Required Documentation and Calculations for Forfeited Service Credit

R2-8-507. Required Documentation and Calculations for Forfeited Service Credit A. An Eligible Member who requests to purchase Service Credit for Forfeited Service under A.R.S. § 38-742 shall provide th e ASRS: 1. The name of an Employer, if known, for which the Eligible Member is requesting to purchase Service Credit for Forfeited Service; and 2. The year and month the Eligible Member believes th e ASRS returned retirement contributions. B. Upon receipt of payment as specified in subsection (D), th e ASRS shall apply the Service Credit to the Eligible Member’ s account based on the most recent Forfeited Service availabl e for purchase. C. Notwithstanding subsection (B), if an Eligible Member ha s more than one return of contributions pursuant to A.R.S. § 38- Ser- 740, the Eligible Member may elect to purchase Forfeited 26-1 Page 37 2 A.A.C. 8 Arizona CHAPTER 8. STATE vice for any of the return of contributions and the ASRS shall apply the Service Credit to the Eligible Member’s account pur- based on the most recent Forfeited Service available for chase. D. The amount the Eligible Member shall pay to purchase Servic e retire- Credit for previously Forfeited Service is the amount of ment contributions that the ASRS issued, plus interest on that amount from the date on the return of retirement contribution s Invest- check to the date of redeposit at the Assumed Actuarial ment Earnings Rate specified in R2-8-118(A). Historical Note New Section made by final rulemaking at 11 A.A.R. 2640, effective June 30, 2005 (Supp. 05-2). Amended by final rulemaking at 12 A.A.R. 4667, effective December 5, 2006 (Supp. 06-4). Amended by final rulemaking at 25 A.A.R. 303, effective March 18, 2019 (Supp. 19-1). Amended by final expedited rulemaking at 27 A.A.R. 479, with an immediate effective of March 5, 2021 (Supp. 21-1).