Ariz. Admin. Code § 2-8-506

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

Section R2-8-506 - Cost Calculation for Purchasing Service Credit

A. For Service Credit for Leave of Absence Service, Military Service , and Other Public Service, the ASRS shall calculate, as of the date of the request to purchase Service Credit:

1. The Actuarial Present Value of the future retirement benefit for the Eligible Member including the Service Credit that the Eligible Member requests to purchase, and

2. The Actuarial Present Value of the future retirement benefit for the Eligible Member without the Service Credit that the Eligible Member requests to purchase.

B. The cost for purchasing the Service Credit that the Eligible Member requests to purchase is the difference between the Actuarial Present Value in subsection (A)(1) and the Actuarial Present Value in subsection (A)(2).

Ariz. Admin. Code § R2-8-506

New Section made by final rulemaking at 11 A.A.R. 2640, effective June 30, 2005 (Supp. 05-2). Amended by final rulemaking at 25 A.A.R. 303, effective 3/18/2019.