2005 Arizona Revised Statutes - Revised Statutes §38-853.01  Redemption of prior service

A. Each present active member of the system who had previous service in this state as an employee with an employer now covered by the system or had previous service with an agency of the United States government, a state of the United States or a political subdivision of a state of the United States as a full-time paid firefighter or full-time paid certified peace officer may elect to redeem any part of the prior service by paying into the system any amounts required under subsection B if the prior service is not on account with any other retirement system.

B. Any present active member who elects to redeem any part of the prior service for which the employee is deemed eligible by the fund manager under this section shall pay into the system the amounts previously withdrawn by the member, if any, as a refund of the member's accumulated contributions plus accumulated interest as determined by the fund manager and the additional amount, if any, computed by the system's actuary which is necessary to equal the increase in the actuarial present value of projected benefits resulting from the redemption calculated using the actuarial methods and assumptions prescribed by the system's actuary.