38-863.01. Pension funding policies; employers

135 words·~1 min read·/az/title-38/38-863-01

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

A. Each governing body of an employer shall annually:

1. Adopt a pension funding policy for the system for employees who were hired before July 1, 2017. The pension funding policy shall include funding objectives that address at least the following:

(a)How to maintain stability of the governing body's contributions to the system.

(b)How and when the governing body's funding requirements of the system will be met.

(c)Defining the governing body's funded ratio target under the system and the timeline for reaching the targeted funded ratio.

2. Formally accept the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report.

B. The governing body shall post the pension funding policy on the governing body's public website and transmit the pension funding policy to the board.