38-867.02. Trustee-to-trustee transfers from system; definitions
173 words·~1 min read·
/az/title-38/38-867-02·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A trustee-to-trustee transfer made pursuant to section 38-844.06, subsection C shall be deposited in a separate transfer account established on behalf of the participant and made immediately available for the participant's beneficiary to either withdraw all or any portion of the deposited monies or directly transfer all or any portion of the monies to an eligible retirement plan in accordance with section 401(a)(31) of the internal revenue code.
B. For the purposes of this section:
1. "Beneficiary" means the person designated as the beneficiary of a participant's deferred retirement option plan participation account pursuant to section 38-844.07.
2. "Participant" means a member as defined in section 38-842, paragraph 31, subdivision (a), item
(vi)or (b), who has both:
(a)Elected to enter into the deferred retirement option plan established by section 38-844.02.
(b)Died while a participant in the deferred retirement option plan.
3. "Separate transfer account" means a fully vested and nonforfeitable separate account under the defined contribution plan established by the trustee in accordance with subsection A of this section.