Arizona Laws 38-815. Joinder agreement
A. Elected officials of an incorporated city or town may participate in the plan if the governing body of the city or town enters into a joinder agreement with the board on behalf of its elected officials and the employer unconditionally accepts the provisions of the plan and binds its elected officials thereto. All elected officials shall be designated for membership unless written consent to the contrary is obtained from the board. A member shall be qualified for participation in order to obtain written consent to the contrary from the board.
Terms Used In Arizona Laws 38-815
- Accumulated contributions: means the sum of all member contributions deducted from the member's salary pursuant to section 38-810, subsection A plus the amount transferred to the fund on behalf of the member plus the amount deposited in the fund pursuant to section 38-816. See Arizona Laws 38-801
- 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
- Effective date of participation: means August 7, 1985, except with respect to employers and their elected officials whose contributions to the plan commence after that date, in which case the effective date of their participation in the plan is specified in the applicable joinder agreement. See Arizona Laws 38-801
- Elected official: means :
(a) Every elected official of this state who was a member of the plan on December 31, 2013. See Arizona Laws 38-801
- Employer: means a department, agency or political subdivision of this state that makes employer contributions to the plan pursuant to section 38-810 on behalf of an elected official who participates in the plan. See Arizona Laws 38-801
- Fund: means the elected officials' retirement plan fund. See Arizona Laws 38-801
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Plan: means the elected officials' retirement plan. See Arizona Laws 38-801
B. The effective date of participation shall be specifically stipulated in the joinder agreement.
C. Any city or town that is considering participation in the plan shall request a preliminary actuarial survey to determine the estimated cost of participation, the benefits to be derived and such other information as may be deemed appropriate. The cost of such survey shall be paid by the city or town requesting it.
D. All assets under any existing public employee defined benefit retirement program, to the extent attributable to the city’s or town’s elected officials, shall be transferred from the program to this fund no later than sixty days after the city’s or town’s effective date of participation. That portion of the transferred assets that is attributable to the elected official‘s contributions, including interest credits thereon, shall be properly allocated to each affected elected official of the city or town and credited to the elected official’s accumulated contributions, in accordance with a schedule furnished by the city or town to the board.