relief and pension fund as provided in sections 9-951 through 9-971 or statutes amended thereby and antecedent thereto, as of June 30, 1968 on behalf of their full-time paid firefighters. See Arizona Laws 38-842

  • Employment: means any service performed by an employee in the employ of this state or a political subdivision of this state, for the employer, except service that in the absence of an agreement entered into under this article would constitute "employment" as defined in the social security act, or service that under the social security act may not be included in an agreement between this state and the commissioner of social security entered into under this article. See Arizona Laws 38-701
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: means the period from July 1 of any year to June 30 of the following year. See Arizona Laws 38-711
  • fiscal year: means the period beginning on July 1 of any year and ending on June 30 of the next succeeding year. See Arizona Laws 38-801
  • fiscal year: means the period beginning on July 1 of any year and ending on June 30 of the next succeeding year. See Arizona Laws 38-842
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • fiscal year: means the period beginning on July 1 of any year and ending on June 30 of the next succeeding year. See Arizona Laws 38-881
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign corporation: means a corporation for profit that is incorporated under a law other than the law of this state. See Arizona Laws 10-140
  • Fund: means the elected officials' retirement plan fund. See Arizona Laws 38-801
  • 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
  • Fund: means the corrections officer retirement plan fund. See Arizona Laws 38-881
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Grantor: The person who establishes a trust and places property into it.
  • Grantor: includes every person from or by whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Housing counseling agency: means an agency that is approved by the United States department of housing and urban development to provide reverse mortgage counseling. See
  • Inactive member: means a member who previously made contributions to ASRS and who satisfies each of the following:

    (a) Has not retired. See Arizona Laws 38-711

  • Interest: means interest from the effective date of the corporate action until the date of payment at the average rate currently paid by the corporation on its principal bank loans or, if none, at a rate that is fair and equitable under the circumstances. See Arizona Laws 10-1301
  • Interest: means the assumed actuarial investment earnings rate approved by the board. See Arizona Laws 38-711
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Internal revenue code: means the United States internal revenue code of 1986, as amended. See Arizona Laws 38-711
  • Investment manager: means the persons, companies, banks, insurance company investment funds, mutual fund companies, management or any combinations of those entities that are appointed by ASRS and that have responsibility and authority for investment of the monies of ASRS. See Arizona Laws 38-711
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Juvenile detention officer: means a juvenile detention officer responsible for the direct custodial supervision of juveniles who are detained in a county juvenile detention center. See Arizona Laws 38-881
  • Known place of business: means the known place of business required to be maintained pursuant to section 10-501. See Arizona Laws 10-140
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • leased employee: means an individual who:

    (i) Is not otherwise an employee of an employer. See Arizona Laws 38-711

  • Leave of absence: means any unpaid leave authorized by the employer, including leaves authorized for sickness or disability or to pursue education or training. See Arizona Laws 38-711
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Life annuity: means equal monthly installments payable during the member's lifetime after retirement. See Arizona Laws 38-711
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Lineal descendant: Direct descendant of the same ancestors.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local board: means the retirement board of the employer, who are the persons appointed to administer the system as it applies to their members in the system. See Arizona Laws 38-842
  • Local board: means the retirement board of the employer that consists of persons appointed or elected to administer the plan as it applies to the employer's members in the plan. See Arizona Laws 38-881
  • LTD program: means the long-term disability program established by this article. See Arizona Laws 38-797
  • Member: means an elected official under the defined contribution system. See Arizona Laws 38-831
  • Member contributions: means all amounts paid to ASRS by a member. See Arizona Laws 38-711
  • Minor: means a person under eighteen years of age. See Arizona Laws 1-215
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • Monthly compensation: means the amount determined by taking the six pay periods immediately before the date of the member's disability in the fiscal year in which the member develops a disability, disregarding the highest two and lowest two compensation amount pay periods and deriving the mean of the two remaining pay periods. See Arizona Laws 38-797
  • Normal costs: means the sum of the individual normal costs for all active members for each fiscal year. See Arizona Laws 38-711
  • Normal retirement age: means the age at which a member reaches the member's normal retirement date. See Arizona Laws 38-711
  • Normal retirement date: means the earliest of the following:

    (a) For a member whose membership commenced before July 1, 2011:

    (i) A member's sixty-fifth birthday. See Arizona Laws 38-711

  • Normal retirement date: means :

    (a) For an employee who becomes a member of the system before January 1, 2012, the first day of the calendar month immediately following the employee's completion of twenty years of service or the employee's sixty-second birthday and the employee's completion of fifteen years of service. See Arizona Laws 38-842

  • Normal retirement date: means :

    (a) For an employee who becomes a member of the plan before January 1, 2012, the first day of the calendar month immediately following the employee's completion of twenty years of service or, in the case of a dispatcher, twenty-five years of service, the employee's sixty-second birthday and completion of ten years of service or the month in which the sum of the employee's age and years of credited service equals eighty. See Arizona Laws 38-881

  • Notice of receipt: means a written document that is issued by the plan to a participant and alternate payee and that states that the plan has received a domestic relations order and a request for a determination that the domestic relations order is a plan approved domestic relations order. See Arizona Laws 38-801
  • Notice of receipt: means a written document that is issued by the system to a participant and alternate payee and that states that the system has received a domestic relations order and a request for a determination that the domestic relations order is a plan approved domestic relations order. See Arizona Laws 38-842
  • Notice of receipt: means a written document that is issued by the plan to a participant and alternate payee and that states that the plan has received a domestic relations order and a request for a determination that the domestic relations order is a plan approved domestic relations order. See Arizona Laws 38-881
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Ordinary disability: means a physical condition that the local board determines will prevent an employee totally and permanently from performing a reasonable range of duties within the employee's department or a mental condition that the local board determines will prevent an employee totally and permanently from engaging in any substantial gainful activity. See Arizona Laws 38-842
  • Ordinary disability: means a physical condition that the local board determines will totally and permanently prevent an employee from performing a reasonable range of duties within the employee's department or a mental condition that the local board determines will totally and permanently prevent an employee from engaging in any substantial gainful activity. See Arizona Laws 38-881
  • Originator: means a person who regularly makes or brokers reverse mortgages, including a creditor or broker. See
  • Participant: means a member who is subject to a domestic relations order. See Arizona Laws 38-801
  • Participant: means a member who is subject to a domestic relations order. See Arizona Laws 38-842
  • 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

  • Participant: means a participant who is in the public safety personnel defined contribution retirement plan and who is a participant as defined in section 38-865, paragraph 7, subdivision (a), item (i) or subdivision (b). See Arizona Laws 38-870
  • Participant: means any individual who is employed by an employer and who is enrolled in one of the retirement systems or plans administered by the board. See Arizona Laws 38-875
  • Participant: means a member who is subject to a domestic relations order. See Arizona Laws 38-881
  • Participating employer: means an employer that the board has determined to have one or more employees in a designated position or a county, city, town or department of this state that has entered into a joinder agreement pursuant to section 38-902. See Arizona Laws 38-881
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Peace officers: means sheriffs of counties, constables, marshals, policemen of cities and towns, commissioned personnel of the department of public safety, personnel who are employed by the state department of corrections and the department of juvenile corrections and who have received a certificate from the Arizona peace officer standards and training board, peace officers who are appointed by a multicounty water conservation district and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by community college district governing boards and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by the Arizona board of regents and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by the governing body of a public airport pursuant to section 28-8426 and who have received a certificate from the Arizona peace officer standards and training board, peace officers who are appointed by a private postsecondary institution pursuant to section 15-1897 and who have received a certificate from the Arizona peace officer standards and training board and special agents from the office of the attorney general, or of a county attorney, and who have received a certificate from the Arizona peace officer standards and training board. See Arizona Laws 1-215
  • Pension: means a series of monthly payments to a person who is entitled to receive benefits under the plan. See Arizona Laws 38-801
  • 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
  • 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
  • Pensionable compensation: means the amount of the participant's annual compensation that does not exceed the limitation specified in Section 38-843. 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
  • Person: includes an individual and entity. See Arizona Laws 10-140
  • Personal representative: means the personal representative of a deceased alternate payee. See Arizona Laws 38-801
  • Personal representative: means the personal representative of a deceased alternate payee. See Arizona Laws 38-842
  • Personal representative: means the personal representative of a deceased alternate payee. See Arizona Laws 38-881
  • Physician: means a physician who is licensed pursuant to Title 32, Chapter 13 or 17. See Arizona Laws 38-801
  • Physician: means a physician who is licensed pursuant to Title 32, Chapter 13 or 17. See Arizona Laws 38-842
  • Physician: means a physician who is licensed pursuant to Title 32, Chapter 13 or 17. See Arizona Laws 38-881
  • Plan: means the elected officials' retirement plan. See Arizona Laws 38-801
  • Plan: means the elected officials' retirement plan established by article 3 of this chapter. See Arizona Laws 38-831
  • plan: means the corrections officer retirement plan established by this article. See Arizona Laws 38-881
  • Plan: means a defined contribution plan authorized by this article. See Arizona Laws 38-951
  • Plan approved domestic relations order: means a domestic relations order that the plan approves as meeting all the requirements for a plan approved domestic relations order as otherwise prescribed in this article. See Arizona Laws 38-801
  • Plan approved domestic relations order: means a domestic relations order that the system approves as meeting all the requirements for a plan approved domestic relations order as otherwise prescribed in this article. See Arizona Laws 38-842
  • Plan approved domestic relations order: means a domestic relations order that the plan approves as meeting all the requirements for a plan approved domestic relations order as otherwise prescribed in this article. See Arizona Laws 38-881
  • Political subdivision: includes counties, incorporated cities or towns and school districts in this state, and any other political subdivision as defined in article XIII, section 7, Constitution of Arizona. See Arizona Laws 38-701
  • Political subdivision: means any political subdivision of this state and includes a political subdivision entity. See Arizona Laws 38-711
  • Political subdivision entity: means an entity:

    (a) That is located in this state. See Arizona Laws 38-711

  • Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Prefunding plan: means the Arizona employers' pension prefunding plan established by this article. See
  • Principal office: means the office, in or out of this state, so designated in the annual report where the principal executive offices of a domestic or foreign corporation are located or in any other document executed by the corporation by an officer and delivered to the commission for filing. See Arizona Laws 10-140
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
  • Produce safety rule: means the United States food and drug administration produce safety rule (Title 21 of the Code of Federal Regulations, Part 112) and any other federal produce safety regulation, order or guideline or other requirement adopted pursuant to the FDA food safety modernization act (P. See Arizona Laws 3-525
  • program: means the elected officials' defined contribution retirement system disability program established by this article. See Arizona Laws 38-840
  • program: means the public safety personnel defined contribution retirement plan disability program established by this article. See Arizona Laws 38-870
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • public officer: means the incumbent of any office, member of any board or commission, or his deputy or assistant exercising the powers and duties of the officer, other than clerks or mere employees of the officer. See Arizona Laws 38-101
  • Record shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-1301
  • Regularly assigned to hazardous duty: means regularly assigned to duties of the type normally expected of municipal police officers, municipal or state firefighters, eligible fire district firefighters, state highway patrol officers, county sheriffs and deputies, fish and game wardens, firefighters and police officers of a nonprofit corporation operating a public airport pursuant to sections 28-8423 and 28-8424, police officers who are appointed by the Arizona board of regents or a community college district governing board, state attorney general investigators who are certified peace officers, county attorney investigators who are certified peace officers, department of liquor licenses and control investigators who are certified peace officers, Arizona department of agriculture officers who are certified peace officers, Arizona state parks board rangers and managers who are certified peace officers, county park rangers who are certified peace officers, police officers who are certified peace officers and who are employed by an Indian reservation police agency or firefighters who are employed by an Indian reservation firefighting agency. See Arizona Laws 38-842
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Required pension contributions: means an employer's unfunded liability and future required contributions under the applicable defined benefit pension, whether pertaining to a single year or multiple years. See
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • retired: means termination of employment after a member has fulfilled all requirements for a pension, for an employee who becomes a member of the system on or after January 1, 2012 and before July 1, 2017, attains the age and service requirements for a normal retirement date or for an employee who becomes a member of the system on or after July 1, 2017 attains the age and credited service requirements for a normal retirement date. See Arizona Laws 38-842
  • retired: means termination of employment after a member has fulfilled all requirements for a pension or, for an employee who becomes a member of the plan on or after January 1, 2012, attains the age and service requirements for a normal retirement date. See Arizona Laws 38-881
  • Retired member: means a member who is receiving retirement benefits pursuant to this article. See Arizona Laws 38-711
  • Retired member: means a person who is being paid a pension based on the person's credited service as a member of the plan. See Arizona Laws 38-801
  • Retired member: means an individual who terminates employment and who is receiving a pension pursuant to either section 38-885 or 38-886. See Arizona Laws 38-881
  • Reverse mortgage: means a nonrecourse consumer credit obligation to which all of the following apply:

    (a) A mortgage, deed of trust or equivalent consensual security interest securing one or more advances is created in the borrower's principal dwelling. See

  • Salary: means the base salary, shift differential pay, military differential wage pay and holiday pay paid a member for personal services rendered in a designated position to a participating employer on a regular monthly, semimonthly or biweekly payroll basis. See Arizona Laws 38-881
  • Segregated funds: means the amount of benefits that would currently be payable to an alternate payee pursuant to a domestic relations order under review by the plan, or a domestic relations order submitted to the plan that failed to qualify as a plan approved domestic relations order, if the domestic relations order were determined to be a plan approved domestic relations order. See Arizona Laws 38-801
  • Segregated funds: means the amount of benefits that would currently be payable to an alternate payee pursuant to a domestic relations order under review by the system, or a domestic relations order submitted to the system that failed to qualify as a plan approved domestic relations order, if the domestic relations order were determined to be a plan approved domestic relations order. See Arizona Laws 38-842
  • Segregated funds: means the amount of benefits that would currently be payable to an alternate payee pursuant to a domestic relations order under review by the plan, or a domestic relations order submitted to the plan that failed to qualify as a plan approved domestic relations order, if the domestic relations order were determined to be a plan approved domestic relations order. See Arizona Laws 38-881
  • Service: means the last period of continuous employment of an employee by the employers before the employee's retirement, except that if such period includes employment during which the employee would not have qualified as a member had the system then been effective, such as employment as a volunteer firefighter, then only twenty-five percent of such noncovered employment shall be considered as service. See Arizona Laws 38-842
  • Service: means employment rendered to a participating employer as an employee in a designated position. See Arizona Laws 38-881
  • Service year: means fiscal year, except that:

    (a) If the normal work year required of a member is less than the full fiscal year but is for a period of at least nine months, the service year is the normal work year. See Arizona Laws 38-711

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Shareholder: means the record shareholder or the beneficial shareholder. See Arizona Laws 10-1301
  • Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-140
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
  • Social security act: means the federal social security act (42 United States Code chapter 7), including regulations and requirements issued pursuant to that act. See Arizona Laws 38-701
  • State: means this state, including any department, office, board, commission, agency, institution or other instrumentality of this state. See Arizona Laws 38-711
  • State: means the state of Arizona, including any department, office, board, commission, agency or other instrumentality of the state. See Arizona Laws 38-842
  • State agency: means the state agency that is designated by the governor to serve as the social security administrator for this state under the federal old age and survivors insurance system. See Arizona Laws 38-701
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
  • System: means the public safety personnel retirement system. See Arizona Laws 38-801
  • System: means the public safety personnel retirement system established by article 4 of this chapter. See Arizona Laws 38-840
  • System: means the public safety personnel retirement system established by this article. See Arizona Laws 38-842
  • System: means the public safety personnel retirement system established by article 4 of this chapter. See Arizona Laws 38-865
  • System: means the public safety personnel retirement system. See
  • Temporary disability: means a physical or mental condition that the local board finds totally and temporarily prevents an employee from performing a reasonable range of duties within the employee's department and that was incurred in the performance of the employee's duty. See Arizona Laws 38-842
  • Title: includes this title, title 32, chapters 9 and 36 and Title 44, Chapter 2. See Arizona Laws 6-101
  • Total and permanent disability: means a physical or mental condition that is not an accidental disability, that the local board finds totally and permanently prevents a member from engaging in any gainful employment and that is the direct and proximate result of the member's performance of the member's duty as an employee of a participating employer. See Arizona Laws 38-881
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes a district, authority, bureau, commission and department and any other agency of the United States. See Arizona Laws 10-140
  • Vested: means that a member is eligible to receive a future retirement benefit. See Arizona Laws 38-711
  • Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Writ: means an order or precept in writing issued in the name of the state or by a court or judicial officer. See Arizona Laws 1-215
  • Writing: includes printing. See Arizona Laws 1-215
  • written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140