Arizona Laws 48-225. Employee and district contributions; administration expenses
A. A plan shall provide for contributions by each participant of not less than three per cent of his compensation, and the district shall deduct the amount from each payment of compensation to a participant. All such amounts shall be used and applied by the district for providing the benefits described in section 48-222. No part of the participants’ contributions shall be expended for the administration of the plan.
Terms Used In Arizona Laws 48-225
- Compensation: means money paid to an employee of a district for services in the form of a fixed salary or wages at the end of established pay periods, which, in the case of employees with fluctuating rates of pay, shall be considered as being the guaranteed rate of pay, and which, in the case of employees with dual rates, shall be for the primary occupation. See Arizona Laws 48-221
- District: means an irrigation district, drainage district, flood control district, agricultural improvement district, electrical district, or power district organized pursuant to the laws of this state. See Arizona Laws 48-221
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Participant: means an employee of a district who is eligible under the provisions of section 48-224 for participation in the retirement plan adopted by a district. See Arizona Laws 48-221
- Plan: means a retirement plan authorized by section 48-222. See Arizona Laws 48-221
- Prior service: means service for a district by any employee for any period not exceeding twenty-five years immediately prior to the adoption of a retirement plan. See Arizona Laws 48-221
- Trustee: A person or institution holding and administering property in trust.
B. A district may contribute from its funds an amount not less than that contributed by participants.
C. A district may also expend from its funds such amount or amounts as shall be required to provide prior service retirement income to employees entitled thereto. Such amount or amounts may be expended by a district at such time or times as in the judgment of the governing board of the district may be necessary under the plan adopted.
D. In addition the district may expend such reasonable amounts as may be necessary to pay the cost of administering the plan, including, but not limited to, the reasonable expenses and compensation of a trustee if the funds contributed by the participants and the district are held and managed by a trustee.