Ariz. Admin. Code § R2-8-203 - Payment of Premium Benefit
A.
Every month, the ASRS shall provide a Premium Benefit to the Employer on behalf
of a retired member, Disabled member, or Contingent Annuitant who maintains
Coverage and is eligible to receive a Premium Benefit pursuant to
R2-8-202.
B. Notwithstanding subsection (A), if a
retired member who is eligible to receive a Premium Benefit pursuant to
R2-8-202 elects to maintain Coverage with the Arizona Department of Administration or
the ASRS, the ASRS shall reduce the retired member's pension amount by the
amount of the retired member's Net Premium for Coverage pursuant to this
Article, unless the Net Premium exceeds the pension amount.
C. Notwithstanding subsection (A), if a
retired member who is eligible to receive a Premium Benefit pursuant to
R2-8-202 elects to maintain Coverage with the ASRS and the Net Premium exceeds the
retired member's pension amount, the retired member shall be responsible for
remitting the Net Premium to the retired member's insurance company and the
ASRS shall:
1. Not reduce the retired
member's pension amount; and
2.
Remit payment of the Premium Benefit to the retired member's insurance
company.
D.
Notwithstanding subsection (A), if a retired member who is eligible to receive
a Premium Benefit pursuant to
R2-8-202 elects to maintain Coverage with the Arizona Department of Administration and
the Net Premium exceeds the retired member's pension amount, the retired member
shall be responsible for remitting the Net Premium to the Arizona Department of
Administration and the ASRS shall:
1. Not
reduce the retired member's pension amount; and
2. Remit payment of the Premium Benefit to
the Arizona Department of Administration.
E. If a Disabled member who is eligible to
receive a Premium benefit pursuant to
R2-8-202 maintains Coverage with the Arizona Department of Administration, the ASRS
shall remit the Premium Benefit to the Arizona Department of Administration,
unless the Disabled member is participating in the Six-Month Reimbursement
Program pursuant to
R2-8-206.
F. If a Disabled member who is eligible to
receive a Premium Benefit pursuant to
R2-8-202 maintains Coverage with the ASRS, the ASRS shall remit the Premium Benefit to
the Disabled member's insurance company and the Disabled member shall be
responsible for remitting the Net Premium to the Disabled member's insurance
company.
G. If a retired member or
Disabled member who is eligible to receive a Premium Benefit pursuant to
R2-8-202 maintains Coverage with an Employer other than the ASRS or the Arizona
Department of Administration, the ASRS shall remit the Premium Benefit to the
retired member's or Disabled member's Employer, unless the retired member or
Disabled member is participating in the Six-Month Reimbursement Program
pursuant to
R2-8-206.
H. If a retired member or Disabled member is
eligible to receive a Premium Benefit pursuant to
R2-8-202,
the ASRS shall provide the lesser of the following for any one retired member
or Disabled member:
1. The actual cost of the
Coverage premium; or
2. The
greatest Premium Benefit calculation for which the retired member or Disabled
member is eligible pursuant to
R2-8-202.
I. If a retired member is eligible
to receive a Premium Benefit pursuant to
R2-8-202 and the member retires from the ASRS in addition to retiring from another State
retirement system or plan described in A.R.S. §
38-921, each month, the ASRS shall remit any Premium Benefit for which the retired
member is eligible under this Article to the other State retirement system or
plan from which the member retired.
Notes
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