Mary wade/marla Paddock v. asrs/asrs Board

JUSTICE TIMMER,

opinion of the Court:

¶ 1 The Arizona State Retirement System (“ASRS”) operates a defined-benefit plan for employees of the state and participating political subdivisions, including the City of Chandler. Both employers and employees contribute to ASRS. The contribution amounts, and the benefits paid to a retired employee, depend on the employee’s “compensation” while employed.

¶ 2 The City operates a deferred-compensation plan in which it contributes money for its employees and permits employees to defer additional amounts. These monies are invested and held in trust until…