48-222

48-222. District retirement plans authorized;
benefits provided

A. A district which is not participating in the Arizona state retirement system
provided by title 38, chapter 5, article 2, or the employees of which are not members of
the Arizona state retirement system may, by appropriate action of a majority of its
governing body, adopt a retirement plan for its employees.

B. Any such retirement plan may provide for such of the following benefits in such
amounts and at such times as the governing body of a district may determine:

1. Retirement income or pensions for eligible district employees upon attaining age
not less than sixty years payable in installments not more frequently than monthly,
either from a trust fund and the income therefrom created by employees' and district
contributions or by the purchase of single premium annuity contracts with legal reserve
life insurance companies authorized to transact business in Arizona in such amounts as
the balance in the employees' accounts on the books of the trust fund will provide.

2. The purchase by the district of a group annuity contract with a reserve life
insurance company providing for retirement income upon attaining age not less than sixty
years, for death benefits of a participant prior to the participant's retirement, and for
any of the other benefits mentioned in this section.

3. Payment of retirement pension or income upon an employee being totally and
permanently disabled to the extent to which the employee is prevented from engaging in
the employee's normal occupation with the district. The disability retirement income
shall commence at such time as the plan adopted by the governing body of a district shall
provide.

4. Termination of service withdrawal benefits after both the attainment of age
fifty and five years of participation in the plan.

5. The establishment of nonforfeitable interests of various types in any trust fund
or annuity contract upon termination of service after not less than five years of
continuous participation in the plan, depending upon the period of continuous
participation.

6. Prior service retirement income and benefits.

C. The governing body is authorized to adopt such other provisions in a plan as it
may deem to be for the best interests of the participants and the district and which are
actuarially sound and not in conflict with the provisions of this article.