Ariz. Admin. Code § 2-8-1101

Current through Register Vol. 30, No. 25, June 21, 2024

Section R2-8-1101 - Definitions

The following definitions apply to this Article unless otherwise specified:

1. "Actuarial present value" means an amount in today's dollars of a member's future retirement benefit calculated using appropriate actuarial assumptions and the:

a. Member's Current Years of Credited Service;

b. Member's age as of the date the Member submits to the ASRS a request to transfer service credit pursuant to this Article; and

c. Member's most recent annual compensation.

2. "Current years of credited service" means:

a. For Transfer In Service, the amount of credited service a member has earned or purchased, and the amount of service credit for which an Irrevocable PDA is in effect for which the member has not yet completed payment, but does not include any current requests to purchase service credit for which the member has not yet paid; and

b. For transferring service credit to the Other Retirement Plan, the amount of credited service a member has earned or purchased, but does not include service credit for which the member has not yet paid.

3. "Irrevocable PDA" means the same as in R2-8-501.

4. "Funded Actuarial Present Value" means the Actuarial Present Value reduced to the extent funded on market value basis as of the most recent actuarial evaluation of the ASRS.

5. "Member's accumulated contribution account balance" means the sum of all the member's retirement contributions and any principal payments made for:

a. The purchase of service credit;

b. Contributions not withheld; and

c. Previous transfers of service credit.

6. "Other retirement plan" means the state retirement plans specified in A.R.S. § 38-921, other than the ASRS, or a retirement plan of a charter city as specified in A.R.S. § 38-730.

7. "Other Retirement Plan's cost" means the amount determined by the ASRS pursuant to R2-8-1102(D).

8. "Other public service" means the same as in R2-8-501.

9. "Transfer in service" means credited service with the Other Retirement Plan that a member is eligible to transfer to the ASRS pursuant to A.R.S. §§ 38-730 and 38-921.

Ariz. Admin. Code § R2-8-1101

Adopted by final rulemaking at 25 A.A.R. 303, effective 3/18/2019.