Ariz. Admin. Code § R2-8-501 - Definitions
The following definitions apply to this Article unless otherwise specified:
1. "Active duty"
means full-time duty in a branch of the United States uniformed service, other
than Active Reserve Duty.
2.
"Active reserve duty" means participating in required meetings and annual
training in a Reserve or National Guard branch of the United States uniformed
service.
3. "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. Eligible Member's Current Years of
Credited Service;
b. Eligible
Member's age as of the date the Eligible Member submits to the ASRS a request
to purchase service pursuant to this Article;
c. Amount of Service Credit the member wishes
to purchase; and
d. Member's
current annual compensation.
4. "Authorized representative" means an
individual who has been delegated the authority to act on behalf of a
Custodian, Trustee, Plan Administrator, or a member, if the member's IRA or
403(b) is not maintained by the member's Employer.
5. "Current years of credited service" means
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.
6. "Custodian" means a financial institution
that holds financial assets for guaranteed safekeeping.
7. "Direct rollover" means distribution of
Eligible Funds made payable to the ASRS as a contribution for the benefit of an
eligible member from a retirement plan listed in A.R.S. §
38-747(H)(2) or (H)(3).
8. "Eligible funds" means payments listed in
A.R.S. §
38-747(H)(2) and (H)(3).
9. "Eligible member" means a member who is
eligible to purchase service pursuant to A.R.S. §§
38-742, 38-743, 38-744, or 38745.
10. "Forfeited service"
means credited service for which the ASRS has returned retirement contributions
to the member under A.R.S. §
38-740.
11. "IRC" means the same as "Internal Revenue
Code" in A.R.S. §
38-711(18).
12. "Irrevocable PDA" means an irrevocable
"Payroll Deduction Authorization" contract between an Eligible Member, an
Employer, and the ASRS that requires the Employer to withhold payments from an
Eligible Member's pay for a specified amount and for a specified number of
payments, as provided in A.R.S. §
38-747.
13. "Leave of absence service" means an
approved leave of absence without pay as specified in A.R.S. §
38-744.
14. "LTD" means the same as in
R2-8-301.
15. "Military Call-up service" means a member
is called to Active Duty under A.R.S. §
38-745
in a branch of the United States Uniformed Services.
16. "Military service" means Active Duty or
Active Reserve Duty under A.R.S. §
38-745
with any branch of the United States Uniformed Services or the Commissioned
Corps of the National Oceanic and Atmospheric Administration.
17. "Military service record" means a United
States Uniformed Services or National Oceanic and Atmospheric Administration
document that provides the following information:
a. The member's full name;
b. The member's Social Security
number;
c. Type of discharge the
member received; and
d. Active Duty
dates, if applicable; or
e. Active
Reserve Duty dates, if applicable; and
f. Point history for Active Reserve Duty
dates, if applicable.
18.
"Other public service" means previous employment listed in A.R.S. §
38-743(A).
19. "PDA pay-off invoice" means written
correspondence from the ASRS to an Eligible Member that specifies the amount
necessary to be paid by the Eligible Member to complete an Irrevocable PDA to
receive the total credited service specified in the Irrevocable PDA.
20. "Plan administrator" means the person
authorized to represent a specific eligible plan as addressed in IRC §
414(g).
21. "Service credit" means
Forfeited Service, Leave of Absence Service, Military Service and Military
Call-up Service, and Other Public Service that an Eligible Member may
purchase.
22. "SP invoice" means a
written correspondence from the ASRS informing an Eligible Member of the amount
of money required to purchase a specified amount of Service Credit.
23. "Termination pay" means an Employer's
payment to the ASRS of an Eligible Member's pay received as a result of
terminating employment to purchase Service Credit as specified in A.R.S. §
38-747(B)(2).
24. "Three full calendar months" means the
first day of the first full month through the last day of the third consecutive
full month.
25. "Transfer
employment" means to terminate employment with one Employer with which an
Eligible Member has an Irrevocable PDA:
a.
After accepting an offer to work for a new Employer;
b. While working as an active member for a
different Employer; or
c. Before
returning to work with any Employer within 120 days of terminating
employment.
26.
"Trustee-to-Trustee transfer" means a transfer of assets to the ASRS as
authorized in A.R.S. §
38-747(I), from a retirement program from which, at the time of the transfer, a member is
not eligible to receive a distribution.
27. "Uniformed services" means the United
States Army, Army Reserve, Army National Guard, Navy, Navy Reserve, Air Force,
Air Force Reserve, Air Force National Guard, Marine Corps, Marine Corps
Reserve, Coast Guard, Coast Guard Reserve, and the Commissioned Corps of the
Public Health Service.
28. "Window
credit" means overpayments made on previously purchased Service Credit by
members of the ASRS as provided by Laws 1997, Ch. 280, § 21, and Laws 2003, Ch.
164, § 3.
Notes
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