38-862. Discount rate; service purchase; transfer of service credits
A. Beginning July 1, 2017, the discount rate specified in subsection B of this section applies to service purchases or transfers of service credits to the system pursuant to the following sections:
1. Section 38-849, subsection D.
2. Section 38-853.01, subsection C.
3. Section 38-858, subsection A or B.
4. Sections 38-921, 38-922, 38-923 and 38-924.
B. For members enrolled in the system:
1. Before July 1, 2017, the discount rate is the assumed rate of return that is prescribed by the board.
2. On or after July 1, 2017, the discount rate is an amount equal to the lesser of the assumed rate of return that is prescribed by the board or an amount equal to the yield on a ten-year treasury note as of March 1 that is published by the federal reserve board plus two percent. The discount rate is effective beginning in the next fiscal year, and the board shall recalculate the rate each year.
Structure Arizona Revised Statutes
Title 38 - Public Officers and Employees
§ 38-201 - General qualifications
§ 38-211 - Nominations by governor; consent of senate; appointment
§ 38-212 - Limitation on appointments
§ 38-221 - Commission of office
§ 38-231 - Officers and employees required to take loyalty oath; form; classification; definition
§ 38-233 - Filing oaths of record
§ 38-234 - Usurpation of office; classification
§ 38-251 - State officers and employees blanket bond; amount; approval
§ 38-253 - Approval of bond; filing
§ 38-254 - Bond premiums as public charge
§ 38-255 - Recording of bond; copies
§ 38-256 - Form of official bonds
§ 38-257 - Justification of sureties; officers ineligible as sureties
§ 38-258 - Limitation of liability by sureties
§ 38-259 - Extent of liability
§ 38-260 - Beneficiaries of bond
§ 38-261 - Successive recoveries
§ 38-262 - Defects in form, approval or filing of bond
§ 38-263 - Additional bond; failure to file
§ 38-264 - Additional bond; terms
§ 38-265 - Liability on original and additional bonds
§ 38-266 - Judgment on original and additional bonds; contribution of sureties
§ 38-267 - Discharge of sureties
§ 38-268 - Bonds of persons appointed to fill vacancies
§ 38-269 - Withdrawal of surety; effect on remaining sureties
§ 38-270 - Supplemental bond upon withdrawal of surety; exception
§ 38-271 - Effect of withdrawal on liability of surety
§ 38-273 - Recording notice of ownership of real property; lien of judgment
§ 38-292 - Notice of vacancy in office
§ 38-293 - Effect of conviction of officer
§ 38-296 - Limitation on filing for election by incumbent of elective office
§ 38-296.01 - Limitation on running for multiple offices
§ 38-297 - Temporary vacancy resulting from military service; appointive officers and employees
§ 38-298 - Restoration to position following military service
§ 38-299 - Effect of expiration of term prior to separation from military service
§ 38-300 - Temporary vacancy resulting from military service; elective office
§ 38-311 - Officers subject to impeachment
§ 38-312 - Articles of impeachment
§ 38-313 - Impeachment hearing; service on accused
§ 38-314 - Court of impeachment; organization
§ 38-315 - Witness fees; execution of process
§ 38-316 - Absence of senator from hearing
§ 38-317 - Compensation of impeachment personnel
§ 38-318 - Expenses of impeachment proceedings
§ 38-319 - Vacancy in board of managers
§ 38-320 - Appearance of accused; plea
§ 38-322 - Performance of official duties by accused
§ 38-341 - Accusation by grand jury
§ 38-342 - Service on accused; appearance and plea
§ 38-344 - Procedure upon accusation of county attorney
§ 38-345 - Right of appeal; suspension from office pending appeal
§ 38-361 - Powers and duties of successor in office
§ 38-362 - Delivery of property and records to successor
§ 38-364 - Summary proceedings to obtain property and records of office
§ 38-381 - Declaration of policy
§ 38-383 - Unavailability of governor; appointment of temporary successor
§ 38-385 - Convening legislating bodies in event of an attack
§ 38-386 - Quorum and vote requirements of state and local legislating bodies
§ 38-401 - Office hours for state offices
§ 38-411 - Record of fees; inspection of fee book
§ 38-412 - Posting schedule of fees
§ 38-413 - Charging excessive fees; classification
§ 38-414 - Collection of fees; failure to report amount collected; classification
§ 38-421 - Stealing, destroying, altering or secreting public record; classification
§ 38-423 - Making or giving false certificate; classification
§ 38-431.01 - Meetings shall be open to the public
§ 38-431.02 - Notice of meetings
§ 38-431.03 - Executive sessions; definitions
§ 38-431.04 - Writ of mandamus
§ 38-431.05 - Meeting held in violation of article; business transacted null and void; ratification
§ 38-431.06 - Investigations; written investigative demands
§ 38-431.07 - Violations; enforcement; civil penalty; removal from office; in camera review
§ 38-431.08 - Exceptions; limitation
§ 38-431.09 - Declaration of public policy
§ 38-441 - Discharge of duties of another office; attestation
§ 38-442 - Persons acting as public officers without qualifying; classification; effect of acts
§ 38-443 - Nonfeasance in public office; classification
§ 38-444 - Asking or receiving illegal gratuity or reward; classification
§ 38-445 - Using pass or obtaining special rates for transportation; classification; exception
§ 38-446 - Acts based on written opinions; immunity
§ 38-449 - Display of POW/MIA flag
§ 38-450 - Display of honor and remember flag
§ 38-461 - Appointment and recording of appointment
§ 38-462 - Powers and duties of deputies
§ 38-464 - Authorization for payment of salary; limitation
§ 38-465 - Purchase of appointment to office; classification
§ 38-466 - Sale of appointment to office; classification
§ 38-481 - Employment of relatives; violation; classification; definition
§ 38-491 - Eligibility; age limit
§ 38-494 - Violations; classification
§ 38-501 - Application of article
§ 38-503 - Conflict of interest; exemptions; employment prohibition
§ 38-505 - Additional income prohibited for services
§ 38-508 - Authority of public officers and employees to act
§ 38-509 - Filing of disclosures
§ 38-511 - Cancellation of political subdivision and state contracts; definition
§ 38-519 - Legislative ethics committees; membership; powers and duties; code of ethics
§ 38-532 - Prohibited personnel practice; violation; reinstatement; exceptions; civil penalty
§ 38-534 - Appropriate independent personnel boards
§ 38-538 - Designation of state and political subdivision motor vehicles; definition
§ 38-538.02 - Use of state motor vehicles; personal vehicle reimbursement
§ 38-538.04 - Violation; classification
§ 38-543 - Duty to file financial disclosure statement by candidate for public office
§ 38-544 - Violation; classification
§ 38-545 - Local public officers financial disclosure
§ 38-592 - Public service orientation programs; implementation
§ 38-601 - Effect of payment of legal salary
§ 38-602 - Limitation on action for salary; waiver of right to additional salary
§ 38-606 - Suspension of salary pending determination of contested title to office; exception
§ 38-607 - Recovery of payment to disqualified persons
§ 38-608 - Compensation or time off for legal holidays
§ 38-609 - Retention of salary of subordinate; classification
§ 38-610 - Leaves of absence for certain military and disaster training; definitions
§ 38-610.02 - Leave of absence and compensation for national disaster medical system employment
§ 38-611 - Compensation of certain state officers and employees
§ 38-611.01 - Arizona state retirement system; incentive compensation plan; special pay plan
§ 38-611.02 - Public safety personnel retirement system; special pay practices
§ 38-612 - Administration of payroll salary deductions
§ 38-613 - State employee suggestion program awards; fund
§ 38-614 - Merit awards; county employees; merit award system board; special merit award fund
§ 38-615 - Payment for accumulated sick leave; requirements; limit; definition
§ 38-616 - Retiree accumulated sick leave fund; administration; contribution
§ 38-617 - County safety incentive awards
§ 38-618 - Performance based incentives program
§ 38-621 - Persons eligible to receive travel expenses
§ 38-622 - Authorization for travel; claims
§ 38-623 - Means of travel; rates
§ 38-625 - Receipts for transportation
§ 38-626 - Out-of-state travel; approval; exemptions
§ 38-626.01 - Authorization for certain out-of-state travel by state employees
§ 38-627 - Use of state equipment out of state
§ 38-642 - Public safety cancer insurance policy program
§ 38-643 - Public safety cancer insurance policy program account
§ 38-651 - Expenditure of monies for health and accident insurance; definition
§ 38-651.03 - Expenditure of funds for disability income insurance
§ 38-651.04 - Procurement of insurance; combining of coverages
§ 38-651.05 - Flexible or cafeteria employee benefit plan; fund
§ 38-652 - Experience rating dividends and unused claim reserves; deposit; trust account
§ 38-653 - Rules and regulations
§ 38-657 - Long-term care insurance
§ 38-658 - Report to joint legislative budget committee
§ 38-671 - Employee benefits; exclusions; definitions
§ 38-672 - Traumatic event counseling for public safety employees; report; exceptions; definitions
§ 38-702 - Federal-state agreement
§ 38-703 - Plans for coverage of employees of eligible political subdivisions; payroll audits
§ 38-704 - Rule making powers of state agency
§ 38-705 - Studies and reports by state agency
§ 38-706 - Referenda and certification
§ 38-712 - ASRS purpose; trust fund
§ 38-713 - ASRS board; qualifications; term; compensation
§ 38-714 - Powers and duties of ASRS and board
§ 38-715 - Director; powers and duties
§ 38-716 - Employers' responsibilities under the system
§ 38-717 - Liability insurance and immunity for the board
§ 38-718 - Investment managers; general powers and duties; investment of monies; limitations
§ 38-719 - Interest paid to members and employers
§ 38-721 - Administration account
§ 38-722 - Abandoned monies; disposition
§ 38-723 - Recovery of collection costs; levy and distraint; definitions
§ 38-725 - Financial institutions data match; prohibited disclosure; fee; definition
§ 38-727 - Eligibility; options
§ 38-729 - Political subdivision plans
§ 38-730 - Charter city or ASRS retirement service credits; transfers
§ 38-735 - Payment of contributions; recovery of delinquent payments
§ 38-736 - Member contributions
§ 38-737 - Employer contributions; prepayment; definitions
§ 38-738 - Adjustment and refund
§ 38-739.01 - Credited service retention
§ 38-740 - Return of contributions
§ 38-741 - Reemployment of inactive member
§ 38-743 - Public service credit
§ 38-744 - Leave of absence; credit for leave without pay
§ 38-745 - Credit for military service
§ 38-746 - Compensation limitation; adjustments
§ 38-747 - Purchase of credited service; payment; limitations; definitions
§ 38-748 - Employer payments for ineligible contributions; definitions
§ 38-749 - Employer termination incentive program; employer payment of actuarial cost; definition
§ 38-750 - Transfers out of the system
§ 38-751 - Nonparticipatory employer liability allocation; exemption; definitions
§ 38-755 - Member's account information; beneficiary designation; spousal consent; confidentiality
§ 38-756 - Outreach education program
§ 38-759 - Late retirement; definition
§ 38-760 - Optional forms of retirement benefits
§ 38-762 - Survivor benefits before retirement; definition
§ 38-763 - Survivor benefits after retirement
§ 38-764 - Commencement of retirement; payment of retirement benefits; lump sum payments
§ 38-765 - Errors; benefit recomputation
§ 38-766 - Retired members; return to work; suspension of benefits; exceptions; maximum benefit
§ 38-766.01 - Retired members; return to work
§ 38-767 - Benefit increases; applicability
§ 38-768 - Minimum retirement benefit
§ 38-769 - Maximum retirement benefits; termination; definitions
§ 38-770 - Eligible rollover distribution; definitions
§ 38-771 - Benefit options for transferred defined contribution program members; definitions
§ 38-771.01 - Alternative benefits for transferred defined contribution program members; definitions
§ 38-772 - Prior service under defined contribution program administered by ASRS; definitions
§ 38-774 - Excess benefit arrangement
§ 38-775 - Required distributions; definitions
§ 38-776 - Spousal waiver and consent
§ 38-791 - Assurances and liabilities
§ 38-792 - Exemptions from execution, attachment and taxation; exception
§ 38-793 - Violation; classification
§ 38-794 - Reservation to legislature
§ 38-797.03 - ASRS board; personnel; duties; hearing or review; executive session
§ 38-797.05 - Employer and member contributions
§ 38-797.06 - Contribution rate; annual report
§ 38-797.07 - LTD program benefits; limitations; definitions
§ 38-797.08 - Errors; benefit recomputation
§ 38-797.10 - Assurances and liabilities
§ 38-797.11 - Exemptions from execution, attachment and taxation; exception
§ 38-797.12 - Violation; classification
§ 38-797.13 - Reservation to legislature
§ 38-797.14 - Liquidation of LTD program
§ 38-797.15 - Interest paid to members and employers
§ 38-802 - Elected officials' retirement plan and fund; administration
§ 38-802.01 - Employer responsibilities under the system
§ 38-803 - Powers and duties of the board; reporting requirements
§ 38-803.01 - Qualified governmental excess benefit arrangement; definitions
§ 38-804 - Membership; termination; credited service; redemption; reemployment
§ 38-804.01 - Reinstatement of credited service; effect of prior law
§ 38-805 - Normal retirement and early retirement pensions
§ 38-806 - Disability retirement pensions
§ 38-808 - Pension payments; computation of amounts; termination
§ 38-810 - Contributions; appropriations
§ 38-810.01 - Internal revenue code qualification
§ 38-810.02 - Statutory construction
§ 38-810.03 - Compensation limitation; adjustments
§ 38-810.04 - Retired member; return to work; employer contributions
§ 38-810.05 - Required distributions
§ 38-811 - Taxation of benefits; exemption of contributions and securities
§ 38-812 - Maximum annual pension; limitations; definition
§ 38-813 - Availability of retired judges for certain legal services; compensation
§ 38-814 - Termination of plan; adjustment and refund
§ 38-816 - Redemption of prior service
§ 38-816.01 - Purchase of service; payment
§ 38-818.04 - Cost-of-living adjustment
§ 38-820 - Credit for military service
§ 38-821 - Charter city retirement system service credits; transfers
§ 38-822 - Domestic relations orders; procedures; payments
§ 38-823 - Discount rate; service purchase; transfer of service credits
§ 38-832 - Defined contribution system; annual report; quarterly statements
§ 38-833 - Member and employer contributions; disability
§ 38-834 - Credit for military service
§ 38-840.02 - EODC disability program trust fund
§ 38-840.04 - Employer and member contributions
§ 38-840.05 - Contribution rate
§ 38-840.06 - EODC disability program benefits
§ 38-840.07 - Errors; benefit recomputation
§ 38-840.08 - Facility of payment
§ 38-840.09 - Assurances and liabilities
§ 38-840.10 - Exemption from execution and attachment; taxation
§ 38-840.11 - Violation; classification
§ 38-840.12 - Reservation to legislature
§ 38-840.13 - Liquidation of the EODC disability program
§ 38-841 - Purpose; vested benefits
§ 38-842.02 - Public safety employer risk pool
§ 38-843 - Contributions; employer account asset transfers
§ 38-843.01 - Internal revenue code section 414(h) pickup of member contributions
§ 38-843.02 - Internal revenue code qualification
§ 38-843.03 - Statutory construction
§ 38-843.04 - Compensation limitation; adjustments; definition
§ 38-843.05 - Retired members; return to work; employer contributions
§ 38-843.06 - Required distributions
§ 38-843.07 - Adjustment and refund; termination of the system
§ 38-844 - Requirements for retirement benefits and disability pensions
§ 38-844.01 - Vested rights to benefits
§ 38-844.02 - Deferred retirement option plan for employees hired before January 1, 2012; purpose
§ 38-844.03 - Eligibility; participation
§ 38-844.04 - Termination of deferred retirement option plan participation
§ 38-844.05 - Deferred retirement option benefits and participation accounts
§ 38-844.06 - Additional deferred retirement option plan provisions
§ 38-844.07 - Designation of deferred retirement option plan beneficiaries
§ 38-844.08 - Payment of deferred retirement option plan benefits
§ 38-844.09 - Internal revenue code compliance
§ 38-844.10 - Deferred retirement option plan; employer; extension approval
§ 38-845 - Amount of retirement benefit
§ 38-845.01 - Maximum annual pension; limitations; definition
§ 38-845.02 - Payment of pension
§ 38-845.03 - Early retirement
§ 38-846.01 - Deferred annuity; exception
§ 38-846.02 - Termination of membership
§ 38-846.03 - Reinstatement of surviving spouse's pension
§ 38-846.04 - Reinstatement of credited service; effect of prior law
§ 38-846.05 - Retiree pool account; transfers; funding
§ 38-846.06 - Eligible rollover distributions; direct rollovers
§ 38-847.01 - Membership in retirement plan; eligibility
§ 38-847.02 - Voluntary local board consolidation; membership; duties
§ 38-847.03 - Uniform medical review; administrator; disability decisions; definitions
§ 38-847.04 - Board of trustees; determination of retirement benefits; definitions
§ 38-848.01 - Qualified governmental excess benefit arrangement; definitions
§ 38-848.02 - Board of trustees; report on employer and employee costs; posting funding ratio
§ 38-848.03 - Appointed investment management
§ 38-848.04 - Board fiduciary obligations and duties; enforcement; definitions
§ 38-850 - Assurances and liabilities; board of trustee discretion; overpayments; underpayments
§ 38-851 - Participation of new employers
§ 38-852 - Taxation of benefits; exemption of contributions and securities
§ 38-852.01 - Benefits not to be reduced by social security payments
§ 38-853 - Transfer of credited service
§ 38-853.01 - Redemption of prior service; calculation
§ 38-853.02 - Purchase of service; payment
§ 38-854 - Guarantees from prior systems
§ 38-855 - Transfer outside the public safety personnel retirement system
§ 38-856.05 - Cost-of-living adjustment; members hired on or before June 30, 2017
§ 38-856.06 - Cost-of-living adjustment; members hired on or after July 1, 2017; definition
§ 38-857 - Group health and accident coverage for retired members; payment; forfeiture of interest
§ 38-858 - Credit for military service
§ 38-859 - Medical boards; purposes; composition; medical examinations
§ 38-860 - Domestic relations orders; procedures; payments
§ 38-861 - Future benefit increases; payment; cost calculation; definition
§ 38-862 - Discount rate; service purchase; transfer of service credits
§ 38-863 - Employer disclosure; funding ratio
§ 38-863.01 - Pension funding policies; employers
§ 38-865.01 - Definition of participant
§ 38-867 - Contributions; member; employer; pickup
§ 38-867.01 - Rollover distributions and contributions; definitions
§ 38-867.02 - Trustee-to-trustee transfers from system; definitions
§ 38-868 - Contributions; member; employer; applicability of article
§ 38-868.01 - Credit for military service
§ 38-869 - Group health benefits plan; retired participants; definition
§ 38-870.01 - Disability program; administration; power and duties of the board; hearing
§ 38-870.02 - Disability program trust fund
§ 38-870.04 - Employer and participant contributions
§ 38-870.05 - Contribution rate
§ 38-870.06 - Disability program benefit
§ 38-870.07 - Death benefits; survivor or eligible child
§ 38-870.08 - Death benefits; surviving spouse; eligible child
§ 38-876 - Deferred compensation plan; administration
§ 38-877 - Voluntary participation; authorization; payroll salary deductions; employer contributions
§ 38-878 - Effect of participation
§ 38-882 - Corrections officer retirement plan and fund; administration
§ 38-883 - Board of trustees; powers and duties; reporting requirements
§ 38-883.01 - Qualified governmental excess benefit arrangement; definitions
§ 38-884 - Membership of retirement plan; termination; credited service; redemption; reemployment
§ 38-884.01 - Reinstatement of credited service; effect of prior law
§ 38-885 - Normal retirement; conditions and pension
§ 38-885.01 - Reverse deferred retirement option plan; purpose
§ 38-885.02 - Early retirement
§ 38-887 - Pension to surviving spouse of deceased retired member
§ 38-888 - Pension to the surviving spouse of a member
§ 38-889 - Guaranteed minimum aggregate payout
§ 38-890 - Pensions; commencement and duration
§ 38-891 - Employer and member contributions
§ 38-891.01 - Retired member; return to work; employer contributions
§ 38-892 - Internal revenue code section 414(h) pickup of member contributions
§ 38-893 - Local boards; powers and duties; rules; hearings; administrative review
§ 38-893.01 - Voluntary local board consolidation; membership; duties
§ 38-894 - Financial objective of the retirement plan; participating employer contributions
§ 38-895 - Maximum annual pension; limitations; definition
§ 38-895.01 - Compensation limitation; adjustments; definition
§ 38-895.02 - Payment of pension
§ 38-895.03 - Required distributions
§ 38-896 - Taxation of pensions; exemption for contributions
§ 38-897 - Assignments prohibited; liability of fund
§ 38-898 - Subrogation; right of setoff
§ 38-899 - Correction of errors
§ 38-900 - Internal revenue code qualification
§ 38-900.01 - Statutory construction
§ 38-900.02 - Adjustment and refund; termination of plan
§ 38-901 - Transfers into or out of retirement plan
§ 38-903 - Reservation to the legislature
§ 38-904 - Death benefits; amount
§ 38-905.05 - Cost-of-living adjustment; members hired on or before June 30, 2018
§ 38-905.06 - Cost-of-living adjustment; members hired on or after July 1, 2018; definition
§ 38-906 - Group health and accident coverage for retired members; payment; forfeiture of interest
§ 38-907 - Credit for military service
§ 38-908 - Transfer of credited service
§ 38-909 - Redemption of prior service; calculation
§ 38-909.01 - Purchase of service; payment
§ 38-910 - Domestic relations orders; procedures; payments
§ 38-911 - Deferred annuity; eligibility; amount; exception
§ 38-913 - Discount rate; service purchase; transfer of service credits
§ 38-914 - Employer disclosure; funding ratio
§ 38-922 - Transfer or redemption of service credits
§ 38-924 - Transfer of service credits
§ 38-932 - Arizona employers' pension prefunding plan
§ 38-933 - Administration and investment by the board; investment options; administrative costs
§ 38-934 - Board authorization of employer participation; employer election
§ 38-935 - Transfer of monies by employer
§ 38-936 - Transfer of assets out of the prefunding plan; requirements
§ 38-937 - Termination of employer's participation; prefunding plan termination
§ 38-939 - Nontaxable status of prefunding plan; intent
§ 38-940 - Board rules; procedures; discretionary fiduciary duty
§ 38-952 - Supplemental defined contribution plan; establishment; administration
§ 38-953 - Supplemental option
§ 38-961 - Public safety officer; duty-related injury; supplemental benefits plan; definitions
§ 38-1002 - Merit system council for law enforcement officers
§ 38-1003 - Powers and duties of council
§ 38-1005 - Status of persons employed prior to merit system institution
§ 38-1006 - Authority of city or town to use county merit system council
§ 38-1102 - Peace officers bill of rights; preemption
§ 38-1103 - Discipline of law enforcement officers; exceptions
§ 38-1104 - Internal investigations; employee representative; exception
§ 38-1105 - Law enforcement officer as witness; right to representation; exception
§ 38-1107 - Superior court review hearing; remedy; exceptions
§ 38-1108 - Polygraph examinations; exception
§ 38-1109 - Confidentiality of records; exception
§ 38-1110 - Time limitation on disciplinary action against law enforcement officer;
§ 38-1111 - Critical incident stress management team member; privilege; exceptions; definitions
§ 38-1112 - Law enforcement officers; fitness for duty examinations; rights of officers; definitions
§ 38-1113 - Carrying of firearms by peace officers; exceptions; definitions
§ 38-1115 - Officers; purchase of firearm; definitions
§ 38-1116 - Use of force incident investigation; right to view recorded video; statement
§ 38-1118 - Use-of-force incidents; data collection; reports; rules; public records; definitions
§ 38-1119 - Law enforcement officers; database; notice; request for reconsideration; definitions
§ 38-1120 - Peace officer complaint; mandatory notice
§ 38-1133 - Discipline of probation officers
§ 38-1134 - Internal investigations; employee representative; polygraph examination
§ 38-1135 - Probation officers as witnesses; right to representation
§ 38-1136 - Appeal of disciplinary action; change of hearing officer; burden of proof
§ 38-1137 - Confidentiality of records
§ 38-1138 - Polygraph examinations
§ 38-1139 - Critical incident stress management team member; privilege; exceptions; definitions