Section R2-8-520. Termination of Employment and Request Return of Retirement Contributions or Death of Member While Pur- chasing Service Credit by an Irrevocable Payroll Deduction Authorization

A.      If a member terminates employment without transferring employment as specified in R2-8-513.01 while purchasing ser- vice credit by an Irrevocable Payroll Deduction Authorization and requests return of retirement contributions, the ASRS shall return any payments made for the purchase of service credit including interest earned on those payments as determined by the Board.

B.       If a member dies while purchasing service credit, the ASRS shall credit the member’s account with:

1.        The service credit for which the ASRS received payment before the member’s death,

2.        Interest earned on payment through the date of distribu- tion at the valuation rate established by the Board, and

3.        All service purchase payments.

C.      If a member dies while purchasing service credit, the ASRS shall not permit the survivor to purchase the remaining bal- ance.

D.      The ASRS shall not refund interest charged as part of an Irre- vocable Payroll Deduction Authorization as specified in R2-8- 513(E)(1).

Historical Note

New Section made by final rulemaking at 11 A.A.R. 2640, effective June 30, 2005 (Supp. 05-2). Amended by final rulemaking at 12 A.A.R. 4667, effective December 5, 2006 (Supp. 06-4).