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Arizona Administrative Code (Last Updated: November 17, 2016) |
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Title 2. ADMINISTRATION |
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Chapter 8. STATE RETIREMENT SYSTEM BOARD |
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Article 1. RETIREMENT SYSTEM; DEFINED BENEFIT PLAN |
Section R2-8-117. Repealed
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Historical Note
Former Rule, Retirement System Regulation 3; Former Section R2-8-17 renumbered as Section R2-8-117 without change effective May 21, 1982 (Supp. 82-3).
Section repealed by final rulemaking at 11 A.A.R. 2640, effective June 30, 2005 (Supp. 05-2).
A. Application of interest from inception of the ASRS through the present is as follows:
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Effective Date of Interest Rate Change |
Assumed Actuarial Inter- est and Investment Return Rate |
Interest Rate Used to Determine Return of Contributions Upon Termination of Membership by Separation from Ser- vice by Other Than Retirement or Death |
Interest Rate Used to Determine Survivor Benefits |
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7-1-1953 |
2.50% |
2.50% |
2.50% |
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7-1-1959 |
3.00% |
3.00% |
3.00% |
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7-1-1966 |
3.75% |
3.75% |
3.75% |
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7-1-1969 |
4.25% |
4.25% |
4.25% |
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7-1-1971 |
4.75% |
4.75% |
4.75% |
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7-1-1975 |
5.50% |
5.50% |
5.50% |
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7-1-1976 |
6.00% |
5.50% |
6.00% |
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7-1-1981 |
7.00% |
5.50% |
7.00% |
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7-1-1982 |
7.00% |
7.00% |
7.00% |
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7-1-1984 |
8.00% |
8.00% |
8.00% |
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7-1-2005 |
8.00% |
4.00% for Plan Members |
8.00% for System Members |
8.00% |
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7-1-2013 |
8.00% |
2.00% for Plan Members |
8.00% for System Members |
8.00% |
B. At the beginning of each fiscal year, interest is credited to the retirement account of each member on the June 30 that marks the end of the fiscal year based on the balance in the member’s account as of the previous June 30. The balance on which interest is credited includes:
1. Employer and employee contributions;
2. Voluntary additional contributions made by members, if applicable;
3. Amounts credited by transfer under A.R.S. § 38-924; and
4. Interest credited in previous years.
Historical Note
Former Rule, Retirement System Regulation 4; Amended effective July 1, 1975 (Supp. 75-1). Amended effective June 23, 1976 (Supp. 76-3). Former Section R2-8-18 renumbered and amended as Section R2-8-118 effective May 21, 1982 (Supp. 82-3).
Amended by final rulemaking at 11 A.A.R. 1416, effective April 5, 2005 (Supp. 05-2). Amended by final rulemaking at 19 A.A.R. 764, effective June 1, 2013 (Supp. 13-2). Amended by final rulemaking at 21 A.A.R. 2515, effective December 5, 2015 (Supp. 15-
4).