Termination of Employment and Request Return of Retirement Contributions or Death of Membe r While Purchasing Service Credit by an Irrevocable PDA

R2-8-520. Termination of Employment and Request Return of Retirement Contributions or Death of Membe r While Purchasing Service Credit by an Irrevocable PDA A. If an Eligible Member terminates employment without transferring employment as specified in R2-8-513.01 while purchasing Service Credit by an Irrevocable PDA and request s return of retirement contributions pursuant to A.R.S. § 38-740, the ASRS shall return any principal payments made for th e purchase of Service Credit including interest earned on thos e principal payments at the interest rate specified in R2-8- 118(A), column 3. B. If an Eligible Member dies while purchasing Service Credit, the ASRS shall credit the Eligible Member’s account with: 1. The Service Credit for which the ASRS received payment pursuant to a PDA before the Eligible Member’s death; 2. The principal payments made by the Eligible Member; and distribu- 3. Interest earned on payment through the date of tion at the Assumed Actuarial Investment Earnings Rat e specified in R2-8-118(A). C. If an Eligible Member dies while purchasing Service Credit, the ASRS shall not permit the survivor or an estate to purchas e the remaining balance. adminis- D. The ASRS shall not transfer, disburse, or refund the trative interest the ASRS charged as part of an Irrevocabl e PDA as specified in R2-8-513. E. The ASRS shall not credit a member’s account with th e administrative interest the ASRS charged as part of an Irrevocable PDA as specified in R2-8-513. 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).