48-225. Employee and district contributions; administration expenses
198 words·~1 min read·
/az/title-48/48-225A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A plan shall provide for contributions by each participant of not less than three per cent of his compensation, and the district shall deduct the amount from each payment of compensation to a participant. All such amounts shall be used and applied by the district for providing the benefits described in section 48-222. No part of the participants' contributions shall be expended for the administration of the plan.
B. A district may contribute from its funds an amount not less than that contributed by participants.
C. A district may also expend from its funds such amount or amounts as shall be required to provide prior service retirement income to employees entitled thereto. Such amount or amounts may be expended by a district at such time or times as in the judgment of the governing board of the district may be necessary under the plan adopted.
D. In addition the district may expend such reasonable amounts as may be necessary to pay the cost of administering the plan, including, but not limited to, the reasonable expenses and compensation of a trustee if the funds contributed by the participants and the district are held and managed by a trustee.