Arizona Administrative Code › Title 2 - ADMINISTRATION › Chapter 8 - STATE RETIREMENT SYSTEM BOARD › Article 1 - RETIREMENT SYSTEM › Section R2-8-130 - Rescind or Revert Retirement Election; Change of Contingent Annuitant

Current through Register Vol. 30, No. 28, July 12, 2024
A. The
				definitions in R2-8-126 apply to this Section.
B. According to A.R.S. §
									38-760(B)(2),
				for a member whose Original Retirement Date is after August 9, 2001, upon the
				expiration of a member's period certain term the ASRS shall rescind the
				member's election and the ASRS shall provide the member a Straight Life Annuity
				retirement benefit subject to any retirement reductions applicable at the
				member's Original Retirement Date.
C. According to A.R.S. §
									38-760(B)(2),
				a member whose Original Retirement Date is after August 9, 2001 and before July
				1, 2008 and who elected a Period Certain and Life Annuity Retirement Benefit
				Option, may rescind the election and elect to receive a Straight Life Annuity
				retirement benefit prior to the expiration of the member's period certain
				term.
D. According to A.R.S. §
									38-760(B)(1),
				a member whose Original Retirement Date is before July 1, 2008 and who elected
				a Joint and Survivor Retirement Benefit Option may rescind the election and
				elect to receive a Straight Life Annuity retirement benefit prior to the
				member's death.
E. A member whose
				Original Retirement Date is on or after July 1, 2008 and who elected a Period
				Certain and Life Annuity Retirement Benefit Option may exercise a one-time
				election to rescind the election and elect to receive a Straight Life Annuity
				retirement benefit prior to the expiration of the member's period certain term
				if the member provides proof to ASRS of the death of the primary beneficiary or
				a DRO showing that the primary beneficiary has ceased to be a primary
				beneficiary.
F. A member whose
				Original Retirement Date is on or after July 1, 2008 and who elected a Joint
				and Survivor Retirement Benefit Option may exercise a one-time election to
				rescind the election and elect to receive a Straight Life Annuity retirement
				benefit prior to the death of the member if the member provides proof to ASRS
				of the death of the contingent annuitant a DRO showing that the contingent
				annuitant has ceased to be a contingent annuitant.
G. A member who elected to rescind a Period
				Certain and Life Annuity Retirement Benefit Option according to subsection (C)
				may elect to revert to the Period Certain and Life Annuity Retirement Benefit
				Option by submitting an Application to Rescind, Revert or Change Contingent
				Annuitant as specified in subsection (M).
H. A member who elected to rescind a Joint
				and Survivor Retirement Benefit Option according to subsection (D) may elect to
				revert to the Joint and Survivor Retirement Benefit Option by submitting an
				Application to Rescind, Revert or Change Contingent Annuitant as specified in
				subsection (M).
I. A member may
				only revert to the same Period Certain and Life Annuity Retirement Benefit
				Option the member rescinded according to subsection (C) prior to the expiration
				of the period certain term the member elected at the member's most recent
				retirement.
J. A member who
				rescinds their election according to subsections (E) or (F) is not eligible to
				revert to a Period Certain and Life Annuity Retirement Benefit Option or a
				Joint and Survivor Retirement Benefit Option.
K. Notwithstanding any other provision, the
				time period of a Period Certain and Life Annuity Retirement Benefit Option
				shall be continuous from the member's retirement date until the term expires
				regardless of whether the member rescinds or reverts to another retirement
				option.
L. A member who wants to
				rescind or revert a retirement election according to subsections (C) through
				(H) shall ensure ASRS receives an Application to Rescind, Revert or Change
				Contingent Annuitant at least one day prior to the member's death.
M. In order to rescind, revert, or change a
				contingent annuitant, the member shall submit an Application to Rescind, Revert
				or Change Contingent Annuitant with the following information:
1. The member's full name;
2. The member's Social Security number or
				U.S. Tax Identification number;
3.
				The member's marital status, if not On File with ASRS;
4. Whether the member is electing to rescind,
				revert, or change a contingent annuitant;
5. The member's notarized signature
				acknowledging the following statements of understanding:
a. For rescinding a retirement election:
i. By this action, and the member's
				signature, the member is aware that the member's designated beneficiary or
				contingent annuitant will not continue with monthly benefits after the member's
				death;
ii. The member is aware that
				a certified copy of the member's designated beneficiary's or contingent
				annuitant's death certificate or a DRO is required if the member retired or
				re-retired on or after July 1, 2008;
iii. At the time of the member's death, if
				the ASRS has not disbursed the total employee contributions on the member's
				account, plus interest at the Assumed Actuarial Investment Earnings Rate
				specified in R2-8-118(A) through the month prior to the member's retirement
				date, the balance will be payable in a lump sum to the beneficiary named on the
				member's most recent Acceptable Form.
b. For changing a contingent annuitant or
				beneficiary:
i. For a Joint and Survivor
				Retirement Benefit Option, by this action, and the member's signature, the
				contingent annuitant named on the member's most recent Acceptable Form will
				receive the previously elected percentage amount of the member's monthly
				benefit for their lifetime following the member's death;
ii. For a Joint and Survivor Retirement
				Benefit Option, the member is aware that a copy of the contingent annuitant's
				Legal Documentation is required and the member's benefit will be recalculated
				based on the member's age and the age of the member's new contingent annuitant
				as of the effective date of the member's request according to this
				Section;
iii. For a Joint and
				Survivor Retirement Benefit Option, the member is in compliance with the age
				difference limitations in
				R2-8-128;
				and
iv. For a Period Certain and
				Life Annuity Retirement Benefit Option, by this action, and the member's
				signature, the beneficiary named on the member's most recent Acceptable Form
				will receive the remaining term of monthly payments.
c. For reverting to a previously elected
				retirement benefit option according to A.R.S. §
											38-760:
i. For a Joint and Survivor Retirement
				Benefit Option, by this action, and the member's signature, the contingent
				annuitant named the member's most recent Acceptable Form will receive the
				previously elected percentage amount of the member's monthly benefit for their
				lifetime following the member's death;
ii. For a Joint and Survivor Retirement
				Benefit Option, the member is aware that a copy of Legal Documentation showing
				the contingent annuitant's date of birth is required and the member's benefit
				will be recalculated based on the member's age and the age of the member's
				contingent annuitant as of the effective date of the member's request according
				to this Section;
iii. For a Joint
				and Survivor Retirement Benefit Option, the member is in compliance with the
				age difference limitations in
				R2-8-128;
				and
iv. For a Period Certain and
				Life Annuity Retirement Benefit Option, by this action, and the member's
				signature, the beneficiary named on the member's most recent Acceptable Form
				will receive the remaining term of monthly payments.
6. If the member is electing to
				change a contingent annuitant, the following information for the new contingent
				annuitant:
a. Full name;
b. Social Security number, if the contingent
				annuitant is a U.S. citizen;
c.
				Date of birth; and
d. Legal
				relationship to the member.
7. If the member is married, whether the
				member's spouse consents to the following with the spouse's notarized
				signature:
a. The member making a beneficiary
				designation that provides the member's spouse with less than 50% of the
				member's account balance;
b. The
				member electing a retirement option other than a Joint and Survivor Retirement
				Benefit Option; or
c. The member
				changing or ending the spouse's contingent annuitant status.
8. Whether the spouse's consent is
				not required because:
a. The spouse
				predeceased the member and if so, provide a copy of the spouse's death
				certificate; or
b. The member is
				divorced and if so, provide a DRO.