Terms Used In Arizona Laws > Title 38 > Chapter 5 > Article 2 - Arizona State Retirement System
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- 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
- 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.
- 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.
- 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.
- 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
- ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
- Assets: means the resources of ASRS including all cash, investments or securities. See Arizona Laws 38-711
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- 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
- Board: means the ASRS board established in section 38-713. See Arizona Laws 38-711
- 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
- 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
- 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: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dependent: A person dependent for support upon another.
- 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
- Employer: means :
(a) This state. See Arizona Laws 38-711
- Employer contributions: means all amounts paid into ASRS by an employer on behalf of a member. See Arizona Laws 38-711
- 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.
- 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.
- 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: 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.
- Fraud: Intentional deception resulting in injury to another.
- 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
- 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.
- 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
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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.
- 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
- Lineal descendant: Direct descendant of the same ancestors.
- Member contributions: means all amounts paid to ASRS by a member. See Arizona Laws 38-711
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- 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.
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- 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
- 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
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- 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.
- 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.
- Retired member: means a member who is receiving retirement benefits pursuant to this article. See Arizona Laws 38-711
- 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.
- State: means this state, including any department, office, board, commission, agency, institution or other instrumentality of this state. See Arizona Laws 38-711
- Statute: A law passed by a legislature.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
- Vested: means that a member is eligible to receive a future retirement benefit. See Arizona Laws 38-711
- 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
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
- Writing: includes printing. See Arizona Laws 1-215