Arizona § 38-768 - Minimum retirement benefit
Full text of Arizona Arizona Revised Statutes § 38-768 — Minimum retirement benefit, with citation guidance and answers to common questions.
§ 38-768. Minimum retirement benefit
A. Notwithstanding any other provision of this article, a retired member or beneficiary who is entitled to a benefit under this article shall receive at least a minimum monthly benefit that is computed pursuant to subsection B of this section if the retired member or beneficiary is at least seventy-five years of age and if the retired member or beneficiary is any of the following:
1. Retired from ASRS with at least twenty years of credited service.
2. A beneficiary of ASRS who is receiving benefits derived from a retired member who had at least twenty years of credited service.
3. A member with at least twenty years of service who irrevocably revokes the receipt of benefits determined on the basis of membership in the defined contribution program administered by ASRS and who elects to receive benefits under this article.
4. A beneficiary who is receiving benefits derived from a retired member who had at least twenty years of service, who irrevocably revoked the receipt of benefits determined on the basis of membership in the defined contribution program administered by ASRS and who elected to receive benefits under this article.
B. The minimum monthly benefit provided by subsection A of this section:
1. For retired members, is $600.
2. For beneficiaries, is the amount determined by paragraph 1 of this subsection and reduced in accordance with the option chosen by multiplying the amount determined by paragraph 1 of this subsection by the actuarial figure for the option chosen and by the percentage of the option chosen.
C. If the minimum monthly benefit pursuant to subsections A and B of this section is more than the retired member's or beneficiary's current monthly benefit, the retired member or beneficiary is eligible to receive a monthly benefit equal to the minimum benefit. If the retired member's or beneficiary's current monthly benefit is more than the minimum benefit, the retired member's or beneficiary's benefit remains the same.
D. A member who receives a lump sum payment pursuant to section 38-764, subsection C is not eligible for a minimum benefit as provided by this section.
Frequently Asked Questions About Arizona § 38-768
What does Arizona Revised Statutes § 38-768 cover?
Section 38-768 ("Minimum retirement benefit") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 38-768?
A common citation format is "Arizona Revised Statutes § 38-768" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 38-768 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.