The legislature intends that the plan is a qualified pension plan under section 401 of the internal revenue code, as amended, or successor provisions of law, and that the trust is exempt from taxation under section 501 of the internal revenue code, as amended. The assets of the fund are held in trust for the exclusive benefit of the members and beneficiaries of the plan. The board may adopt such additional provisions to the plan as are necessary to fulfill this intent.
A.R.S. § 38-810.01
Internal revenue code qualification
Applied in 1 court decision — leading case Cross v. Elected Officials Retirement Plan (2014)
Most recently applied in Cross v. Elected Officials Retirement Plan (May 2014)
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.