Ariz. Admin. Code § 2-8-501
Current through Register Vol. 30, No. 45, November 8, 2024
Section R2-8-501 - Definitions The following definitions apply to this Article unless otherwise specified:
1. "Active duty" means full-time duty in a branch of the United States uniformed service, other than Active Reserve Duty.2. "Active reserve duty" means participating in required meetings and annual training in a Reserve or National Guard branch of the United States uniformed service.3. "Actuarial present value" means an amount in today's dollars of a member's future retirement benefit calculated using appropriate actuarial assumptions and the: a. Eligible Member's Current Years of Credited Service;b. Eligible Member's age as of the date the Eligible Member submits to the ASRS a request to purchase service pursuant to this Article;c. Amount of Service Credit the member wishes to purchase; andd. Member's current annual compensation.4. "Authorized representative" means an individual who has been delegated the authority to act on behalf of a Custodian, Trustee, Plan Administrator, or a member, if the member's IRA or 403(b) is not maintained by the member's Employer.5. "Current years of credited service" means the amount of credited service a member has earned or purchased, and the amount of Service Credit for which an Irrevocable PDA is in effect for which the member has not yet completed payment, but does not include any current requests to purchase Service Credit for which the member has not yet paid.6. "Custodian" means a financial institution that holds financial assets for guaranteed safekeeping.7. "Direct rollover" means distribution of Eligible Funds made payable to the ASRS as a contribution for the benefit of an eligible member from a retirement plan listed in A.R.S. § 38-747(H)(2) or (H)(3).8. "Eligible funds" means payments listed in A.R.S. § 38-747(H)(2) and (H)(3).9. "Eligible member" means a member who is eligible to purchase service pursuant to A.R.S. §§ 38-742, 38-743, 38-744, or 38745.10. "Forfeited service" means credited service for which the ASRS has returned retirement contributions to the member under A.R.S. § 38-740.11. "IRC" means the same as "Internal Revenue Code" in A.R.S. § 38-711(18).12. "Irrevocable PDA" means an irrevocable "Payroll Deduction Authorization" contract between an Eligible Member, an Employer, and the ASRS that requires the Employer to withhold payments from an Eligible Member's pay for a specified amount and for a specified number of payments, as provided in A.R.S. § 38-747.13. "Leave of absence service" means an approved leave of absence without pay as specified in A.R.S. § 38-744.14. "LTD" means the same as in R2-8-301.15. "Military Call-up service" means a member is called to Active Duty under A.R.S. § 38-745 in a branch of the United States Uniformed Services.16. "Military service" means Active Duty or Active Reserve Duty under A.R.S. § 38-745 with any branch of the United States Uniformed Services or the Commissioned Corps of the National Oceanic and Atmospheric Administration.17. "Military service record" means a United States Uniformed Services or National Oceanic and Atmospheric Administration document that provides the following information:a. The member's full name;b. The member's Social Security number;c. Type of discharge the member received; andd. Active Duty dates, if applicable; ore. Active Reserve Duty dates, if applicable; andf. Point history for Active Reserve Duty dates, if applicable.18. "Other public service" means previous employment listed in A.R.S. § 38-743(A).19. "PDA pay-off invoice" means written correspondence from the ASRS to an Eligible Member that specifies the amount necessary to be paid by the Eligible Member to complete an Irrevocable PDA to receive the total credited service specified in the Irrevocable PDA.20. "Plan administrator" means the person authorized to represent a specific eligible plan as addressed in IRC § 414(g).21. "Service credit" means Forfeited Service, Leave of Absence Service, Military Service and Military Call-up Service, and Other Public Service that an Eligible Member may purchase.22. "SP invoice" means a written correspondence from the ASRS informing an Eligible Member of the amount of money required to purchase a specified amount of Service Credit.23. "Termination pay" means an Employer's payment to the ASRS of an Eligible Member's pay received as a result of terminating employment to purchase Service Credit as specified in A.R.S. § 38-747(B)(2).24. "Three full calendar months" means the first day of the first full month through the last day of the third consecutive full month.25. "Transfer employment" means to terminate employment with one Employer with which an Eligible Member has an Irrevocable PDA:a. After accepting an offer to work for a new Employer;b. While working as an active member for a different Employer; orc. Before returning to work with any Employer within 120 days of terminating employment.26. "Trustee-to-Trustee transfer" means a transfer of assets to the ASRS as authorized in A.R.S. § 38-747(I), from a retirement program from which, at the time of the transfer, a member is not eligible to receive a distribution.27. "Uniformed services" means the United States Army, Army Reserve, Army National Guard, Navy, Navy Reserve, Air Force, Air Force Reserve, Air Force National Guard, Marine Corps, Marine Corps Reserve, Coast Guard, Coast Guard Reserve, and the Commissioned Corps of the Public Health Service.28. "Window credit" means overpayments made on previously purchased Service Credit by members of the ASRS as provided by Laws 1997, Ch. 280, § 21, and Laws 2003, Ch. 164, § 3.Ariz. Admin. Code § R2-8-501
New Section made by final rulemaking at 11 A.A.R. 2640, effective June 30, 2005 (Supp. 05-2). Amended by final rulemaking at 12 A.A.R. 4667, effective December 5, 2006 (Supp. 06-4). Amended by final rulemaking at 18 A.A.R. 3130, effective January 6, 2013 (Supp. 12-4). Amended by final rulemaking at 19 A.A.R. 764, effective June 1, 2013 (Supp. 13-2). Amended by final rulemaking at 21 A.A.R. 2515, effective 12/5/2015. Amended by final rulemaking at 25 A.A.R. 303, effective 3/18/2019. Amended by final rulemaking at 28 A.A.R. 1257, effective 7/17/2022.