Section R2-8-207. Return of Contributions

A.      A System member who elects to receive a return of contribu- tions under A.R.S. § 38-740 is paid as follows:

1.        The ASRS shall pay the guaranteed portion of the account balance no sooner than 30 days after the member

separates from service, unless earlier payment is other- wise authorized by law;

2.        The ASRS shall pay the non-guaranteed portion of the account balance upon completion of the actuarial valua- tion for the fiscal year end immediately before the date the member separates from service; and

3.        The ASRS shall pay the entire account balance no later than 90 days after the member separates from service.

B.       A non-retired member’s beneficiary who qualifies for and elects a lump-sum payout under A.R.S. § 38-762, is paid as follows:

1.        The ASRS shall pay the guaranteed portion of the account balance upon verification of the member’s death and determination of the deceased member’s guaranteed portion of the account balance,

2.        The ASRS shall pay the non-guaranteed portion of the account balance upon completion of the actuarial valua- tion for the fiscal year end immediately before the date of the member’s death, and

3.        The ASRS shall pay the entire account balance no later than 90 days after the beneficiary requests the lump-sum payout.

C.      If the ASRS pays a partial lump sum to a System member at retirement, the proportion of the guaranteed to non-guaranteed funds the ASRS pays to the System member is equal to the proportion of guaranteed to non-guaranteed funds in the Sys- tem member’s entire account.

Historical Note

New Section made by final rulemaking at 10 A.A.R.

1962, effective May 4, 2004 (Supp. 04-2).