2016 Arizona Revised Statutes
Title 38 - Public Officers and Employees
§ 38-844.08 Payment of deferred retirement option plan benefits
38-844.08. Payment of deferred retirement option plan benefits
A. On the simultaneous termination of deferred retirement option plan participation and employment, a member is entitled to receive all of the following:
1. The monthly retirement allowance in the amount determined pursuant to section 38-845 that was credited monthly to the member's deferred retirement option plan participation account at the date of termination of deferred retirement option plan participation.
2. All amounts credited to the member's deferred retirement option plan participation account on the effective date of termination of deferred retirement option plan participation.
3. Interest on the amount credited pursuant to section 38-844.05, subsection C, paragraph 3 at a rate equal to two percent but only if the average annual return of the system over the period of years established by the board for use in the calculation of the actuarial value of assets is at least two percent for the previous fiscal year.
B. The form of payment shall be a lump sum distribution. The member or the member's beneficiary may make a direct rollover of the lump sum distribution to an eligible retirement plan under the same rules specified in section 38-846.02, subsections E, F and G.
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