38-840.01. EODC disability program; administration; power and duties of the board; hearing; annual report

329 words·~1 min read·/az/title-38/38-840-01

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A. The elected officials' defined contribution retirement system disability program is established for members of the elected officials' defined contribution retirement system. The board shall administer the EODC disability program.

B. The board may delegate authority to administer the program as it deems necessary and prudent to the administrator employed pursuant to section 38-848.

C. The board, in the administration, management and operation of the program, shall:

1. Account for the operation, administration and investment expenses and allocate them against investment income.

2. Contract on a fee basis with an actuary to make an actuarial valuation of the program based on the valuation method and valuation assumptions recommended by the actuary and approved by the board. The actuary shall be a member of the American academy of actuaries.

3. Contract on a fee basis with an independent auditing firm to make an annual audit of the accounting records of the EODC disability program trust fund and file a copy of the audit with the auditor general.

4. Invest the monies in the EODC disability program trust fund as provided in article 4 of this chapter.

5. On or before December 1 of each year, submit to the governor, the speaker of the house of representatives and the president of the senate a detailed report of the operation and the investment performance of the program that includes the contribution rate for the ensuing fiscal year.

D. The board, in the administration, management and operation of the program, may:

1. Employ services as it deems necessary.

2. Either keep invested monies separate or commingle invested monies as it deems appropriate.

3. Do all acts, whether expressly authorized, that may be deemed necessary or proper for the protection of the EODC disability program trust fund.

4. Determine the rights, benefits or obligations of any person under this article and afford any person dissatisfied with a determination of the person's rights, benefits or obligations under this article with a hearing on the determination.