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Arizona Revised Statutes Title 38. Public Officers and Employees § 38-867.02. Trustee-to-trustee transfers from system; definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

A. A trustee-to-trustee transfer made pursuant to § 38-844.06, subsection C shall be deposited in a separate transfer account established on behalf of the participant and made immediately available for the participant's beneficiary to either withdraw all or any portion of the deposited monies or directly transfer all or any portion of the monies to an eligible retirement plan in accordance with section 401(a)(31) of the internal revenue code.  1

B. For the purposes of this section:

1. “Beneficiary” means the person designated as the beneficiary of a participant's deferred retirement option plan participation account pursuant to § 38-844.07.

2. “Participant” means a member as defined in § 38-842, paragraph 31, subdivision (a), item (vi), who has both:

(a) Elected to enter into the deferred retirement option plan established by § 38-844.02.

(b) Died while a participant in the deferred retirement option plan.

3. “Separate transfer account” means a fully vested and nonforfeitable separate account under the defined contribution plan established by the trustee in accordance with subsection A of this section.

1 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 § 38-867.02. Trustee-to-trustee transfers from system; definitions - last updated January 01, 2025 | https://codes.findlaw.com/az/title-38-public-officers-and-employees/az-rev-st-sect-38-867-02/

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