Arizona Revised Statutes Title 9. Cities and Towns § 9-958. Election to transfer excess assets from fire fighters' relief and pension fund; public safety personnel retirement system; alternate pension and benefit plan; unfunded liability

A. Notwithstanding any other law, if a fire district that is organized pursuant to § 48-803 and that has at least five full-time firefighters, excluding firefighters employed by the fire district pursuant to a contract with a corporation, elects to provide coverage to its full-time firefighters under the public safety personnel retirement system pursuant to § 38-851, the amount of monies accumulated pursuant to this article that is in excess of the amount necessary to provide benefits for volunteer firefighters may be transferred to the public safety personnel retirement fund for the purposes of paying any past, present or future service costs of the district attributable to the full-time firefighters who are included in the public safety personnel retirement system either at the time the fire district executes the joinder agreement with the system or thereafter. Before transferring any monies to the public safety personnel retirement fund, the fire district board shall determine by actuarial procedures prescribed by the manager of the fire fighters' relief and pension fund the amount necessary to fully fund any benefits accrued for volunteer firefighters as of the date or dates of the proposed transfer of monies authorized by this subsection.

B. Excess monies in the fire fighters' relief and pension fund that a fire district elects to transfer to the public safety personnel retirement fund pursuant to subsection A of this section may be transferred in a lump sum at the time the fire district executes its joinder agreement with the public safety personnel retirement system or may be transferred in installments or in any other manner allowed by the fund manager of the public safety personnel retirement system.

C. If a fire district has monies in the fire fighters' relief and pension fund in excess of the amount necessary to provide benefits for volunteer firefighters and the fire district has not made an election to cover its full-time firefighters under the public safety personnel retirement system pursuant to § 38-851 and subsection A of this section, that fire district may apply the excess monies to an alternate pension and benefit plan established pursuant to article 4 of this chapter  1 by that district for the benefit of either its part-time or full-time firefighters, or both. The amounts that may be transferred to the alternate pension and benefit plan shall be determined in the same manner as set forth in subsection A of this section.

D. Notwithstanding any other law, a city or town that maintains a fire fighters' relief and pension fund for past or present volunteer firefighters, or both, or past or present part-time firefighters, or both, may elect to transfer excess monies from the fund to the public safety personnel retirement system to be applied to any past or present unfunded liability. Before transferring any monies to the public safety personnel retirement system, the city or town shall determine by actuarial procedures prescribed by the fire fighters' relief and pension fund board of trustees the amount necessary to fully fund any benefits accrued for part-time or volunteer firefighters as of the date or dates of the proposed transfer of monies authorized by this subsection.