Arizona Laws 38-932. Arizona employers’ pension prefunding plan
A. The Arizona employers’ pension prefunding plan is established as a special trust fund for the purpose of allowing participating employers that provide a defined benefit pension plan to their employees to prefund the employer‘s required pension contributions.
Terms Used In Arizona Laws 38-932
- 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 38-931
- Defined benefit pension: means the elected officials' retirement plan established by article 3 of this chapter, the public safety personnel retirement system established by article 4 of this chapter and the corrections officer retirement plan established by article 6 of this chapter. See Arizona Laws 38-931
- Employer: means an employer as defined in section 38-801, 38-842 or 38-881. See Arizona Laws 38-931
- Prefunding plan: means the Arizona employers' pension prefunding plan established by this article. See Arizona Laws 38-931
- Required pension contributions: means an employer's unfunded liability and future required contributions under the applicable defined benefit pension, whether pertaining to a single year or multiple years. See Arizona Laws 38-931
B. The prefunding plan and the assets held in the prefunding plan are separate and apart from:
1. The public safety personnel retirement fund and any other fund, program or plan administered by the board.
2. Any pension prefunding plan investment accounts established pursuant to Section 35-314.04 or any other section of title 35 and any pension prefunding plan monies in such accounts.
C. The prefunding plan is an integral part of this state and of the political subdivisions of this state, performs an essential governmental function and is an entity with the power to sue and be sued. The prefunding plan is intended to be structured and administered in a manner that results in the tax-exempt status of the prefunding plan’s income.