http://www.azdlea.com DLEA - Deputies Law Enforcement Association DLEA - Deputies Law Enforcement Association Evo RSS 2.0 Parser 60 http://www.azdlea.com/images/evo/minilogo.gif http://www.azdlea.com 94 15 Nuke-Evolution Powered Site en-us webmaster@azdlea.com 2012-05-21T00:51:28-07:00 hourly 1 2012-05-21T00:51:28-07:00 http://www.azdlea.com/modules.php?name=News&file=article&sid=11 State of Arizona
Senate
Fiftieth Legislature
Second Regular Session
2012
SB 1211
Introduced by
Senators Biggs, Antenori, Yarbrough; Representatives Burges, Farnsworth,
Fillmore, Gowan, Robson, Seel, Smith D, Stevens, Ugenti: Senators Klein,
McComish, Melvin, Nelson, Reagan, Shooter; Representatives Carter, Chabin,
Crandell, Dial, Fann, Goodale, Harper, Heinz, Jones, Judd, Montenegro,
Pierce, Pratt, Proud, Urie
AN ACT
AMENDING SECTIONS 38-844.05 AND 38-844.08, ARIZONA REVISED STATUTES; RELATING
TO THE PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM.
(TEXT OF BILL BEGINS ON NEXT PAGE)
SB 1211
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1 Be it enacted by the Legislature of the State of Arizona:
2 Section 1. Section 38-844.05, Arizona Revised Statutes, is amended to
3 read:
4 38-844.05. Deferred retirement option benefits and
5 participation accounts
6 A. A deferred retirement option plan participation account is an
7 account established within the system on behalf of each deferred retirement
8 option plan participant. All benefits accrued pursuant to this article shall
9 be accounted for in the deferred retirement option plan participation
10 account. A deferred retirement option plan participant does not have a claim
11 on the assets of the system with respect to the member's deferred retirement
12 option plan participation account and assets shall not be set aside for any
13 deferred retirement option plan participant that are separate from all other
14 system assets.
15 B. All amounts credited to a member's deferred retirement option plan
16 participation account are fully vested.
17 C. A member's deferred retirement option plan participation account
18 shall be credited with the following:
19 1. An amount, credited monthly, that is computed in the same manner as
20 a normal retirement benefit using the factors of credited service and average
21 monthly benefit compensation in effect on the date of deferred retirement
22 option plan participation.
23 2. An amount, credited monthly, that represents interest ON THE AMOUNT
24 CREDITED PURSUANT TO PARAGRAPH 1 OF THIS SUBSECTION at a rate equal to the
25 assumed rate of return determined by the board, except that for a member who
26 has less than twenty years of credited service on January 1, 2012 and who
27 elects to participate in the deferred retirement option plan on or after
28 January 1, 2012, the amount credited monthly is the amount that represents
29 interest at a rate equal to the average annual return of the system over the
30 period of years established by the board for use in the calculation of the
31 actuarial value of assets for the previous year, but not to exceed the
32 system's assumed investment rate of return but at least two per cent.
33 3. IF APPLICABLE, EMPLOYEE CONTRIBUTIONS MADE PURSUANT TO SECTION
34 38-844.06, SUBSECTION B.
35 D. The participant is not entitled to receive any amount prescribed by
36 section 38-856, 38-856.02 or 38-857 during the deferred retirement option
37 plan participation period.
38 Sec. 2. Section 38-844.08, Arizona Revised Statutes, is amended to
39 read:
40 38-844.08. Payment of deferred retirement option plan benefits
41 A. On the simultaneous termination of deferred retirement option plan
42 participation and employment, a member is entitled to receive both ALL of the
43 following:
44 1. The monthly retirement allowance in the amount determined pursuant
45 to section 38-845 that was credited monthly to the member's deferred
SB 1211
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1 retirement option plan participation account at the date of termination of
2 deferred retirement option plan participation.
3 2. All amounts credited to the member's deferred retirement option
4 plan participation account on the effective date of termination of deferred
5 retirement option plan participation.
6 3. INTEREST ON THE AMOUNT CREDITED PURSUANT TO SECTION 38-844.05,
7 SUBSECTION C, PARAGRAPH 3 AT A RATE EQUAL TO TWO PER CENT BUT ONLY IF THE
8 AVERAGE ANNUAL RETURN OF THE SYSTEM OVER THE PERIOD OF YEARS ESTABLISHED BY
9 THE BOARD FOR USE IN THE CALCULATION OF THE ACTUARIAL VALUE OF ASSETS IS AT
10 LEAST TWO PER CENT FOR THE PREVIOUS FISCAL YEAR.
11 B. The form of payment shall be a lump sum distribution. If allowed
12 by the internal revenue service, the participant may elect to transfer the
13 lump sum distribution to an eligible retirement plan or individual retirement
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