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Current as of January 01, 2025 | Updated by Findlaw Staff
A. The board may authorize a participating employer to transfer monies into the prefunding plan. A transfer of monies into the prefunding plan shall comply with all of the following:
1. The transfer satisfies the terms of the contract between the governing body of the participating employer and the board.
2. The transfer satisfies the requirements under the applicable governmental accounting standards.
3. The transfer does not jeopardize the tax-exempt status of the prefunding plan's income.
B. Except as otherwise provided in this section and §§ 38-936 and 38-937, monies transferred by a participating employer to the prefunding plan pursuant to subsection A of this section are irrevocable and may not be refused by the board or refunded or returned to the participating employer making the transfer.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 38. Public Officers and Employees § 38-935. Transfer of monies by employer - last updated January 01, 2025 | https://codes.findlaw.com/az/title-38-public-officers-and-employees/az-rev-st-sect-38-935/
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 before relying on it for your legal needs.
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