38-844.05 - Arizona Statutes

38-844.05. Deferred retirement option benefits and participation accounts A. A deferred retirement option plan participation account is an account established within the system on behalf of each deferred retirement option plan participant. All benefits accrued pursuant to this article shall be accounted for in the deferred retirement option plan participation account. A deferred retirement option plan participant does not have a claim on the assets of the system with respect to the member's deferred retirement option plan participation account and assets shall not be set aside for any deferred retirement option plan participant that are separate from all other system assets. B. All amounts credited to a member's deferred retirement option plan participation account are fully vested. C. A member's deferred retirement option plan participation account shall be credited with the following: 1. An amount, credited monthly, that is computed in the same manner as a normal retirement benefit using the factors of credited service and average monthly benefit compensation in effect on the date of deferred retirement option plan participation. 2. An amount, credited monthly, that represents interest at a rate equal to the assumed rate of return determined by the board. D. The participant is not entitled to receive any amount prescribed by section 38-856 or 38-857 during the deferred retirement option plan participation period.