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REFERENCE TITLE: defined contribution plan; technical correction |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2306 |
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Introduced by Representative Mesnard
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AN ACT
amending section 38-772, Arizona Revised Statutes; relating to the Arizona State Retirement System.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 38-772, Arizona Revised Statutes, is amended to read:
38-772. Prior service credits under defined contribution program administered by ASRS; definition
A. Amounts required of employers as provided in section 38‑737, subsections A and B are in addition to any payments required of employers on behalf of prior service credits under the defined contribution program administered by ASRS arising from members of ASRS. Payments made to ASRS on behalf of members with those prior service credits shall reduce by that amount the payments required to be paid to the defined contribution program administered by ASRS for those prior service credits.
B. Notwithstanding section 38‑757, subsection B, any prior service credits to which the member was entitled under the defined contribution program administered by ASRS shall be added to the product of section 38‑757, subsection B, paragraphs 1 and 2.
C. For the purposes of this section, :
1. "Prior service" means service for this state or a political subdivision of this state before membership in the defined contribution program administered by ASRS.
2. "prior service credits" means the amount that is allowed for services before membership in the defined contribution program administered by ASRS and that is payable as a retirement benefit.