Arizona Laws 38-765. Errors; benefit recomputation
If any change or error in the records results in any member or beneficiary receiving from ASRS more or less than the member or beneficiary would have been entitled to receive if the records had been correct, ASRS shall correct the error and as far as practicable shall adjust the payments in a manner so that the actuarial equivalent of the benefit to which the member or beneficiary was correctly entitled is paid. ASRS shall correct any change or error and shall pay the appropriate monies to a member or beneficiary or shall recover monies from the member or beneficiary if the member or beneficiary is overpaid. ASRS shall recover monies by reducing any benefit otherwise payable by ASRS or the LTD program established by article 2.1 of this chapter to an active, inactive, person with a disability or retired member, survivor, contingent annuitant, beneficiary or alternate payee.
Terms Used In Arizona Laws 38-765
- Actuarial equivalent: means equality in value of the aggregate amounts expected to be received under two different forms of payment, based on mortality and interest rate assumptions approved from time to time by the board. See Arizona Laws 38-711
- ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contingent annuitant: means the person named by a member to receive retirement income payable following a member's death after retirement as provided in section 38-760. See Arizona Laws 38-711
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Retired member: means a member who is receiving retirement benefits pursuant to this article. See Arizona Laws 38-711