38-757. Normal retirement

237 words·~1 min read·/az/title-38/38-757

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. After application on a form prescribed by the director, a member may retire on reaching the member's normal retirement date. Except as provided in section 13-713, a member's right to the member's normal retirement benefit as described in subsection B of this section is nonforfeitable by an employer or ASRS on attainment of the member's normal retirement date.

B. Except as provided in section 38-768, a member who meets the requirements for retirement benefits at normal retirement shall receive a straight life annuity that equals the result of paragraph 1 of this subsection multiplied by paragraph 2 of this subsection when those paragraphs are defined as follows:

1. The number of whole and fractional years of credited service times the following:

(a)2.10 percent if the member does not have more than 19.99 years of credited service.

(b)2.15 percent if the member has at least 20.00 years of credited service but not more than 24.99 years of credited service.

(c)2.20 percent if the member has at least 25.00 years of credited service but not more than 29.99 years of credited service.

(d)2.30 percent if the member has at least 30.00 years of credited service.

2. The member's average monthly compensation.

C. Employers shall provide evidence of, and certify to, in a manner provided by the board, the member's average monthly compensation if that information is not already available from the records of ASRS.