Ark. Code Ann. § 24-4-206 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-206
Funding - Additional liabilities - Local Government Division
Status: in_force

(a) (1) Whenever the General Assembly shall enact any laws which create additional eligibility or liabilities for county constitutional officers or for county employees or municipal employees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Public Employees' Retirement System shall determine, based upon actuarial valuation, that the method of funding the additional liabilities is not sufficient to meet the unfunded obligations created by the additional benefit or eligibility provision, then the procedures established in this section shall be followed in providing the necessary moneys to actuarially fund the additional liabilities. (2) (A) The Executive Director of the Arkansas Public Employees' Retirement System shall cause an actuarial valuation to be made of the additional liabilities created by the laws. (B) In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits of the elected county constitutional officer members or county or municipal employee members of the Local Government Division of the Arkansas Public Employees' Retirement System, the director shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature, as well as the extent that each county's member liabilities will exceed the amount of employee and employer contributions and interest thereon. (b) (1) The director shall then calculate, with the assistance of the actuary, the amount of funds required annually or on a lump-sum basis to actuarially fund the additional unfunded liabilities created by the laws with respect to members from each county or municipality. He or she shall annually or on a lump-sum basis certify to the Chief Fiscal Officer of the State the amount required for the year or on a lump-sum basis to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits. (2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against each of the several counties and municipalities, based on the unfunded liabilities with respect to their officials and employee members of the Local Government Division. (3) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the County Aid Fund or from the Municipal Aid Fund, as the case may be, from general revenues allocated thereto for turnback to counties or municipalities to the Arkansas Public Employees' Retirement System Fund for credit to the Local Government Division of the Arkansas Public Employees' Retirement System. (4) From the general revenues allocated thereto for turnback to counties or municipalities, the Chief Fiscal Officer of the State shall deduct from the County Aid Fund turnback to be received by each county an amount as computed pursuant to this section required to pay retirement benefits for its elected county constitutional officer members, and for its county employee members of the Local Government Division of the Arkansas Public Employees' Retirement System. (5) From general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by each municipality an amount, payable upon actuarial determination, required to pay retirement benefits for their municipal employee members from each of the respective municipalities. (6) (A) The moneys to be transferred from the County Aid Fund and the Municipal Aid Fund shall not be charged against the total of the county aid or municipal aid funds available for distribution to counties or municipalities. (B) It is the intent of this section that each county pay annually from its County Aid Fund general revenues turnback, and that each municipality pay annually from its Municipal Aid Fund general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its respective county and municipal employee members of the system resulting from the enactment of the laws. Acts 1979, No. 373, § 1; A.S.A. 1947, § 12-2504.1; Acts 1999, No. 308, § 2.

(a) (1) Whenever the General Assembly shall enact any laws which create additional eligibility or liabilities for county constitutional officers or for county employees or municipal employees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Public Employees' Retirement System shall determine, based upon actuarial valuation, that the method of funding the additional liabilities is not sufficient to meet the unfunded obligations created by the additional benefit or eligibility provision, then the procedures established in this section shall be followed in providing the necessary moneys to actuarially fund the additional liabilities. (2) (A) The Executive Director of the Arkansas Public Employees' Retirement System shall cause an actuarial valuation to be made of the additional liabilities created by the laws. (B) In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits of the elected county constitutional officer members or county or municipal employee members of the Local Government Division of the Arkansas Public Employees' Retirement System, the director shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature, as well as the extent that each county's member liabilities will exceed the amount of employee and employer contributions and interest thereon.

(1) Whenever the General Assembly shall enact any laws which create additional eligibility or liabilities for county constitutional officers or for county employees or municipal employees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Public Employees' Retirement System shall determine, based upon actuarial valuation, that the method of funding the additional liabilities is not sufficient to meet the unfunded obligations created by the additional benefit or eligibility provision, then the procedures established in this section shall be followed in providing the necessary moneys to actuarially fund the additional liabilities.

(2) (A) The Executive Director of the Arkansas Public Employees' Retirement System shall cause an actuarial valuation to be made of the additional liabilities created by the laws. (B) In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits of the elected county constitutional officer members or county or municipal employee members of the Local Government Division of the Arkansas Public Employees' Retirement System, the director shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature, as well as the extent that each county's member liabilities will exceed the amount of employee and employer contributions and interest thereon.

(A) The Executive Director of the Arkansas Public Employees' Retirement System shall cause an actuarial valuation to be made of the additional liabilities created by the laws.

(B) In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits of the elected county constitutional officer members or county or municipal employee members of the Local Government Division of the Arkansas Public Employees' Retirement System, the director shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature, as well as the extent that each county's member liabilities will exceed the amount of employee and employer contributions and interest thereon.

(b) (1) The director shall then calculate, with the assistance of the actuary, the amount of funds required annually or on a lump-sum basis to actuarially fund the additional unfunded liabilities created by the laws with respect to members from each county or municipality. He or she shall annually or on a lump-sum basis certify to the Chief Fiscal Officer of the State the amount required for the year or on a lump-sum basis to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits. (2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against each of the several counties and municipalities, based on the unfunded liabilities with respect to their officials and employee members of the Local Government Division. (3) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the County Aid Fund or from the Municipal Aid Fund, as the case may be, from general revenues allocated thereto for turnback to counties or municipalities to the Arkansas Public Employees' Retirement System Fund for credit to the Local Government Division of the Arkansas Public Employees' Retirement System. (4) From the general revenues allocated thereto for turnback to counties or municipalities, the Chief Fiscal Officer of the State shall deduct from the County Aid Fund turnback to be received by each county an amount as computed pursuant to this section required to pay retirement benefits for its elected county constitutional officer members, and for its county employee members of the Local Government Division of the Arkansas Public Employees' Retirement System. (5) From general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by each municipality an amount, payable upon actuarial determination, required to pay retirement benefits for their municipal employee members from each of the respective municipalities. (6) (A) The moneys to be transferred from the County Aid Fund and the Municipal Aid Fund shall not be charged against the total of the county aid or municipal aid funds available for distribution to counties or municipalities. (B) It is the intent of this section that each county pay annually from its County Aid Fund general revenues turnback, and that each municipality pay annually from its Municipal Aid Fund general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its respective county and municipal employee members of the system resulting from the enactment of the laws.

(1) The director shall then calculate, with the assistance of the actuary, the amount of funds required annually or on a lump-sum basis to actuarially fund the additional unfunded liabilities created by the laws with respect to members from each county or municipality. He or she shall annually or on a lump-sum basis certify to the Chief Fiscal Officer of the State the amount required for the year or on a lump-sum basis to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits.

(2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against each of the several counties and municipalities, based on the unfunded liabilities with respect to their officials and employee members of the Local Government Division.

(3) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the County Aid Fund or from the Municipal Aid Fund, as the case may be, from general revenues allocated thereto for turnback to counties or municipalities to the Arkansas Public Employees' Retirement System Fund for credit to the Local Government Division of the Arkansas Public Employees' Retirement System.

(4) From the general revenues allocated thereto for turnback to counties or municipalities, the Chief Fiscal Officer of the State shall deduct from the County Aid Fund turnback to be received by each county an amount as computed pursuant to this section required to pay retirement benefits for its elected county constitutional officer members, and for its county employee members of the Local Government Division of the Arkansas Public Employees' Retirement System.

(5) From general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by each municipality an amount, payable upon actuarial determination, required to pay retirement benefits for their municipal employee members from each of the respective municipalities.

(6) (A) The moneys to be transferred from the County Aid Fund and the Municipal Aid Fund shall not be charged against the total of the county aid or municipal aid funds available for distribution to counties or municipalities. (B) It is the intent of this section that each county pay annually from its County Aid Fund general revenues turnback, and that each municipality pay annually from its Municipal Aid Fund general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its respective county and municipal employee members of the system resulting from the enactment of the laws.

(A) The moneys to be transferred from the County Aid Fund and the Municipal Aid Fund shall not be charged against the total of the county aid or municipal aid funds available for distribution to counties or municipalities.

(B) It is the intent of this section that each county pay annually from its County Aid Fund general revenues turnback, and that each municipality pay annually from its Municipal Aid Fund general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its respective county and municipal employee members of the system resulting from the enactment of the laws.

Acts 1979, No. 373, § 1; A.S.A. 1947, § 12-2504.1; Acts 1999, No. 308, § 2.
Ark. Code Ann. § 24-7-737 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-737
[Repealed]
Status: repealed

Repealed by Act 2013, No. 521,§ 3, eff. 3/28/2013. Acts 2011, No. 225, § 2.

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

Acts 2011, No. 225, § 2.
Ark. Code Ann. § 24-11-215 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-215
Allocation of insurance premium tax - Special provisions
Status: in_force

(a) Revenues distributed to the State of Arkansas as general revenue are subject to the allocations in this section. (b) (1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217 , and then to general revenues. (2) (A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund. (B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213 , using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund. (C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000). (c) After transfers are made to cover funds distributed under subsection (b) of this section and the portion of those premium taxes set aside for transfer to the State Police Retirement Fund under § 24-6-209(b) , the Secretary of the Department of Finance and Administration is directed to make annual transfers from the police portion of the revenues to the Policemen's Pension Supplement Program Fund on or before July 25, 1999, and each year thereafter as certified by the Arkansas Fire and Police Pension Review Board on July 1 each year as the amount needed to pay the expenses of and to make payments to the eligible retired police officers and survivors under the Arkansas Policemen's Pension Supplement Program for the coming year of the program. (d) The amounts under § 24-11-217 shall be reduced proportionately so that the remainder portion for general revenue does not fall below four million dollars ($4,000,000). (e) (1) (A) The factor applied to groups allocated under § 24-11-214(j) is forty percent (40%). (B) The factor applied to groups allocated under § 24-11-214(k) is thirty percent (30%). (2) The factors under subdivision (e)(1) of this section may be reduced proportionately to meet the following criteria: (A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and (B) If the amount resulting from the application of the percentages under subdivision (e)(1) of this section, the amounts in subsections (b) and (c) of this section, and the amounts described in § 24-11-217 in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages in this subsection take precedence. Amended by Act 2019, No. 910,§ 3562, eff. 7/1/2019. Amended by Act 2019, No. 465,§ 4, eff. 5/1/2019. Amended by Act 2013, No. 41,§ 9, eff. 2/6/2013. Acts 2003, No. 1797, § 1; 2011, No. 979, § 6.

(a) Revenues distributed to the State of Arkansas as general revenue are subject to the allocations in this section.

(b) (1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217 , and then to general revenues. (2) (A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund. (B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213 , using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund. (C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000).

(1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217 , and then to general revenues.

(2) (A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund. (B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213 , using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund. (C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000).

(A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund.

(B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213 , using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund.

(C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000).

(c) After transfers are made to cover funds distributed under subsection (b) of this section and the portion of those premium taxes set aside for transfer to the State Police Retirement Fund under § 24-6-209(b) , the Secretary of the Department of Finance and Administration is directed to make annual transfers from the police portion of the revenues to the Policemen's Pension Supplement Program Fund on or before July 25, 1999, and each year thereafter as certified by the Arkansas Fire and Police Pension Review Board on July 1 each year as the amount needed to pay the expenses of and to make payments to the eligible retired police officers and survivors under the Arkansas Policemen's Pension Supplement Program for the coming year of the program.

(d) The amounts under § 24-11-217 shall be reduced proportionately so that the remainder portion for general revenue does not fall below four million dollars ($4,000,000).

(e) (1) (A) The factor applied to groups allocated under § 24-11-214(j) is forty percent (40%). (B) The factor applied to groups allocated under § 24-11-214(k) is thirty percent (30%). (2) The factors under subdivision (e)(1) of this section may be reduced proportionately to meet the following criteria: (A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and (B) If the amount resulting from the application of the percentages under subdivision (e)(1) of this section, the amounts in subsections (b) and (c) of this section, and the amounts described in § 24-11-217 in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages in this subsection take precedence.

(1) (A) The factor applied to groups allocated under § 24-11-214(j) is forty percent (40%). (B) The factor applied to groups allocated under § 24-11-214(k) is thirty percent (30%).

(A) The factor applied to groups allocated under § 24-11-214(j) is forty percent (40%).

(B) The factor applied to groups allocated under § 24-11-214(k) is thirty percent (30%).

(2) The factors under subdivision (e)(1) of this section may be reduced proportionately to meet the following criteria: (A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and (B) If the amount resulting from the application of the percentages under subdivision (e)(1) of this section, the amounts in subsections (b) and (c) of this section, and the amounts described in § 24-11-217 in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages in this subsection take precedence.

(A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and

(B) If the amount resulting from the application of the percentages under subdivision (e)(1) of this section, the amounts in subsections (b) and (c) of this section, and the amounts described in § 24-11-217 in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages in this subsection take precedence.

Amended by Act 2019, No. 910,§ 3562, eff. 7/1/2019.

Amended by Act 2019, No. 465,§ 4, eff. 5/1/2019.

Amended by Act 2013, No. 41,§ 9, eff. 2/6/2013.

Acts 2003, No. 1797, § 1; 2011, No. 979, § 6.
Ark. Code Ann. § 24-8-211 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-211
Contributions - Cessation upon retirement
Status: in_force

(a) When a judge is certified as eligible for retirement, no further contribution shall be required of the judge. (b) Upon the written notice of election by the member of the Arkansas Judicial Retirement System, a judge with at least twenty (20) years of judicial service may continue or recommence payment of the six-percent (6%) contribution into the system to accrue the maximum retirement benefit provided under § 24-8-218 . Acts 1953, No. 365, § 9; A.S.A. 1947, § 22-909; Acts 2009, No. 744, § 1.

(a) When a judge is certified as eligible for retirement, no further contribution shall be required of the judge.

(b) Upon the written notice of election by the member of the Arkansas Judicial Retirement System, a judge with at least twenty (20) years of judicial service may continue or recommence payment of the six-percent (6%) contribution into the system to accrue the maximum retirement benefit provided under § 24-8-218 .

Acts 1953, No. 365, § 9; A.S.A. 1947, § 22-909; Acts 2009, No. 744, § 1.
Ark. Code Ann. § 24-7-606 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-606
Service for leave of absence to obtain advanced degree
Status: in_force

(a) (1) A public school teacher or administrator who is a member of the Arkansas Teacher Retirement System and takes a leave of absence from a school in order to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant shall be eligible, upon application, to receive credited service in the system for the time of actual enrollment in the institution. (2) Evidence of the minimum days of enrollment at an institution of higher education in a fiscal year equivalent to the minimum days of service required for a fiscal year of service credit under § 24-7-601 shall be presented with the application. (b) The service shall be credited in accordance with § 24-7-601 . (c) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of service credit being granted. (d) 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 for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is established as credited service in the system; or (2) Service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is not otherwise used to establish the member's eligibility for retirement under the system. Amended by Act 2023, No. 55,§ 7, eff. 7/1/2023. Amended by Act 2023, No. 55,§ 6, eff. 7/1/2023. Acts 1985, No. 897, § 1; A.S.A. 1947, § 80-1440.4; Acts 1989, No. 652, § 8; 1991, No. 184, § 1; 1995, No. 542, § 5; 1997, No. 142, § 6; 1999, No. 866, § 5; 2003, No. 1473, § 58; 2011, No. 69, § 18; 2011, No. 974, § 6.

(a) (1) A public school teacher or administrator who is a member of the Arkansas Teacher Retirement System and takes a leave of absence from a school in order to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant shall be eligible, upon application, to receive credited service in the system for the time of actual enrollment in the institution. (2) Evidence of the minimum days of enrollment at an institution of higher education in a fiscal year equivalent to the minimum days of service required for a fiscal year of service credit under § 24-7-601 shall be presented with the application.

(1) A public school teacher or administrator who is a member of the Arkansas Teacher Retirement System and takes a leave of absence from a school in order to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant shall be eligible, upon application, to receive credited service in the system for the time of actual enrollment in the institution.

(2) Evidence of the minimum days of enrollment at an institution of higher education in a fiscal year equivalent to the minimum days of service required for a fiscal year of service credit under § 24-7-601 shall be presented with the application.

(b) The service shall be credited in accordance with § 24-7-601 .

(c) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of service credit being granted.

(d) 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 for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is established as credited service in the system; or (2) Service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant 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 for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is established as credited service in the system; or

(2) Service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is not otherwise used to establish the member's eligibility for retirement under the system.

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

Amended by Act 2023, No. 55,§ 6, eff. 7/1/2023.

Acts 1985, No. 897, § 1; A.S.A. 1947, § 80-1440.4; Acts 1989, No. 652, § 8; 1991, No. 184, § 1; 1995, No. 542, § 5; 1997, No. 142, § 6; 1999, No. 866, § 5; 2003, No. 1473, § 58; 2011, No. 69, § 18; 2011, No. 974, § 6.
Ark. Code Ann. § 24-6-414 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-414
Maximum benefit limitation
Status: in_force

(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415 . (2) The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 , enacted by the United States Congress or promulgated by the Internal Revenue Service. Amended by Act 2019, No. 315,§ 2880, eff. 7/24/2019. Acts 1997, No. 1071, § 1.

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

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

(1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415 .

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

Amended by Act 2019, No. 315,§ 2880, eff. 7/24/2019.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-8-314 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-314
Municipal judge filling partial term, etc
Status: in_force

(a) Any judge of a municipal court who was elected countywide to a partial term left vacant by the death of the former judge and who shall have completed the same and subsequently shall have been elected to and completed four (4) consecutive four-year terms and shall at the time of his or her retirement have attained fifty (50) years of age, upon retirement shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her retirement. (b) Upon his or her death, his or her surviving spouse shall be entitled for the remainder of his or her natural life, or until he or she remarries, benefits equal to one-half (½) of the retirement benefits which the deceased judge was receiving at the time of his or her death. Acts 1989, No. 873, § 4.

(a) Any judge of a municipal court who was elected countywide to a partial term left vacant by the death of the former judge and who shall have completed the same and subsequently shall have been elected to and completed four (4) consecutive four-year terms and shall at the time of his or her retirement have attained fifty (50) years of age, upon retirement shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her retirement.

(b) Upon his or her death, his or her surviving spouse shall be entitled for the remainder of his or her natural life, or until he or she remarries, benefits equal to one-half (½) of the retirement benefits which the deceased judge was receiving at the time of his or her death.

Acts 1989, No. 873, § 4.
Ark. Code Ann. § 24-4-749 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-749
Purchase of out-of-state governmental service
Status: in_force

(a) A member who has performed service other than military service as an employee of a state or local governmental entity in the United States other than in the State of Arkansas or the United States Government may receive credited service for the out-of-state governmental employment if: (1) The member has at least five (5) years of credited service at the time of application; (2) The number of years of out-of-state governmental employment applied for does not exceed five (5) years; (3) At the time of application the member furnishes evidence of the out-of-state service that is acceptable to the Arkansas Public Employees' Retirement System; and (4) The member pays to the member's deposit fund an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the actuary. (b) A member may not receive the credited service provided for in this section if the service is also used for the purpose of establishing entitlement to, or the amount of, any other benefit to be paid by any federal, state, or local government entity except a benefit under the Social Security Act, 42 U.S.C. § 301 et seq. (c) The service credit provided for in this section is subject to any applicable limits under the Internal Revenue Code, 26 U.S.C. § 1 et seq. Amended by Act 2013, No. 332,§ 11, eff. 3/14/2013. Acts 2005, No. 1021, § 1; 2007, No. 1570, § 1.

(a) A member who has performed service other than military service as an employee of a state or local governmental entity in the United States other than in the State of Arkansas or the United States Government may receive credited service for the out-of-state governmental employment if: (1) The member has at least five (5) years of credited service at the time of application; (2) The number of years of out-of-state governmental employment applied for does not exceed five (5) years; (3) At the time of application the member furnishes evidence of the out-of-state service that is acceptable to the Arkansas Public Employees' Retirement System; and (4) The member pays to the member's deposit fund an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the actuary.

(1) The member has at least five (5) years of credited service at the time of application;

(2) The number of years of out-of-state governmental employment applied for does not exceed five (5) years;

(3) At the time of application the member furnishes evidence of the out-of-state service that is acceptable to the Arkansas Public Employees' Retirement System; and

(4) The member pays to the member's deposit fund an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the actuary.

(b) A member may not receive the credited service provided for in this section if the service is also used for the purpose of establishing entitlement to, or the amount of, any other benefit to be paid by any federal, state, or local government entity except a benefit under the Social Security Act, 42 U.S.C. § 301 et seq.

(c) The service credit provided for in this section is subject to any applicable limits under the Internal Revenue Code, 26 U.S.C. § 1 et seq.

Amended by Act 2013, No. 332,§ 11, eff. 3/14/2013.

Acts 2005, No. 1021, § 1; 2007, No. 1570, § 1.
Ark. Code Ann. § 24-5-128 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-128
Increase in monthly retirement benefit - 1993
Status: in_force

(a) Effective July 1, 1993, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1993 shall be increased by two and nine-tenths percent (2.9%) above the annuity such retiree or beneficiary received for June 1993. (b) The increase in benefits as provided in this section shall be added to the base annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1993, and for all years thereafter. Acts 1993, No. 929, § 1.

(a) Effective July 1, 1993, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1993 shall be increased by two and nine-tenths percent (2.9%) above the annuity such retiree or beneficiary received for June 1993.

(b) The increase in benefits as provided in this section shall be added to the base annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1993, and for all years thereafter.

Acts 1993, No. 929, § 1.
Ark. Code Ann. § 24-2-618 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-618
Delegation of investment and management functions
Status: in_force

(a) Trustees may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustees shall exercise reasonable care, skill, and caution in: (1) Selecting an agent; (2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) Reviewing periodically the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. (b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. (c) Trustees who complied with the requirements of subsection (a) of this section are not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (d) By accepting the delegation of a trust function from the trustees of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state. (e) Single agent or exclusive agency delegations by the trustees shall be discouraged. Trustees shall delegate investment and management functions to a single agent or an exclusive agency arrangement only after the trustee has determined that the exclusive agency arrangement is in the best interest of the trust, has exercised extraordinary care and caution in selecting the exclusive agent, and has arranged to periodically review in detail the agent's actions to monitor the agent's performance and compliance with the terms of the delegation. (f) (1) Notwithstanding the Arkansas Procurement Law, § 19-11-201 et seq., the boards of trustees of the respective state retirement systems shall promptly implement their investment directives consistent with the duty of care required of a fiduciary under the prudent investor rules in this chapter. (2) If in the capacity as fiduciary, the trustees deem it appropriate to immediately retain an investment manager or to alter the terms of an existing agreement with an investment manager, the trustees shall: (A) Pass a resolution stating the reason for the immediate retention of the investment manager; (B) State the anticipated date of implementation; and (C) Provide the Office of State Procurement and the staff of the Review Subcommittee of the Legislative Council the information contained in subdivisions (f)(2)(A) and (B) of this section within five (5) business days. (3) As required by the Review Subcommittee of the Legislative Council, a member of the board of trustees or the director of the respective retirement system fund shall appear before the next occurring meeting of that body to explain the details of the professional services contracts in question. (g) (1) The length of a contract or other investment agreement and any renewal or extension of the contract or other investment agreement may be agreed upon by a state retirement system and the other party to the contract or other investment agreement and is exempt from the mandatory expiration provisions under the Arkansas Procurement Law, § 19-11-201 et seq., if the contract or other investment agreement is procured under the Arkansas Procurement Law, § 19-11-201 et seq., and the purpose of the contract or other investment agreement is to: (A) Invest and manage a system's trust assets under § 24-2-610 ; (B) Provide actuarial services to determine the liabilities and financial status of a state retirement plan; (C) Retain custody of a system's trust assets; or (D) Protect and recover trust assets of a system. (2) The board of trustees of a state retirement system shall determine the duration of the contract or other investment agreement and any renewal or extension of the contract or other investment agreement by negotiating with the other party to the contract or other investment agreement for the most favorable rates and terms for the state retirement system based on: (A) Market competition; (B) Experience of the other party to the contract or other investment agreement; (C) Knowledge of the state retirement system's need; and (D) Compliance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . (3) The board of trustees of a state retirement system shall submit information requested by the Legislative Council concerning a contract or other investment agreement procured under the Arkansas Procurement Law, § 19-11-201 et seq. (4) A partial equity ownership agreement between a state retirement system and another party shall be reviewed under § 19-11-1301 et seq. (5) If a contract with a consultant to provide a state retirement system consulting services, to recommend investment managers and investment funds, or for the investment of trust funds of the state retirement system under this subsection is extended, an amendment, acknowledged by the consultant in writing, shall be added to the contract extension that: (A) States that the State of Arkansas and the state retirement system have a statutory goal to recruit and hire emerging managers and emerging investment funds consistent with the prudent investor rule; (B) (i) Requires the consultant to submit a report to the state public retirement system that describes the plan or process the consultant will use to recruit and hire emerging managers and emerging investment funds. (ii) The consultant shall provide an emerging manager update on the progress made in the previous fiscal year to the state retirement system no later than sixty (60) days after the end of the fiscal year that details the consultant's processes in locating, analyzing, evaluating, and performing due diligence activity on emerging managers; and (C) (i) Allows a state retirement system to refer or recommend a specific emerging manager or emerging investment fund to the consultant. (ii) A state retirement system that makes a referral may request a report concerning the outcome of a referral from the consultant. (6) At the request of the Joint Committee on Public Retirement and Social Security Programs or the Legislative Council, a state retirement system shall appear and make a presentation concerning the recruitment and hiring of emerging managers and emerging investment funds. Amended by Act 2013, No. 304,§ 1, eff. 3/11/2013. Acts 2001, No. 151, § 8; 2009, No. 79, § 1.

(a) Trustees may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustees shall exercise reasonable care, skill, and caution in: (1) Selecting an agent; (2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) Reviewing periodically the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.

(1) Selecting an agent;

(2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

(3) Reviewing periodically the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.

(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.

(c) Trustees who complied with the requirements of subsection (a) of this section are not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.

(d) By accepting the delegation of a trust function from the trustees of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

(e) Single agent or exclusive agency delegations by the trustees shall be discouraged. Trustees shall delegate investment and management functions to a single agent or an exclusive agency arrangement only after the trustee has determined that the exclusive agency arrangement is in the best interest of the trust, has exercised extraordinary care and caution in selecting the exclusive agent, and has arranged to periodically review in detail the agent's actions to monitor the agent's performance and compliance with the terms of the delegation.

(f) (1) Notwithstanding the Arkansas Procurement Law, § 19-11-201 et seq., the boards of trustees of the respective state retirement systems shall promptly implement their investment directives consistent with the duty of care required of a fiduciary under the prudent investor rules in this chapter. (2) If in the capacity as fiduciary, the trustees deem it appropriate to immediately retain an investment manager or to alter the terms of an existing agreement with an investment manager, the trustees shall: (A) Pass a resolution stating the reason for the immediate retention of the investment manager; (B) State the anticipated date of implementation; and (C) Provide the Office of State Procurement and the staff of the Review Subcommittee of the Legislative Council the information contained in subdivisions (f)(2)(A) and (B) of this section within five (5) business days. (3) As required by the Review Subcommittee of the Legislative Council, a member of the board of trustees or the director of the respective retirement system fund shall appear before the next occurring meeting of that body to explain the details of the professional services contracts in question.

(1) Notwithstanding the Arkansas Procurement Law, § 19-11-201 et seq., the boards of trustees of the respective state retirement systems shall promptly implement their investment directives consistent with the duty of care required of a fiduciary under the prudent investor rules in this chapter.

(2) If in the capacity as fiduciary, the trustees deem it appropriate to immediately retain an investment manager or to alter the terms of an existing agreement with an investment manager, the trustees shall: (A) Pass a resolution stating the reason for the immediate retention of the investment manager; (B) State the anticipated date of implementation; and (C) Provide the Office of State Procurement and the staff of the Review Subcommittee of the Legislative Council the information contained in subdivisions (f)(2)(A) and (B) of this section within five (5) business days.

(A) Pass a resolution stating the reason for the immediate retention of the investment manager;

(B) State the anticipated date of implementation; and

(C) Provide the Office of State Procurement and the staff of the Review Subcommittee of the Legislative Council the information contained in subdivisions (f)(2)(A) and (B) of this section within five (5) business days.

(3) As required by the Review Subcommittee of the Legislative Council, a member of the board of trustees or the director of the respective retirement system fund shall appear before the next occurring meeting of that body to explain the details of the professional services contracts in question.

(g) (1) The length of a contract or other investment agreement and any renewal or extension of the contract or other investment agreement may be agreed upon by a state retirement system and the other party to the contract or other investment agreement and is exempt from the mandatory expiration provisions under the Arkansas Procurement Law, § 19-11-201 et seq., if the contract or other investment agreement is procured under the Arkansas Procurement Law, § 19-11-201 et seq., and the purpose of the contract or other investment agreement is to: (A) Invest and manage a system's trust assets under § 24-2-610 ; (B) Provide actuarial services to determine the liabilities and financial status of a state retirement plan; (C) Retain custody of a system's trust assets; or (D) Protect and recover trust assets of a system. (2) The board of trustees of a state retirement system shall determine the duration of the contract or other investment agreement and any renewal or extension of the contract or other investment agreement by negotiating with the other party to the contract or other investment agreement for the most favorable rates and terms for the state retirement system based on: (A) Market competition; (B) Experience of the other party to the contract or other investment agreement; (C) Knowledge of the state retirement system's need; and (D) Compliance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . (3) The board of trustees of a state retirement system shall submit information requested by the Legislative Council concerning a contract or other investment agreement procured under the Arkansas Procurement Law, § 19-11-201 et seq. (4) A partial equity ownership agreement between a state retirement system and another party shall be reviewed under § 19-11-1301 et seq. (5) If a contract with a consultant to provide a state retirement system consulting services, to recommend investment managers and investment funds, or for the investment of trust funds of the state retirement system under this subsection is extended, an amendment, acknowledged by the consultant in writing, shall be added to the contract extension that: (A) States that the State of Arkansas and the state retirement system have a statutory goal to recruit and hire emerging managers and emerging investment funds consistent with the prudent investor rule; (B) (i) Requires the consultant to submit a report to the state public retirement system that describes the plan or process the consultant will use to recruit and hire emerging managers and emerging investment funds. (ii) The consultant shall provide an emerging manager update on the progress made in the previous fiscal year to the state retirement system no later than sixty (60) days after the end of the fiscal year that details the consultant's processes in locating, analyzing, evaluating, and performing due diligence activity on emerging managers; and (C) (i) Allows a state retirement system to refer or recommend a specific emerging manager or emerging investment fund to the consultant. (ii) A state retirement system that makes a referral may request a report concerning the outcome of a referral from the consultant. (6) At the request of the Joint Committee on Public Retirement and Social Security Programs or the Legislative Council, a state retirement system shall appear and make a presentation concerning the recruitment and hiring of emerging managers and emerging investment funds.

(1) The length of a contract or other investment agreement and any renewal or extension of the contract or other investment agreement may be agreed upon by a state retirement system and the other party to the contract or other investment agreement and is exempt from the mandatory expiration provisions under the Arkansas Procurement Law, § 19-11-201 et seq., if the contract or other investment agreement is procured under the Arkansas Procurement Law, § 19-11-201 et seq., and the purpose of the contract or other investment agreement is to: (A) Invest and manage a system's trust assets under § 24-2-610 ; (B) Provide actuarial services to determine the liabilities and financial status of a state retirement plan; (C) Retain custody of a system's trust assets; or (D) Protect and recover trust assets of a system.

(A) Invest and manage a system's trust assets under § 24-2-610 ;

(B) Provide actuarial services to determine the liabilities and financial status of a state retirement plan;

(C) Retain custody of a system's trust assets; or

(D) Protect and recover trust assets of a system.

(2) The board of trustees of a state retirement system shall determine the duration of the contract or other investment agreement and any renewal or extension of the contract or other investment agreement by negotiating with the other party to the contract or other investment agreement for the most favorable rates and terms for the state retirement system based on: (A) Market competition; (B) Experience of the other party to the contract or other investment agreement; (C) Knowledge of the state retirement system's need; and (D) Compliance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 .

(A) Market competition;

(B) Experience of the other party to the contract or other investment agreement;

(C) Knowledge of the state retirement system's need; and

(D) Compliance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 .

(3) The board of trustees of a state retirement system shall submit information requested by the Legislative Council concerning a contract or other investment agreement procured under the Arkansas Procurement Law, § 19-11-201 et seq.

(4) A partial equity ownership agreement between a state retirement system and another party shall be reviewed under § 19-11-1301 et seq.

(5) If a contract with a consultant to provide a state retirement system consulting services, to recommend investment managers and investment funds, or for the investment of trust funds of the state retirement system under this subsection is extended, an amendment, acknowledged by the consultant in writing, shall be added to the contract extension that: (A) States that the State of Arkansas and the state retirement system have a statutory goal to recruit and hire emerging managers and emerging investment funds consistent with the prudent investor rule; (B) (i) Requires the consultant to submit a report to the state public retirement system that describes the plan or process the consultant will use to recruit and hire emerging managers and emerging investment funds. (ii) The consultant shall provide an emerging manager update on the progress made in the previous fiscal year to the state retirement system no later than sixty (60) days after the end of the fiscal year that details the consultant's processes in locating, analyzing, evaluating, and performing due diligence activity on emerging managers; and (C) (i) Allows a state retirement system to refer or recommend a specific emerging manager or emerging investment fund to the consultant. (ii) A state retirement system that makes a referral may request a report concerning the outcome of a referral from the consultant.

(A) States that the State of Arkansas and the state retirement system have a statutory goal to recruit and hire emerging managers and emerging investment funds consistent with the prudent investor rule;

(B) (i) Requires the consultant to submit a report to the state public retirement system that describes the plan or process the consultant will use to recruit and hire emerging managers and emerging investment funds. (ii) The consultant shall provide an emerging manager update on the progress made in the previous fiscal year to the state retirement system no later than sixty (60) days after the end of the fiscal year that details the consultant's processes in locating, analyzing, evaluating, and performing due diligence activity on emerging managers; and

(i) Requires the consultant to submit a report to the state public retirement system that describes the plan or process the consultant will use to recruit and hire emerging managers and emerging investment funds.

(ii) The consultant shall provide an emerging manager update on the progress made in the previous fiscal year to the state retirement system no later than sixty (60) days after the end of the fiscal year that details the consultant's processes in locating, analyzing, evaluating, and performing due diligence activity on emerging managers; and

(C) (i) Allows a state retirement system to refer or recommend a specific emerging manager or emerging investment fund to the consultant. (ii) A state retirement system that makes a referral may request a report concerning the outcome of a referral from the consultant.

(i) Allows a state retirement system to refer or recommend a specific emerging manager or emerging investment fund to the consultant.

(ii) A state retirement system that makes a referral may request a report concerning the outcome of a referral from the consultant.

(6) At the request of the Joint Committee on Public Retirement and Social Security Programs or the Legislative Council, a state retirement system shall appear and make a presentation concerning the recruitment and hiring of emerging managers and emerging investment funds.

Amended by Act 2013, No. 304,§ 1, eff. 3/11/2013.

Acts 2001, No. 151, § 8; 2009, No. 79, § 1.
Ark. Code Ann. § 24-6-415 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-415
Exclusion from plan
Status: in_force

Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers' Deferred Option Plan provided in § 24-6-301 et seq. Acts 1997, No. 1071, § 1.

Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers' Deferred Option Plan provided in § 24-6-301 et seq.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-8-705 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-705
Members electing coverage
Status: in_force

(a) A member electing coverage under this subchapter shall be entitled to: (1) A refund to the member for any credited service purchased under the Arkansas Judicial Retirement System together with six percent (6%) interest compounded annually from the date of payment; (2) Restoration of service to another state-supported retirement system of any credited service that had been transferred to the Arkansas Judicial Retirement System upon refunding to that system any sums transferred by that system along with six percent (6%) interest compounded annually from the date of the transfer; or (3) Substitute purchased service for actual service for which no member contribution was made, as provided under subsection (b) of this section. (b) (1) A member or former member who elects coverage under this subchapter and who has accrued additional actual service prior to the date of transfer but after the date member contributions ceased shall pay to the Arkansas Judicial Retirement System on the effective date of transfer the contributions that would have been paid on the additional actual service at the rate of five percent (5%) of the pay received along with six percent (6%) interest computed annually from the date the contributions would have been paid to the effective date of transfer. However, in no instance, shall the member be required to pay contributions on active service that would exceed the amount required in § 24-8-708 . (2) (A) If the member or former member has actual service for which no member contributions were made, then purchased service may be used to reduce the period of actual service for which payments are due under subdivision (b)(1) of this section. The purchased service may be subtracted from the period of actual service for which contributions were not made and the member or former member shall make payments only on the remaining period. However, purchased service shall not be substituted for contributions required for actual service occurring after the first twenty (20) years of actual service. (B) Purchased service substituted for actual service under subsection (b) of this section shall be the most expensive service purchased by the member. (C) If the member or former member has credited service remaining after making the substitution allowed under this subsection, the remaining credited service may be refunded under subdivision (a)(1) of this section or restored to another state system under subdivision (a)(2) of this section. (D) Any purchased service substituted under this subsection may not be used as credited service in another state-supported system. Acts 1999, No. 399, § 1.

(a) A member electing coverage under this subchapter shall be entitled to: (1) A refund to the member for any credited service purchased under the Arkansas Judicial Retirement System together with six percent (6%) interest compounded annually from the date of payment; (2) Restoration of service to another state-supported retirement system of any credited service that had been transferred to the Arkansas Judicial Retirement System upon refunding to that system any sums transferred by that system along with six percent (6%) interest compounded annually from the date of the transfer; or (3) Substitute purchased service for actual service for which no member contribution was made, as provided under subsection (b) of this section.

(1) A refund to the member for any credited service purchased under the Arkansas Judicial Retirement System together with six percent (6%) interest compounded annually from the date of payment;

(2) Restoration of service to another state-supported retirement system of any credited service that had been transferred to the Arkansas Judicial Retirement System upon refunding to that system any sums transferred by that system along with six percent (6%) interest compounded annually from the date of the transfer; or

(3) Substitute purchased service for actual service for which no member contribution was made, as provided under subsection (b) of this section.

(b) (1) A member or former member who elects coverage under this subchapter and who has accrued additional actual service prior to the date of transfer but after the date member contributions ceased shall pay to the Arkansas Judicial Retirement System on the effective date of transfer the contributions that would have been paid on the additional actual service at the rate of five percent (5%) of the pay received along with six percent (6%) interest computed annually from the date the contributions would have been paid to the effective date of transfer. However, in no instance, shall the member be required to pay contributions on active service that would exceed the amount required in § 24-8-708 . (2) (A) If the member or former member has actual service for which no member contributions were made, then purchased service may be used to reduce the period of actual service for which payments are due under subdivision (b)(1) of this section. The purchased service may be subtracted from the period of actual service for which contributions were not made and the member or former member shall make payments only on the remaining period. However, purchased service shall not be substituted for contributions required for actual service occurring after the first twenty (20) years of actual service. (B) Purchased service substituted for actual service under subsection (b) of this section shall be the most expensive service purchased by the member. (C) If the member or former member has credited service remaining after making the substitution allowed under this subsection, the remaining credited service may be refunded under subdivision (a)(1) of this section or restored to another state system under subdivision (a)(2) of this section. (D) Any purchased service substituted under this subsection may not be used as credited service in another state-supported system.

(1) A member or former member who elects coverage under this subchapter and who has accrued additional actual service prior to the date of transfer but after the date member contributions ceased shall pay to the Arkansas Judicial Retirement System on the effective date of transfer the contributions that would have been paid on the additional actual service at the rate of five percent (5%) of the pay received along with six percent (6%) interest computed annually from the date the contributions would have been paid to the effective date of transfer. However, in no instance, shall the member be required to pay contributions on active service that would exceed the amount required in § 24-8-708 .

(2) (A) If the member or former member has actual service for which no member contributions were made, then purchased service may be used to reduce the period of actual service for which payments are due under subdivision (b)(1) of this section. The purchased service may be subtracted from the period of actual service for which contributions were not made and the member or former member shall make payments only on the remaining period. However, purchased service shall not be substituted for contributions required for actual service occurring after the first twenty (20) years of actual service. (B) Purchased service substituted for actual service under subsection (b) of this section shall be the most expensive service purchased by the member. (C) If the member or former member has credited service remaining after making the substitution allowed under this subsection, the remaining credited service may be refunded under subdivision (a)(1) of this section or restored to another state system under subdivision (a)(2) of this section. (D) Any purchased service substituted under this subsection may not be used as credited service in another state-supported system.

(A) If the member or former member has actual service for which no member contributions were made, then purchased service may be used to reduce the period of actual service for which payments are due under subdivision (b)(1) of this section. The purchased service may be subtracted from the period of actual service for which contributions were not made and the member or former member shall make payments only on the remaining period. However, purchased service shall not be substituted for contributions required for actual service occurring after the first twenty (20) years of actual service.

(B) Purchased service substituted for actual service under subsection (b) of this section shall be the most expensive service purchased by the member.

(C) If the member or former member has credited service remaining after making the substitution allowed under this subsection, the remaining credited service may be refunded under subdivision (a)(1) of this section or restored to another state system under subdivision (a)(2) of this section.

(D) Any purchased service substituted under this subsection may not be used as credited service in another state-supported system.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-11-430 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-430
Death benefit
Status: in_force

(a) When an active or retired police officer dies, the board of trustees shall pay from the fund a sum of not less than one hundred dollars ($100) nor more than six thousand five hundred dollars ($6,500) to pay the death benefits of the decedent to: (1) The surviving spouse of the police officer; (2) The police officer's estate if there is no surviving spouse; or (3) (A) A beneficiary chosen by the police officer if before death the police officer executed a beneficiary form. (B) The board of trustees shall provide a beneficiary form to active and retired police officers. (b) Each board of trustees shall adopt a policy establishing the amount to be paid for death benefits under this section, and the amount shall be awarded uniformly to all eligible persons. (c) The board of trustees may change the amount of death benefits payable under this section, but in that instance the amount shall be uniformly distributed likewise. Amended by Act 2013, No. 1206,§ 1, eff. 8/16/2013. Acts 1937, No. 250, § 18; Pope's Dig., § 9873; Acts 1981, No. 438, § 1; 1983, No. 10, §§ 1, 2; A.S.A. 1947, §§ 19-1818, 19-1818.1; Acts 1997, No. 1017, § 1; 2007, No. 611, § 4; 2007, No. 1571, § 1.

(a) When an active or retired police officer dies, the board of trustees shall pay from the fund a sum of not less than one hundred dollars ($100) nor more than six thousand five hundred dollars ($6,500) to pay the death benefits of the decedent to: (1) The surviving spouse of the police officer; (2) The police officer's estate if there is no surviving spouse; or (3) (A) A beneficiary chosen by the police officer if before death the police officer executed a beneficiary form. (B) The board of trustees shall provide a beneficiary form to active and retired police officers.

(1) The surviving spouse of the police officer;

(2) The police officer's estate if there is no surviving spouse; or

(3) (A) A beneficiary chosen by the police officer if before death the police officer executed a beneficiary form. (B) The board of trustees shall provide a beneficiary form to active and retired police officers.

(A) A beneficiary chosen by the police officer if before death the police officer executed a beneficiary form.

(B) The board of trustees shall provide a beneficiary form to active and retired police officers.

(b) Each board of trustees shall adopt a policy establishing the amount to be paid for death benefits under this section, and the amount shall be awarded uniformly to all eligible persons.

(c) The board of trustees may change the amount of death benefits payable under this section, but in that instance the amount shall be uniformly distributed likewise.

Amended by Act 2013, No. 1206,§ 1, eff. 8/16/2013.

Acts 1937, No. 250, § 18; Pope's Dig., § 9873; Acts 1981, No. 438, § 1; 1983, No. 10, §§ 1, 2; A.S.A. 1947, §§ 19-1818, 19-1818.1; Acts 1997, No. 1017, § 1; 2007, No. 611, § 4; 2007, No. 1571, § 1.
Ark. Code Ann. § 24-4-733 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-733
Certain county employees - Early retirement incentives - Definition
Status: in_force

(a) In addition to the provisions of § 24-4-601 et seq.: (1) (A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit. (D) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and (2) (A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(E) of this section, provided the member retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) If the county employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then his or her annuity will not be reduced because of early retirement. (D) If the county employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, the member's annuity will not be reduced because of early retirement. (E) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System. (b) No position being vacated as a result of a county employee's retiring pursuant to the provisions of this section shall be filled without the approval by resolution of the quorum court. (c) For those elected county constitutional officers who, as members of the county division of the system, would qualify by meeting all the requirements in subsection (a) of this section to retire under the early retirement incentives in subsection (a) of this section by January 1, 1988, the time period in which they may elect to retire shall be extended to the last day of their current terms for which they are serving. (d) (1) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based. (2) An elected official opting to retire under subsection (c) of this section shall have all contributions to the system terminated on December 31, 1987. (e) (1) As used in this section, "contingency reserve fund" means that amount of the Arkansas Public Employees' Retirement System's assets at cost determined by the annual actuarial valuation to be in excess of the total system benefit liabilities. (2) There shall be annual transfers between the employee's accumulation account and the contingency reserve fund as necessary to recognize the actuarially determined balance of that fund. (f) Any elected official who qualifies for retirement incentives under this section shall forfeit all retirement benefits if he or she knowingly and willfully misstates the amount of his or her credited service to the system. Acts 1987, No. 717, §§ 1, 3, 4; 1987 (1st Ex. Sess.), No. 17, § 2; 1991, No. 1141, § 1; 2001, No. 151, § 44.

(a) In addition to the provisions of § 24-4-601 et seq.: (1) (A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit. (D) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and (2) (A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(E) of this section, provided the member retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) If the county employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then his or her annuity will not be reduced because of early retirement. (D) If the county employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, the member's annuity will not be reduced because of early retirement. (E) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System.

(1) (A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit. (D) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and

(A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer.

(B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation.

(C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit.

(D) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and

(i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000).

(ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and

(2) (A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(E) of this section, provided the member retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer. (B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation. (C) If the county employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then his or her annuity will not be reduced because of early retirement. (D) If the county employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, the member's annuity will not be reduced because of early retirement. (E) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System.

(A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(E) of this section, provided the member retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer.

(B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation.

(C) If the county employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then his or her annuity will not be reduced because of early retirement.

(D) If the county employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, the member's annuity will not be reduced because of early retirement.

(E) (i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System.

(i) A county employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000).

(ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System.

(b) No position being vacated as a result of a county employee's retiring pursuant to the provisions of this section shall be filled without the approval by resolution of the quorum court.

(c) For those elected county constitutional officers who, as members of the county division of the system, would qualify by meeting all the requirements in subsection (a) of this section to retire under the early retirement incentives in subsection (a) of this section by January 1, 1988, the time period in which they may elect to retire shall be extended to the last day of their current terms for which they are serving.

(d) (1) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based. (2) An elected official opting to retire under subsection (c) of this section shall have all contributions to the system terminated on December 31, 1987.

(1) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based.

(2) An elected official opting to retire under subsection (c) of this section shall have all contributions to the system terminated on December 31, 1987.

(e) (1) As used in this section, "contingency reserve fund" means that amount of the Arkansas Public Employees' Retirement System's assets at cost determined by the annual actuarial valuation to be in excess of the total system benefit liabilities. (2) There shall be annual transfers between the employee's accumulation account and the contingency reserve fund as necessary to recognize the actuarially determined balance of that fund.

(1) As used in this section, "contingency reserve fund" means that amount of the Arkansas Public Employees' Retirement System's assets at cost determined by the annual actuarial valuation to be in excess of the total system benefit liabilities.

(2) There shall be annual transfers between the employee's accumulation account and the contingency reserve fund as necessary to recognize the actuarially determined balance of that fund.

(f) Any elected official who qualifies for retirement incentives under this section shall forfeit all retirement benefits if he or she knowingly and willfully misstates the amount of his or her credited service to the system.

Acts 1987, No. 717, §§ 1, 3, 4; 1987 (1st Ex. Sess.), No. 17, § 2; 1991, No. 1141, § 1; 2001, No. 151, § 44.
Ark. Code Ann. § 24-4-514 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-514
Credit for educational leave - Definitions
Status: in_force

(a) As used in this section: (1) "Educational leave" means a leave of absence from employment in a position covered by the Arkansas Public Employees' Retirement System to pursue a degree from an institution of higher education; and (2) "System" means the Arkansas Public Employees' Retirement System. (b) On or after July 1, 1987, any person who is a member of the system and who is not receiving benefits under the system on July 1, 1987, shall be entitled to purchase credited service in the system for a period not to exceed twelve (12) months for actual time spent on educational leave, provided that the person: (1) Has ten (10) or more years of actual service with the system; (2) Was paid a stipend during the period of educational leave; (3) Had creditable service before and for at least two (2) years after the period of educational leave; and (4) Pays or causes to be paid the sum of all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that period of time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date of the educational leave to the date the payment is received by the system. Acts 1987, No. 33, §§ 1, 2; 1997, No. 299, § 16; 2001, No. 151, § 27.

(a) As used in this section: (1) "Educational leave" means a leave of absence from employment in a position covered by the Arkansas Public Employees' Retirement System to pursue a degree from an institution of higher education; and (2) "System" means the Arkansas Public Employees' Retirement System.

(1) "Educational leave" means a leave of absence from employment in a position covered by the Arkansas Public Employees' Retirement System to pursue a degree from an institution of higher education; and

(2) "System" means the Arkansas Public Employees' Retirement System.

(b) On or after July 1, 1987, any person who is a member of the system and who is not receiving benefits under the system on July 1, 1987, shall be entitled to purchase credited service in the system for a period not to exceed twelve (12) months for actual time spent on educational leave, provided that the person: (1) Has ten (10) or more years of actual service with the system; (2) Was paid a stipend during the period of educational leave; (3) Had creditable service before and for at least two (2) years after the period of educational leave; and (4) Pays or causes to be paid the sum of all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that period of time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date of the educational leave to the date the payment is received by the system.

(1) Has ten (10) or more years of actual service with the system;

(2) Was paid a stipend during the period of educational leave;

(3) Had creditable service before and for at least two (2) years after the period of educational leave; and

(4) Pays or causes to be paid the sum of all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that period of time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date of the educational leave to the date the payment is received by the system.

Acts 1987, No. 33, §§ 1, 2; 1997, No. 299, § 16; 2001, No. 151, § 27.
Ark. Code Ann. § 24-11-801 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-801
Board of trustees - Members
Status: in_force

(a) The board of trustees of every firemen's relief and pension fund established in a city, incorporated town, or duly qualified fire protection district under this subchapter shall be composed of the following: (1) The chief executive, who shall serve as chair of the board; (2) The city or district clerk or recorder, who shall serve as secretary of the board; (3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and (4) (A) Four (4) active or retired members of the pension fund. (B) As used in this section, "member" includes an active or retired member of the fund but does not include a beneficiary of the fund. (b) The board thus created shall provide for the disbursement of the firemen's relief and pension fund and shall designate its beneficiaries as directed in this act. (c) The active and retired members shall elect the member trustees by secret written ballot in May of each year by a method to be determined by the board. (d) All member trustees shall serve two-year terms without compensation. (e) The board may make all rules needful for its guidance to implement the provisions regarding board composition. (f) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city, incorporated town, or fire protection district. (g) The secretary and treasurer of each board of trustees shall report annually, at the same time annual reports are required as clerk, recorder, or treasurer, the precise status of the firemen's relief and pension fund, showing all receipts and disbursements on account with a full and complete list of all beneficiaries of the fund and the amount paid each beneficiary. (h) (1) Each member of the board of trustees of the firemen's relief and pension fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the firemen's relief and pension fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received. (2) (A) Each member of the board of trustees of the firemen's relief and pension fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's relief and pension fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's relief and pension fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification. Amended by Act 2017, No. 126,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 1134,§ 4, eff. 8/16/2013. Acts 1921, No. 491, §§ 1, 2; Pope's Dig., §§ 7737, 7738; Acts 1943, No. 167, § 1; 1957, No. 326, §§ 1, 2; 1968 (1st Ex. Sess.), No. 24, §§ 1, 2; 1985, No. 927, § 2; A.S.A. 1947, §§ 19-2201, 19-2202; Acts 1987, No. 405, § 1; 1989, No. 527, § 1; 1991, No. 770, § 1; 2005, No. 2094, § 4; 2009, No. 260, § 2; 2011, No. 556, § 5.

(a) The board of trustees of every firemen's relief and pension fund established in a city, incorporated town, or duly qualified fire protection district under this subchapter shall be composed of the following: (1) The chief executive, who shall serve as chair of the board; (2) The city or district clerk or recorder, who shall serve as secretary of the board; (3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and (4) (A) Four (4) active or retired members of the pension fund. (B) As used in this section, "member" includes an active or retired member of the fund but does not include a beneficiary of the fund.

(1) The chief executive, who shall serve as chair of the board;

(2) The city or district clerk or recorder, who shall serve as secretary of the board;

(3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and

(4) (A) Four (4) active or retired members of the pension fund. (B) As used in this section, "member" includes an active or retired member of the fund but does not include a beneficiary of the fund.

(A) Four (4) active or retired members of the pension fund.

(B) As used in this section, "member" includes an active or retired member of the fund but does not include a beneficiary of the fund.

(b) The board thus created shall provide for the disbursement of the firemen's relief and pension fund and shall designate its beneficiaries as directed in this act.

(c) The active and retired members shall elect the member trustees by secret written ballot in May of each year by a method to be determined by the board.

(d) All member trustees shall serve two-year terms without compensation.

(e) The board may make all rules needful for its guidance to implement the provisions regarding board composition.

(f) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city, incorporated town, or fire protection district.

(g) The secretary and treasurer of each board of trustees shall report annually, at the same time annual reports are required as clerk, recorder, or treasurer, the precise status of the firemen's relief and pension fund, showing all receipts and disbursements on account with a full and complete list of all beneficiaries of the fund and the amount paid each beneficiary.

(h) (1) Each member of the board of trustees of the firemen's relief and pension fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the firemen's relief and pension fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received. (2) (A) Each member of the board of trustees of the firemen's relief and pension fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's relief and pension fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's relief and pension fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(1) Each member of the board of trustees of the firemen's relief and pension fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the firemen's relief and pension fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received.

(A) Each item received;

(B) The estimated value of each item; and

(C) From whom each item was received.

(2) (A) Each member of the board of trustees of the firemen's relief and pension fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's relief and pension fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's relief and pension fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(A) Each member of the board of trustees of the firemen's relief and pension fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge.

(B) (i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's relief and pension fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's relief and pension fund or the municipal treasurer and shall be available for review by any plan participant.

(i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's relief and pension fund or the municipal treasurer.

(ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State.

(iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's relief and pension fund or the municipal treasurer and shall be available for review by any plan participant.

(C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed.

(ii) Each plan's annual report shall not be considered complete without this certification.

Amended by Act 2017, No. 126,§ 1, eff. 8/1/2017.

Amended by Act 2013, No. 1134,§ 4, eff. 8/16/2013.

Acts 1921, No. 491, §§ 1, 2; Pope's Dig., §§ 7737, 7738; Acts 1943, No. 167, § 1; 1957, No. 326, §§ 1, 2; 1968 (1st Ex. Sess.), No. 24, §§ 1, 2; 1985, No. 927, § 2; A.S.A. 1947, §§ 19-2201, 19-2202; Acts 1987, No. 405, § 1; 1989, No. 527, § 1; 1991, No. 770, § 1; 2005, No. 2094, § 4; 2009, No. 260, § 2; 2011, No. 556, § 5.
Ark. Code Ann. § 24-2-401 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-401
Definitions
Status: in_force

As used in this subchapter: (1) "Deferred retirement option plan" means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system; (2) "Member" means an employee of a state-retirement-plan-covered employer as defined under the plan of the retirement system; (3) "Public safety service covered by the Arkansas Public Employees' Retirement System" means service as a public safety member as defined in § 24-4-101 ; (4) "Reciprocal system" means: (A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 - 24-7-205 , 24-7-301 - 24-7-305 , 24-7-401 - 24-7-411 , 24-7-501 , 24-7-502 , 24-7-601 - 24-7-604 , 24-7-606 , 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed]; (B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ; (C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ; (D) The State Police Retirement System, established by § 24-6-203 ; (E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.; (F) An alternate retirement plan as defined in § 24-7-202 ; or (G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.; (5) (A) "Retirement benefit" means a benefit that is offered to a retired member in accordance with the law applicable to the retirement system and includes without limitation a: (i) Monthly retirement benefit; and (ii) Deferred retirement plan benefit or annuity, if available. (B) "Retirement benefit" does not exclusively mean a monthly retirement benefit that is offered to a retired member in accordance with the law applicable to the retirement system; (6) "Service credit" means retirement credit earned by a member for time worked that is used as a factor that is applied to a retirement benefit formula under the law applicable to the retirement system in order to determine the monthly retirement benefit of the member; and (7) "State employer" means: (A) The public employer whose employees are covered under: (i) The Arkansas Teacher Retirement System; (ii) The Arkansas State Highway Employees' Retirement System; (iii) The Arkansas Public Employees' Retirement System; or (iv) The State Police Retirement System; (B) The public employer whose employees are circuit court judges, judges of the Court of Appeals, and justices of the Supreme Court, whether elected or appointed to office, covered under the Arkansas Judicial Retirement System; (C) The public employer whose employees are district court judges, whether elected or appointed to office, covered under the Arkansas Public Employees' Retirement System; or (D) A public employer that has an alternate retirement plan as defined in § 24-7-202 . Amended by Act 2023, No. 107,§ 4, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 3, eff. 7/1/2023. Amended by Act 2021, No. 545,§ 24, eff. 7/28/2021. Amended by Act 2021, No. 711,§ 1, eff. 7/1/2021. Amended by Act 2019, No. 910,§ 2363, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2362, eff. 7/1/2019. Acts 1965, No. 488, § 1; 1975, No. 611, § 1; 1981, No. 483, § 2; A.S.A. 1947, § 12-2537; Acts 1987, No. 357, § 2; 1995, No. 949, § 1; 1997, No. 485, § 1; 1997, No. 857, § 1; 1997, No. 927, § 1; 1999, No. 537, § 1; 2001, No. 151, § 3; 2005, No. 1022, § 1; 2007, No. 177, §§ 6, 7; 2011, No. 978, § 1.

As used in this subchapter:

(1) "Deferred retirement option plan" means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;

(2) "Member" means an employee of a state-retirement-plan-covered employer as defined under the plan of the retirement system;

(3) "Public safety service covered by the Arkansas Public Employees' Retirement System" means service as a public safety member as defined in § 24-4-101 ;

(4) "Reciprocal system" means: (A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 - 24-7-205 , 24-7-301 - 24-7-305 , 24-7-401 - 24-7-411 , 24-7-501 , 24-7-502 , 24-7-601 - 24-7-604 , 24-7-606 , 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed]; (B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ; (C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ; (D) The State Police Retirement System, established by § 24-6-203 ; (E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.; (F) An alternate retirement plan as defined in § 24-7-202 ; or (G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.;

(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 - 24-7-205 , 24-7-301 - 24-7-305 , 24-7-401 - 24-7-411 , 24-7-501 , 24-7-502 , 24-7-601 - 24-7-604 , 24-7-606 , 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed];

(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ;

(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ;

(D) The State Police Retirement System, established by § 24-6-203 ;

(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;

(F) An alternate retirement plan as defined in § 24-7-202 ; or

(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.;

(5) (A) "Retirement benefit" means a benefit that is offered to a retired member in accordance with the law applicable to the retirement system and includes without limitation a: (i) Monthly retirement benefit; and (ii) Deferred retirement plan benefit or annuity, if available. (B) "Retirement benefit" does not exclusively mean a monthly retirement benefit that is offered to a retired member in accordance with the law applicable to the retirement system;

(A) "Retirement benefit" means a benefit that is offered to a retired member in accordance with the law applicable to the retirement system and includes without limitation a: (i) Monthly retirement benefit; and (ii) Deferred retirement plan benefit or annuity, if available.

(i) Monthly retirement benefit; and

(ii) Deferred retirement plan benefit or annuity, if available.

(B) "Retirement benefit" does not exclusively mean a monthly retirement benefit that is offered to a retired member in accordance with the law applicable to the retirement system;

(6) "Service credit" means retirement credit earned by a member for time worked that is used as a factor that is applied to a retirement benefit formula under the law applicable to the retirement system in order to determine the monthly retirement benefit of the member; and

(7) "State employer" means: (A) The public employer whose employees are covered under: (i) The Arkansas Teacher Retirement System; (ii) The Arkansas State Highway Employees' Retirement System; (iii) The Arkansas Public Employees' Retirement System; or (iv) The State Police Retirement System; (B) The public employer whose employees are circuit court judges, judges of the Court of Appeals, and justices of the Supreme Court, whether elected or appointed to office, covered under the Arkansas Judicial Retirement System; (C) The public employer whose employees are district court judges, whether elected or appointed to office, covered under the Arkansas Public Employees' Retirement System; or (D) A public employer that has an alternate retirement plan as defined in § 24-7-202 .

(A) The public employer whose employees are covered under: (i) The Arkansas Teacher Retirement System; (ii) The Arkansas State Highway Employees' Retirement System; (iii) The Arkansas Public Employees' Retirement System; or (iv) The State Police Retirement System;

(i) The Arkansas Teacher Retirement System;

(ii) The Arkansas State Highway Employees' Retirement System;

(iii) The Arkansas Public Employees' Retirement System; or

(iv) The State Police Retirement System;

(B) The public employer whose employees are circuit court judges, judges of the Court of Appeals, and justices of the Supreme Court, whether elected or appointed to office, covered under the Arkansas Judicial Retirement System;

(C) The public employer whose employees are district court judges, whether elected or appointed to office, covered under the Arkansas Public Employees' Retirement System; or

(D) A public employer that has an alternate retirement plan as defined in § 24-7-202 .

Amended by Act 2023, No. 107,§ 4, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 3, eff. 7/1/2023.

Amended by Act 2021, No. 545,§ 24, eff. 7/28/2021.

Amended by Act 2021, No. 711,§ 1, eff. 7/1/2021.

Amended by Act 2019, No. 910,§ 2363, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2362, eff. 7/1/2019.

Acts 1965, No. 488, § 1; 1975, No. 611, § 1; 1981, No. 483, § 2; A.S.A. 1947, § 12-2537; Acts 1987, No. 357, § 2; 1995, No. 949, § 1; 1997, No. 485, § 1; 1997, No. 857, § 1; 1997, No. 927, § 1; 1999, No. 537, § 1; 2001, No. 151, § 3; 2005, No. 1022, § 1; 2007, No. 177, §§ 6, 7; 2011, No. 978, § 1.
Ark. Code Ann. § 24-11-827 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-827
Retired member returning to active status
Status: in_force

(a) Notwithstanding any other provision of the law to the contrary, should an age or service retirant return March 1, 1986, or later to employment in a position covered by the firemen's relief and pension fund from which he or she retired, no pension payments shall be paid to him or her for the period of the reemployment, and he or she shall make member contributions to the firemen's relief and pension fund as if he or she were an active member during the reemployment. (b) If reemployment terminates before the retirant has rendered sufficient reemployment to accumulate at least three (3) years of credited service had he or she been an active member during the reemployment, the payment of his or her pension shall resume upon termination, under the form of payment in force at the beginning of reemployment and in an amount as it would be had he or she not been reemployed. (c) If reemployment continues until the retirant has rendered sufficient reemployment to accumulate at least three (3) years of credited service, then effective upon completion of reemployment, his or her retirement shall be recalculated to account for the additional accrued service credit and salary. Amended by Act 2015, No. 1165,§ 8, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 33, eff. 2/6/2013. Acts 1991, No. 429, § 1; 1992 (1st Ex. Sess.), No. 71, § 2; 1992 (1st Ex. Sess.), No. 76, § 1.

(a) Notwithstanding any other provision of the law to the contrary, should an age or service retirant return March 1, 1986, or later to employment in a position covered by the firemen's relief and pension fund from which he or she retired, no pension payments shall be paid to him or her for the period of the reemployment, and he or she shall make member contributions to the firemen's relief and pension fund as if he or she were an active member during the reemployment.

(b) If reemployment terminates before the retirant has rendered sufficient reemployment to accumulate at least three (3) years of credited service had he or she been an active member during the reemployment, the payment of his or her pension shall resume upon termination, under the form of payment in force at the beginning of reemployment and in an amount as it would be had he or she not been reemployed.

(c) If reemployment continues until the retirant has rendered sufficient reemployment to accumulate at least three (3) years of credited service, then effective upon completion of reemployment, his or her retirement shall be recalculated to account for the additional accrued service credit and salary.

Amended by Act 2015, No. 1165,§ 8, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 33, eff. 2/6/2013.

Acts 1991, No. 429, § 1; 1992 (1st Ex. Sess.), No. 71, § 2; 1992 (1st Ex. Sess.), No. 76, § 1.
Ark. Code Ann. § 24-2-402 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-402
Retirement eligibility - Calculation of reciprocal service using deferred service credit
Status: in_force

(a) (1) A member who maintains deferred service credit in one (1) or more reciprocal systems may combine the deferred service credit with service credit earned under a reciprocal system to meet the separate eligibility requirements for receiving a monthly retirement benefit under each reciprocal system. (2) The combined service credit calculated under subdivision (a)(1) of this section shall: (A) Be used for the purpose of establishing the eligibility of a member to receive a retirement benefit from a retirement system; and (B) Not be used to calculate the monthly retirement benefit for service credit earned by a member under each retirement system. (b) (1) To establish the eligibility of a member to receive a monthly retirement benefit from each retirement system, the credited service under all reciprocal systems shall be totaled, and the total credited service shall be used to determine the eligibility of a member to receive a retirement benefit from each retirement system according to the eligibility requirements of that retirement system. (2) (A) The separate retirement system's eligibility requirements for receiving a monthly retirement benefit, the calculation of a monthly retirement benefit, or a deferred retirement option plan, if available, under one (1) retirement system shall not apply to the eligibility requirements for receiving a monthly retirement benefit or a deferred retirement option plan, if available, under a reciprocal system. (B) Any interest credited to the deferred retirement account shall be paid to the member's account under the deferred retirement option benefit program in effect for that retirement system. (c) (1) Once a member meets the eligibility requirements to receive a retirement benefit, the monthly retirement benefit received by the member from a reciprocal system shall be limited to the member's service credit under the reciprocal system and calculated separately under the retirement benefit formula of that reciprocal system. (2) A retirement system shall not use a member's service credit from a reciprocal system to calculate or increase the monthly retirement benefit of the member. (d) (1) Service credit earned by a member under a retirement system shall not be combined with service credit earned by the member under a reciprocal system if the member withdraws his or her employee contributions from either the retirement system or the reciprocal systems. (2) Service credit may be combined under this section if: (A) A member withdraws his or her employee contributions from a retirement system; and (B) After the withdrawal of his or her employee contributions from the retirement system, the member reestablishes service credit by depositing the amount required in accordance with the law applicable to the retirement system from which the employee contributions were withdrawn. (e) (1) The final average compensation used to determine a monthly retirement benefit payable to a member by a reciprocal system shall be the final average compensation calculated for credited service under the reciprocal system as provided by the law applicable to the reciprocal system. (2) (A) A retirement system is not required to calculate a monthly retirement benefit based on the final highest salary or final average compensation under the reciprocal system in which the member has service credit. (B) If a retirement system uses the highest final average compensation of the reciprocal system to determine a monthly benefit payable to a member, the final average compensation shall be computed as prescribed by the law of the reciprocal system. (3) Compensation and salary earned in the Arkansas Judicial Retirement System shall not be used to determine the final highest salary of a member who has service credit in both the Arkansas Judicial Retirement System and a reciprocal system under this section. (4) (A) A member who has earned service credit in more than one (1) reciprocal system on or before June 30, 2021, shall have his or her monthly benefit calculated by using the highest final average compensation the member has earned from any reciprocal system, excepting compensation and salary earned under subdivision (e)(3) of this section. (B) The final average compensation under subdivision (e)(4)(A) of this section shall be computed as prescribed by the law of each reciprocal system at the time of the member's retirement. (f) Each reciprocal system that has a minimum benefit provision in the plan of the reciprocal system shall pay only a proportionate share of the minimum benefit amount based on the ratio of service credit in the reciprocal system to the total service in all reciprocal systems. (g) (1) This section does not prohibit providing the same death-in-service benefits to a member that would have been payable had the member died while an active member of a reciprocal system. (2) A member who dies in service while a member of one (1) reciprocal system shall be considered as currently employed by all reciprocal systems in which the member retains credited service. (3) If a member has accrued credited service under the provisions of this subchapter but dies before retirement or before becoming eligible to retire, then the benefits payable shall be those provided by the reciprocal system in which the member has deferred service, with the reciprocal system being responsible for the payment of the death-in-service benefits provided by the applicable provisions of the reciprocal system's retirement laws. (4) If death-in-service benefits are payable by more than one (1) reciprocal system to eligible survivors of a deceased member, the survivors shall not receive more, as a percentage of the deceased member's final pay or as a minimum dollar amount, than the largest amount payable by any single reciprocal system. (5) Each reciprocal system that has a minimum benefit provision in its plan shall pay only a proportionate share of that minimum amount based on the ratio of service in that reciprocal system to the total service in all reciprocal systems. (6) If the reciprocal system is an alternate retirement plan as defined in § 24-7-202 , death-in-service benefits shall be contingent on death-in-service benefits having been provided by the alternate retirement plan and having been selected by the member as a benefit. (h) (1) Both service in the Arkansas Public Employees' Retirement System as a member of the General Assembly and service in another reciprocal system during the same period of time may be counted to meet the service requirements for benefits from the reciprocal system. (2) The benefit payable by a reciprocal system shall be based on the credited service in the reciprocal system and the final average compensation under the reciprocal system. (i) (1) If the reciprocal system is the Arkansas Judicial Retirement System and the member's benefits are determined under § 24-8-201 et seq., the benefit payable by the Arkansas Judicial Retirement System shall be determined by multiplying the benefit provided by § 24-8-218 by the following fraction: (A) The numerator shall be the number of the actual years of service credited in the Arkansas Judicial Retirement System as a justice of the Supreme Court or judge of the circuit or chancery courts or the Court of Appeals; and (B) The denominator shall be fourteen (14) years. (2) In no instance shall the benefit payable by the Arkansas Judicial Retirement System exceed the benefit provided by § 24-8-218 . (j) (1) In accordance with the law applicable to a retirement system, the board of trustees of each retirement system shall establish the eligibility requirements for a member to receive a monthly retirement benefit or deferred retirement option plan, if available, for service credit earned under their respective retirement system. (2) The board of trustees of each reciprocal system shall promulgate rules necessary to coordinate the retirement benefits of the reciprocal system with any other reciprocal system. (k) If the reciprocal system is an alternate retirement plan as defined in § 24-7-202 , the benefits payable shall be in accordance with terms specified in the written alternate retirement plan document for purchasing the insurance policies or annuity contracts, both fixed and variable in nature, for the participants. Amended by Act 2023, No. 107,§ 6, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 5, eff. 7/1/2023. Amended by Act 2021, No. 711,§ 2, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2845, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2844, eff. 7/24/2019. Acts 1965, No. 488, § 2; 1967, No. 310, § 1; 1971, No. 579, §§ 1, 2; 1975, No. 611, § 2; 1977, No. 663, § 5; 1979, No. 127, § 1; 1979, No. 493, § 1; 1979, No. 821, § 4; 1983, No. 679, §§ 1, 2; A.S.A. 1947, § 12-2538; Acts 1987, No. 357, § 3; 1987, No. 737, § 1; 1991, No. 381, § 1; 1995, No. 949, § 2; 1997, No. 485, § 2; 1997, No. 857, § 2; 1997, No. 927, § 2; 1999, No. 537, §§ 2, 5; 2001, No. 151, § 4; 2005, No. 1022, §§ 2, 3; 2007, No. 177, §§ 8, 9; 2009, No. 742, § 1.

(a) (1) A member who maintains deferred service credit in one (1) or more reciprocal systems may combine the deferred service credit with service credit earned under a reciprocal system to meet the separate eligibility requirements for receiving a monthly retirement benefit under each reciprocal system. (2) The combined service credit calculated under subdivision (a)(1) of this section shall: (A) Be used for the purpose of establishing the eligibility of a member to receive a retirement benefit from a retirement system; and (B) Not be used to calculate the monthly retirement benefit for service credit earned by a member under each retirement system.

(1) A member who maintains deferred service credit in one (1) or more reciprocal systems may combine the deferred service credit with service credit earned under a reciprocal system to meet the separate eligibility requirements for receiving a monthly retirement benefit under each reciprocal system.

(2) The combined service credit calculated under subdivision (a)(1) of this section shall: (A) Be used for the purpose of establishing the eligibility of a member to receive a retirement benefit from a retirement system; and (B) Not be used to calculate the monthly retirement benefit for service credit earned by a member under each retirement system.

(A) Be used for the purpose of establishing the eligibility of a member to receive a retirement benefit from a retirement system; and

(B) Not be used to calculate the monthly retirement benefit for service credit earned by a member under each retirement system.

(b) (1) To establish the eligibility of a member to receive a monthly retirement benefit from each retirement system, the credited service under all reciprocal systems shall be totaled, and the total credited service shall be used to determine the eligibility of a member to receive a retirement benefit from each retirement system according to the eligibility requirements of that retirement system. (2) (A) The separate retirement system's eligibility requirements for receiving a monthly retirement benefit, the calculation of a monthly retirement benefit, or a deferred retirement option plan, if available, under one (1) retirement system shall not apply to the eligibility requirements for receiving a monthly retirement benefit or a deferred retirement option plan, if available, under a reciprocal system. (B) Any interest credited to the deferred retirement account shall be paid to the member's account under the deferred retirement option benefit program in effect for that retirement system.

(1) To establish the eligibility of a member to receive a monthly retirement benefit from each retirement system, the credited service under all reciprocal systems shall be totaled, and the total credited service shall be used to determine the eligibility of a member to receive a retirement benefit from each retirement system according to the eligibility requirements of that retirement system.

(2) (A) The separate retirement system's eligibility requirements for receiving a monthly retirement benefit, the calculation of a monthly retirement benefit, or a deferred retirement option plan, if available, under one (1) retirement system shall not apply to the eligibility requirements for receiving a monthly retirement benefit or a deferred retirement option plan, if available, under a reciprocal system. (B) Any interest credited to the deferred retirement account shall be paid to the member's account under the deferred retirement option benefit program in effect for that retirement system.

(A) The separate retirement system's eligibility requirements for receiving a monthly retirement benefit, the calculation of a monthly retirement benefit, or a deferred retirement option plan, if available, under one (1) retirement system shall not apply to the eligibility requirements for receiving a monthly retirement benefit or a deferred retirement option plan, if available, under a reciprocal system.

(B) Any interest credited to the deferred retirement account shall be paid to the member's account under the deferred retirement option benefit program in effect for that retirement system.

(c) (1) Once a member meets the eligibility requirements to receive a retirement benefit, the monthly retirement benefit received by the member from a reciprocal system shall be limited to the member's service credit under the reciprocal system and calculated separately under the retirement benefit formula of that reciprocal system. (2) A retirement system shall not use a member's service credit from a reciprocal system to calculate or increase the monthly retirement benefit of the member.

(1) Once a member meets the eligibility requirements to receive a retirement benefit, the monthly retirement benefit received by the member from a reciprocal system shall be limited to the member's service credit under the reciprocal system and calculated separately under the retirement benefit formula of that reciprocal system.

(2) A retirement system shall not use a member's service credit from a reciprocal system to calculate or increase the monthly retirement benefit of the member.

(d) (1) Service credit earned by a member under a retirement system shall not be combined with service credit earned by the member under a reciprocal system if the member withdraws his or her employee contributions from either the retirement system or the reciprocal systems. (2) Service credit may be combined under this section if: (A) A member withdraws his or her employee contributions from a retirement system; and (B) After the withdrawal of his or her employee contributions from the retirement system, the member reestablishes service credit by depositing the amount required in accordance with the law applicable to the retirement system from which the employee contributions were withdrawn.

(1) Service credit earned by a member under a retirement system shall not be combined with service credit earned by the member under a reciprocal system if the member withdraws his or her employee contributions from either the retirement system or the reciprocal systems.

(2) Service credit may be combined under this section if: (A) A member withdraws his or her employee contributions from a retirement system; and (B) After the withdrawal of his or her employee contributions from the retirement system, the member reestablishes service credit by depositing the amount required in accordance with the law applicable to the retirement system from which the employee contributions were withdrawn.

(A) A member withdraws his or her employee contributions from a retirement system; and

(B) After the withdrawal of his or her employee contributions from the retirement system, the member reestablishes service credit by depositing the amount required in accordance with the law applicable to the retirement system from which the employee contributions were withdrawn.

(e) (1) The final average compensation used to determine a monthly retirement benefit payable to a member by a reciprocal system shall be the final average compensation calculated for credited service under the reciprocal system as provided by the law applicable to the reciprocal system. (2) (A) A retirement system is not required to calculate a monthly retirement benefit based on the final highest salary or final average compensation under the reciprocal system in which the member has service credit. (B) If a retirement system uses the highest final average compensation of the reciprocal system to determine a monthly benefit payable to a member, the final average compensation shall be computed as prescribed by the law of the reciprocal system. (3) Compensation and salary earned in the Arkansas Judicial Retirement System shall not be used to determine the final highest salary of a member who has service credit in both the Arkansas Judicial Retirement System and a reciprocal system under this section. (4) (A) A member who has earned service credit in more than one (1) reciprocal system on or before June 30, 2021, shall have his or her monthly benefit calculated by using the highest final average compensation the member has earned from any reciprocal system, excepting compensation and salary earned under subdivision (e)(3) of this section. (B) The final average compensation under subdivision (e)(4)(A) of this section shall be computed as prescribed by the law of each reciprocal system at the time of the member's retirement.

(1) The final average compensation used to determine a monthly retirement benefit payable to a member by a reciprocal system shall be the final average compensation calculated for credited service under the reciprocal system as provided by the law applicable to the reciprocal system.

(2) (A) A retirement system is not required to calculate a monthly retirement benefit based on the final highest salary or final average compensation under the reciprocal system in which the member has service credit. (B) If a retirement system uses the highest final average compensation of the reciprocal system to determine a monthly benefit payable to a member, the final average compensation shall be computed as prescribed by the law of the reciprocal system.

(A) A retirement system is not required to calculate a monthly retirement benefit based on the final highest salary or final average compensation under the reciprocal system in which the member has service credit.

(B) If a retirement system uses the highest final average compensation of the reciprocal system to determine a monthly benefit payable to a member, the final average compensation shall be computed as prescribed by the law of the reciprocal system.

(3) Compensation and salary earned in the Arkansas Judicial Retirement System shall not be used to determine the final highest salary of a member who has service credit in both the Arkansas Judicial Retirement System and a reciprocal system under this section.

(4) (A) A member who has earned service credit in more than one (1) reciprocal system on or before June 30, 2021, shall have his or her monthly benefit calculated by using the highest final average compensation the member has earned from any reciprocal system, excepting compensation and salary earned under subdivision (e)(3) of this section. (B) The final average compensation under subdivision (e)(4)(A) of this section shall be computed as prescribed by the law of each reciprocal system at the time of the member's retirement.

(A) A member who has earned service credit in more than one (1) reciprocal system on or before June 30, 2021, shall have his or her monthly benefit calculated by using the highest final average compensation the member has earned from any reciprocal system, excepting compensation and salary earned under subdivision (e)(3) of this section.

(B) The final average compensation under subdivision (e)(4)(A) of this section shall be computed as prescribed by the law of each reciprocal system at the time of the member's retirement.

(f) Each reciprocal system that has a minimum benefit provision in the plan of the reciprocal system shall pay only a proportionate share of the minimum benefit amount based on the ratio of service credit in the reciprocal system to the total service in all reciprocal systems.

(g) (1) This section does not prohibit providing the same death-in-service benefits to a member that would have been payable had the member died while an active member of a reciprocal system. (2) A member who dies in service while a member of one (1) reciprocal system shall be considered as currently employed by all reciprocal systems in which the member retains credited service. (3) If a member has accrued credited service under the provisions of this subchapter but dies before retirement or before becoming eligible to retire, then the benefits payable shall be those provided by the reciprocal system in which the member has deferred service, with the reciprocal system being responsible for the payment of the death-in-service benefits provided by the applicable provisions of the reciprocal system's retirement laws. (4) If death-in-service benefits are payable by more than one (1) reciprocal system to eligible survivors of a deceased member, the survivors shall not receive more, as a percentage of the deceased member's final pay or as a minimum dollar amount, than the largest amount payable by any single reciprocal system. (5) Each reciprocal system that has a minimum benefit provision in its plan shall pay only a proportionate share of that minimum amount based on the ratio of service in that reciprocal system to the total service in all reciprocal systems. (6) If the reciprocal system is an alternate retirement plan as defined in § 24-7-202 , death-in-service benefits shall be contingent on death-in-service benefits having been provided by the alternate retirement plan and having been selected by the member as a benefit.

(1) This section does not prohibit providing the same death-in-service benefits to a member that would have been payable had the member died while an active member of a reciprocal system.

(2) A member who dies in service while a member of one (1) reciprocal system shall be considered as currently employed by all reciprocal systems in which the member retains credited service.

(3) If a member has accrued credited service under the provisions of this subchapter but dies before retirement or before becoming eligible to retire, then the benefits payable shall be those provided by the reciprocal system in which the member has deferred service, with the reciprocal system being responsible for the payment of the death-in-service benefits provided by the applicable provisions of the reciprocal system's retirement laws.

(4) If death-in-service benefits are payable by more than one (1) reciprocal system to eligible survivors of a deceased member, the survivors shall not receive more, as a percentage of the deceased member's final pay or as a minimum dollar amount, than the largest amount payable by any single reciprocal system.

(5) Each reciprocal system that has a minimum benefit provision in its plan shall pay only a proportionate share of that minimum amount based on the ratio of service in that reciprocal system to the total service in all reciprocal systems.

(6) If the reciprocal system is an alternate retirement plan as defined in § 24-7-202 , death-in-service benefits shall be contingent on death-in-service benefits having been provided by the alternate retirement plan and having been selected by the member as a benefit.

(h) (1) Both service in the Arkansas Public Employees' Retirement System as a member of the General Assembly and service in another reciprocal system during the same period of time may be counted to meet the service requirements for benefits from the reciprocal system. (2) The benefit payable by a reciprocal system shall be based on the credited service in the reciprocal system and the final average compensation under the reciprocal system.

(1) Both service in the Arkansas Public Employees' Retirement System as a member of the General Assembly and service in another reciprocal system during the same period of time may be counted to meet the service requirements for benefits from the reciprocal system.

(2) The benefit payable by a reciprocal system shall be based on the credited service in the reciprocal system and the final average compensation under the reciprocal system.

(i) (1) If the reciprocal system is the Arkansas Judicial Retirement System and the member's benefits are determined under § 24-8-201 et seq., the benefit payable by the Arkansas Judicial Retirement System shall be determined by multiplying the benefit provided by § 24-8-218 by the following fraction: (A) The numerator shall be the number of the actual years of service credited in the Arkansas Judicial Retirement System as a justice of the Supreme Court or judge of the circuit or chancery courts or the Court of Appeals; and (B) The denominator shall be fourteen (14) years. (2) In no instance shall the benefit payable by the Arkansas Judicial Retirement System exceed the benefit provided by § 24-8-218 .

(1) If the reciprocal system is the Arkansas Judicial Retirement System and the member's benefits are determined under § 24-8-201 et seq., the benefit payable by the Arkansas Judicial Retirement System shall be determined by multiplying the benefit provided by § 24-8-218 by the following fraction: (A) The numerator shall be the number of the actual years of service credited in the Arkansas Judicial Retirement System as a justice of the Supreme Court or judge of the circuit or chancery courts or the Court of Appeals; and (B) The denominator shall be fourteen (14) years.

(A) The numerator shall be the number of the actual years of service credited in the Arkansas Judicial Retirement System as a justice of the Supreme Court or judge of the circuit or chancery courts or the Court of Appeals; and

(B) The denominator shall be fourteen (14) years.

(2) In no instance shall the benefit payable by the Arkansas Judicial Retirement System exceed the benefit provided by § 24-8-218 .

(j) (1) In accordance with the law applicable to a retirement system, the board of trustees of each retirement system shall establish the eligibility requirements for a member to receive a monthly retirement benefit or deferred retirement option plan, if available, for service credit earned under their respective retirement system. (2) The board of trustees of each reciprocal system shall promulgate rules necessary to coordinate the retirement benefits of the reciprocal system with any other reciprocal system.

(1) In accordance with the law applicable to a retirement system, the board of trustees of each retirement system shall establish the eligibility requirements for a member to receive a monthly retirement benefit or deferred retirement option plan, if available, for service credit earned under their respective retirement system.

(2) The board of trustees of each reciprocal system shall promulgate rules necessary to coordinate the retirement benefits of the reciprocal system with any other reciprocal system.

(k) If the reciprocal system is an alternate retirement plan as defined in § 24-7-202 , the benefits payable shall be in accordance with terms specified in the written alternate retirement plan document for purchasing the insurance policies or annuity contracts, both fixed and variable in nature, for the participants.

Amended by Act 2023, No. 107,§ 6, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 5, eff. 7/1/2023.

Amended by Act 2021, No. 711,§ 2, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2845, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2844, eff. 7/24/2019.

Acts 1965, No. 488, § 2; 1967, No. 310, § 1; 1971, No. 579, §§ 1, 2; 1975, No. 611, § 2; 1977, No. 663, § 5; 1979, No. 127, § 1; 1979, No. 493, § 1; 1979, No. 821, § 4; 1983, No. 679, §§ 1, 2; A.S.A. 1947, § 12-2538; Acts 1987, No. 357, § 3; 1987, No. 737, § 1; 1991, No. 381, § 1; 1995, No. 949, § 2; 1997, No. 485, § 2; 1997, No. 857, § 2; 1997, No. 927, § 2; 1999, No. 537, §§ 2, 5; 2001, No. 151, § 4; 2005, No. 1022, §§ 2, 3; 2007, No. 177, §§ 8, 9; 2009, No. 742, § 1.
Ark. Code Ann. § 24-7-803 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-803
Provisions of subchapter controlling
Status: in_force

Insofar as the provisions of this subchapter are, or may be, inconsistent with the provisions of any other general or special act, the provisions of this subchapter shall be controlling. Acts 1967, No. 436, § 9; A.S.A. 1947, § 80-1464n.

Insofar as the provisions of this subchapter are, or may be, inconsistent with the provisions of any other general or special act, the provisions of this subchapter shall be controlling.

Acts 1967, No. 436, § 9; A.S.A. 1947, § 80-1464n.
Ark. Code Ann. § 24-12-121 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-121
City clerk - Clerk-treasurer
Status: in_force

(a) (1) A city clerk or clerk-treasurer in a city of the first class may retire from office for the remainder of his or her life at the retirement pay provided in this section if the person has served as city clerk, clerk-treasurer, or city treasurer for: (A) Not less than ten (10) years, upon reaching sixty (60) years of age; or (B) Twenty (20) years, without regard to age. (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 city clerk, city treasurer, or any person serving as city clerk or clerk-treasurer who shall retire or be succeeded by another city clerk or clerk-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) Any city clerk or clerk-treasurer in a city of the first class who has served in another capacity with the same city, and that capacity of service also provides for a retirement plan, may apply all years served in that previous capacity toward the accrual of the vesting period provided for in subsection (a) of this section, if approved by the city council. (2) Benefits shall be paid proportionally from the various funds applicable to the respective capacities of service. This shall be based on the length of service in each capacity for the city. (d) (1) Upon the death of any city clerk or clerk-treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any city clerk or clerk-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 city clerk or clerk-treasurer married to the city clerk or clerk-treasurer 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 city clerk or clerk-treasurer was receiving or one-half (½) of the retirement benefit the city clerk or clerk-treasurer who died in office was entitled to receive. (2) Upon remarriage of the spouse, the benefits shall cease. Acts 1957, No. 313, §§ 1, 2; 1971, No. 356, §§ 1, 2; A.S.A. 1947, §§ 19-1031, 19-1032; Acts 1987, No. 117, § 1; 1993, No. 1103, § 1; 2007, No. 158, § 1; 2007, No. 293, § 1.

(a) (1) A city clerk or clerk-treasurer in a city of the first class may retire from office for the remainder of his or her life at the retirement pay provided in this section if the person has served as city clerk, clerk-treasurer, or city treasurer for: (A) Not less than ten (10) years, upon reaching sixty (60) years of age; or (B) Twenty (20) years, without regard to age. (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) A city clerk or clerk-treasurer in a city of the first class may retire from office for the remainder of his or her life at the retirement pay provided in this section if the person has served as city clerk, clerk-treasurer, or city treasurer for: (A) Not less than ten (10) years, upon reaching sixty (60) years of age; or (B) Twenty (20) years, without regard to age.

(A) Not less than ten (10) years, upon reaching sixty (60) years of age; or

(B) Twenty (20) years, without regard to age.

(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 city clerk, city treasurer, or any person serving as city clerk or clerk-treasurer who shall retire or be succeeded by another city clerk or clerk-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 city clerk, city treasurer, or any person serving as city clerk or clerk-treasurer who shall retire or be succeeded by another city clerk or clerk-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) Any city clerk or clerk-treasurer in a city of the first class who has served in another capacity with the same city, and that capacity of service also provides for a retirement plan, may apply all years served in that previous capacity toward the accrual of the vesting period provided for in subsection (a) of this section, if approved by the city council. (2) Benefits shall be paid proportionally from the various funds applicable to the respective capacities of service. This shall be based on the length of service in each capacity for the city.

(1) Any city clerk or clerk-treasurer in a city of the first class who has served in another capacity with the same city, and that capacity of service also provides for a retirement plan, may apply all years served in that previous capacity toward the accrual of the vesting period provided for in subsection (a) of this section, if approved by the city council.

(2) Benefits shall be paid proportionally from the various funds applicable to the respective capacities of service. This shall be based on the length of service in each capacity for the city.

(d) (1) Upon the death of any city clerk or clerk-treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any city clerk or clerk-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 city clerk or clerk-treasurer married to the city clerk or clerk-treasurer 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 city clerk or clerk-treasurer was receiving or one-half (½) of the retirement benefit the city clerk or clerk-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 city clerk or clerk-treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any city clerk or clerk-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 city clerk or clerk-treasurer married to the city clerk or clerk-treasurer 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 city clerk or clerk-treasurer was receiving or one-half (½) of the retirement benefit the city clerk or clerk-treasurer who died in office was entitled to receive.

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

Acts 1957, No. 313, §§ 1, 2; 1971, No. 356, §§ 1, 2; A.S.A. 1947, §§ 19-1031, 19-1032; Acts 1987, No. 117, § 1; 1993, No. 1103, § 1; 2007, No. 158, § 1; 2007, No. 293, § 1.
Ark. Code Ann. § 24-2-610 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-610
Prudent investor rule
Status: in_force

(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . (b) (1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. (2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust. Acts 2001, No. 151, § 8.

(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 .

(b) (1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. (2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.

(1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust.

(2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-1-104 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-104
Liabilities not to exceed thirty-year amortization
Status: in_force

No legislated benefit enhancement shall be enacted which would cause the system's unfunded accrued actuarial liabilities to exceed a thirty-year amortization. Acts 1995, No. 613, § 2.

No legislated benefit enhancement shall be enacted which would cause the system's unfunded accrued actuarial liabilities to exceed a thirty-year amortization.

Acts 1995, No. 613, § 2.
Ark. Code Ann. § 24-2-503 — AR Code / Title 24 / Chapter 2 / Subchapter 5 / Section 24-2-503
Arkansas National Guard and armed forces reserve service credit - 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 Public Employees' Retirement System may purchase credited service in the Arkansas Public Employees' Retirement System for a period not to exceed five (5) years for compensated service rendered by the member in the Arkansas National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Public Employees' Retirement System; (B) Provides the board with satisfactory proof of that person's service in the Arkansas National Guard or in the armed forces reserve; and (C) (i) For the years of service credit granted, pays to the Arkansas Public Employees' Retirement System the employee and employer contributions based on the greater of: (a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or (b) The average of the three (3) highest annual salaries earned at the time of purchase. (ii) The member shall pay interest from the end of that year of credited service to the date of payment in full. (2) Payment for service under this section shall be based on the contribution rates in effect at the time of the purchase. (3) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions. (c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the Arkansas National Guard or in the armed forces reserve. (d) The service in the Arkansas National Guard or in the armed forces reserve shall not become credited service under the Arkansas Public Employees' Retirement System until the member: (1) (A) Pays for the purchased service in the Arkansas National Guard or in the armed forces reserve. (B) Service may be purchased under this subdivision (d)(1) in one-month increments; and (2) Has established five (5) or more years of actual service in the Arkansas Public Employees' Retirement System. (e) If a member ceases to be an active member before the service in the Arkansas National Guard or in the armed forces reserve has been established as Arkansas Public Employees' Retirement System-credited service, the member payments contributed under this section are refundable, together with regular interest. (f) (1) This section is supplemental to § 24-2-502 , and nothing in this section shall diminish the right of any member of the Arkansas Public Employees' Retirement System to obtain credited service in the Arkansas Public Employees' Retirement System for active duty military service within the limits permitted by § 24-2-502 . (2) However, no member is entitled to receive more than five (5) years of credited service rendered by the member under this section. (3) No member is eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service time in the Arkansas National Guard or in the armed forces reserve. (4) Service credit in the Arkansas Public Employees' Retirement System for active duty military service under § 24-2-502 and for service in the Arkansas National Guard or in the armed forces reserve shall not be given for the same period of time. (5) A member's service in the Arkansas National Guard or armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security. Acts 2005, No. 1027, § 1; 2007, No. 176, §§ 1, 2; 2009, No. 295, § 2; 2011, No. 38, § 1.

(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 Public Employees' Retirement System may purchase credited service in the Arkansas Public Employees' Retirement System for a period not to exceed five (5) years for compensated service rendered by the member in the Arkansas National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Public Employees' Retirement System; (B) Provides the board with satisfactory proof of that person's service in the Arkansas National Guard or in the armed forces reserve; and (C) (i) For the years of service credit granted, pays to the Arkansas Public Employees' Retirement System the employee and employer contributions based on the greater of: (a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or (b) The average of the three (3) highest annual salaries earned at the time of purchase. (ii) The member shall pay interest from the end of that year of credited service to the date of payment in full. (2) Payment for service under this section shall be based on the contribution rates in effect at the time of the purchase. (3) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions.

(1) A member of the Arkansas Public Employees' Retirement System may purchase credited service in the Arkansas Public Employees' Retirement System for a period not to exceed five (5) years for compensated service rendered by the member in the Arkansas National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the Arkansas Public Employees' Retirement System; (B) Provides the board with satisfactory proof of that person's service in the Arkansas National Guard or in the armed forces reserve; and (C) (i) For the years of service credit granted, pays to the Arkansas Public Employees' Retirement System the employee and employer contributions based on the greater of: (a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or (b) The average of the three (3) highest annual salaries earned at the time of purchase. (ii) The member shall pay interest from the end of that year of credited service to the date of payment in full.

(A) Makes an application to the Board of Trustees of the Arkansas Public Employees' Retirement System;

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

(C) (i) For the years of service credit granted, pays to the Arkansas Public Employees' Retirement System the employee and employer contributions based on the greater of: (a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or (b) The average of the three (3) highest annual salaries earned at the time of purchase. (ii) The member shall pay interest from the end of that year of credited service to the date of payment in full.

(i) For the years of service credit granted, pays to the Arkansas Public Employees' Retirement System the employee and employer contributions based on the greater of: (a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or (b) The average of the three (3) highest annual salaries earned at the time of purchase.

(a) The annual salary received by the member for the member's first full year of credited service that precedes the fiscal year in which the service is purchased; or

(b) The average of the three (3) highest annual salaries earned at the time of purchase.

(ii) The member shall pay interest from the end of that year of credited service to the date of payment in full.

(2) Payment for service under this section shall be based on the contribution rates in effect at the time of the purchase.

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

(c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the Arkansas National Guard or in the armed forces reserve.

(d) The service in the Arkansas National Guard or in the armed forces reserve shall not become credited service under the Arkansas Public Employees' Retirement System until the member: (1) (A) Pays for the purchased service in the Arkansas National Guard or in the armed forces reserve. (B) Service may be purchased under this subdivision (d)(1) in one-month increments; and (2) Has established five (5) or more years of actual service in the Arkansas Public Employees' Retirement System.

(1) (A) Pays for the purchased service in the Arkansas National Guard or in the armed forces reserve. (B) Service may be purchased under this subdivision (d)(1) in one-month increments; and

(A) Pays for the purchased service in the Arkansas National Guard or in the armed forces reserve.

(B) Service may be purchased under this subdivision (d)(1) in one-month increments; and

(2) Has established five (5) or more years of actual service in the Arkansas Public Employees' Retirement System.

(e) If a member ceases to be an active member before the service in the Arkansas National Guard or in the armed forces reserve has been established as Arkansas Public Employees' Retirement System-credited service, the member payments contributed under this section are refundable, together with regular interest.

(f) (1) This section is supplemental to § 24-2-502 , and nothing in this section shall diminish the right of any member of the Arkansas Public Employees' Retirement System to obtain credited service in the Arkansas Public Employees' Retirement System for active duty military service within the limits permitted by § 24-2-502 . (2) However, no member is entitled to receive more than five (5) years of credited service rendered by the member under this section. (3) No member is eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service time in the Arkansas National Guard or in the armed forces reserve. (4) Service credit in the Arkansas Public Employees' Retirement System for active duty military service under § 24-2-502 and for service in the Arkansas National Guard or in the armed forces reserve shall not be given for the same period of time. (5) A member's service in the Arkansas National Guard or armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.

(1) This section is supplemental to § 24-2-502 , and nothing in this section shall diminish the right of any member of the Arkansas Public Employees' Retirement System to obtain credited service in the Arkansas Public Employees' Retirement System for active duty military service within the limits permitted by § 24-2-502 .

(2) However, no member is entitled to receive more than five (5) years of credited service rendered by the member under this section.

(3) No member is eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service time in the Arkansas National Guard or in the armed forces reserve.

(4) Service credit in the Arkansas Public Employees' Retirement System for active duty military service under § 24-2-502 and for service in the Arkansas National Guard or in the armed forces reserve shall not be given for the same period of time.

(5) A member's service in the Arkansas National Guard or armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.

Acts 2005, No. 1027, § 1; 2007, No. 176, §§ 1, 2; 2009, No. 295, § 2; 2011, No. 38, § 1.
Ark. Code Ann. § 24-2-201 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-201
Permissible investments of political subdivision retirement funds
Status: in_force

(a) The board of trustees of any public employee retirement system of any political subdivision of the State of Arkansas shall, from time to time, as funds are available for investment purposes, invest in obligations set out in this section. (b) The boards of trustees of public employees retirement systems of political subdivisions of the state shall have the power to invest and reinvest the moneys in their respective funds and to hold, purchase, sell, assign, transfer, and dispose of any securities and investments held in the funds, except that the investments and reinvestments shall be limited to the following: (1) Direct general obligations of the United States Government; (2) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are guaranteed in full by the United States Government; (3) (A) Direct general obligations of the State of Arkansas; (B) Capital notes issued pursuant to § 23-32-215 [repealed] by banks and trust companies organized or operated under the laws of this state and subordinated debt securities of savings and loan associations in this state whose deposits are secured by the Federal Savings and Loan Insurance Corporation [abolished]; (C) Certificates of deposit of any bank in Arkansas if the bank is insured by the Federal Deposit Insurance Corporation; (4) Revenue bonds issued by the University of Arkansas and by the other respective state-supported institutions of higher learning; (5) Ad valorem tax bonds of counties issued under the authority of the Arkansas Constitution, Amendment 10; (6) Ad valorem tax bonds of cities of the first and cities of the second class issued under the authority of the Arkansas Constitution, Amendment 10; (7) Valid warrants of local school districts of the State of Arkansas, but the warrants may be purchased only from the local school district board and only during the fiscal year in which issued; (8) Revolving loan bonds and revolving loan certificates of indebtedness held in the Revolving Loan Fund in the State Treasury under the jurisdiction of the State Board of Education; (9) Bonds of local school districts, sometimes referred to as "commercial bonds", whereof a continuing ad valorem tax levy of a given number of mills on each dollar of the assessed valuation of all taxable real and personal property within the bounds of the district shall have been voted for the specific primary purpose of paying the principal of, and interest on, the bonds, as distinguished from the excess collections of taxes derived through levies made to pay other issues of bonds of the district; (10) First lien serial coupon bonds of local industrial development corporations organized under the authority of the Arkansas Industrial Development Act, § 15-4-101 et seq., but the bonds may be purchased only from the State Board of Finance; (11) (A) (i) Obligations consisting of notes, bonds, or debentures which are direct obligations of an industrial corporation, or a corporation engaged primarily in the production, transportation, distribution, or sale of electricity, gas, or water or the operation of telephone or telegraph systems, or any combination of them. (ii) The obligor corporation shall be incorporated under the laws of the United States, any state, or the District of Columbia. (iii) These obligations shall, at the time of purchase, be rated within the three (3) highest classifications by at least two (2) standard rating services. (B) (i) Funds of the system may not be used in the purchase of common or preferred stocks, or of other equity capital, by whatever name called. (ii) No such obligations as may be owned by the system may ever be exchanged for any stock or other equity capital; and (12) (A) Notes secured by: (i) Mortgages on real estate, which are guaranteed as to payment of principal and interest either by the United States Government or an agency thereof; or (ii) A corporation, approved by the Insurance Commissioner, which is licensed to do business in the State of Arkansas as an insurer. (B) (i) (a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government. (b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee. (ii) The board of trustees may enter into conventional agreements for the servicing of the loans and the administration of receipts therefrom. (iii) Any servicing agreement may contain such reasonable and customary provisions as the board of trustees may deem advisable and as may be agreed upon. Acts 1963, No. 509, §§ 1, 7; 1967, No. 70, § 1; 1975, No. 381, § 1; 1975, No. 839, § 1; 1977, No. 793, § 11; A.S.A. 1947, §§ 12-2530, 12-2532n, 12-2536; Acts 1993, No. 403, § 15.

(a) The board of trustees of any public employee retirement system of any political subdivision of the State of Arkansas shall, from time to time, as funds are available for investment purposes, invest in obligations set out in this section.

(b) The boards of trustees of public employees retirement systems of political subdivisions of the state shall have the power to invest and reinvest the moneys in their respective funds and to hold, purchase, sell, assign, transfer, and dispose of any securities and investments held in the funds, except that the investments and reinvestments shall be limited to the following: (1) Direct general obligations of the United States Government; (2) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are guaranteed in full by the United States Government; (3) (A) Direct general obligations of the State of Arkansas; (B) Capital notes issued pursuant to § 23-32-215 [repealed] by banks and trust companies organized or operated under the laws of this state and subordinated debt securities of savings and loan associations in this state whose deposits are secured by the Federal Savings and Loan Insurance Corporation [abolished]; (C) Certificates of deposit of any bank in Arkansas if the bank is insured by the Federal Deposit Insurance Corporation; (4) Revenue bonds issued by the University of Arkansas and by the other respective state-supported institutions of higher learning; (5) Ad valorem tax bonds of counties issued under the authority of the Arkansas Constitution, Amendment 10; (6) Ad valorem tax bonds of cities of the first and cities of the second class issued under the authority of the Arkansas Constitution, Amendment 10; (7) Valid warrants of local school districts of the State of Arkansas, but the warrants may be purchased only from the local school district board and only during the fiscal year in which issued; (8) Revolving loan bonds and revolving loan certificates of indebtedness held in the Revolving Loan Fund in the State Treasury under the jurisdiction of the State Board of Education; (9) Bonds of local school districts, sometimes referred to as "commercial bonds", whereof a continuing ad valorem tax levy of a given number of mills on each dollar of the assessed valuation of all taxable real and personal property within the bounds of the district shall have been voted for the specific primary purpose of paying the principal of, and interest on, the bonds, as distinguished from the excess collections of taxes derived through levies made to pay other issues of bonds of the district; (10) First lien serial coupon bonds of local industrial development corporations organized under the authority of the Arkansas Industrial Development Act, § 15-4-101 et seq., but the bonds may be purchased only from the State Board of Finance; (11) (A) (i) Obligations consisting of notes, bonds, or debentures which are direct obligations of an industrial corporation, or a corporation engaged primarily in the production, transportation, distribution, or sale of electricity, gas, or water or the operation of telephone or telegraph systems, or any combination of them. (ii) The obligor corporation shall be incorporated under the laws of the United States, any state, or the District of Columbia. (iii) These obligations shall, at the time of purchase, be rated within the three (3) highest classifications by at least two (2) standard rating services. (B) (i) Funds of the system may not be used in the purchase of common or preferred stocks, or of other equity capital, by whatever name called. (ii) No such obligations as may be owned by the system may ever be exchanged for any stock or other equity capital; and (12) (A) Notes secured by: (i) Mortgages on real estate, which are guaranteed as to payment of principal and interest either by the United States Government or an agency thereof; or (ii) A corporation, approved by the Insurance Commissioner, which is licensed to do business in the State of Arkansas as an insurer. (B) (i) (a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government. (b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee. (ii) The board of trustees may enter into conventional agreements for the servicing of the loans and the administration of receipts therefrom. (iii) Any servicing agreement may contain such reasonable and customary provisions as the board of trustees may deem advisable and as may be agreed upon.

(1) Direct general obligations of the United States Government;

(2) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are guaranteed in full by the United States Government;

(3) (A) Direct general obligations of the State of Arkansas; (B) Capital notes issued pursuant to § 23-32-215 [repealed] by banks and trust companies organized or operated under the laws of this state and subordinated debt securities of savings and loan associations in this state whose deposits are secured by the Federal Savings and Loan Insurance Corporation [abolished]; (C) Certificates of deposit of any bank in Arkansas if the bank is insured by the Federal Deposit Insurance Corporation;

(A) Direct general obligations of the State of Arkansas;

(B) Capital notes issued pursuant to § 23-32-215 [repealed] by banks and trust companies organized or operated under the laws of this state and subordinated debt securities of savings and loan associations in this state whose deposits are secured by the Federal Savings and Loan Insurance Corporation [abolished];

(C) Certificates of deposit of any bank in Arkansas if the bank is insured by the Federal Deposit Insurance Corporation;

(4) Revenue bonds issued by the University of Arkansas and by the other respective state-supported institutions of higher learning;

(5) Ad valorem tax bonds of counties issued under the authority of the Arkansas Constitution, Amendment 10;

(6) Ad valorem tax bonds of cities of the first and cities of the second class issued under the authority of the Arkansas Constitution, Amendment 10;

(7) Valid warrants of local school districts of the State of Arkansas, but the warrants may be purchased only from the local school district board and only during the fiscal year in which issued;

(8) Revolving loan bonds and revolving loan certificates of indebtedness held in the Revolving Loan Fund in the State Treasury under the jurisdiction of the State Board of Education;

(9) Bonds of local school districts, sometimes referred to as "commercial bonds", whereof a continuing ad valorem tax levy of a given number of mills on each dollar of the assessed valuation of all taxable real and personal property within the bounds of the district shall have been voted for the specific primary purpose of paying the principal of, and interest on, the bonds, as distinguished from the excess collections of taxes derived through levies made to pay other issues of bonds of the district;

(10) First lien serial coupon bonds of local industrial development corporations organized under the authority of the Arkansas Industrial Development Act, § 15-4-101 et seq., but the bonds may be purchased only from the State Board of Finance;

(11) (A) (i) Obligations consisting of notes, bonds, or debentures which are direct obligations of an industrial corporation, or a corporation engaged primarily in the production, transportation, distribution, or sale of electricity, gas, or water or the operation of telephone or telegraph systems, or any combination of them. (ii) The obligor corporation shall be incorporated under the laws of the United States, any state, or the District of Columbia. (iii) These obligations shall, at the time of purchase, be rated within the three (3) highest classifications by at least two (2) standard rating services. (B) (i) Funds of the system may not be used in the purchase of common or preferred stocks, or of other equity capital, by whatever name called. (ii) No such obligations as may be owned by the system may ever be exchanged for any stock or other equity capital; and

(A) (i) Obligations consisting of notes, bonds, or debentures which are direct obligations of an industrial corporation, or a corporation engaged primarily in the production, transportation, distribution, or sale of electricity, gas, or water or the operation of telephone or telegraph systems, or any combination of them. (ii) The obligor corporation shall be incorporated under the laws of the United States, any state, or the District of Columbia. (iii) These obligations shall, at the time of purchase, be rated within the three (3) highest classifications by at least two (2) standard rating services.

(i) Obligations consisting of notes, bonds, or debentures which are direct obligations of an industrial corporation, or a corporation engaged primarily in the production, transportation, distribution, or sale of electricity, gas, or water or the operation of telephone or telegraph systems, or any combination of them.

(ii) The obligor corporation shall be incorporated under the laws of the United States, any state, or the District of Columbia.

(iii) These obligations shall, at the time of purchase, be rated within the three (3) highest classifications by at least two (2) standard rating services.

(B) (i) Funds of the system may not be used in the purchase of common or preferred stocks, or of other equity capital, by whatever name called. (ii) No such obligations as may be owned by the system may ever be exchanged for any stock or other equity capital; and

(i) Funds of the system may not be used in the purchase of common or preferred stocks, or of other equity capital, by whatever name called.

(ii) No such obligations as may be owned by the system may ever be exchanged for any stock or other equity capital; and

(12) (A) Notes secured by: (i) Mortgages on real estate, which are guaranteed as to payment of principal and interest either by the United States Government or an agency thereof; or (ii) A corporation, approved by the Insurance Commissioner, which is licensed to do business in the State of Arkansas as an insurer. (B) (i) (a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government. (b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee. (ii) The board of trustees may enter into conventional agreements for the servicing of the loans and the administration of receipts therefrom. (iii) Any servicing agreement may contain such reasonable and customary provisions as the board of trustees may deem advisable and as may be agreed upon.

(A) Notes secured by: (i) Mortgages on real estate, which are guaranteed as to payment of principal and interest either by the United States Government or an agency thereof; or (ii) A corporation, approved by the Insurance Commissioner, which is licensed to do business in the State of Arkansas as an insurer.

(i) Mortgages on real estate, which are guaranteed as to payment of principal and interest either by the United States Government or an agency thereof; or

(ii) A corporation, approved by the Insurance Commissioner, which is licensed to do business in the State of Arkansas as an insurer.

(B) (i) (a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government. (b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee. (ii) The board of trustees may enter into conventional agreements for the servicing of the loans and the administration of receipts therefrom. (iii) Any servicing agreement may contain such reasonable and customary provisions as the board of trustees may deem advisable and as may be agreed upon.

(i) (a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government. (b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee.

(a) Notes or obligations securing loans to Arkansas businesses made by banks and savings and loan associations pursuant to the Small Business Act, 15 U.S.C. § 631 et seq., only to the extent that both principal and interest are guaranteed by the United States Government.

(b) The applicant bank or savings and loan association shall be required to enter into an indemnity agreement, which meets the approval of the board of trustees, to pay off the investments, together with interest and any unpaid costs and expenses in connection therewith, in the event the United States Government refuses to honor its guarantee.

(ii) The board of trustees may enter into conventional agreements for the servicing of the loans and the administration of receipts therefrom.

(iii) Any servicing agreement may contain such reasonable and customary provisions as the board of trustees may deem advisable and as may be agreed upon.

Acts 1963, No. 509, §§ 1, 7; 1967, No. 70, § 1; 1975, No. 381, § 1; 1975, No. 839, § 1; 1977, No. 793, § 11; A.S.A. 1947, §§ 12-2530, 12-2532n, 12-2536; Acts 1993, No. 403, § 15.
Ark. Code Ann. § 24-7-1604 — AR Code / Title 24 / Chapter 7 / Subchapter 16 / Section 24-7-1604
Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011
Status: in_force

(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if: (1) The employee is: (A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or (B) Full-time and the employee continues to provide services in each fiscal year; (2) The nonmandatory employer chooses to continue reporting service to the system for the employee; (3) The nonmandatory employer determines that the employee will contribute at least part-time services in subsequent months of the fiscal year if services are not rendered throughout the fiscal year; (4) The nonmandatory employer remits contributions to the system on behalf of the employee during the fiscal year beginning July 1, 2011, and each fiscal year thereafter; and (5) The employee's service with the nonmandatory employer is not terminated. (b) The nonmandatory employer shall remit employer contributions under § 24-7-401 et seq. for an employee under this section and shall be subject to the rights and obligations of an employer under the Arkansas Teacher Retirement System Act for the employees of the nonmandatory employer participating in the system. (c) The employee under this section shall remit employee contributions under § 24-7-406 et seq. and shall be subject to the rights and obligations of an employee under the Arkansas Teacher Retirement System Act. (d) The nonmandatory employer shall provide information in a format requested by the system to allow the system to monitor and track all employees who participate in the system. Amended by Act 2021, No. 279,§ 36, eff. 7/1/2021. Acts 2011, No. 513, § 1.

(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if: (1) The employee is: (A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or (B) Full-time and the employee continues to provide services in each fiscal year; (2) The nonmandatory employer chooses to continue reporting service to the system for the employee; (3) The nonmandatory employer determines that the employee will contribute at least part-time services in subsequent months of the fiscal year if services are not rendered throughout the fiscal year; (4) The nonmandatory employer remits contributions to the system on behalf of the employee during the fiscal year beginning July 1, 2011, and each fiscal year thereafter; and (5) The employee's service with the nonmandatory employer is not terminated.

(1) The employee is: (A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or (B) Full-time and the employee continues to provide services in each fiscal year;

(A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or

(B) Full-time and the employee continues to provide services in each fiscal year;

(2) The nonmandatory employer chooses to continue reporting service to the system for the employee;

(3) The nonmandatory employer determines that the employee will contribute at least part-time services in subsequent months of the fiscal year if services are not rendered throughout the fiscal year;

(4) The nonmandatory employer remits contributions to the system on behalf of the employee during the fiscal year beginning July 1, 2011, and each fiscal year thereafter; and

(5) The employee's service with the nonmandatory employer is not terminated.

(b) The nonmandatory employer shall remit employer contributions under § 24-7-401 et seq. for an employee under this section and shall be subject to the rights and obligations of an employer under the Arkansas Teacher Retirement System Act for the employees of the nonmandatory employer participating in the system.

(c) The employee under this section shall remit employee contributions under § 24-7-406 et seq. and shall be subject to the rights and obligations of an employee under the Arkansas Teacher Retirement System Act.

(d) The nonmandatory employer shall provide information in a format requested by the system to allow the system to monitor and track all employees who participate in the system.

Amended by Act 2021, No. 279,§ 36, eff. 7/1/2021.

Acts 2011, No. 513, § 1.