2021 Arizona Revised Statutes
Title 38 - Public Officers and Employees
§ 38-938 - Annual financial statements; audit; actuarial valuation report; unfunded pension liability calculation
38-938. Annual financial statements; audit; actuarial valuation report; unfunded pension liability calculation
A. The board shall cause the annual financial statements of the prefunding plan to be prepared in accordance with the applicable governmental accounting standards and an audit to be conducted of those financial statements by a qualified independent certified accounting firm for each fiscal year in accordance with the applicable governmental auditing standards.
B. For the purposes of the board's preparation of the annual employer actuarial valuation report regarding the defined benefit pension, a total asset amount comprised of the sum of the assets in the prefunding plan and the assets of the defined benefit pension shall be used in the calculation of the unfunded pension liability and the annual actuarial required contribution amount.
