38-932. Arizona employers' pension prefunding plan
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/az/title-38/38-932A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The Arizona employers' pension prefunding plan is established as a special trust fund for the purpose of allowing participating employers that provide a defined benefit pension plan to their employees to prefund the employer's required pension contributions.
B. The prefunding plan and the assets held in the prefunding plan are separate and apart from:
1. The public safety personnel retirement fund and any other fund, program or plan administered by the board.
2. Any pension prefunding plan investment accounts established pursuant to section 35-314.04 or any other section of title 35 and any pension prefunding plan monies in such accounts.
C. The prefunding plan is an integral part of this state and of the political subdivisions of this state, performs an essential governmental function and is an entity with the power to sue and be sued. The prefunding plan is intended to be structured and administered in a manner that results in the tax-exempt status of the prefunding plan's income.