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Arizona Revised Statutes Title 38. Public Officers and Employees § 38-844.08. Payment of deferred retirement option plan benefits

Current as of March 08, 2022 | Updated by FindLaw Staff

A. On the simultaneous termination of deferred retirement option plan participation and employment, a member is entitled to receive all of the following:

1. The monthly retirement allowance in the amount determined pursuant to § 38-845 that was credited monthly to the member's deferred retirement option plan participation account at the date of termination of deferred retirement option plan participation.

2. All amounts credited to the member's deferred retirement option plan participation account on the effective date of termination of deferred retirement option plan participation.

B. The form of payment shall be a lump sum distribution that is directly deposited in an account created for the member in the public safety personnel defined contribution retirement plan established by article 4.1 of this chapter.  1  On deposit of the lump sum payment, the member shall immediately be able to either withdraw all or any portion of the lump sum deposit or directly transfer all or any portion of the lump sum deposit to an eligible retirement plan as required by section 401(a)(31) of the internal revenue code.  2

1  Section 38-865 et seq.
2  Internal Revenue Code sections may be found in Title 26 of U.S.C.A.
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Cite this article: FindLaw.com - Arizona Revised Statutes Title 38. Public Officers and Employees § 38-844.08. Payment of deferred retirement option plan benefits - last updated March 08, 2022 | https://codes.findlaw.com/az/title-38-public-officers-and-employees/az-rev-st-sect-38-844-08/

Read this complete Arizona Revised Statutes Title 38. Public Officers and Employees § 38-844.08. Payment of deferred retirement option plan benefits on Westlaw

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