Arizona Laws 38-810.01. Internal revenue code qualification
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The legislature intends that the plan is a qualified pension plan under section 401 of the internal revenue code, as amended, or successor provisions of law, and that the trust is exempt from taxation under section 501 of the internal revenue code, as amended. The assets of the fund are held in trust for the exclusive benefit of the members and beneficiaries of the plan. The board may adopt such additional provisions to the plan as are necessary to fulfill this intent.
Terms Used In Arizona Laws 38-810.01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of trustees of the system. See Arizona Laws 38-801
- Fund: means the elected officials' retirement plan fund. See Arizona Laws 38-801
- Pension: means a series of monthly payments to a person who is entitled to receive benefits under the plan. See Arizona Laws 38-801
- Plan: means the elected officials' retirement plan. See Arizona Laws 38-801