Ariz. Admin. Code § 2-8-104

Current through Register Vol. 30, No. 24, June 14, 2024

Section R2-8-104 - Definitions

A. The definitions in A.R.S. § 38-711 apply to this Chapter.

B. Unless otherwise specified, in this Chapter:

1. "Actuarial assumption" means an estimate of an uncertain future event that affects pension liabilities, or assets, or both.

2. "Assumed actuarial investment earnings rate" means the assumed rate of investment return approved by the Board and contained in R2-8-118(A).

3. "Authorized employer representative" means an individual specified by the Employer to provide the ASRS with information about a member who previously worked for the ASRS employer.

4. "Contribution" means:

a. Amounts required by A.R.S. Title 38, Chapter 5, Articles 2 and 2.1 to be paid to the ASRS by a member or an employer on behalf of a member;

b. Any voluntary amounts paid to the ASRS pursuant to 2 A.A.C. 8, Article 5 by a member to be placed in the member's account; and

c. Amounts credited by transfer under 2 A.A.C. 8, Article 11.

5. "Day" means a calendar day, and excludes the:

a. Day of the act or event from which a designated period of time begins to run; and

b. Last day of the period if a Saturday, Sunday, or official state holiday.

6. "Designated beneficiary" means the same as in A.R.S. § 38-762(G) or another person designated as a beneficiary by law.

7. "Director" means the Director appointed by the Board as provided in A.R.S. § 38-715.

8. "Individual retirement account" or "IRA" means the types of eligible retirement plans specified in A.R.S. § 38-770(D)(3)(a) and (b).

9. "DRO" means a copy of an original domestic relations order specified in A.R.S. § 38-773(H)(1) that contains all of the following:

a. The requirements of A.R.S. § 38-773(C);

b. The date of the member and alternate payee's marriage;

c. The date of divorce or the date in which the community property interest ended;

d. A court stamp indicating the domestic relations order is a true and correct copy of the original domestic relations order on file with the court;

e. How the member's ASRS benefits should be split in specific amounts for the following possible events;

i. The member's retirement;

ii. Return of contributions and termination of membership according to R2-8-115; and

iii. The death of the member prior to retirement;

f. Whether the member may transfer all ASRS service credit to another retirement system;

g. Whether the member is required to maintain the alternate payee as the member's beneficiary;

h. Whether the member may rescind their retirement option according to A.R.S. § 38-760; and

i. The judge's dated signature.

10. "Party" means the same as in A.R.S. § 41-1001(14).

11. "Person" means the same as in A.R.S. § 41-1001(15).

12. "Plan" means the same as "defined benefit plan" in A.R.S. § 38-712(B), and as administered by the ASRS.

13. "Retirement account" means the same as in A.R.S. § 38-771(J)(2).

14. "Rollover" means a contribution to the ASRS by an eligible member of an eligible rollover distribution from one or more of the retirement plans listed in A.R.S. § 38-747(H)(2) and (H)(3).

15. "Terminate employment" means to end the employment relationship between a member and an ASRS employer with the intent that the member does not return to employment with an ASRS employer.

16. "United States" means the same as in A.R.S. § 1-215(39).

Ariz. Admin. Code § R2-8-104

Former Rule, Social Security Regulation 4; Former Section R2-8-04 renumbered as Section R2-8-104without change effective May 21, 1982 (Supp. 82-3). Amended subsections (G), (J), and (K) effective April 12, 1984 (Supp. 84-2). Typographical error corrected in subsection (5)(c) "reqired" corrected to "required" (Supp. 97-1). Amended by final rulemaking at 21 A.A.R. 2515, effective 12/5/2015. Amended by final rulemaking at 24 A.A.R. 1861, effective 6/11/2018. Amended by final expedited rulemaking at 27 A.A.R. 479, effective 3/5/2021. Amended by final rulemaking at 28 A.A.R. 1746, effective 9/4/2022.