Arizona Administrative Code › Title 2 - ADMINISTRATION › Chapter 8 - STATE RETIREMENT SYSTEM BOARD › Article 1 - RETIREMENT SYSTEM › Section R2-8-104 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
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).