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Current as of March 08, 2022 | Updated by FindLaw Staff
A. A deferred retirement option plan participation account is an account established within the system on behalf of each deferred retirement option plan participant. All benefits accrued pursuant to this article shall be accounted for in the deferred retirement option plan participation account. A deferred retirement option plan participant does not have a claim on the assets of the system with respect to the member's deferred retirement option plan participation account and assets shall not be set aside for any deferred retirement option plan participant that are separate from all other system assets.
B. All amounts credited to a member's deferred retirement option plan participation account are fully vested.
C. A member's deferred retirement option plan participation account shall be credited with the following:
1. An amount, credited monthly, that is computed in the same manner as a normal retirement benefit using the factors of credited service and average monthly benefit compensation in effect on the date of deferred retirement option plan participation.
2. An amount, credited monthly, that represents interest on the amount credited pursuant to paragraph 1 of this subsection at a rate equal to the assumed rate of return determined by the board.
D. The participant is not entitled to receive any amount prescribed by § 38-856.05 or 38-857 during the deferred retirement option plan participation period.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 38. Public Officers and Employees § 38-844.05. Deferred retirement option benefits and participation accounts - last updated March 08, 2022 | https://codes.findlaw.com/az/title-38-public-officers-and-employees/az-rev-st-sect-38-844-05/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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