Ark. Code Ann. § 24-7-719 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-719
Rollover of distributions - Definitions
Status: in_force

(a) As used in this section: (1) "Direct rollover" means a payment by the Arkansas Teacher Retirement System to the eligible retirement plan specified by the distributee; (2) (A) "Distributee" includes a member or former member. (B) The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011, are distributees with regard to the interest of the spouse or former spouse; (3) (A) "Eligible retirement plan" means an eligible plan under the Internal Revenue Code, 26 U.S.C. § 457(b) , as it existed on January 1, 2011, that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such a plan from the Arkansas Teacher Retirement System individual retirement account described in the Internal Revenue Code, 26 U.S.C. § 408(a) , as it existed on January 1, 2011, and an individual retirement annuity described in the Internal Revenue Code, 26 U.S.C. § 408(b) , as it existed on January 1, 2011, an annuity plan described in the Internal Revenue Code, 26 U.S.C. § 403(a) , as it existed on January 1, 2011, an annuity contract described in the Internal Revenue Code, 26 U.S.C. § 403(b) , as it existed on January 1, 2011, or a qualified plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, that accepts the distributee's eligible rollover distribution. (B) The definition of "eligible retirement plan" shall also apply in the case of distribution to a surviving spouse or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011; and (4) (A) "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: (i) Any distribution that is one (1) of a series of substantially equal periodic payments, not less frequently than annually, made for: (a) The life or life expectancy of the distributee; (b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or (c) A specified period of ten (10) years or more; (ii) Any distribution to the extent such a distribution is required under the Internal Revenue Code, 26 U.S.C. § 401(a)(9) , as it existed on January 1, 2011; (iii) Any hardship distribution; (iv) The portion of any other distribution or distributions that are not includible in gross income; and (v) Any other distribution that is reasonably expected to total less than two hundred dollars ($200) during a year. (B) A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such a portion may be transferred only to an individual retirement account or annuity described in the Internal Revenue Code, 26 U.S.C. § 408(a) - (b) , as it existed on January 1, 2011, or to a qualified defined contribution plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , or 26 U.S.C. § 403(a) , as it existed on January 1, 2011, that agrees to separately account for amounts so transferred, including separately accounting for the portion of the distribution that is includible in gross income and the portion of the distribution that is not so includible. (b) (1) (A) A distributee or other eligible beneficiary receiving a distribution from the system may direct to have any portion of an eligible rollover distribution that is five hundred dollars ($500) or more paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (B) The distribution under subdivision (b)(1)(A) of this section may be made: (i) Despite any provision of this chapter that would otherwise limit a distributee's election under this section; and (ii) At the time and in the manner prescribed by the system. (C) The election under subdivision (b)(1)(A) of this section shall not be allowed for an eligible rollover distribution less than five hundred dollars ($500). (2) The amount under subdivision (b)(1)(A) of this section shall be paid to the trustee of the eligible retirement plan. (3) Effective July 1, 2010, an eligible rollover distribution to a beneficiary who is not the surviving spouse of a member may be directed as provided under 26 U.S.C. § 402(c)(11) to a trustee-to-trustee transfer to an individual retirement account described in 26 U.S.C. § 408(a) or to an individual retirement annuity described in 26 U.S.C. § 408(b) . (c) Subsection (b) of this section applies to distributions made under §§ 24-7-709 - 24-7-711 , § 24-7-716 [repealed], § 24-7-720 , and § 24-7-1308 . (d) This section does not require the system to authorize a direct rollover of a distribution if: (1) The distribution is not eligible to be treated as a direct rollover under the Internal Revenue Code; or (2) The depository institution receiving the distribution is not eligible to receive a direct rollover under the Internal Revenue Code. Amended by Act 2015, No. 87,§ 1, eff. 7/1/2015. Acts 1993, No. 972, § 1; 2007, No. 97, § 18; 2009, No. 468, § 23; 2011, No. 45, § 14.

(a) As used in this section: (1) "Direct rollover" means a payment by the Arkansas Teacher Retirement System to the eligible retirement plan specified by the distributee; (2) (A) "Distributee" includes a member or former member. (B) The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011, are distributees with regard to the interest of the spouse or former spouse; (3) (A) "Eligible retirement plan" means an eligible plan under the Internal Revenue Code, 26 U.S.C. § 457(b) , as it existed on January 1, 2011, that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such a plan from the Arkansas Teacher Retirement System individual retirement account described in the Internal Revenue Code, 26 U.S.C. § 408(a) , as it existed on January 1, 2011, and an individual retirement annuity described in the Internal Revenue Code, 26 U.S.C. § 408(b) , as it existed on January 1, 2011, an annuity plan described in the Internal Revenue Code, 26 U.S.C. § 403(a) , as it existed on January 1, 2011, an annuity contract described in the Internal Revenue Code, 26 U.S.C. § 403(b) , as it existed on January 1, 2011, or a qualified plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, that accepts the distributee's eligible rollover distribution. (B) The definition of "eligible retirement plan" shall also apply in the case of distribution to a surviving spouse or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011; and (4) (A) "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: (i) Any distribution that is one (1) of a series of substantially equal periodic payments, not less frequently than annually, made for: (a) The life or life expectancy of the distributee; (b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or (c) A specified period of ten (10) years or more; (ii) Any distribution to the extent such a distribution is required under the Internal Revenue Code, 26 U.S.C. § 401(a)(9) , as it existed on January 1, 2011; (iii) Any hardship distribution; (iv) The portion of any other distribution or distributions that are not includible in gross income; and (v) Any other distribution that is reasonably expected to total less than two hundred dollars ($200) during a year. (B) A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such a portion may be transferred only to an individual retirement account or annuity described in the Internal Revenue Code, 26 U.S.C. § 408(a) - (b) , as it existed on January 1, 2011, or to a qualified defined contribution plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , or 26 U.S.C. § 403(a) , as it existed on January 1, 2011, that agrees to separately account for amounts so transferred, including separately accounting for the portion of the distribution that is includible in gross income and the portion of the distribution that is not so includible.

(1) "Direct rollover" means a payment by the Arkansas Teacher Retirement System to the eligible retirement plan specified by the distributee;

(2) (A) "Distributee" includes a member or former member. (B) The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011, are distributees with regard to the interest of the spouse or former spouse;

(A) "Distributee" includes a member or former member.

(B) The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011, are distributees with regard to the interest of the spouse or former spouse;

(3) (A) "Eligible retirement plan" means an eligible plan under the Internal Revenue Code, 26 U.S.C. § 457(b) , as it existed on January 1, 2011, that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such a plan from the Arkansas Teacher Retirement System individual retirement account described in the Internal Revenue Code, 26 U.S.C. § 408(a) , as it existed on January 1, 2011, and an individual retirement annuity described in the Internal Revenue Code, 26 U.S.C. § 408(b) , as it existed on January 1, 2011, an annuity plan described in the Internal Revenue Code, 26 U.S.C. § 403(a) , as it existed on January 1, 2011, an annuity contract described in the Internal Revenue Code, 26 U.S.C. § 403(b) , as it existed on January 1, 2011, or a qualified plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, that accepts the distributee's eligible rollover distribution. (B) The definition of "eligible retirement plan" shall also apply in the case of distribution to a surviving spouse or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011; and

(A) "Eligible retirement plan" means an eligible plan under the Internal Revenue Code, 26 U.S.C. § 457(b) , as it existed on January 1, 2011, that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such a plan from the Arkansas Teacher Retirement System individual retirement account described in the Internal Revenue Code, 26 U.S.C. § 408(a) , as it existed on January 1, 2011, and an individual retirement annuity described in the Internal Revenue Code, 26 U.S.C. § 408(b) , as it existed on January 1, 2011, an annuity plan described in the Internal Revenue Code, 26 U.S.C. § 403(a) , as it existed on January 1, 2011, an annuity contract described in the Internal Revenue Code, 26 U.S.C. § 403(b) , as it existed on January 1, 2011, or a qualified plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, that accepts the distributee's eligible rollover distribution.

(B) The definition of "eligible retirement plan" shall also apply in the case of distribution to a surviving spouse or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p) , as it existed on January 1, 2011; and

(4) (A) "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: (i) Any distribution that is one (1) of a series of substantially equal periodic payments, not less frequently than annually, made for: (a) The life or life expectancy of the distributee; (b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or (c) A specified period of ten (10) years or more; (ii) Any distribution to the extent such a distribution is required under the Internal Revenue Code, 26 U.S.C. § 401(a)(9) , as it existed on January 1, 2011; (iii) Any hardship distribution; (iv) The portion of any other distribution or distributions that are not includible in gross income; and (v) Any other distribution that is reasonably expected to total less than two hundred dollars ($200) during a year. (B) A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such a portion may be transferred only to an individual retirement account or annuity described in the Internal Revenue Code, 26 U.S.C. § 408(a) - (b) , as it existed on January 1, 2011, or to a qualified defined contribution plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , or 26 U.S.C. § 403(a) , as it existed on January 1, 2011, that agrees to separately account for amounts so transferred, including separately accounting for the portion of the distribution that is includible in gross income and the portion of the distribution that is not so includible.

(A) "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: (i) Any distribution that is one (1) of a series of substantially equal periodic payments, not less frequently than annually, made for: (a) The life or life expectancy of the distributee; (b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or (c) A specified period of ten (10) years or more; (ii) Any distribution to the extent such a distribution is required under the Internal Revenue Code, 26 U.S.C. § 401(a)(9) , as it existed on January 1, 2011; (iii) Any hardship distribution; (iv) The portion of any other distribution or distributions that are not includible in gross income; and (v) Any other distribution that is reasonably expected to total less than two hundred dollars ($200) during a year.

(i) Any distribution that is one (1) of a series of substantially equal periodic payments, not less frequently than annually, made for: (a) The life or life expectancy of the distributee; (b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or (c) A specified period of ten (10) years or more;

(a) The life or life expectancy of the distributee;

(b) The joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary; or

(c) A specified period of ten (10) years or more;

(ii) Any distribution to the extent such a distribution is required under the Internal Revenue Code, 26 U.S.C. § 401(a)(9) , as it existed on January 1, 2011;

(iii) Any hardship distribution;

(iv) The portion of any other distribution or distributions that are not includible in gross income; and

(v) Any other distribution that is reasonably expected to total less than two hundred dollars ($200) during a year.

(B) A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such a portion may be transferred only to an individual retirement account or annuity described in the Internal Revenue Code, 26 U.S.C. § 408(a) - (b) , as it existed on January 1, 2011, or to a qualified defined contribution plan described in the Internal Revenue Code, 26 U.S.C. § 401(a) , or 26 U.S.C. § 403(a) , as it existed on January 1, 2011, that agrees to separately account for amounts so transferred, including separately accounting for the portion of the distribution that is includible in gross income and the portion of the distribution that is not so includible.

(b) (1) (A) A distributee or other eligible beneficiary receiving a distribution from the system may direct to have any portion of an eligible rollover distribution that is five hundred dollars ($500) or more paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (B) The distribution under subdivision (b)(1)(A) of this section may be made: (i) Despite any provision of this chapter that would otherwise limit a distributee's election under this section; and (ii) At the time and in the manner prescribed by the system. (C) The election under subdivision (b)(1)(A) of this section shall not be allowed for an eligible rollover distribution less than five hundred dollars ($500). (2) The amount under subdivision (b)(1)(A) of this section shall be paid to the trustee of the eligible retirement plan. (3) Effective July 1, 2010, an eligible rollover distribution to a beneficiary who is not the surviving spouse of a member may be directed as provided under 26 U.S.C. § 402(c)(11) to a trustee-to-trustee transfer to an individual retirement account described in 26 U.S.C. § 408(a) or to an individual retirement annuity described in 26 U.S.C. § 408(b) .

(1) (A) A distributee or other eligible beneficiary receiving a distribution from the system may direct to have any portion of an eligible rollover distribution that is five hundred dollars ($500) or more paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (B) The distribution under subdivision (b)(1)(A) of this section may be made: (i) Despite any provision of this chapter that would otherwise limit a distributee's election under this section; and (ii) At the time and in the manner prescribed by the system. (C) The election under subdivision (b)(1)(A) of this section shall not be allowed for an eligible rollover distribution less than five hundred dollars ($500).

(A) A distributee or other eligible beneficiary receiving a distribution from the system may direct to have any portion of an eligible rollover distribution that is five hundred dollars ($500) or more paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

(B) The distribution under subdivision (b)(1)(A) of this section may be made: (i) Despite any provision of this chapter that would otherwise limit a distributee's election under this section; and (ii) At the time and in the manner prescribed by the system.

(i) Despite any provision of this chapter that would otherwise limit a distributee's election under this section; and

(ii) At the time and in the manner prescribed by the system.

(C) The election under subdivision (b)(1)(A) of this section shall not be allowed for an eligible rollover distribution less than five hundred dollars ($500).

(2) The amount under subdivision (b)(1)(A) of this section shall be paid to the trustee of the eligible retirement plan.

(3) Effective July 1, 2010, an eligible rollover distribution to a beneficiary who is not the surviving spouse of a member may be directed as provided under 26 U.S.C. § 402(c)(11) to a trustee-to-trustee transfer to an individual retirement account described in 26 U.S.C. § 408(a) or to an individual retirement annuity described in 26 U.S.C. § 408(b) .

(c) Subsection (b) of this section applies to distributions made under §§ 24-7-709 - 24-7-711 , § 24-7-716 [repealed], § 24-7-720 , and § 24-7-1308 .

(d) This section does not require the system to authorize a direct rollover of a distribution if: (1) The distribution is not eligible to be treated as a direct rollover under the Internal Revenue Code; or (2) The depository institution receiving the distribution is not eligible to receive a direct rollover under the Internal Revenue Code.

(1) The distribution is not eligible to be treated as a direct rollover under the Internal Revenue Code; or

(2) The depository institution receiving the distribution is not eligible to receive a direct rollover under the Internal Revenue Code.

Amended by Act 2015, No. 87,§ 1, eff. 7/1/2015.

Acts 1993, No. 972, § 1; 2007, No. 97, § 18; 2009, No. 468, § 23; 2011, No. 45, § 14.
Ark. Code Ann. § 24-2-305 — AR Code / Title 24 / Chapter 2 / Subchapter 3 / Section 24-2-305
Effect of promotion of nonteacher school employee
Status: in_force

Other provisions of this subchapter to the contrary notwithstanding, a school janitor, bus driver, or cafeteria worker who is enrolled in one (1) of those positions as a member of the Arkansas Public Employees' Retirement System and later is promoted to a position as school maintenance worker or supervisor, as bus mechanic or as transportation supervisor, or as cafeteria manager, respectively, shall continue to be a member of the Arkansas Public Employees' Retirement System as long as he or she is employed in one (1) of those respective capacities. Acts 1979, No. 576, § 6; A.S.A. 1947, § 12-2574.1.

Other provisions of this subchapter to the contrary notwithstanding, a school janitor, bus driver, or cafeteria worker who is enrolled in one (1) of those positions as a member of the Arkansas Public Employees' Retirement System and later is promoted to a position as school maintenance worker or supervisor, as bus mechanic or as transportation supervisor, or as cafeteria manager, respectively, shall continue to be a member of the Arkansas Public Employees' Retirement System as long as he or she is employed in one (1) of those respective capacities.

Acts 1979, No. 576, § 6; A.S.A. 1947, § 12-2574.1.
Ark. Code Ann. § 24-8-702 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-702
Definitions
Status: in_force

As used in this subchapter: (1) "Board" means the Board of Trustees of the Arkansas Judicial Retirement System; (2) "Consumer price index" means the Consumer Price Index for all Urban Consumers, as determined by the United States Department of Labor, in effect on January 1, 1999, except that if the consumer price index is subsequently reconstructed in a manner materially changing its character, the board, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as practicable, the intent of the use of the consumer price index shall be continued; (3) "Executive director" means the Executive Director of the Arkansas Public Employees' Retirement System; and (4) "System" means the Arkansas Judicial Retirement System. Acts 1999, No. 399, § 1.

As used in this subchapter:

(1) "Board" means the Board of Trustees of the Arkansas Judicial Retirement System;

(2) "Consumer price index" means the Consumer Price Index for all Urban Consumers, as determined by the United States Department of Labor, in effect on January 1, 1999, except that if the consumer price index is subsequently reconstructed in a manner materially changing its character, the board, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as practicable, the intent of the use of the consumer price index shall be continued;

(3) "Executive director" means the Executive Director of the Arkansas Public Employees' Retirement System; and

(4) "System" means the Arkansas Judicial Retirement System.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-8-310 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-310
Eligibility for benefits - Judge unlicensed to practice law
Status: in_force

(a) Any judge of a municipal court who is not licensed to practice law, who has served at least twenty (20) years as municipal judge or police judge, and who resigns, retires, or is succeeded in office shall receive retirement benefits upon attaining sixty (60) years of age. (b) These benefits shall continue for and during the remainder of his or her natural life in an amount equal to one-fourth (¼) of the salary payable to him or her at the time he or she resigned, retired, or was succeeded in office. Acts 1973, No. 432, § 4; 1981, No. 410, § 2; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917.

(a) Any judge of a municipal court who is not licensed to practice law, who has served at least twenty (20) years as municipal judge or police judge, and who resigns, retires, or is succeeded in office shall receive retirement benefits upon attaining sixty (60) years of age.

(b) These benefits shall continue for and during the remainder of his or her natural life in an amount equal to one-fourth (¼) of the salary payable to him or her at the time he or she resigned, retired, or was succeeded in office.

Acts 1973, No. 432, § 4; 1981, No. 410, § 2; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917.
Ark. Code Ann. § 24-10-604 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-604
Voluntary retirement
Status: in_force

(a) (1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have attained his or her normal retirement age and have five (5) years of credited service in force. (2) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section. (b) He or she shall have the right to elect an option provided for in § 24-10-603 . Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 5, eff. 4/11/2013. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1997, No. 1136, § 1.

(a) (1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have attained his or her normal retirement age and have five (5) years of credited service in force. (2) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section.

(1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have attained his or her normal retirement age and have five (5) years of credited service in force.

(2) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section.

(b) He or she shall have the right to elect an option provided for in § 24-10-603 .

Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013.

Amended by Act 2013, No. 1065,§ 5, eff. 4/11/2013.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1997, No. 1136, § 1.
Ark. Code Ann. § 24-11-413 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-413
Moneys added to fund - Contributions
Status: in_force

(a) There shall be added to the policemen's pension and relief fund the following moneys: (1) All forfeitures and fines imposed upon any member of the police department by way of discipline; (2) All money given or donated to the fund; (3) All money deducted from the salary of any member of the police department on account of absence or loss of time; (4) All rewards paid for any purpose; (5) Ten percent (10%) of all fines and forfeitures, not including court costs, collected by the county or city official, agency, or department designated pursuant to § 16-13-709 as primarily responsible for the collection of fines assessed in the district courts of this state for violation of ordinances or state law that pursuant to law would be deposited into the city general fund and are not designated by law as payable to the county or state agencies or entities; and (6) (A) Six percent (6%) of the monthly salary of each member of the department, to be deducted each month by the city and immediately paid to the board of trustees of the policemen's pension and relief fund. (B) However, the monthly deduction shall be four percent (4%) for police officers contributing to Social Security unless increased, but not to exceed six percent (6%), by the majority vote of the contributing members of a police department covered by Social Security. (b) All cities and towns in which a policemen's pension and relief fund is established shall contribute to the fund an amount not less than six percent (6%) of the police officers' salary. (c) The contributions by cities and towns shall not exceed the amount contributed by the police officers, except where authorized by appropriation of the city's or town's governing body. (d) A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under § 24-11-406 continues to be eligible to collect and deposit the amounts under subsection (a) of this section as contributions. Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802; Acts 1989, No. 187, § 1; 1993, No. 1289, § 1; 2001, No. 1809, § 9; 2005, No. 1934, § 16; 2009, No. 259, § 2.

(a) There shall be added to the policemen's pension and relief fund the following moneys: (1) All forfeitures and fines imposed upon any member of the police department by way of discipline; (2) All money given or donated to the fund; (3) All money deducted from the salary of any member of the police department on account of absence or loss of time; (4) All rewards paid for any purpose; (5) Ten percent (10%) of all fines and forfeitures, not including court costs, collected by the county or city official, agency, or department designated pursuant to § 16-13-709 as primarily responsible for the collection of fines assessed in the district courts of this state for violation of ordinances or state law that pursuant to law would be deposited into the city general fund and are not designated by law as payable to the county or state agencies or entities; and (6) (A) Six percent (6%) of the monthly salary of each member of the department, to be deducted each month by the city and immediately paid to the board of trustees of the policemen's pension and relief fund. (B) However, the monthly deduction shall be four percent (4%) for police officers contributing to Social Security unless increased, but not to exceed six percent (6%), by the majority vote of the contributing members of a police department covered by Social Security.

(1) All forfeitures and fines imposed upon any member of the police department by way of discipline;

(2) All money given or donated to the fund;

(3) All money deducted from the salary of any member of the police department on account of absence or loss of time;

(4) All rewards paid for any purpose;

(5) Ten percent (10%) of all fines and forfeitures, not including court costs, collected by the county or city official, agency, or department designated pursuant to § 16-13-709 as primarily responsible for the collection of fines assessed in the district courts of this state for violation of ordinances or state law that pursuant to law would be deposited into the city general fund and are not designated by law as payable to the county or state agencies or entities; and

(6) (A) Six percent (6%) of the monthly salary of each member of the department, to be deducted each month by the city and immediately paid to the board of trustees of the policemen's pension and relief fund. (B) However, the monthly deduction shall be four percent (4%) for police officers contributing to Social Security unless increased, but not to exceed six percent (6%), by the majority vote of the contributing members of a police department covered by Social Security.

(A) Six percent (6%) of the monthly salary of each member of the department, to be deducted each month by the city and immediately paid to the board of trustees of the policemen's pension and relief fund.

(B) However, the monthly deduction shall be four percent (4%) for police officers contributing to Social Security unless increased, but not to exceed six percent (6%), by the majority vote of the contributing members of a police department covered by Social Security.

(b) All cities and towns in which a policemen's pension and relief fund is established shall contribute to the fund an amount not less than six percent (6%) of the police officers' salary.

(c) The contributions by cities and towns shall not exceed the amount contributed by the police officers, except where authorized by appropriation of the city's or town's governing body.

(d) A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under § 24-11-406 continues to be eligible to collect and deposit the amounts under subsection (a) of this section as contributions.

Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802; Acts 1989, No. 187, § 1; 1993, No. 1289, § 1; 2001, No. 1809, § 9; 2005, No. 1934, § 16; 2009, No. 259, § 2.
Ark. Code Ann. § 24-4-1106 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1106
Benefits - Death of retirant
Status: in_force

(a) In the event a retirant receiving a straight life pension dies before the retirant has received an aggregate amount of straight life pension payments equal to the accumulated contributions credited in the retirant's deposit account at the time of retirement, the difference between the accumulated contributions and the aggregate amount of straight life pension payments received by the retirant shall be paid to the named beneficiary. (b) If no designated person survives the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive the payments with or without the appointment of a representative in this state. (d) No benefits will be paid under this section if survivor benefits are otherwise payable to a named beneficiary. Acts 2005, No. 2084, § 4.

(a) In the event a retirant receiving a straight life pension dies before the retirant has received an aggregate amount of straight life pension payments equal to the accumulated contributions credited in the retirant's deposit account at the time of retirement, the difference between the accumulated contributions and the aggregate amount of straight life pension payments received by the retirant shall be paid to the named beneficiary.

(b) If no designated person survives the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.

(c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive the payments with or without the appointment of a representative in this state.

(d) No benefits will be paid under this section if survivor benefits are otherwise payable to a named beneficiary.

Acts 2005, No. 2084, § 4.
Ark. Code Ann. § 24-4-802 — AR Code / Title 24 / Chapter 4 / Subchapter 8 / Section 24-4-802
Eligibility - Effect of election
Status: in_force

(a) When a member of the Arkansas Public Employees' Retirement System elects participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees' Retirement System. The member's application shall be reviewed to determine whether or not the member meets the eligibility requirements specified in this subchapter. The member's deferred retirement option date shall be the later of: (1) The first day of the month following the system's determination that the member is eligible for plan participation; or (2) The date requested by the member on the application. (b) (1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606 . (2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable. (c) (1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed ten (10) years. (2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan. (d) When a member begins participation in the plan, the: (1) Employee contributions to the system on behalf of the member shall cease; and (2) Employer contributions to the system on behalf of the member shall continue. Amended by Act 2021, No. 518,§ 1, eff. 3/31/2021. Amended by Act 2017, No. 502,§ 1, eff. 3/15/2017. Acts 1997, No. 1052, § 2; 2001, No. 151, § 49; 2001, No. 762, § 1; 2007, No. 176, § 6; 2011, No. 558, § 2.

(a) When a member of the Arkansas Public Employees' Retirement System elects participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees' Retirement System. The member's application shall be reviewed to determine whether or not the member meets the eligibility requirements specified in this subchapter. The member's deferred retirement option date shall be the later of: (1) The first day of the month following the system's determination that the member is eligible for plan participation; or (2) The date requested by the member on the application.

(1) The first day of the month following the system's determination that the member is eligible for plan participation; or

(2) The date requested by the member on the application.

(b) (1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606 . (2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable.

(1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606 .

(2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable.

(c) (1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed ten (10) years. (2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan.

(1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed ten (10) years.

(2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan.

(d) When a member begins participation in the plan, the: (1) Employee contributions to the system on behalf of the member shall cease; and (2) Employer contributions to the system on behalf of the member shall continue.

(1) Employee contributions to the system on behalf of the member shall cease; and

(2) Employer contributions to the system on behalf of the member shall continue.

Amended by Act 2021, No. 518,§ 1, eff. 3/31/2021.

Amended by Act 2017, No. 502,§ 1, eff. 3/15/2017.

Acts 1997, No. 1052, § 2; 2001, No. 151, § 49; 2001, No. 762, § 1; 2007, No. 176, § 6; 2011, No. 558, § 2.
Ark. Code Ann. § 24-4-1109 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1109
Maximum benefit limitation
Status: in_force

(a) Benefits paid under this chapter shall not exceed the limitations of 26 U.S.C. § 415 of the Internal Revenue Code that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System is authorized to promulgate all rules necessary to implement the limitations of 26 U.S.C. § 415 of the Internal Revenue Code. (2) The rules adopted by the board under this section shall be amended to reflect any changes in the content or application of 26 U.S.C. § 415 of the Internal Revenue Code enacted by the United States Congress or promulgated by the Internal Revenue Service. Acts 2005, No. 2084, § 4.

(a) Benefits paid under this chapter shall not exceed the limitations of 26 U.S.C. § 415 of the Internal Revenue Code that are applicable to governmental retirement plans.

(b) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System is authorized to promulgate all rules necessary to implement the limitations of 26 U.S.C. § 415 of the Internal Revenue Code. (2) The rules adopted by the board under this section shall be amended to reflect any changes in the content or application of 26 U.S.C. § 415 of the Internal Revenue Code enacted by the United States Congress or promulgated by the Internal Revenue Service.

(1) The Board of Trustees of the Arkansas Public Employees' Retirement System is authorized to promulgate all rules necessary to implement the limitations of 26 U.S.C. § 415 of the Internal Revenue Code.

(2) The rules adopted by the board under this section shall be amended to reflect any changes in the content or application of 26 U.S.C. § 415 of the Internal Revenue Code enacted by the United States Congress or promulgated by the Internal Revenue Service.

Acts 2005, No. 2084, § 4.
Ark. Code Ann. § 24-1-208 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-208
Contributions - Employees of political subdivisions
Status: in_force

(a) (1) Each political subdivision as to which a plan has been approved under § 24-1-205 , with respect to wages as defined in § 24-1-202 and at such time or times as the Arkansas Public Employees' Retirement System may by rule prescribe, shall pay contributions in the amounts and at the rates specified in the applicable Section 218 agreement entered into by the system under § 24-1-204 . (2) (A) (i) Each political subdivision required to make payments under subdivision (a)(1) of this section, in consideration of the employee's retention in, or entry upon, employment, is authorized to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to the employee's wages as defined in § 24-1-202 . (ii) This amount shall not exceed the amount of tax which would be imposed by the Social Security Act, 42 U.S.C. § 301 et seq. (B) The political subdivision is authorized to deduct the amount of the contribution from the employee's wages as and when paid. (C) Failure to deduct the contribution shall not relieve the employee or employer of liability for the payments. (b) Delinquent payments due under subdivision (a)(1) of this section may be recovered with interest at the rate of six percent (6%) per annum by an action in a court of competent jurisdiction against the political subdivision liable for the payments or at the request of the system, may be deducted from any other moneys payable to the subdivision by any department or agency of the state. Amended by Act 2019, No. 315,§ 2843, eff. 7/24/2019. Acts 1951, No. 248, § 5; A.S.A. 1947, § 12-2405; Acts 2005, No. 100, § 1.

(a) (1) Each political subdivision as to which a plan has been approved under § 24-1-205 , with respect to wages as defined in § 24-1-202 and at such time or times as the Arkansas Public Employees' Retirement System may by rule prescribe, shall pay contributions in the amounts and at the rates specified in the applicable Section 218 agreement entered into by the system under § 24-1-204 . (2) (A) (i) Each political subdivision required to make payments under subdivision (a)(1) of this section, in consideration of the employee's retention in, or entry upon, employment, is authorized to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to the employee's wages as defined in § 24-1-202 . (ii) This amount shall not exceed the amount of tax which would be imposed by the Social Security Act, 42 U.S.C. § 301 et seq. (B) The political subdivision is authorized to deduct the amount of the contribution from the employee's wages as and when paid. (C) Failure to deduct the contribution shall not relieve the employee or employer of liability for the payments.

(1) Each political subdivision as to which a plan has been approved under § 24-1-205 , with respect to wages as defined in § 24-1-202 and at such time or times as the Arkansas Public Employees' Retirement System may by rule prescribe, shall pay contributions in the amounts and at the rates specified in the applicable Section 218 agreement entered into by the system under § 24-1-204 .

(2) (A) (i) Each political subdivision required to make payments under subdivision (a)(1) of this section, in consideration of the employee's retention in, or entry upon, employment, is authorized to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to the employee's wages as defined in § 24-1-202 . (ii) This amount shall not exceed the amount of tax which would be imposed by the Social Security Act, 42 U.S.C. § 301 et seq. (B) The political subdivision is authorized to deduct the amount of the contribution from the employee's wages as and when paid. (C) Failure to deduct the contribution shall not relieve the employee or employer of liability for the payments.

(A) (i) Each political subdivision required to make payments under subdivision (a)(1) of this section, in consideration of the employee's retention in, or entry upon, employment, is authorized to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to the employee's wages as defined in § 24-1-202 . (ii) This amount shall not exceed the amount of tax which would be imposed by the Social Security Act, 42 U.S.C. § 301 et seq.

(i) Each political subdivision required to make payments under subdivision (a)(1) of this section, in consideration of the employee's retention in, or entry upon, employment, is authorized to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to the employee's wages as defined in § 24-1-202 .

(ii) This amount shall not exceed the amount of tax which would be imposed by the Social Security Act, 42 U.S.C. § 301 et seq.

(B) The political subdivision is authorized to deduct the amount of the contribution from the employee's wages as and when paid.

(C) Failure to deduct the contribution shall not relieve the employee or employer of liability for the payments.

(b) Delinquent payments due under subdivision (a)(1) of this section may be recovered with interest at the rate of six percent (6%) per annum by an action in a court of competent jurisdiction against the political subdivision liable for the payments or at the request of the system, may be deducted from any other moneys payable to the subdivision by any department or agency of the state.

Amended by Act 2019, No. 315,§ 2843, eff. 7/24/2019.

Acts 1951, No. 248, § 5; A.S.A. 1947, § 12-2405; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-4-603 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-603
Refund of contributions
Status: in_force

(a) In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her written application for a refund on a form to be supplied by the Arkansas Public Employees' Retirement System. (b) The former member may receive interest on the contributions if he or she has had accumulated contributions standing to his or her credit in the members' deposit account for at least five (5) years between the date he or she became a member of the system and the date he or she requests the refund of contributions. (c) The interest shall be paid at a rate and method to be determined by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be calculated on the balance in the members' deposit account on the last June 30 prior to the date he or she obtains his or her refund. (d) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date he or she receives his or her refunded contributions, his or her request shall be void and he or she must again terminate his or her employment to request a refund of contributions. (e) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time. (f) (1) If a member receives a refund of contributions from the system upon termination of covered employment and is reemployed by a participating public employer, then the member is considered first hired under this subchapter as of the date of reemployment. (2) (A) Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit. (B) A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service. Amended by Act 2023, No. 248,§ 7, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2858, eff. 7/24/2019. Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1975, No. 907, § 1; A.S.A. 1947, § 12-2511.

(a) In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her written application for a refund on a form to be supplied by the Arkansas Public Employees' Retirement System.

(b) The former member may receive interest on the contributions if he or she has had accumulated contributions standing to his or her credit in the members' deposit account for at least five (5) years between the date he or she became a member of the system and the date he or she requests the refund of contributions.

(c) The interest shall be paid at a rate and method to be determined by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be calculated on the balance in the members' deposit account on the last June 30 prior to the date he or she obtains his or her refund.

(d) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date he or she receives his or her refunded contributions, his or her request shall be void and he or she must again terminate his or her employment to request a refund of contributions.

(e) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.

(f) (1) If a member receives a refund of contributions from the system upon termination of covered employment and is reemployed by a participating public employer, then the member is considered first hired under this subchapter as of the date of reemployment. (2) (A) Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit. (B) A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service.

(1) If a member receives a refund of contributions from the system upon termination of covered employment and is reemployed by a participating public employer, then the member is considered first hired under this subchapter as of the date of reemployment.

(2) (A) Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit. (B) A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service.

(A) Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit.

(B) A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service.

Amended by Act 2023, No. 248,§ 7, eff. 7/1/2023.

Amended by Act 2019, No. 315,§ 2858, eff. 7/24/2019.

Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1975, No. 907, § 1; A.S.A. 1947, § 12-2511.
Ark. Code Ann. § 24-2-301 — AR Code / Title 24 / Chapter 2 / Subchapter 3 / Section 24-2-301
Definitions
Status: in_force

As used in this subchapter, unless the context otherwise requires: (1) "Eligible retirement system" means the retirement system in which the employee is eligible for membership; (2) "Employer" means an employing state agency or an employing school district; and (3) "Retirement system of record" means the system that holds an erroneous membership. Acts 1973, No. 667, § 1; 1979, No. 576, § 1; A.S.A. 1947, § 12-2571.

As used in this subchapter, unless the context otherwise requires:

(1) "Eligible retirement system" means the retirement system in which the employee is eligible for membership;

(2) "Employer" means an employing state agency or an employing school district; and

(3) "Retirement system of record" means the system that holds an erroneous membership.

Acts 1973, No. 667, § 1; 1979, No. 576, § 1; A.S.A. 1947, § 12-2571.
Ark. Code Ann. § 24-11-207 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-207
Annual financial report - Duty of board of trustees
Status: in_force

(a) (1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year. (2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board. (b) Each annual financial report shall include at least the following: (1) (A) The plan's revenues and expenditures during the year. (B) The revenues shall include at least the annual total for each of the following items: (i) Employee contributions; (ii) Employer contributions from the state; (iii) Employer contributions, other; (iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section; (v) The change in unrealized gain or loss from the previous year; (vi) Other (specify); and (vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section. (C) The expenditures shall include at least the annual total for each of the following items: (i) Refunds of employee contributions; (ii) Benefits paid; (iii) Administrative expenses; (iv) Other (specify); and (v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section. (D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and (2) (A) The plan reserve assets. (B) The reserve assets at year's end shall include at least the total for each of the following items: (i) Cash and bank checking accounts, noninterest-earning; (ii) Bank deposits, interest-earning; (iii) Savings and loan deposits, interest-earning; (iv) Other cash equivalents, maturing in one (1) year or less; (v) United States Government securities; (vi) Non-United States Government securities; (vii) Mortgages; (viii) Corporate bonds; (ix) Corporate common and preferred stock; (x) Other (specify); and (xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section. (C) For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary. (c) The individual who prepares the annual financial reports and the chair of the board of trustees shall certify that the information contained in the report is an accurate statement of these activities and was prepared in accordance with the provisions of this subchapter and by using the same method of accounting used in previous years. Acts 1979, No. 700, § 4; 1981, No. 286, § 4; 1983, No. 45, § 1; 1983, No. 512, § 3; 1985, No. 898, § 1; A.S.A. 1947, § 19-5704; Acts 1993, No. 999, § 1; 1999, No. 573, § 1; 1999, No. 711, §§ 1-3; 1999, No. 1293, § 1; 2011, No. 556, § 2.

(a) (1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year. (2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board.

(1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year.

(2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board.

(b) Each annual financial report shall include at least the following: (1) (A) The plan's revenues and expenditures during the year. (B) The revenues shall include at least the annual total for each of the following items: (i) Employee contributions; (ii) Employer contributions from the state; (iii) Employer contributions, other; (iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section; (v) The change in unrealized gain or loss from the previous year; (vi) Other (specify); and (vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section. (C) The expenditures shall include at least the annual total for each of the following items: (i) Refunds of employee contributions; (ii) Benefits paid; (iii) Administrative expenses; (iv) Other (specify); and (v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section. (D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and (2) (A) The plan reserve assets. (B) The reserve assets at year's end shall include at least the total for each of the following items: (i) Cash and bank checking accounts, noninterest-earning; (ii) Bank deposits, interest-earning; (iii) Savings and loan deposits, interest-earning; (iv) Other cash equivalents, maturing in one (1) year or less; (v) United States Government securities; (vi) Non-United States Government securities; (vii) Mortgages; (viii) Corporate bonds; (ix) Corporate common and preferred stock; (x) Other (specify); and (xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section. (C) For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary.

(1) (A) The plan's revenues and expenditures during the year. (B) The revenues shall include at least the annual total for each of the following items: (i) Employee contributions; (ii) Employer contributions from the state; (iii) Employer contributions, other; (iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section; (v) The change in unrealized gain or loss from the previous year; (vi) Other (specify); and (vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section. (C) The expenditures shall include at least the annual total for each of the following items: (i) Refunds of employee contributions; (ii) Benefits paid; (iii) Administrative expenses; (iv) Other (specify); and (v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section. (D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and

(A) The plan's revenues and expenditures during the year.

(B) The revenues shall include at least the annual total for each of the following items: (i) Employee contributions; (ii) Employer contributions from the state; (iii) Employer contributions, other; (iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section; (v) The change in unrealized gain or loss from the previous year; (vi) Other (specify); and (vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section.

(i) Employee contributions;

(ii) Employer contributions from the state;

(iii) Employer contributions, other;

(iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section;

(a) Interest and dividends;

(b) Gain or loss on sales;

(c) Other (specify); and

(d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section;

(v) The change in unrealized gain or loss from the previous year;

(vi) Other (specify); and

(vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section.

(C) The expenditures shall include at least the annual total for each of the following items: (i) Refunds of employee contributions; (ii) Benefits paid; (iii) Administrative expenses; (iv) Other (specify); and (v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section.

(i) Refunds of employee contributions;

(ii) Benefits paid;

(iii) Administrative expenses;

(iv) Other (specify); and

(v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section.

(D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and

(2) (A) The plan reserve assets. (B) The reserve assets at year's end shall include at least the total for each of the following items: (i) Cash and bank checking accounts, noninterest-earning; (ii) Bank deposits, interest-earning; (iii) Savings and loan deposits, interest-earning; (iv) Other cash equivalents, maturing in one (1) year or less; (v) United States Government securities; (vi) Non-United States Government securities; (vii) Mortgages; (viii) Corporate bonds; (ix) Corporate common and preferred stock; (x) Other (specify); and (xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section. (C) For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary.

(A) The plan reserve assets.

(B) The reserve assets at year's end shall include at least the total for each of the following items: (i) Cash and bank checking accounts, noninterest-earning; (ii) Bank deposits, interest-earning; (iii) Savings and loan deposits, interest-earning; (iv) Other cash equivalents, maturing in one (1) year or less; (v) United States Government securities; (vi) Non-United States Government securities; (vii) Mortgages; (viii) Corporate bonds; (ix) Corporate common and preferred stock; (x) Other (specify); and (xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section.

(i) Cash and bank checking accounts, noninterest-earning;

(ii) Bank deposits, interest-earning;

(iii) Savings and loan deposits, interest-earning;

(iv) Other cash equivalents, maturing in one (1) year or less;

(v) United States Government securities;

(vi) Non-United States Government securities;

(vii) Mortgages;

(viii) Corporate bonds;

(ix) Corporate common and preferred stock;

(x) Other (specify); and

(xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section.

(C) For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary.

(c) The individual who prepares the annual financial reports and the chair of the board of trustees shall certify that the information contained in the report is an accurate statement of these activities and was prepared in accordance with the provisions of this subchapter and by using the same method of accounting used in previous years.

Acts 1979, No. 700, § 4; 1981, No. 286, § 4; 1983, No. 45, § 1; 1983, No. 512, § 3; 1985, No. 898, § 1; A.S.A. 1947, § 19-5704; Acts 1993, No. 999, § 1; 1999, No. 573, § 1; 1999, No. 711, §§ 1-3; 1999, No. 1293, § 1; 2011, No. 556, § 2.
Ark. Code Ann. § 24-5-127 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-127
Creditable service
Status: in_force

(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation who is a member of the Arkansas State Highway Employees' Retirement System and who has served as a member of the State Highway Commission shall receive partial credit, equal to forty percent (40%) of the time the member served as a member of the commission, as creditable service. (b) For the purpose of calculating the member's annuity, the portion of creditable service attributed to serving on the commission shall not be considered when determining retirement eligibility, nor shall it be considered when calculating the annuity, but it is to be considered only toward vesting in the system. Amended by Act 2017, No. 707,§ 283, eff. 8/1/2017. Acts 1993, No. 359, § 1.

(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation who is a member of the Arkansas State Highway Employees' Retirement System and who has served as a member of the State Highway Commission shall receive partial credit, equal to forty percent (40%) of the time the member served as a member of the commission, as creditable service.

(b) For the purpose of calculating the member's annuity, the portion of creditable service attributed to serving on the commission shall not be considered when determining retirement eligibility, nor shall it be considered when calculating the annuity, but it is to be considered only toward vesting in the system.

Amended by Act 2017, No. 707,§ 283, eff. 8/1/2017.

Acts 1993, No. 359, § 1.
Ark. Code Ann. § 24-11-422 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-422
Benefits - Voluntary retirement
Status: in_force

(a) (1) (A) Any member of a police department who has performed faithful service for a period of at least twenty (20) years shall be eligible for voluntary retirement. (B) Upon written application by the member, the member shall be entitled to receive from the fund a monthly pension equal to one-half (½) the actual salary based upon his or her highest salary year during his or her time of service. (2) (A) (i) The term "salary" means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration. (ii) (a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. (B) The overtime exclusion shall not apply to a benefit computed at any time on a salary year prior to June 28, 1985. (b) (1) (A) Any police officer who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (B) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefit. (2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those police officers who retire on or after January 1, 1987. (3) If a deceased officer receives the benefit provided under this subsection at the time of his or her death, the benefit shall be included in the amount paid to a surviving spouse or surviving child under § 24-11-425(a)(1)(A)(ii) . (c) (1) Any member of a department of a city which is divided by a street state line from an incorporated city or town in an adjoining state who is eligible for voluntary retirement and who shall continue to work for the department may receive the sum of twenty dollars ($20.00) per month upon retirement in addition to his or her regular monthly retirement pay for each continuous year that he or she shall work over and above his or her twenty (20) years. (2) In no instance shall he or she receive more than three hundred dollars ($300) per month in addition to his or her regular retirement pay. Amended by Act 2015, No. 1165,§ 5, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 14, eff. 2/6/2013. Acts 1937, No. 250, § 9; Pope's Dig., § 9864; Acts 1945, No. 176, § 3; 1957, No. 415, § 2; 1963, No. 210, § 1; 1969, No. 288, § 1; 1971, No. 63, § 1; 1981, No. 987, § 1; 1985, No. 899, § 1; A.S.A. 1947, § 19-1809; Acts 1987, No. 325, § 3; 1987, No. 396, § 2; 1987, No. 797, § 2; 1989, No. 592, § 1; 1993, No. 546, § 1; 2011, No. 556, § 3.

(a) (1) (A) Any member of a police department who has performed faithful service for a period of at least twenty (20) years shall be eligible for voluntary retirement. (B) Upon written application by the member, the member shall be entitled to receive from the fund a monthly pension equal to one-half (½) the actual salary based upon his or her highest salary year during his or her time of service. (2) (A) (i) The term "salary" means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration. (ii) (a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. (B) The overtime exclusion shall not apply to a benefit computed at any time on a salary year prior to June 28, 1985.

(1) (A) Any member of a police department who has performed faithful service for a period of at least twenty (20) years shall be eligible for voluntary retirement. (B) Upon written application by the member, the member shall be entitled to receive from the fund a monthly pension equal to one-half (½) the actual salary based upon his or her highest salary year during his or her time of service.

(A) Any member of a police department who has performed faithful service for a period of at least twenty (20) years shall be eligible for voluntary retirement.

(B) Upon written application by the member, the member shall be entitled to receive from the fund a monthly pension equal to one-half (½) the actual salary based upon his or her highest salary year during his or her time of service.

(2) (A) (i) The term "salary" means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration. (ii) (a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. (B) The overtime exclusion shall not apply to a benefit computed at any time on a salary year prior to June 28, 1985.

(A) (i) The term "salary" means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration. (ii) (a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(i) The term "salary" means regular salary only and does not include, except as otherwise provided in subdivision (a)(2)(A)(ii) of this section, overtime pay, payments for unused accrued sick or annual leave, or the cash value of any nonrecurring or unusual remuneration.

(ii) (a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. (b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(a) The term "salary" may include the payments to a police officer for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound.

(b) The board of trustees of the local fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(B) The overtime exclusion shall not apply to a benefit computed at any time on a salary year prior to June 28, 1985.

(b) (1) (A) Any police officer who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (B) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefit. (2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those police officers who retire on or after January 1, 1987. (3) If a deceased officer receives the benefit provided under this subsection at the time of his or her death, the benefit shall be included in the amount paid to a surviving spouse or surviving child under § 24-11-425(a)(1)(A)(ii) .

(1) (A) Any police officer who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (B) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefit.

(A) Any police officer who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years.

(B) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefit.

(2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those police officers who retire on or after January 1, 1987.

(3) If a deceased officer receives the benefit provided under this subsection at the time of his or her death, the benefit shall be included in the amount paid to a surviving spouse or surviving child under § 24-11-425(a)(1)(A)(ii) .

(c) (1) Any member of a department of a city which is divided by a street state line from an incorporated city or town in an adjoining state who is eligible for voluntary retirement and who shall continue to work for the department may receive the sum of twenty dollars ($20.00) per month upon retirement in addition to his or her regular monthly retirement pay for each continuous year that he or she shall work over and above his or her twenty (20) years. (2) In no instance shall he or she receive more than three hundred dollars ($300) per month in addition to his or her regular retirement pay.

(1) Any member of a department of a city which is divided by a street state line from an incorporated city or town in an adjoining state who is eligible for voluntary retirement and who shall continue to work for the department may receive the sum of twenty dollars ($20.00) per month upon retirement in addition to his or her regular monthly retirement pay for each continuous year that he or she shall work over and above his or her twenty (20) years.

(2) In no instance shall he or she receive more than three hundred dollars ($300) per month in addition to his or her regular retirement pay.

Amended by Act 2015, No. 1165,§ 5, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 14, eff. 2/6/2013.

Acts 1937, No. 250, § 9; Pope's Dig., § 9864; Acts 1945, No. 176, § 3; 1957, No. 415, § 2; 1963, No. 210, § 1; 1969, No. 288, § 1; 1971, No. 63, § 1; 1981, No. 987, § 1; 1985, No. 899, § 1; A.S.A. 1947, § 19-1809; Acts 1987, No. 325, § 3; 1987, No. 396, § 2; 1987, No. 797, § 2; 1989, No. 592, § 1; 1993, No. 546, § 1; 2011, No. 556, § 3.
Ark. Code Ann. § 24-4-751 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-751
Additional funding for retirement benefits
Status: in_force

(a) The government entity that had previously established a local municipal judge's retirement fund shall be required to contribute an amount of money that represents the actuarially determined accrued liability for those judges and former judges who were covered by the local fund on December 31, 2004. (b) The assets in the local municipal judge retirement fund, not to exceed the amount in subsection (a) of this section, shall be paid to the Arkansas Public Employees' Retirement System on January 1, 2008. (c) If the local municipal judge retirement fund does not have sufficient money available to pay the amount determined in subsection (a) of this section to the system on January 1, 2008, then the remaining amount of actuarially determined accrued liability shall be paid on or before December 31 each year after for up to the next thirty (30) years based on a thirty-year amortization period. (d) (1) If the amount in the municipal judge retirement fund is greater than the actuarially determined amount of the liabilities to be transferred to the system, that excess may be retained by the sponsoring government entity for the sole purpose of paying the retirement benefits of district judges. (2) If at any time in the future an obligation to fund the system no longer exists, then any excess shall be retained by the sponsoring government entity. (e) (1) The accrued benefit used to determine the accrued liability under this section shall be determined by: (A) Calculating the benefit that the judge would be eligible to receive on December 31, 2004, as provided by law before July 16, 2003, if the judge was eligible to begin receiving benefits on January 1, 2005; and (B) Multiplying the amount in subdivision (e)(1)(A) of this section by the number of years of eligible service and then dividing by the greater of either the number of years of service needed to be eligible to retire or the current years of eligible service. (2) The service years shall be determined under the law before January 1, 2005. (f) The accrued benefit determined under subsection (e) of this section for any retiree or surviving spouse who is receiving benefits on December 31, 2004, shall be the amount that he or she is receiving or entitled to receive on that date. Acts 2007, No. 177, § 10.

(a) The government entity that had previously established a local municipal judge's retirement fund shall be required to contribute an amount of money that represents the actuarially determined accrued liability for those judges and former judges who were covered by the local fund on December 31, 2004.

(b) The assets in the local municipal judge retirement fund, not to exceed the amount in subsection (a) of this section, shall be paid to the Arkansas Public Employees' Retirement System on January 1, 2008.

(c) If the local municipal judge retirement fund does not have sufficient money available to pay the amount determined in subsection (a) of this section to the system on January 1, 2008, then the remaining amount of actuarially determined accrued liability shall be paid on or before December 31 each year after for up to the next thirty (30) years based on a thirty-year amortization period.

(d) (1) If the amount in the municipal judge retirement fund is greater than the actuarially determined amount of the liabilities to be transferred to the system, that excess may be retained by the sponsoring government entity for the sole purpose of paying the retirement benefits of district judges. (2) If at any time in the future an obligation to fund the system no longer exists, then any excess shall be retained by the sponsoring government entity.

(1) If the amount in the municipal judge retirement fund is greater than the actuarially determined amount of the liabilities to be transferred to the system, that excess may be retained by the sponsoring government entity for the sole purpose of paying the retirement benefits of district judges.

(2) If at any time in the future an obligation to fund the system no longer exists, then any excess shall be retained by the sponsoring government entity.

(e) (1) The accrued benefit used to determine the accrued liability under this section shall be determined by: (A) Calculating the benefit that the judge would be eligible to receive on December 31, 2004, as provided by law before July 16, 2003, if the judge was eligible to begin receiving benefits on January 1, 2005; and (B) Multiplying the amount in subdivision (e)(1)(A) of this section by the number of years of eligible service and then dividing by the greater of either the number of years of service needed to be eligible to retire or the current years of eligible service. (2) The service years shall be determined under the law before January 1, 2005.

(1) The accrued benefit used to determine the accrued liability under this section shall be determined by: (A) Calculating the benefit that the judge would be eligible to receive on December 31, 2004, as provided by law before July 16, 2003, if the judge was eligible to begin receiving benefits on January 1, 2005; and (B) Multiplying the amount in subdivision (e)(1)(A) of this section by the number of years of eligible service and then dividing by the greater of either the number of years of service needed to be eligible to retire or the current years of eligible service.

(A) Calculating the benefit that the judge would be eligible to receive on December 31, 2004, as provided by law before July 16, 2003, if the judge was eligible to begin receiving benefits on January 1, 2005; and

(B) Multiplying the amount in subdivision (e)(1)(A) of this section by the number of years of eligible service and then dividing by the greater of either the number of years of service needed to be eligible to retire or the current years of eligible service.

(2) The service years shall be determined under the law before January 1, 2005.

(f) The accrued benefit determined under subsection (e) of this section for any retiree or surviving spouse who is receiving benefits on December 31, 2004, shall be the amount that he or she is receiving or entitled to receive on that date.

Acts 2007, No. 177, § 10.
Ark. Code Ann. § 24-2-304 — AR Code / Title 24 / Chapter 2 / Subchapter 3 / Section 24-2-304
Erroneous enrollment on or after January 1, 1979
Status: in_force

(a) (1) When it is discovered by an employee, employer, or a state retirement system that an employee became erroneously enrolled in a state retirement system on or after January 1, 1979, the employee may elect to remain a member of the retirement system of record or may become a member of the eligible retirement system. (2) Subsections (b)-(d) of this section shall apply if the member chooses to become a member of the eligible retirement system. (b) The retirement system of record shall refund to the employer all contributions, both employee and employer, that were made in behalf of the employee in question. (c) (1) The employer shall retain the contributions of both the employee and the employer that are refunded under subsection (b) of this section until the member is enrolled in the eligible retirement system. (2) Upon receipt of the refunded contributions, the employer shall file with the eligible retirement system an application for membership by the employee and a history of covered employment and wages, including service refunded by the retirement system of record. (d) (1) The eligible retirement system shall furnish to both the employee and the employer a statement of the amount of contributions necessary to establish service credit in the eligible retirement system for the service refunded by the retirement system of record. (2) In computing the cost of that service, the eligible retirement system shall include both employee and employer contribution rates in its computation. (3) In paying the cost of establishing credit for the service in the eligible retirement system, the employer shall first use the employee refund from the retirement system of record and then as much of the employer refund as may be necessary. However, if all of the employer refund is not required to establish service credit, the remaining amount shall be paid into the General Education Fund. (4) In the event the cost of establishing the service credit is in excess of both the employee and the employer contributions refunded by the retirement system of record, the excess amount shall be paid by the employee. Acts 1973, No. 667, § 4; 1979, No. 576, § 4; A.S.A. 1947, § 12-2574; Acts 1989, No. 154, § 1; 1991, No. 13, § 1.

(a) (1) When it is discovered by an employee, employer, or a state retirement system that an employee became erroneously enrolled in a state retirement system on or after January 1, 1979, the employee may elect to remain a member of the retirement system of record or may become a member of the eligible retirement system. (2) Subsections (b)-(d) of this section shall apply if the member chooses to become a member of the eligible retirement system.

(1) When it is discovered by an employee, employer, or a state retirement system that an employee became erroneously enrolled in a state retirement system on or after January 1, 1979, the employee may elect to remain a member of the retirement system of record or may become a member of the eligible retirement system.

(2) Subsections (b)-(d) of this section shall apply if the member chooses to become a member of the eligible retirement system.

(b) The retirement system of record shall refund to the employer all contributions, both employee and employer, that were made in behalf of the employee in question.

(c) (1) The employer shall retain the contributions of both the employee and the employer that are refunded under subsection (b) of this section until the member is enrolled in the eligible retirement system. (2) Upon receipt of the refunded contributions, the employer shall file with the eligible retirement system an application for membership by the employee and a history of covered employment and wages, including service refunded by the retirement system of record.

(1) The employer shall retain the contributions of both the employee and the employer that are refunded under subsection (b) of this section until the member is enrolled in the eligible retirement system.

(2) Upon receipt of the refunded contributions, the employer shall file with the eligible retirement system an application for membership by the employee and a history of covered employment and wages, including service refunded by the retirement system of record.

(d) (1) The eligible retirement system shall furnish to both the employee and the employer a statement of the amount of contributions necessary to establish service credit in the eligible retirement system for the service refunded by the retirement system of record. (2) In computing the cost of that service, the eligible retirement system shall include both employee and employer contribution rates in its computation. (3) In paying the cost of establishing credit for the service in the eligible retirement system, the employer shall first use the employee refund from the retirement system of record and then as much of the employer refund as may be necessary. However, if all of the employer refund is not required to establish service credit, the remaining amount shall be paid into the General Education Fund. (4) In the event the cost of establishing the service credit is in excess of both the employee and the employer contributions refunded by the retirement system of record, the excess amount shall be paid by the employee.

(1) The eligible retirement system shall furnish to both the employee and the employer a statement of the amount of contributions necessary to establish service credit in the eligible retirement system for the service refunded by the retirement system of record.

(2) In computing the cost of that service, the eligible retirement system shall include both employee and employer contribution rates in its computation.

(3) In paying the cost of establishing credit for the service in the eligible retirement system, the employer shall first use the employee refund from the retirement system of record and then as much of the employer refund as may be necessary. However, if all of the employer refund is not required to establish service credit, the remaining amount shall be paid into the General Education Fund.

(4) In the event the cost of establishing the service credit is in excess of both the employee and the employer contributions refunded by the retirement system of record, the excess amount shall be paid by the employee.

Acts 1973, No. 667, § 4; 1979, No. 576, § 4; A.S.A. 1947, § 12-2574; Acts 1989, No. 154, § 1; 1991, No. 13, § 1.
Ark. Code Ann. § 24-8-203 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-203
Board of trustees
Status: in_force

(a) The administration and control of the Arkansas Judicial Retirement System shall be vested in a board known as the "Board of Trustees of the Arkansas Judicial Retirement System". (b) (1) The members of the board shall consist of five (5) persons appointed by the Arkansas Judicial Council. (2) The members shall serve at the pleasure of the council. (3) One (1) of the members shall be elected by the board to serve as chair. (c) The duties of the board shall be: (1) To make all rules necessary and proper for carrying out the provisions of this section; (2) To provide administrative direction and control of the executive director and staff as may from time to time be required; (3) To appoint an actuary, or firm of actuaries, to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required by him or her under this subdivision (c)(3) and as are from time to time required by the board; (4) To appoint professional investment counsel to be the board's investment advisor or money manager; (5) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6) To do any and all things necessary for the proper execution of this section. (d) The board shall meet at least quarterly and at other times as necessary at the call of the chair. Amended by Act 2019, No. 315,§ 2893, eff. 7/24/2019. Acts 1953, No. 365, § 3; 1981, No. 604, § 1; 1985, No. 235, § 1; A.S.A. 1947, § 22-903; Acts 1995, No. 1282, § 1; 1997, No. 240, § 1; 1997, No. 250, § 232.

(a) The administration and control of the Arkansas Judicial Retirement System shall be vested in a board known as the "Board of Trustees of the Arkansas Judicial Retirement System".

(b) (1) The members of the board shall consist of five (5) persons appointed by the Arkansas Judicial Council. (2) The members shall serve at the pleasure of the council. (3) One (1) of the members shall be elected by the board to serve as chair.

(1) The members of the board shall consist of five (5) persons appointed by the Arkansas Judicial Council.

(2) The members shall serve at the pleasure of the council.

(3) One (1) of the members shall be elected by the board to serve as chair.

(c) The duties of the board shall be: (1) To make all rules necessary and proper for carrying out the provisions of this section; (2) To provide administrative direction and control of the executive director and staff as may from time to time be required; (3) To appoint an actuary, or firm of actuaries, to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required by him or her under this subdivision (c)(3) and as are from time to time required by the board; (4) To appoint professional investment counsel to be the board's investment advisor or money manager; (5) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6) To do any and all things necessary for the proper execution of this section.

(1) To make all rules necessary and proper for carrying out the provisions of this section;

(2) To provide administrative direction and control of the executive director and staff as may from time to time be required;

(3) To appoint an actuary, or firm of actuaries, to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required by him or her under this subdivision (c)(3) and as are from time to time required by the board;

(4) To appoint professional investment counsel to be the board's investment advisor or money manager;

(5) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and

(6) To do any and all things necessary for the proper execution of this section.

(d) The board shall meet at least quarterly and at other times as necessary at the call of the chair.

Amended by Act 2019, No. 315,§ 2893, eff. 7/24/2019.

Acts 1953, No. 365, § 3; 1981, No. 604, § 1; 1985, No. 235, § 1; A.S.A. 1947, § 22-903; Acts 1995, No. 1282, § 1; 1997, No. 240, § 1; 1997, No. 250, § 232.
Ark. Code Ann. § 24-7-610 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-610
Credit for service in National Guard and armed forces reserve - Definition
Status: in_force

(a) As used in this section, "armed forces reserve" means one (1) of the reserve components of the United States Armed Forces. (b) (1) A member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the National Guard or the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System; (B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and (C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits. (2) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions. (c) A member may purchase one (1) year of service credit for each one (1) year of service in the National Guard or armed forces reserve. (d) The National Guard or armed forces reserve service shall not become credited service under this system until: (1) The member payments specified in subdivision (b)(1)(C) of this section have been paid in full; and (2) The member has established five (5) or more years of actual service in the system. (e) Service in the National Guard or armed forces reserve service shall be credited to the year in which it was rendered even if the member has concurrent service with a covered employer. (f) At the member's request, a member's payment under this section shall be refunded if the: (1) Member ceases to be an active member before the service in the National Guard or the armed forces reserve is established as credited service in the system; or (2) Service in the National Guard or the armed forces reserve is not otherwise used to establish the member's eligibility for retirement under the system. (g) (1) This section is supplemental to § 24-7-602 , and this section does not diminish the right of a member of the system to obtain credited service in the system for active duty military service within the limits permitted by § 24-7-602 . (2) However, a member shall not be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section. Amended by Act 2023, No. 55,§ 10, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 14, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 13, eff. 7/1/2021. Amended by Act 2019, No. 427,§ 12, eff. 7/1/2019. Acts 2001, No. 1296, § 1; 2003, No. 1473, § 60; 2009, No. 468, § 13; 2011, No. 66, § 1; 2011, No. 69, § 20.

(a) As used in this section, "armed forces reserve" means one (1) of the reserve components of the United States Armed Forces.

(b) (1) A member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the National Guard or the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System; (B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and (C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits. (2) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions.

(1) A member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the National Guard or the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System; (B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and (C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits.

(A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System;

(B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and

(C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits.

(2) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions.

(c) A member may purchase one (1) year of service credit for each one (1) year of service in the National Guard or armed forces reserve.

(d) The National Guard or armed forces reserve service shall not become credited service under this system until: (1) The member payments specified in subdivision (b)(1)(C) of this section have been paid in full; and (2) The member has established five (5) or more years of actual service in the system.

(1) The member payments specified in subdivision (b)(1)(C) of this section have been paid in full; and

(2) The member has established five (5) or more years of actual service in the system.

(e) Service in the National Guard or armed forces reserve service shall be credited to the year in which it was rendered even if the member has concurrent service with a covered employer.

(f) At the member's request, a member's payment under this section shall be refunded if the: (1) Member ceases to be an active member before the service in the National Guard or the armed forces reserve is established as credited service in the system; or (2) Service in the National Guard or the armed forces reserve is not otherwise used to establish the member's eligibility for retirement under the system.

(1) Member ceases to be an active member before the service in the National Guard or the armed forces reserve is established as credited service in the system; or

(2) Service in the National Guard or the armed forces reserve is not otherwise used to establish the member's eligibility for retirement under the system.

(g) (1) This section is supplemental to § 24-7-602 , and this section does not diminish the right of a member of the system to obtain credited service in the system for active duty military service within the limits permitted by § 24-7-602 . (2) However, a member shall not be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section.

(1) This section is supplemental to § 24-7-602 , and this section does not diminish the right of a member of the system to obtain credited service in the system for active duty military service within the limits permitted by § 24-7-602 .

(2) However, a member shall not be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section.

Amended by Act 2023, No. 55,§ 10, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 14, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 13, eff. 7/1/2021.

Amended by Act 2019, No. 427,§ 12, eff. 7/1/2019.

Acts 2001, No. 1296, § 1; 2003, No. 1473, § 60; 2009, No. 468, § 13; 2011, No. 66, § 1; 2011, No. 69, § 20.
Ark. Code Ann. § 24-7-735 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-735
Contract buyout agreement - Settlements - Judgments - Calculation of benefits
Status: in_force

(a) A member shall not accumulate service credit in the Arkansas Teacher Retirement System during the time that payments under a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment are paid to the member by the employer unless the member continues to work on-site for the employer, or the service credit or additional salary is purchased as provided under subsection (c) of this section. (b) (1) The employer shall provide a copy of a settlement agreement or court order under this section to the system so that the system can: (A) Prevent the accumulation of service credit for any payments that are not for on-site work for the employer; and (B) Calculate the cost to purchase service credit, additional salary, or both service credit and additional salary as provided under this section. (2) A member shall not receive service credit or additional salary from the system under a settlement agreement or court order unless permitted under this section. (c) (1) The system shall allow a member or employer to purchase service credit, additional salary, or both for the member for service credit the member would have earned but for termination, or salary that would have been paid but for employment discrimination to resolve a claim of wrongful termination or employment discrimination that results in a settlement agreement or court order. (2) The member's official salary record shall be adjusted to include the purchased additional salary which may be used to compute the final average salary at the time of retirement if the purchased salary qualifies for the final average salary calculation. (3) Service credit earned by a member from an employer from the date of termination by an employer to the date of the settlement agreement or court order shall be subtracted from the amount of service credit allowed for purchase under subdivision (c)(1) of this section. (4) (A) Service credit purchased under a settlement agreement or court order shall offset service credit that is earned by the member as an employee of another covered employer during the same period of time covered by the service credit purchased under the settlement agreement or court order. (B) Service credit purchased under a settlement agreement or court order shall not be applied by the system in a manner that allows the member to earn more than one (1) year of service credit in a fiscal year. (d) (1) The cost to purchase service credit, additional salary, or both shall be established using the actuarial equivalent as calculated by the system using the member's service history at the time of the purchase. (2) The system shall use the same factors to determine the cost of the additional salary purchase as used to calculate an additional monthly benefit in the annuitization of a Teacher Deferred Retirement Option Plan distribution. (3) The calculation shall be made with the assumption that the member would have immediately retired at the time of the additional salary purchase. Amended by Act 2023, No. 107,§ 57, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 30, eff. 7/1/2021. Amended by Act 2017, No. 436,§ 3, eff. 3/9/2017. Amended by Act 2013, No. 521,§ 2, eff. 3/28/2013. Acts 2011, No. 163, § 2.

(a) A member shall not accumulate service credit in the Arkansas Teacher Retirement System during the time that payments under a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment are paid to the member by the employer unless the member continues to work on-site for the employer, or the service credit or additional salary is purchased as provided under subsection (c) of this section.

(b) (1) The employer shall provide a copy of a settlement agreement or court order under this section to the system so that the system can: (A) Prevent the accumulation of service credit for any payments that are not for on-site work for the employer; and (B) Calculate the cost to purchase service credit, additional salary, or both service credit and additional salary as provided under this section. (2) A member shall not receive service credit or additional salary from the system under a settlement agreement or court order unless permitted under this section.

(1) The employer shall provide a copy of a settlement agreement or court order under this section to the system so that the system can: (A) Prevent the accumulation of service credit for any payments that are not for on-site work for the employer; and (B) Calculate the cost to purchase service credit, additional salary, or both service credit and additional salary as provided under this section.

(A) Prevent the accumulation of service credit for any payments that are not for on-site work for the employer; and

(B) Calculate the cost to purchase service credit, additional salary, or both service credit and additional salary as provided under this section.

(2) A member shall not receive service credit or additional salary from the system under a settlement agreement or court order unless permitted under this section.

(c) (1) The system shall allow a member or employer to purchase service credit, additional salary, or both for the member for service credit the member would have earned but for termination, or salary that would have been paid but for employment discrimination to resolve a claim of wrongful termination or employment discrimination that results in a settlement agreement or court order. (2) The member's official salary record shall be adjusted to include the purchased additional salary which may be used to compute the final average salary at the time of retirement if the purchased salary qualifies for the final average salary calculation. (3) Service credit earned by a member from an employer from the date of termination by an employer to the date of the settlement agreement or court order shall be subtracted from the amount of service credit allowed for purchase under subdivision (c)(1) of this section. (4) (A) Service credit purchased under a settlement agreement or court order shall offset service credit that is earned by the member as an employee of another covered employer during the same period of time covered by the service credit purchased under the settlement agreement or court order. (B) Service credit purchased under a settlement agreement or court order shall not be applied by the system in a manner that allows the member to earn more than one (1) year of service credit in a fiscal year.

(1) The system shall allow a member or employer to purchase service credit, additional salary, or both for the member for service credit the member would have earned but for termination, or salary that would have been paid but for employment discrimination to resolve a claim of wrongful termination or employment discrimination that results in a settlement agreement or court order.

(2) The member's official salary record shall be adjusted to include the purchased additional salary which may be used to compute the final average salary at the time of retirement if the purchased salary qualifies for the final average salary calculation.

(3) Service credit earned by a member from an employer from the date of termination by an employer to the date of the settlement agreement or court order shall be subtracted from the amount of service credit allowed for purchase under subdivision (c)(1) of this section.

(4) (A) Service credit purchased under a settlement agreement or court order shall offset service credit that is earned by the member as an employee of another covered employer during the same period of time covered by the service credit purchased under the settlement agreement or court order. (B) Service credit purchased under a settlement agreement or court order shall not be applied by the system in a manner that allows the member to earn more than one (1) year of service credit in a fiscal year.

(A) Service credit purchased under a settlement agreement or court order shall offset service credit that is earned by the member as an employee of another covered employer during the same period of time covered by the service credit purchased under the settlement agreement or court order.

(B) Service credit purchased under a settlement agreement or court order shall not be applied by the system in a manner that allows the member to earn more than one (1) year of service credit in a fiscal year.

(d) (1) The cost to purchase service credit, additional salary, or both shall be established using the actuarial equivalent as calculated by the system using the member's service history at the time of the purchase. (2) The system shall use the same factors to determine the cost of the additional salary purchase as used to calculate an additional monthly benefit in the annuitization of a Teacher Deferred Retirement Option Plan distribution. (3) The calculation shall be made with the assumption that the member would have immediately retired at the time of the additional salary purchase.

(1) The cost to purchase service credit, additional salary, or both shall be established using the actuarial equivalent as calculated by the system using the member's service history at the time of the purchase.

(2) The system shall use the same factors to determine the cost of the additional salary purchase as used to calculate an additional monthly benefit in the annuitization of a Teacher Deferred Retirement Option Plan distribution.

(3) The calculation shall be made with the assumption that the member would have immediately retired at the time of the additional salary purchase.

Amended by Act 2023, No. 107,§ 57, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 30, eff. 7/1/2021.

Amended by Act 2017, No. 436,§ 3, eff. 3/9/2017.

Amended by Act 2013, No. 521,§ 2, eff. 3/28/2013.

Acts 2011, No. 163, § 2.
Ark. Code Ann. § 24-7-1007 — AR Code / Title 24 / Chapter 7 / Subchapter 10 / Section 24-7-1007
[Repealed]
Status: repealed

Repealed by Act 2013, No. 337,§ 3, eff. 7/1/2013. Acts 1971, No. 512, § 9; A.S.A. 1947, § 80-3201n.

Repealed by Act 2013, No. 337,§ 3, eff. 7/1/2013.

Acts 1971, No. 512, § 9; A.S.A. 1947, § 80-3201n.
Ark. Code Ann. § 24-7-1009 — AR Code / Title 24 / Chapter 7 / Subchapter 10 / Section 24-7-1009
Retirement plan options for employees of campuses, units, and divisions of the University of Arkansas system
Status: in_force

(a) (1) An employee of a campus, unit, or division of the University of Arkansas system, whose appointment is half-time or greater and the employment is not seasonal, extra help, temporary, or incidental to his or her education, may participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by the policy adopted by the Board of Trustees of the University of Arkansas. (2) Once an employee makes an election as provided in subdivision (a)(1) of this section, the election is irrevocable during the employee's tenure of employment with the University of Arkansas system. (b) (1) If an employee who is not eligible to participate under subsection (a) of this section becomes eligible under policies adopted by the Board of Trustees of the University of Arkansas to participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System, the employee shall participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by policies adopted by the Board of Trustees of the University of Arkansas beginning on the date the employee becomes eligible. (2) If an employee under subdivision (b)(1) of this section elects to participate in the Arkansas Public Employees' Retirement System as permitted by the Board of Trustees of the University of Arkansas policy, the employee shall receive credit for service for the period of time in which the employee was ineligible to participate if the employee buys service credit by paying in one (1) lump sum: (A) All the employee contributions at the rate and based on the compensation that would have been paid to the employee during the ineligible period of time; (B) All the employer contributions based on the Arkansas Public Employees' Retirement System employer normal cost from the most recently completed Arkansas Public Employees' Retirement System regular annual actuarial valuation and the compensation that would have been paid to the employee during the ineligible period of time; and (C) The regular interest on the employee and employer contributions computed from the date of service that was rendered to the date the payment is received by the Arkansas Public Employees' Retirement System. (c) (1) The University of Arkansas system shall comply with the Arkansas Public Employees' Retirement System rules for an employee of a campus, unit, or division of the University of Arkansas system who is eligible under policies adopted by the Board of Trustees of the University of Arkansas and elects to participate in the Arkansas Public Employees' Retirement System. (2) Notwithstanding any other provision of this section, no employee of a campus, unit, or division of the University of Arkansas system may be permitted to enroll in the Arkansas Public Employees' Retirement System who would not be eligible to enroll under Arkansas Public Employees' Retirement System rules. (d) Beginning July 1, 2011, a new employee of the University of Arkansas system shall not participate in the Arkansas Teacher Retirement System. Added by Act 2013, No. 337,§ 4, eff. 7/1/2013.

(a) (1) An employee of a campus, unit, or division of the University of Arkansas system, whose appointment is half-time or greater and the employment is not seasonal, extra help, temporary, or incidental to his or her education, may participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by the policy adopted by the Board of Trustees of the University of Arkansas. (2) Once an employee makes an election as provided in subdivision (a)(1) of this section, the election is irrevocable during the employee's tenure of employment with the University of Arkansas system.

(1) An employee of a campus, unit, or division of the University of Arkansas system, whose appointment is half-time or greater and the employment is not seasonal, extra help, temporary, or incidental to his or her education, may participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by the policy adopted by the Board of Trustees of the University of Arkansas.

(2) Once an employee makes an election as provided in subdivision (a)(1) of this section, the election is irrevocable during the employee's tenure of employment with the University of Arkansas system.

(b) (1) If an employee who is not eligible to participate under subsection (a) of this section becomes eligible under policies adopted by the Board of Trustees of the University of Arkansas to participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System, the employee shall participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by policies adopted by the Board of Trustees of the University of Arkansas beginning on the date the employee becomes eligible. (2) If an employee under subdivision (b)(1) of this section elects to participate in the Arkansas Public Employees' Retirement System as permitted by the Board of Trustees of the University of Arkansas policy, the employee shall receive credit for service for the period of time in which the employee was ineligible to participate if the employee buys service credit by paying in one (1) lump sum: (A) All the employee contributions at the rate and based on the compensation that would have been paid to the employee during the ineligible period of time; (B) All the employer contributions based on the Arkansas Public Employees' Retirement System employer normal cost from the most recently completed Arkansas Public Employees' Retirement System regular annual actuarial valuation and the compensation that would have been paid to the employee during the ineligible period of time; and (C) The regular interest on the employee and employer contributions computed from the date of service that was rendered to the date the payment is received by the Arkansas Public Employees' Retirement System.

(1) If an employee who is not eligible to participate under subsection (a) of this section becomes eligible under policies adopted by the Board of Trustees of the University of Arkansas to participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System, the employee shall participate in a retirement plan sponsored by the University of Arkansas system or the Arkansas Public Employees' Retirement System as permitted by policies adopted by the Board of Trustees of the University of Arkansas beginning on the date the employee becomes eligible.

(2) If an employee under subdivision (b)(1) of this section elects to participate in the Arkansas Public Employees' Retirement System as permitted by the Board of Trustees of the University of Arkansas policy, the employee shall receive credit for service for the period of time in which the employee was ineligible to participate if the employee buys service credit by paying in one (1) lump sum: (A) All the employee contributions at the rate and based on the compensation that would have been paid to the employee during the ineligible period of time; (B) All the employer contributions based on the Arkansas Public Employees' Retirement System employer normal cost from the most recently completed Arkansas Public Employees' Retirement System regular annual actuarial valuation and the compensation that would have been paid to the employee during the ineligible period of time; and (C) The regular interest on the employee and employer contributions computed from the date of service that was rendered to the date the payment is received by the Arkansas Public Employees' Retirement System.

(A) All the employee contributions at the rate and based on the compensation that would have been paid to the employee during the ineligible period of time;

(B) All the employer contributions based on the Arkansas Public Employees' Retirement System employer normal cost from the most recently completed Arkansas Public Employees' Retirement System regular annual actuarial valuation and the compensation that would have been paid to the employee during the ineligible period of time; and

(C) The regular interest on the employee and employer contributions computed from the date of service that was rendered to the date the payment is received by the Arkansas Public Employees' Retirement System.

(c) (1) The University of Arkansas system shall comply with the Arkansas Public Employees' Retirement System rules for an employee of a campus, unit, or division of the University of Arkansas system who is eligible under policies adopted by the Board of Trustees of the University of Arkansas and elects to participate in the Arkansas Public Employees' Retirement System. (2) Notwithstanding any other provision of this section, no employee of a campus, unit, or division of the University of Arkansas system may be permitted to enroll in the Arkansas Public Employees' Retirement System who would not be eligible to enroll under Arkansas Public Employees' Retirement System rules.

(1) The University of Arkansas system shall comply with the Arkansas Public Employees' Retirement System rules for an employee of a campus, unit, or division of the University of Arkansas system who is eligible under policies adopted by the Board of Trustees of the University of Arkansas and elects to participate in the Arkansas Public Employees' Retirement System.

(2) Notwithstanding any other provision of this section, no employee of a campus, unit, or division of the University of Arkansas system may be permitted to enroll in the Arkansas Public Employees' Retirement System who would not be eligible to enroll under Arkansas Public Employees' Retirement System rules.

(d) Beginning July 1, 2011, a new employee of the University of Arkansas system shall not participate in the Arkansas Teacher Retirement System.

Added by Act 2013, No. 337,§ 4, eff. 7/1/2013.
Ark. Code Ann. § 24-6-221 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-221
Benefits - Increased benefits for persons retiring by June 1, 1982, or by July 1, 1982
Status: in_force

(a) (1) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the State Police Retirement System who retired prior to July 1, 1982, shall be increased as follows: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-80 through 6-30-82 6% 7-1-75 through 6-30-80 12% Before 7-1-75 18% (2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before July 1, 1975, shall receive a maximum increase of eighteen percent (18%). (3) The increase in benefits provided in subdivision (a)(1) of this section shall be added to the monthly benefit after the annual post-retirement increase based on the consumer price index has been applied, and the increase provided in subdivision (a)(1) of this section shall be added to the base annuity of the member or beneficiary. (b) (1) On July 1, 1985, the monthly retirement benefit payable to retirants and beneficiaries of retirants of the system who retired June 1, 1982, or before shall be increased as follows: (A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit. (B) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-81 through 6-1-82 1% 7-1-80 through 6-1-81 2% 7-1-79 through 6-1-80 3% 7-1-78 through 6-1-79 4% 7-1-77 through 6-1-78 5% 7-1-76 through 6-1-77 6% 7-1-75 through 6-1-76 7% 7-1-74 through 6-1-75 8% 7-1-73 through 6-1-74 9% 7-1-72 through 6-1-73 10% Before 7-1-72 10% (2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before June 1, 1973, shall receive a maximum increase of ten percent (10%). (3) The increase in benefits provided in subdivision (b)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (b)(1) of this section shall be added to the base annuity of the member or beneficiary. Acts 1985, No. 555, § 1; A.S.A. 1947, § 42-463.2; Acts 1987, No. 718, § 1.

(a) (1) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the State Police Retirement System who retired prior to July 1, 1982, shall be increased as follows: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-80 through 6-30-82 6% 7-1-75 through 6-30-80 12% Before 7-1-75 18% (2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before July 1, 1975, shall receive a maximum increase of eighteen percent (18%). (3) The increase in benefits provided in subdivision (a)(1) of this section shall be added to the monthly benefit after the annual post-retirement increase based on the consumer price index has been applied, and the increase provided in subdivision (a)(1) of this section shall be added to the base annuity of the member or beneficiary.

(1) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the State Police Retirement System who retired prior to July 1, 1982, shall be increased as follows: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-80 through 6-30-82 6% 7-1-75 through 6-30-80 12% Before 7-1-75 18%

Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-80 through 6-30-82 6% 7-1-75 through 6-30-80 12% Before 7-1-75 18%

Date of Retirement

Percent of Increase

7-1-82 and after

0%

7-1-80 through 6-30-82

6%

7-1-75 through 6-30-80

12%

Before 7-1-75

18%

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before July 1, 1975, shall receive a maximum increase of eighteen percent (18%).

(3) The increase in benefits provided in subdivision (a)(1) of this section shall be added to the monthly benefit after the annual post-retirement increase based on the consumer price index has been applied, and the increase provided in subdivision (a)(1) of this section shall be added to the base annuity of the member or beneficiary.

(b) (1) On July 1, 1985, the monthly retirement benefit payable to retirants and beneficiaries of retirants of the system who retired June 1, 1982, or before shall be increased as follows: (A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit. (B) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-81 through 6-1-82 1% 7-1-80 through 6-1-81 2% 7-1-79 through 6-1-80 3% 7-1-78 through 6-1-79 4% 7-1-77 through 6-1-78 5% 7-1-76 through 6-1-77 6% 7-1-75 through 6-1-76 7% 7-1-74 through 6-1-75 8% 7-1-73 through 6-1-74 9% 7-1-72 through 6-1-73 10% Before 7-1-72 10% (2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before June 1, 1973, shall receive a maximum increase of ten percent (10%). (3) The increase in benefits provided in subdivision (b)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (b)(1) of this section shall be added to the base annuity of the member or beneficiary.

(1) On July 1, 1985, the monthly retirement benefit payable to retirants and beneficiaries of retirants of the system who retired June 1, 1982, or before shall be increased as follows: (A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit. (B) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-81 through 6-1-82 1% 7-1-80 through 6-1-81 2% 7-1-79 through 6-1-80 3% 7-1-78 through 6-1-79 4% 7-1-77 through 6-1-78 5% 7-1-76 through 6-1-77 6% 7-1-75 through 6-1-76 7% 7-1-74 through 6-1-75 8% 7-1-73 through 6-1-74 9% 7-1-72 through 6-1-73 10% Before 7-1-72 10%

(A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit.

(B) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-81 through 6-1-82 1% 7-1-80 through 6-1-81 2% 7-1-79 through 6-1-80 3% 7-1-78 through 6-1-79 4% 7-1-77 through 6-1-78 5% 7-1-76 through 6-1-77 6% 7-1-75 through 6-1-76 7% 7-1-74 through 6-1-75 8% 7-1-73 through 6-1-74 9% 7-1-72 through 6-1-73 10% Before 7-1-72 10%

Date of Retirement Percent of Increase 7-1-82 and after 0% 7-1-81 through 6-1-82 1% 7-1-80 through 6-1-81 2% 7-1-79 through 6-1-80 3% 7-1-78 through 6-1-79 4% 7-1-77 through 6-1-78 5% 7-1-76 through 6-1-77 6% 7-1-75 through 6-1-76 7% 7-1-74 through 6-1-75 8% 7-1-73 through 6-1-74 9% 7-1-72 through 6-1-73 10% Before 7-1-72 10%

Date of Retirement

Percent of Increase

7-1-82 and after

0%

7-1-81 through 6-1-82

1%

7-1-80 through 6-1-81

2%

7-1-79 through 6-1-80

3%

7-1-78 through 6-1-79

4%

7-1-77 through 6-1-78

5%

7-1-76 through 6-1-77

6%

7-1-75 through 6-1-76

7%

7-1-74 through 6-1-75

8%

7-1-73 through 6-1-74

9%

7-1-72 through 6-1-73

10%

Before 7-1-72

10%

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before June 1, 1973, shall receive a maximum increase of ten percent (10%).

(3) The increase in benefits provided in subdivision (b)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (b)(1) of this section shall be added to the base annuity of the member or beneficiary.

Acts 1985, No. 555, § 1; A.S.A. 1947, § 42-463.2; Acts 1987, No. 718, § 1.
Ark. Code Ann. § 24-2-805 — AR Code / Title 24 / Chapter 2 / Subchapter 8 / Section 24-2-805
Voting ownership interests
Status: in_force

(a) (1) All shares held directly or indirectly by or on behalf of a pension benefit plan or its beneficiaries, or both, shall be voted upon solely in the pecuniary interest of the pension benefit plan participants. (2) Voting to further a nonpecuniary, environmental, social, political, ideological, or other benefit or goal is prohibited. (b) Unless no economically practicable alternative is available: (1) A fiduciary shall not adopt a practice of following the recommendations of a proxy advisory firm or other service provider unless the firm or service provider has a practice of following proxy voting guidelines that are consistent with the fiduciary's obligation to act based only upon pecuniary factors and makes a written commitment to do so; and (2) Plan assets shall not be entrusted to a fiduciary unless that fiduciary has a practice of following guidelines when engaging with portfolio companies and voting shares or proxies that match the obligation of the pension benefit plan to act based only upon pecuniary factors and makes a written commitment to do so. (c) Authority to vote upon shares as discussed in this section shall be in the hands of the existing state official or board who is politically accountable to the people of the State of Arkansas for each pension benefit plan. (d) All voting authority shall reside with the appropriate state official or board, except that the state official or board may delegate that authority to a person who has a practice of following guidelines that match the governmental entity's obligation to act based only on pecuniary factors and makes a written commitment to do so. (e) (1) All proxy votes shall be tabulated and reported annually to each pension benefit plan's board of trustees. (2) (A) For each vote, the report shall contain a vote caption, the plan's vote, the recommendation of company management and, if applicable, the proxy advisor's recommendation. (B) These reports shall be posted on a publicly available webpage on each applicable board of trustees' website. Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.

(a) (1) All shares held directly or indirectly by or on behalf of a pension benefit plan or its beneficiaries, or both, shall be voted upon solely in the pecuniary interest of the pension benefit plan participants. (2) Voting to further a nonpecuniary, environmental, social, political, ideological, or other benefit or goal is prohibited.

(1) All shares held directly or indirectly by or on behalf of a pension benefit plan or its beneficiaries, or both, shall be voted upon solely in the pecuniary interest of the pension benefit plan participants.

(2) Voting to further a nonpecuniary, environmental, social, political, ideological, or other benefit or goal is prohibited.

(b) Unless no economically practicable alternative is available: (1) A fiduciary shall not adopt a practice of following the recommendations of a proxy advisory firm or other service provider unless the firm or service provider has a practice of following proxy voting guidelines that are consistent with the fiduciary's obligation to act based only upon pecuniary factors and makes a written commitment to do so; and (2) Plan assets shall not be entrusted to a fiduciary unless that fiduciary has a practice of following guidelines when engaging with portfolio companies and voting shares or proxies that match the obligation of the pension benefit plan to act based only upon pecuniary factors and makes a written commitment to do so.

(1) A fiduciary shall not adopt a practice of following the recommendations of a proxy advisory firm or other service provider unless the firm or service provider has a practice of following proxy voting guidelines that are consistent with the fiduciary's obligation to act based only upon pecuniary factors and makes a written commitment to do so; and

(2) Plan assets shall not be entrusted to a fiduciary unless that fiduciary has a practice of following guidelines when engaging with portfolio companies and voting shares or proxies that match the obligation of the pension benefit plan to act based only upon pecuniary factors and makes a written commitment to do so.

(c) Authority to vote upon shares as discussed in this section shall be in the hands of the existing state official or board who is politically accountable to the people of the State of Arkansas for each pension benefit plan.

(d) All voting authority shall reside with the appropriate state official or board, except that the state official or board may delegate that authority to a person who has a practice of following guidelines that match the governmental entity's obligation to act based only on pecuniary factors and makes a written commitment to do so.

(e) (1) All proxy votes shall be tabulated and reported annually to each pension benefit plan's board of trustees. (2) (A) For each vote, the report shall contain a vote caption, the plan's vote, the recommendation of company management and, if applicable, the proxy advisor's recommendation. (B) These reports shall be posted on a publicly available webpage on each applicable board of trustees' website.

(1) All proxy votes shall be tabulated and reported annually to each pension benefit plan's board of trustees.

(2) (A) For each vote, the report shall contain a vote caption, the plan's vote, the recommendation of company management and, if applicable, the proxy advisor's recommendation. (B) These reports shall be posted on a publicly available webpage on each applicable board of trustees' website.

(A) For each vote, the report shall contain a vote caption, the plan's vote, the recommendation of company management and, if applicable, the proxy advisor's recommendation.

(B) These reports shall be posted on a publicly available webpage on each applicable board of trustees' website.

Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-1-108 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-108
Effect of concurrent employment on member's benefits - Notice
Status: in_force

(a) The purpose of this section is to provide notice to an applicant for concurrent employment in a public employee position that the concurrent employment might affect the employee's retirement benefits and to allow the employee and employer an opportunity to consider an alternative method of employment that would allow an enhanced retirement benefit for the prospective employee. (b) If an applicant for concurrent employment in a public employee position provides information to a prospective public employer that the applicant is a current public employee and is enrolled as a member of a reciprocal system, then the prospective employer shall notify the applicant that it may be in the applicant's best interest to contact his or her current retirement system regarding the legal status of retirement benefits that may result if the applicant is employed by two (2) or more state-supported retirement systems. (c) The failure of a state-supported retirement system to notify a prospective employee under this section does not create a legal obligation on behalf of the state-supported retirement system or a legal right on behalf of the prospective employee. Acts 2009, No. 1280, § 1.

(a) The purpose of this section is to provide notice to an applicant for concurrent employment in a public employee position that the concurrent employment might affect the employee's retirement benefits and to allow the employee and employer an opportunity to consider an alternative method of employment that would allow an enhanced retirement benefit for the prospective employee.

(b) If an applicant for concurrent employment in a public employee position provides information to a prospective public employer that the applicant is a current public employee and is enrolled as a member of a reciprocal system, then the prospective employer shall notify the applicant that it may be in the applicant's best interest to contact his or her current retirement system regarding the legal status of retirement benefits that may result if the applicant is employed by two (2) or more state-supported retirement systems.

(c) The failure of a state-supported retirement system to notify a prospective employee under this section does not create a legal obligation on behalf of the state-supported retirement system or a legal right on behalf of the prospective employee.

Acts 2009, No. 1280, § 1.
Ark. Code Ann. § 24-2-206 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-206
Jurisdiction and custodianship of funds - Interest
Status: in_force

(a) (1) The various retirement system funds, as established in the State Treasury, are created and constituted trust funds. (2) All assets of the various funds, both cash and securities, shall be under the exclusive jurisdiction of the respective boards of trustees and shall be held by the Treasurer of State as custodian, subject to the orders and direction of the boards of trustees. (b) The interest received on all investments made from the trust funds shall be considered as trust fund income and shall be deposited into the State Treasury to the credit of the retirement system fund from which the investments were made. Acts 1963, No. 509, § 6; A.S.A. 1947, § 12-2535.

(a) (1) The various retirement system funds, as established in the State Treasury, are created and constituted trust funds. (2) All assets of the various funds, both cash and securities, shall be under the exclusive jurisdiction of the respective boards of trustees and shall be held by the Treasurer of State as custodian, subject to the orders and direction of the boards of trustees.

(1) The various retirement system funds, as established in the State Treasury, are created and constituted trust funds.

(2) All assets of the various funds, both cash and securities, shall be under the exclusive jurisdiction of the respective boards of trustees and shall be held by the Treasurer of State as custodian, subject to the orders and direction of the boards of trustees.

(b) The interest received on all investments made from the trust funds shall be considered as trust fund income and shall be deposited into the State Treasury to the credit of the retirement system fund from which the investments were made.

Acts 1963, No. 509, § 6; A.S.A. 1947, § 12-2535.
Ark. Code Ann. § 24-12-201 — AR Code / Title 24 / Chapter 12 / Subchapter 2 / Section 24-12-201
Definitions - Power to invest
Status: in_force

(a) For purposes of this subchapter, "city" means a city of the first class, a city of the second class, and an unincorporated town. (b) Subject to subsection (c) of this section, a board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to: (1) Invest and reinvest the moneys of the plan; and (2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys. (c) The investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . Acts 1999, No. 50, § 1; 1999, No. 332, § 1.

(a) For purposes of this subchapter, "city" means a city of the first class, a city of the second class, and an unincorporated town.

(b) Subject to subsection (c) of this section, a board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to: (1) Invest and reinvest the moneys of the plan; and (2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys.

(1) Invest and reinvest the moneys of the plan; and

(2) Hold, purchase, sell, assign, transfer, or dispose of any of the investments so made and the proceeds of the investments and moneys.

(c) The investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 .

Acts 1999, No. 50, § 1; 1999, No. 332, § 1.
Ark. Code Ann. § 24-8-215 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-215
Eligibility for benefits - Retirement generally
Status: in_force

(a) Any active member with a minimum of ten (10) years of credited service may voluntarily retire upon reaching sixty-five (65) years of age or thereafter upon filing a written application with the Board of Trustees of the Arkansas Judicial Retirement System. (b) Any other member who has a minimum of twenty (20) years of credited service may retire regardless of age, and any judge or justice who has served at least fourteen (14) years shall be eligible for benefits upon reaching sixty-five (65) years of age. (c) (1) A judge or justice who is not seventy (70) years of age on the date on which he or she is elected to a term of office may complete the term without forfeiting his or her rights to retirement benefits under this section. (2) (A) Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge until the completion of the term of office in which he or she receives sufficient credited service to retire without losing his or her retirement benefits. (B) The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient credited service to retire. (3) (A) Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits. (B) However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and shall, upon retirement, be eligible to receive retirement benefits. (d) In all cases of age and service retirement for judges or justices elected after July 1, 1983, the member must have a minimum of eight (8) years of actual service as a justice of the Supreme Court or a judge of the circuit or chancery courts or of the Court of Appeals. (e) The provisions of this section shall be accumulative to all present laws pertaining to the retirement of judges of the circuit and chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise specifically provided in this section. Amended by Act 2019, No. 753,§ 1, eff. 7/24/2019. Acts 1953, No. 365, § 2; 1963, No. 223, § 1; 1965, No. 139, § 2; 1967, No. 249, § 1; 1969, No. 370, §§ 1, 2; 1973, No. 407, § 1; 1983, No. 231, § 1; 1985, No. 289, § 1; A.S.A. 1947, §§ 22-902, 22-902n; Acts 1987, No. 256, § 1; 1991, No. 792, § 1.

(a) Any active member with a minimum of ten (10) years of credited service may voluntarily retire upon reaching sixty-five (65) years of age or thereafter upon filing a written application with the Board of Trustees of the Arkansas Judicial Retirement System.

(b) Any other member who has a minimum of twenty (20) years of credited service may retire regardless of age, and any judge or justice who has served at least fourteen (14) years shall be eligible for benefits upon reaching sixty-five (65) years of age.

(c) (1) A judge or justice who is not seventy (70) years of age on the date on which he or she is elected to a term of office may complete the term without forfeiting his or her rights to retirement benefits under this section. (2) (A) Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge until the completion of the term of office in which he or she receives sufficient credited service to retire without losing his or her retirement benefits. (B) The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient credited service to retire. (3) (A) Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits. (B) However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and shall, upon retirement, be eligible to receive retirement benefits.

(1) A judge or justice who is not seventy (70) years of age on the date on which he or she is elected to a term of office may complete the term without forfeiting his or her rights to retirement benefits under this section.

(2) (A) Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge until the completion of the term of office in which he or she receives sufficient credited service to retire without losing his or her retirement benefits. (B) The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient credited service to retire.

(A) Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge until the completion of the term of office in which he or she receives sufficient credited service to retire without losing his or her retirement benefits.

(B) The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient credited service to retire.

(3) (A) Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits. (B) However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and shall, upon retirement, be eligible to receive retirement benefits.

(A) Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits.

(B) However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and shall, upon retirement, be eligible to receive retirement benefits.

(d) In all cases of age and service retirement for judges or justices elected after July 1, 1983, the member must have a minimum of eight (8) years of actual service as a justice of the Supreme Court or a judge of the circuit or chancery courts or of the Court of Appeals.

(e) The provisions of this section shall be accumulative to all present laws pertaining to the retirement of judges of the circuit and chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise specifically provided in this section.

Amended by Act 2019, No. 753,§ 1, eff. 7/24/2019.

Acts 1953, No. 365, § 2; 1963, No. 223, § 1; 1965, No. 139, § 2; 1967, No. 249, § 1; 1969, No. 370, §§ 1, 2; 1973, No. 407, § 1; 1983, No. 231, § 1; 1985, No. 289, § 1; A.S.A. 1947, §§ 22-902, 22-902n; Acts 1987, No. 256, § 1; 1991, No. 792, § 1.
Ark. Code Ann. § 24-12-127 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-127
Recorder-treasurers and city treasurers of the second class
Status: in_force

(a) (1) Any recorder-treasurers and city treasurers in a city of the second class who shall have served as recorder-treasurer and city treasurer for a period of not less than ten (10) years, upon reaching the age of sixty (60), or who shall serve twenty (20) years without regard to age, may, upon a vote of approval by the governing body of the city, retire from office for the remainder of his or her life at the retirement pay provided for in this section. (2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added. (3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city. (b) (1) Any recorder-treasurer or city treasurer or any person serving as recorder-treasurer or city treasurer who shall retire or be succeeded by another recorder-treasurer or city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service. (2) The retirement pay shall be paid by the city from its general fund account. (c) (1) Upon the death of any recorder-treasurer or treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any recorder-treasurer or treasurer who dies in office after becoming eligible to retire under subsection (a) of this section or any other state statute, the legally recognized spouse of the recorder-treasurer or treasurer married to the recorder-treasurer or treasurer for ten (10) years or longer may receive, at the option of the governing body of the city, one-half (½) of the retirement benefit the retired recorder-treasurer or treasurer was receiving or one-half (½) of the retirement benefit the recorder-treasurer or treasurer who died in office was entitled to receive. (2) Upon remarriage of the spouse, the benefits shall cease. Acts 1991, No. 987, § 1; Acts 2007, No. 158, § 2; 2007, No. 293, § 4.

(a) (1) Any recorder-treasurers and city treasurers in a city of the second class who shall have served as recorder-treasurer and city treasurer for a period of not less than ten (10) years, upon reaching the age of sixty (60), or who shall serve twenty (20) years without regard to age, may, upon a vote of approval by the governing body of the city, retire from office for the remainder of his or her life at the retirement pay provided for in this section. (2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added. (3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city.

(1) Any recorder-treasurers and city treasurers in a city of the second class who shall have served as recorder-treasurer and city treasurer for a period of not less than ten (10) years, upon reaching the age of sixty (60), or who shall serve twenty (20) years without regard to age, may, upon a vote of approval by the governing body of the city, retire from office for the remainder of his or her life at the retirement pay provided for in this section.

(2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added.

(3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city.

(b) (1) Any recorder-treasurer or city treasurer or any person serving as recorder-treasurer or city treasurer who shall retire or be succeeded by another recorder-treasurer or city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service. (2) The retirement pay shall be paid by the city from its general fund account.

(1) Any recorder-treasurer or city treasurer or any person serving as recorder-treasurer or city treasurer who shall retire or be succeeded by another recorder-treasurer or city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service.

(2) The retirement pay shall be paid by the city from its general fund account.

(c) (1) Upon the death of any recorder-treasurer or treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any recorder-treasurer or treasurer who dies in office after becoming eligible to retire under subsection (a) of this section or any other state statute, the legally recognized spouse of the recorder-treasurer or treasurer married to the recorder-treasurer or treasurer for ten (10) years or longer may receive, at the option of the governing body of the city, one-half (½) of the retirement benefit the retired recorder-treasurer or treasurer was receiving or one-half (½) of the retirement benefit the recorder-treasurer or treasurer who died in office was entitled to receive. (2) Upon remarriage of the spouse, the benefits shall cease.

(1) Upon the death of any recorder-treasurer or treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any recorder-treasurer or treasurer who dies in office after becoming eligible to retire under subsection (a) of this section or any other state statute, the legally recognized spouse of the recorder-treasurer or treasurer married to the recorder-treasurer or treasurer for ten (10) years or longer may receive, at the option of the governing body of the city, one-half (½) of the retirement benefit the retired recorder-treasurer or treasurer was receiving or one-half (½) of the retirement benefit the recorder-treasurer or treasurer who died in office was entitled to receive.

(2) Upon remarriage of the spouse, the benefits shall cease.

Acts 1991, No. 987, § 1; Acts 2007, No. 158, § 2; 2007, No. 293, § 4.
Ark. Code Ann. § 24-7-1008 — AR Code / Title 24 / Chapter 7 / Subchapter 10 / Section 24-7-1008
Continued membership in retirement plan - Election
Status: in_force

(a) (1) Each instructor and administrative staff member of a state-supported postsecondary vocational-technical school employed on July 1, 1991, shall, within ninety (90) days following the transfer to the technical and community college system established under the Two-Year Postsecondary Education Reorganization Act of 1991, § 6-53-101 et seq., or upon transfer to the system with the approval of the board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to that date or transfer to the Arkansas Teacher Retirement System or any alternate retirement plan currently established for the institution into which it is being merged or consolidated. (2) Once such an election is made, the election is irrevocable during the tenure of employment with the system. (b) (1) Each instructor and administrative staff member of a two-year campus of a four-year institution which is later converted to a technical college or community college under § 6-53-101 et seq. shall, within ninety (90) days following the appointment of the local board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to the conversion or to transfer membership to the Arkansas Teacher Retirement System. (2) Once such an election is made, the election is irrevocable during the tenure of employment with the system. (c) Any other employees of an institution transferring to the system under this section or under the approval of the board shall remain members of the retirement system to which they were enrolled prior to the transfer. Acts 1991, No. 1244, § 34.

(a) (1) Each instructor and administrative staff member of a state-supported postsecondary vocational-technical school employed on July 1, 1991, shall, within ninety (90) days following the transfer to the technical and community college system established under the Two-Year Postsecondary Education Reorganization Act of 1991, § 6-53-101 et seq., or upon transfer to the system with the approval of the board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to that date or transfer to the Arkansas Teacher Retirement System or any alternate retirement plan currently established for the institution into which it is being merged or consolidated. (2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(1) Each instructor and administrative staff member of a state-supported postsecondary vocational-technical school employed on July 1, 1991, shall, within ninety (90) days following the transfer to the technical and community college system established under the Two-Year Postsecondary Education Reorganization Act of 1991, § 6-53-101 et seq., or upon transfer to the system with the approval of the board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to that date or transfer to the Arkansas Teacher Retirement System or any alternate retirement plan currently established for the institution into which it is being merged or consolidated.

(2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(b) (1) Each instructor and administrative staff member of a two-year campus of a four-year institution which is later converted to a technical college or community college under § 6-53-101 et seq. shall, within ninety (90) days following the appointment of the local board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to the conversion or to transfer membership to the Arkansas Teacher Retirement System. (2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(1) Each instructor and administrative staff member of a two-year campus of a four-year institution which is later converted to a technical college or community college under § 6-53-101 et seq. shall, within ninety (90) days following the appointment of the local board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to the conversion or to transfer membership to the Arkansas Teacher Retirement System.

(2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(c) Any other employees of an institution transferring to the system under this section or under the approval of the board shall remain members of the retirement system to which they were enrolled prior to the transfer.

Acts 1991, No. 1244, § 34.
Ark. Code Ann. § 24-11-102 — AR Code / Title 24 / Chapter 11 / Subchapter 1 / Section 24-11-102
Increase in benefits
Status: in_force

(a) The board of trustees of a municipal firemen's relief and pension fund and the board of trustees of a policemen's pension and relief fund are authorized to increase benefits for future or current retired members and beneficiaries of the firemen's relief and pension fund or policemen's pension and relief fund. (b) Any proposed increase by the board of trustees shall be in strict compliance with the following conditions: (1) The board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board of trustees, outlining the proposed increase in benefits; (2) (A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund. (B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board. (C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken; (3) (A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund outlining the proposed increase in member or beneficiary benefits is filed with the executive director, who shall determine that an actuarial valuation has been made in accordance with the provisions of this subchapter and that the actuarial valuation had determined that the proposed increase in benefits may be funded, over a period of time set forth in subdivision (b)(2)(A) of this section, based on available or defined revenue sources of the relief fund, in which event the executive director may approve the proposed increase to member beneficiary benefits under the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund. (B) The board of trustees of the firemen's relief and pension fund or policemen's pension and relief fund shall comply with the appropriate action as approved by the executive director; and (4) (A) A copy of the resolution adopted by the board of trustees, a copy of the actuarial valuation, and a copy of the action taken by the executive director are filed with the circuit clerk and the city clerk of the county and city in which the firemen's relief and pension fund or policemen's pension and relief fund is located. (B) All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board. (c) If it is determined by the review board that a local pension plan is not complying with the provisions of law governing benefit increases, the executive director shall certify that noncompliance to the Secretary of the Department of Finance and Administration who shall withhold all moneys otherwise due the plan from the state until compliance is achieved. Amended by Act 2019, No. 910,§ 3559, eff. 7/1/2019. Amended by Act 2015, No. 1165,§ 2, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 1, eff. 2/6/2013. Acts 1979, No. 839, § 1; 1981, No. 283, § 1; 1983, No. 329, § 1; A.S.A. 1947, § 19-2230; Acts 1987, No. 279, § 2; 1995, No. 684, § 1.

(a) The board of trustees of a municipal firemen's relief and pension fund and the board of trustees of a policemen's pension and relief fund are authorized to increase benefits for future or current retired members and beneficiaries of the firemen's relief and pension fund or policemen's pension and relief fund.

(b) Any proposed increase by the board of trustees shall be in strict compliance with the following conditions: (1) The board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board of trustees, outlining the proposed increase in benefits; (2) (A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund. (B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board. (C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken; (3) (A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund outlining the proposed increase in member or beneficiary benefits is filed with the executive director, who shall determine that an actuarial valuation has been made in accordance with the provisions of this subchapter and that the actuarial valuation had determined that the proposed increase in benefits may be funded, over a period of time set forth in subdivision (b)(2)(A) of this section, based on available or defined revenue sources of the relief fund, in which event the executive director may approve the proposed increase to member beneficiary benefits under the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund. (B) The board of trustees of the firemen's relief and pension fund or policemen's pension and relief fund shall comply with the appropriate action as approved by the executive director; and (4) (A) A copy of the resolution adopted by the board of trustees, a copy of the actuarial valuation, and a copy of the action taken by the executive director are filed with the circuit clerk and the city clerk of the county and city in which the firemen's relief and pension fund or policemen's pension and relief fund is located. (B) All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board.

(1) The board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board of trustees, outlining the proposed increase in benefits;

(2) (A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund. (B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board. (C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken;

(A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund.

(B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board.

(C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken;

(3) (A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund outlining the proposed increase in member or beneficiary benefits is filed with the executive director, who shall determine that an actuarial valuation has been made in accordance with the provisions of this subchapter and that the actuarial valuation had determined that the proposed increase in benefits may be funded, over a period of time set forth in subdivision (b)(2)(A) of this section, based on available or defined revenue sources of the relief fund, in which event the executive director may approve the proposed increase to member beneficiary benefits under the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund. (B) The board of trustees of the firemen's relief and pension fund or policemen's pension and relief fund shall comply with the appropriate action as approved by the executive director; and

(A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund outlining the proposed increase in member or beneficiary benefits is filed with the executive director, who shall determine that an actuarial valuation has been made in accordance with the provisions of this subchapter and that the actuarial valuation had determined that the proposed increase in benefits may be funded, over a period of time set forth in subdivision (b)(2)(A) of this section, based on available or defined revenue sources of the relief fund, in which event the executive director may approve the proposed increase to member beneficiary benefits under the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund.

(B) The board of trustees of the firemen's relief and pension fund or policemen's pension and relief fund shall comply with the appropriate action as approved by the executive director; and

(4) (A) A copy of the resolution adopted by the board of trustees, a copy of the actuarial valuation, and a copy of the action taken by the executive director are filed with the circuit clerk and the city clerk of the county and city in which the firemen's relief and pension fund or policemen's pension and relief fund is located. (B) All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board.

(A) A copy of the resolution adopted by the board of trustees, a copy of the actuarial valuation, and a copy of the action taken by the executive director are filed with the circuit clerk and the city clerk of the county and city in which the firemen's relief and pension fund or policemen's pension and relief fund is located.

(B) All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board.

(c) If it is determined by the review board that a local pension plan is not complying with the provisions of law governing benefit increases, the executive director shall certify that noncompliance to the Secretary of the Department of Finance and Administration who shall withhold all moneys otherwise due the plan from the state until compliance is achieved.

Amended by Act 2019, No. 910,§ 3559, eff. 7/1/2019.

Amended by Act 2015, No. 1165,§ 2, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 1, eff. 2/6/2013.

Acts 1979, No. 839, § 1; 1981, No. 283, § 1; 1983, No. 329, § 1; A.S.A. 1947, § 19-2230; Acts 1987, No. 279, § 2; 1995, No. 684, § 1.
Ark. Code Ann. § 24-2-603 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-603
Investment authority and limitations - Default setoff
Status: in_force

(a) In the event of default in payment of the principal or interest of any investment obligation held by any state retirement system where the issuer of the obligation receives moneys from the state, the default shall be certified by the board of the respective system to the Treasurer of State. (b) The Treasurer of State shall withhold all moneys due the issuer from the state until the default, together with regular interest thereon, is satisfied. Acts 2001, No. 151, § 8.

(a) In the event of default in payment of the principal or interest of any investment obligation held by any state retirement system where the issuer of the obligation receives moneys from the state, the default shall be certified by the board of the respective system to the Treasurer of State.

(b) The Treasurer of State shall withhold all moneys due the issuer from the state until the default, together with regular interest thereon, is satisfied.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-7-707 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-707
Deferred retirement
Status: in_force

(a) (1) (A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505 , then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section. (B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505 , and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service. (2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system. (3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application. (b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705 . (c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711 . (d) If a member fails to submit a complete deferred retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the Executive Director of the Arkansas Teacher Retirement System. (e) (1) A member may cancel an application for deferred retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits. (2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system. Amended by Act 2023, No. 107,§ 43, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 42, eff. 7/1/2023. Amended by Act 2013, No. 606,§ 2, eff. 8/16/2013. Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 7; A.S.A. 1947, § 80-1443; Acts 1995, No. 281, § 1; 1997, No. 1053, § 8; 2007, No. 97, § 13; 2009, No. 468, § 18; 2011, No. 45, § 10.

(a) (1) (A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505 , then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section. (B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505 , and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service. (2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system. (3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.

(1) (A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505 , then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section. (B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505 , and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.

(A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505 , then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.

(B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505 , and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.

(2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.

(3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.

(b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705 .

(c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711 .

(d) If a member fails to submit a complete deferred retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the Executive Director of the Arkansas Teacher Retirement System.

(e) (1) A member may cancel an application for deferred retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits. (2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.

(1) A member may cancel an application for deferred retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits.

(2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.

Amended by Act 2023, No. 107,§ 43, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 42, eff. 7/1/2023.

Amended by Act 2013, No. 606,§ 2, eff. 8/16/2013.

Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 7; A.S.A. 1947, § 80-1443; Acts 1995, No. 281, § 1; 1997, No. 1053, § 8; 2007, No. 97, § 13; 2009, No. 468, § 18; 2011, No. 45, § 10.