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REFERENCE TITLE: CORP; pension buyback payments |
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State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012
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HB 2408 |
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Introduced by Representatives Stevens: Fann, Senators Griffin, Shooter
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AN ACT
amending title 38, chapter 5, article 6, Arizona Revised Statutes, by adding section 38‑909.01; relating to the corrections officer retirement plan.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 38, chapter 5, article 6, Arizona Revised Statutes, is amended by adding section 38-909.01, to read:
38-909.01. Purchase of service; payment
A member who purchases service pursuant to this article shall make payments directly to the plan in whole or in part by any one or a combination of the following methods:
1. In lump sum payments.
2. Through an arrangement with the plan that the payments be made in installment payments over a period of time.
3. Subject to the limitations prescribed in sections 401(a)(31) and 402(c) of the internal revenue code, accepting a direct transfer of any eligible rollover distribution or a contribution by a member of an eligible rollover distribution from one or more:
(a) Retirement programs that are qualified under section 401(a) or 403(a) of the internal revenue code.
(b) Annuity contracts described in section 403(b) of the internal revenue code.
(c) Eligible deferred compensation plans described in section 457(b) of the internal revenue code that are maintained by a state, a political subdivision of a state or any agency or instrumentality of a state or a political subdivision of a state.
4. Subject to the limitations prescribed in section 408(d)(3)(A)(ii) of the internal revenue code, accepting from a member a rollover contribution of that portion of a distribution from an individual retirement account or individual retirement annuity described in section 408(a) or 408(b) of the internal revenue code that is eligible to be rolled over and would otherwise be includable as gross income.