Ark. Code Ann. § 24-10-201 — AR Code / Title 24 / Chapter 10 / Subchapter 2 / Section 24-10-201
Members and terms
Status: in_force

(a) The general administration and the responsibility for the proper operation of the Arkansas Local Police and Fire Retirement System and for making effective the provisions of this chapter are vested in a board of trustees of seven (7) persons as follows: (1) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Professional Fire Fighters Association and the Arkansas State Firefighters Association and subject to confirmation by the Senate; (2) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Municipal Police Association and the Arkansas Fraternal Order of Police and subject to confirmation by the Senate; (3) Two (2) persons to be appointed employer trustees by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate; (4) One (1) person who is not a member, retirant, or beneficiary of the system and who is not a member of the governing body of any political subdivision to be appointed trustee by the Governor from a list of persons submitted to him or her by the Joint Committee on Public Retirement and Social Security Programs; (5) One (1) person who is a retired municipal police officer to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs; and (6) One (1) person who is a retired municipal firefighter to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs. (b) (1) The normal term of office for a trustee shall be four (4) years from January 1 next following his or her election or appointment, as the case may be. (2) Each trustee shall continue to serve as trustee until a successor is appointed and has qualified. (c) Trustees elected or appointed as member trustees shall be retired or active members of the system, but: (1) Not more than one (1) member trustee shall be employed or formerly employed by any one (1) employer; (2) Not more than two (2) member trustees shall be police officers or retired police officers; and (3) Not more than two (2) member trustees shall be firefighters or retired firefighters. (d) Trustees appointed as employer trustees shall be elected or appointed officials of employers with management experience and shall not be members of the system, but not more than one (1) employer trustee shall be from any one (1) employer. Amended by Act 2015, No. 1100,§ 58, eff. 7/22/2015. Amended by Act 2013, No. 40,§ 2, eff. 2/6/2013. Acts 1981, No. 364, § 7; 1985, No. 547, § 1; A.S.A. 1947, § 12-3807; Acts 2003, No. 1277, § 1.

(a) The general administration and the responsibility for the proper operation of the Arkansas Local Police and Fire Retirement System and for making effective the provisions of this chapter are vested in a board of trustees of seven (7) persons as follows: (1) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Professional Fire Fighters Association and the Arkansas State Firefighters Association and subject to confirmation by the Senate; (2) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Municipal Police Association and the Arkansas Fraternal Order of Police and subject to confirmation by the Senate; (3) Two (2) persons to be appointed employer trustees by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate; (4) One (1) person who is not a member, retirant, or beneficiary of the system and who is not a member of the governing body of any political subdivision to be appointed trustee by the Governor from a list of persons submitted to him or her by the Joint Committee on Public Retirement and Social Security Programs; (5) One (1) person who is a retired municipal police officer to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs; and (6) One (1) person who is a retired municipal firefighter to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs.

(1) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Professional Fire Fighters Association and the Arkansas State Firefighters Association and subject to confirmation by the Senate;

(2) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Municipal Police Association and the Arkansas Fraternal Order of Police and subject to confirmation by the Senate;

(3) Two (2) persons to be appointed employer trustees by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate;

(4) One (1) person who is not a member, retirant, or beneficiary of the system and who is not a member of the governing body of any political subdivision to be appointed trustee by the Governor from a list of persons submitted to him or her by the Joint Committee on Public Retirement and Social Security Programs;

(5) One (1) person who is a retired municipal police officer to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs; and

(6) One (1) person who is a retired municipal firefighter to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs.

(b) (1) The normal term of office for a trustee shall be four (4) years from January 1 next following his or her election or appointment, as the case may be. (2) Each trustee shall continue to serve as trustee until a successor is appointed and has qualified.

(1) The normal term of office for a trustee shall be four (4) years from January 1 next following his or her election or appointment, as the case may be.

(2) Each trustee shall continue to serve as trustee until a successor is appointed and has qualified.

(c) Trustees elected or appointed as member trustees shall be retired or active members of the system, but: (1) Not more than one (1) member trustee shall be employed or formerly employed by any one (1) employer; (2) Not more than two (2) member trustees shall be police officers or retired police officers; and (3) Not more than two (2) member trustees shall be firefighters or retired firefighters.

(1) Not more than one (1) member trustee shall be employed or formerly employed by any one (1) employer;

(2) Not more than two (2) member trustees shall be police officers or retired police officers; and

(3) Not more than two (2) member trustees shall be firefighters or retired firefighters.

(d) Trustees appointed as employer trustees shall be elected or appointed officials of employers with management experience and shall not be members of the system, but not more than one (1) employer trustee shall be from any one (1) employer.

Amended by Act 2015, No. 1100,§ 58, eff. 7/22/2015.

Amended by Act 2013, No. 40,§ 2, eff. 2/6/2013.

Acts 1981, No. 364, § 7; 1985, No. 547, § 1; A.S.A. 1947, § 12-3807; Acts 2003, No. 1277, § 1.
Ark. Code Ann. § 24-4-209 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-209
Interest
Status: in_force

(a) At the end of each fiscal year, the Board of Trustees of the Arkansas Public Employees' Retirement System may allow the crediting of interest at an amount to be determined on the balance at the beginning of the fiscal year in the members' deposit account and the employers' accumulation account. (b) The board shall be required to allow regular interest at the end of each fiscal year on the year's mean balance in the retirement reserve account. (c) The interest allowed under subsections (a) and (b) of this section shall be credited annually by the board to the accounts and shall be paid from the income account. Acts 1957, No. 177, § 13; 1959, No. 42, § 13; 1977, No. 793, § 11; A.S.A. 1947, § 12-2513; Acts 1997, No. 299, § 10.

(a) At the end of each fiscal year, the Board of Trustees of the Arkansas Public Employees' Retirement System may allow the crediting of interest at an amount to be determined on the balance at the beginning of the fiscal year in the members' deposit account and the employers' accumulation account.

(b) The board shall be required to allow regular interest at the end of each fiscal year on the year's mean balance in the retirement reserve account.

(c) The interest allowed under subsections (a) and (b) of this section shall be credited annually by the board to the accounts and shall be paid from the income account.

Acts 1957, No. 177, § 13; 1959, No. 42, § 13; 1977, No. 793, § 11; A.S.A. 1947, § 12-2513; Acts 1997, No. 299, § 10.
Ark. Code Ann. § 24-7-1602 — AR Code / Title 24 / Chapter 7 / Subchapter 16 / Section 24-7-1602
Definitions
Status: in_force

As used in this subchapter: (1) "Benefits-eligible" means a class of employees, determined at the discretion of a post-secondary or higher education employer, eligible to participate in the Arkansas Teacher Retirement System, an alternate retirement plan, or the Arkansas Public Employees' Retirement System; (2) "Nonmandatory employer" means any public employer that was authorized to enroll new employees into the Arkansas Teacher Retirement System or alternate retirement plan before July 1, 2011; (3) "PSHE employer" means a post-secondary or higher education employer: (A) With employees that may be hired without becoming mandatory members of the Arkansas Teacher Retirement System; and (B) That offers the Arkansas Teacher Retirement System as a retirement plan on or after July 1, 2011; and (4) "PSHE plan" means the plan establishing the right of a new employee of a PSHE employer to participate in the Arkansas Teacher Retirement System on or after July 1, 2011. Amended by Act 2021, No. 427,§ 5, eff. 3/23/2021. Acts 2011, No. 513, § 1.

As used in this subchapter:

(1) "Benefits-eligible" means a class of employees, determined at the discretion of a post-secondary or higher education employer, eligible to participate in the Arkansas Teacher Retirement System, an alternate retirement plan, or the Arkansas Public Employees' Retirement System;

(2) "Nonmandatory employer" means any public employer that was authorized to enroll new employees into the Arkansas Teacher Retirement System or alternate retirement plan before July 1, 2011;

(3) "PSHE employer" means a post-secondary or higher education employer: (A) With employees that may be hired without becoming mandatory members of the Arkansas Teacher Retirement System; and (B) That offers the Arkansas Teacher Retirement System as a retirement plan on or after July 1, 2011; and

(A) With employees that may be hired without becoming mandatory members of the Arkansas Teacher Retirement System; and

(B) That offers the Arkansas Teacher Retirement System as a retirement plan on or after July 1, 2011; and

(4) "PSHE plan" means the plan establishing the right of a new employee of a PSHE employer to participate in the Arkansas Teacher Retirement System on or after July 1, 2011.

Amended by Act 2021, No. 427,§ 5, eff. 3/23/2021.

Acts 2011, No. 513, § 1.
Ark. Code Ann. § 24-1-205 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-205
Plans for employees of political subdivisions
Status: in_force

Each political subdivision of the state is authorized to submit for approval by the Arkansas Public Employees' Retirement System a plan for extending the benefits of Title II of the Social Security Act, 42 U.S.C. § 301 et seq., in conformity with the applicable provisions of that act, to employees of the political subdivisions. Each plan, and any amendment to it, shall be approved by the system if it finds that the plan, or plan as amended, is in conformity with such requirements as are provided in rules of the system, except that no plan shall be approved unless: (1) It is in conformity with the requirements of the Social Security Act, 42 U.S.C. § 301 et seq., and with the Section 218 agreement entered into under § 24-1-204 ; (2) It provides that all services which constitute employment as defined in § 24-1-202 and are performed by the employees of a political subdivision shall be covered by the plan; (3) It specifies the sources from which the funds necessary to make the payments required by § 24-1-208(a)(1) and § 24-1-208(b) are expected to be derived and contains reasonable assurance that the sources will be adequate for that purpose; (4) It provides for methods of administration of the plan by the political subdivision as are found by the system to be necessary for the proper and efficient administration of the plan; and (5) It provides that the political subdivision shall make reports in such form and containing such information as the system may require and shall comply with the provisions as the system or the Commissioner of Social Security may find necessary from time to time to assure the correctness and verification of reports. Amended by Act 2019, No. 315,§ 2842, eff. 7/24/2019. Acts 1951, No. 248, § 5; A.S.A. 1947, § 12-2405; Acts 2005, No. 100, § 1.

Each political subdivision of the state is authorized to submit for approval by the Arkansas Public Employees' Retirement System a plan for extending the benefits of Title II of the Social Security Act, 42 U.S.C. § 301 et seq., in conformity with the applicable provisions of that act, to employees of the political subdivisions. Each plan, and any amendment to it, shall be approved by the system if it finds that the plan, or plan as amended, is in conformity with such requirements as are provided in rules of the system, except that no plan shall be approved unless:

(1) It is in conformity with the requirements of the Social Security Act, 42 U.S.C. § 301 et seq., and with the Section 218 agreement entered into under § 24-1-204 ;

(2) It provides that all services which constitute employment as defined in § 24-1-202 and are performed by the employees of a political subdivision shall be covered by the plan;

(3) It specifies the sources from which the funds necessary to make the payments required by § 24-1-208(a)(1) and § 24-1-208(b) are expected to be derived and contains reasonable assurance that the sources will be adequate for that purpose;

(4) It provides for methods of administration of the plan by the political subdivision as are found by the system to be necessary for the proper and efficient administration of the plan; and

(5) It provides that the political subdivision shall make reports in such form and containing such information as the system may require and shall comply with the provisions as the system or the Commissioner of Social Security may find necessary from time to time to assure the correctness and verification of reports.

Amended by Act 2019, No. 315,§ 2842, eff. 7/24/2019.

Acts 1951, No. 248, § 5; A.S.A. 1947, § 12-2405; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-7-407 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-407
Retirement fund assets accounts - Employer accumulation account
Status: in_force

(a) The employer accumulation account is the account in which shall be accumulated the employer's contributions to the Arkansas Teacher Retirement System, and from which shall be made transfers as provided in this act. (b) Upon the retirement of a member, the difference between his or her annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account at that time shall be transferred from the employer accumulation account to the retirement reserve account. (c) Upon the death of a member, if survivor benefits become payable on account of his or her death, the difference between the reserve for the survivor benefits payable and the member's accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be transferred from the employer accumulation account to the survivor benefit account. Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442.

(a) The employer accumulation account is the account in which shall be accumulated the employer's contributions to the Arkansas Teacher Retirement System, and from which shall be made transfers as provided in this act.

(b) Upon the retirement of a member, the difference between his or her annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account at that time shall be transferred from the employer accumulation account to the retirement reserve account.

(c) Upon the death of a member, if survivor benefits become payable on account of his or her death, the difference between the reserve for the survivor benefits payable and the member's accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be transferred from the employer accumulation account to the survivor benefit account.

Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442.
Ark. Code Ann. § 24-11-824 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-824
Fire protection districts
Status: in_force

(a) Any fire protection district in this state formed pursuant to §§ 14-284-101 - 14-284-121 and maintaining a fire department within that district is eligible to establish by resolution of the board of commissioners of the district a firemen's relief and pension fund covering the employees of that fire department. (b) (1) The board of commissioners of the district together with the chief of the fire department of the district shall constitute the board of trustees of the firemen's relief and pension fund of the district and shall designate the beneficiaries thereof in the same manner and with the same qualifications as specified in this subchapter for the designation of beneficiaries of firemen's relief and pension funds in cities and towns of this state. (2) The boards of trustees of firemen's relief and pension funds established pursuant to this section shall be operated in the same manner, have the same powers, and be subject to the same limitations imposed on, and granted to, those boards of trustees of firemen's relief and pension funds established by this subchapter. (c) In addition to the funds provided by § 24-11-809 from insurance premium taxes, there shall also be added the following moneys: (1) All money given or donated to the fund; and (2) (A) Six percent (6%) of the monthly salary of each full-paid firefighter and each part-paid firefighter of the department, to be deducted each month by the district and immediately paid to the board of trustees of the firemen's relief and pension fund. (B) However, in the event of resignation or discharge from the fire department of any member thereof, all money deducted from his or her salary shall be immediately returned to him or her without interest. (d) (1) In the event the fire protection district maintaining a firemen's relief and pension fund pursuant to this section should be merged with, and become a part of, any city or town of this state having a firemen's relief and pension fund pursuant to this subchapter, the fund of the district shall be merged into, and for all purposes become a part of, the firemen's relief and pension fund of the city or town, and the board of trustees of the firemen's relief and pension fund of the city or town shall operate the firemen's relief and pension fund of the district as a part of the fund of the city or town and shall assume all obligations and assets of the district fund as its own. (2) The board of trustees of the firemen's relief and pension fund of the merging district shall cease to exist upon the completion of the transfer and merger. (e) The board of trustees of the firemen's relief and pension fund of any fire protection district formed pursuant to §§ 14-284-101 - 14-284-121 may expend moneys from the firemen's relief and pension fund for the purpose of purchasing and paying the premiums on group insurance covering the members of the fire department of the district against accidental injury or death occurring in the line of duty. Amended by Act 2015, No. 1165,§ 6, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 31, eff. 2/6/2013. Acts 1965, No. 431, §§ 1, 2, 4, 5; 1965, No. 462, § 1; A.S.A. 1947, §§ 20-918 -- 20-922.

(a) Any fire protection district in this state formed pursuant to §§ 14-284-101 - 14-284-121 and maintaining a fire department within that district is eligible to establish by resolution of the board of commissioners of the district a firemen's relief and pension fund covering the employees of that fire department.

(b) (1) The board of commissioners of the district together with the chief of the fire department of the district shall constitute the board of trustees of the firemen's relief and pension fund of the district and shall designate the beneficiaries thereof in the same manner and with the same qualifications as specified in this subchapter for the designation of beneficiaries of firemen's relief and pension funds in cities and towns of this state. (2) The boards of trustees of firemen's relief and pension funds established pursuant to this section shall be operated in the same manner, have the same powers, and be subject to the same limitations imposed on, and granted to, those boards of trustees of firemen's relief and pension funds established by this subchapter.

(1) The board of commissioners of the district together with the chief of the fire department of the district shall constitute the board of trustees of the firemen's relief and pension fund of the district and shall designate the beneficiaries thereof in the same manner and with the same qualifications as specified in this subchapter for the designation of beneficiaries of firemen's relief and pension funds in cities and towns of this state.

(2) The boards of trustees of firemen's relief and pension funds established pursuant to this section shall be operated in the same manner, have the same powers, and be subject to the same limitations imposed on, and granted to, those boards of trustees of firemen's relief and pension funds established by this subchapter.

(c) In addition to the funds provided by § 24-11-809 from insurance premium taxes, there shall also be added the following moneys: (1) All money given or donated to the fund; and (2) (A) Six percent (6%) of the monthly salary of each full-paid firefighter and each part-paid firefighter of the department, to be deducted each month by the district and immediately paid to the board of trustees of the firemen's relief and pension fund. (B) However, in the event of resignation or discharge from the fire department of any member thereof, all money deducted from his or her salary shall be immediately returned to him or her without interest.

(1) All money given or donated to the fund; and

(2) (A) Six percent (6%) of the monthly salary of each full-paid firefighter and each part-paid firefighter of the department, to be deducted each month by the district and immediately paid to the board of trustees of the firemen's relief and pension fund. (B) However, in the event of resignation or discharge from the fire department of any member thereof, all money deducted from his or her salary shall be immediately returned to him or her without interest.

(A) Six percent (6%) of the monthly salary of each full-paid firefighter and each part-paid firefighter of the department, to be deducted each month by the district and immediately paid to the board of trustees of the firemen's relief and pension fund.

(B) However, in the event of resignation or discharge from the fire department of any member thereof, all money deducted from his or her salary shall be immediately returned to him or her without interest.

(d) (1) In the event the fire protection district maintaining a firemen's relief and pension fund pursuant to this section should be merged with, and become a part of, any city or town of this state having a firemen's relief and pension fund pursuant to this subchapter, the fund of the district shall be merged into, and for all purposes become a part of, the firemen's relief and pension fund of the city or town, and the board of trustees of the firemen's relief and pension fund of the city or town shall operate the firemen's relief and pension fund of the district as a part of the fund of the city or town and shall assume all obligations and assets of the district fund as its own. (2) The board of trustees of the firemen's relief and pension fund of the merging district shall cease to exist upon the completion of the transfer and merger.

(1) In the event the fire protection district maintaining a firemen's relief and pension fund pursuant to this section should be merged with, and become a part of, any city or town of this state having a firemen's relief and pension fund pursuant to this subchapter, the fund of the district shall be merged into, and for all purposes become a part of, the firemen's relief and pension fund of the city or town, and the board of trustees of the firemen's relief and pension fund of the city or town shall operate the firemen's relief and pension fund of the district as a part of the fund of the city or town and shall assume all obligations and assets of the district fund as its own.

(2) The board of trustees of the firemen's relief and pension fund of the merging district shall cease to exist upon the completion of the transfer and merger.

(e) The board of trustees of the firemen's relief and pension fund of any fire protection district formed pursuant to §§ 14-284-101 - 14-284-121 may expend moneys from the firemen's relief and pension fund for the purpose of purchasing and paying the premiums on group insurance covering the members of the fire department of the district against accidental injury or death occurring in the line of duty.

Amended by Act 2015, No. 1165,§ 6, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 31, eff. 2/6/2013.

Acts 1965, No. 431, §§ 1, 2, 4, 5; 1965, No. 462, § 1; A.S.A. 1947, §§ 20-918 -- 20-922.
Ark. Code Ann. § 24-2-203 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-203
First lien serial coupon bonds of local industrial development corporations
Status: in_force

(a) Whenever mutually agreeable to the respective boards of trustees, the State Board of Finance may sell and the retirement systems may purchase first lien serial coupon bonds of local industrial development corporations. (b) Payment under any sale and purchase agreement may be effected in the State Treasury by charging the proper retirement fund with the purchase price thereof and by delivery of the securities to the custodian of the system. (c) In the event of default in payment of the principal of or interest on bonds of industrial development corporations, the State Board of Finance shall repurchase the obligations immediately after being called upon to do so by the system. The transaction may be effected in the State Treasury by crediting the retirement system fund with the purchase price thereof and by delivery of the securities to the custodian of securities for the State Board of Finance for credit of the par value thereof to the Securities Account. (d) The amount of the accrued interest due upon any repurchase or original sale shall be charged or credited, as the case may be, to the Securities Reserve Fund. (e) The sale and purchase price, and the resale and repurchase price, of first lien serial coupon bonds of industrial development corporations shall be the par value of those obligations, plus accrued interest. Acts 1963, No. 509, § 3; A.S.A. 1947, § 12-2532.

(a) Whenever mutually agreeable to the respective boards of trustees, the State Board of Finance may sell and the retirement systems may purchase first lien serial coupon bonds of local industrial development corporations.

(b) Payment under any sale and purchase agreement may be effected in the State Treasury by charging the proper retirement fund with the purchase price thereof and by delivery of the securities to the custodian of the system.

(c) In the event of default in payment of the principal of or interest on bonds of industrial development corporations, the State Board of Finance shall repurchase the obligations immediately after being called upon to do so by the system. The transaction may be effected in the State Treasury by crediting the retirement system fund with the purchase price thereof and by delivery of the securities to the custodian of securities for the State Board of Finance for credit of the par value thereof to the Securities Account.

(d) The amount of the accrued interest due upon any repurchase or original sale shall be charged or credited, as the case may be, to the Securities Reserve Fund.

(e) The sale and purchase price, and the resale and repurchase price, of first lien serial coupon bonds of industrial development corporations shall be the par value of those obligations, plus accrued interest.

Acts 1963, No. 509, § 3; A.S.A. 1947, § 12-2532.
Ark. Code Ann. § 24-2-207 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-207
Assets and income for retirement systems
Status: in_force

All assets and income of any retirement system of a city or other political subdivision of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses and shall not be encumbered for or diverted to any other purposes. Acts 1997, No. 554, § 1.

All assets and income of any retirement system of a city or other political subdivision of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses and shall not be encumbered for or diverted to any other purposes.

Acts 1997, No. 554, § 1.
Ark. Code Ann. § 24-7-304 — AR Code / Title 24 / Chapter 7 / Subchapter 3 / Section 24-7-304
Meetings
Status: in_force

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall hold regular meetings at least quarterly. (b) Eight (8) trustees constitute a quorum at any meeting of the board. (c) Each trustee shall be entitled to one (1) vote on each question before the board, and at least eight (8) concurring votes shall be required for a decision by the board at any meeting. (d) The board shall adopt its own rules of procedure and shall keep a record of its proceedings. (e) All meetings of the board shall be public. Acts 1973, No. 427, § 3; A.S.A. 1947, § 80-1438; Acts 1987, No. 4, § 1; 1995, No. 523, § 2; 1997, No. 418, § 3.

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall hold regular meetings at least quarterly.

(b) Eight (8) trustees constitute a quorum at any meeting of the board.

(c) Each trustee shall be entitled to one (1) vote on each question before the board, and at least eight (8) concurring votes shall be required for a decision by the board at any meeting.

(d) The board shall adopt its own rules of procedure and shall keep a record of its proceedings.

(e) All meetings of the board shall be public.

Acts 1973, No. 427, § 3; A.S.A. 1947, § 80-1438; Acts 1987, No. 4, § 1; 1995, No. 523, § 2; 1997, No. 418, § 3.
Ark. Code Ann. § 24-11-216 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-216
Minimum asset management standards
Status: in_force

(a) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the minimum asset management standards established under this section. (b) (1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if: (A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801 ; (B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually; (C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board; (D) (i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period. (ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and (E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years. (2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter. (c) If the Arkansas Fire and Police Pension Review Board determines that a local firemen's relief and pension fund or a local policemen's pension and relief fund does not meet the minimum asset management standard under subsection (b) of this section, the Arkansas Fire and Police Pension Review Board shall: (1) Notify the local firemen's relief and pension fund or the local policemen's pension and relief fund and the sponsoring municipality of the local firemen's relief and pension fund or the local policemen's pension and relief fund of that fact and advise the local firemen's relief and pension fund or the local policemen's pension and relief fund of the steps necessary to comply with the standards; and (2) Require the local firemen's relief and pension fund or the local policemen's pension and relief fund to: (A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and (B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board. (d) If the local firemen's relief and pension fund or the local policemen's pension and relief fund or its sponsoring municipality does not comply with subsection (c) of this section within six (6) months of the notification by the Arkansas Fire and Police Pension Review Board, then the local firemen's relief and pension fund or the local policemen's pension and relief fund shall develop a written plan of action in conjunction with the Arkansas Fire and Police Pension Review Board in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board. (e) The Arkansas Fire and Police Pension Review Board shall promulgate rules necessary to implement the provisions of this section. Acts 2007, No. 851, § 1; 2009, No. 654, § 5.

(a) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the minimum asset management standards established under this section.

(b) (1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if: (A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801 ; (B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually; (C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board; (D) (i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period. (ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and (E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years. (2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter.

(1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if: (A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801 ; (B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually; (C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board; (D) (i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period. (ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and (E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years.

(A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801 ;

(B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually;

(C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board;

(D) (i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period. (ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and

(i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period.

(ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and

(E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years.

(2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter.

(c) If the Arkansas Fire and Police Pension Review Board determines that a local firemen's relief and pension fund or a local policemen's pension and relief fund does not meet the minimum asset management standard under subsection (b) of this section, the Arkansas Fire and Police Pension Review Board shall: (1) Notify the local firemen's relief and pension fund or the local policemen's pension and relief fund and the sponsoring municipality of the local firemen's relief and pension fund or the local policemen's pension and relief fund of that fact and advise the local firemen's relief and pension fund or the local policemen's pension and relief fund of the steps necessary to comply with the standards; and (2) Require the local firemen's relief and pension fund or the local policemen's pension and relief fund to: (A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and (B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.

(1) Notify the local firemen's relief and pension fund or the local policemen's pension and relief fund and the sponsoring municipality of the local firemen's relief and pension fund or the local policemen's pension and relief fund of that fact and advise the local firemen's relief and pension fund or the local policemen's pension and relief fund of the steps necessary to comply with the standards; and

(2) Require the local firemen's relief and pension fund or the local policemen's pension and relief fund to: (A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and (B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.

(A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and

(B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.

(d) If the local firemen's relief and pension fund or the local policemen's pension and relief fund or its sponsoring municipality does not comply with subsection (c) of this section within six (6) months of the notification by the Arkansas Fire and Police Pension Review Board, then the local firemen's relief and pension fund or the local policemen's pension and relief fund shall develop a written plan of action in conjunction with the Arkansas Fire and Police Pension Review Board in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.

(e) The Arkansas Fire and Police Pension Review Board shall promulgate rules necessary to implement the provisions of this section.

Acts 2007, No. 851, § 1; 2009, No. 654, § 5.
Ark. Code Ann. § 24-10-407 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-407
Income-expense account
Status: in_force

(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system. (b) When paid to the system, the employer contributions provided for in § 24-10-405(g) shall be credited to the income-expense account. (c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter. (d) (1) (A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year. (B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account. (2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account. (3) The regular interest shall be transferred from the income-expense account. (e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board by resolution may provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 1, eff. 4/11/2013. Amended by Act 2013, No. 40,§ 4, eff. 2/6/2013. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.

(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system.

(b) When paid to the system, the employer contributions provided for in § 24-10-405(g) shall be credited to the income-expense account.

(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter.

(d) (1) (A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year. (B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account. (2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account. (3) The regular interest shall be transferred from the income-expense account.

(1) (A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year. (B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.

(A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year.

(B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.

(2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account.

(3) The regular interest shall be transferred from the income-expense account.

(e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board by resolution may provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system.

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

Amended by Act 2013, No. 1065,§ 1, eff. 4/11/2013.

Amended by Act 2013, No. 40,§ 4, eff. 2/6/2013.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Ark. Code Ann. § 24-11-818 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-818
Benefits - Voluntary retirement
Status: in_force

(a) (1) (A) As used in this section, unless the context otherwise requires, the term "salary" shall mean recurring pays that are received for the firefighter's regularly scheduled workweek and shall not include, except as otherwise provided in subdivision (a)(1)(B) of this section, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations. (B) (i) The term "salary" may include the payments to a firefighter for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary, and the fund is judged by an actuarial determination to be actuarially sound. (ii) The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. (2) Any pension fund member who has served in a fire department in the State of Arkansas for a period of twenty (20) years or more, the last five (5) years of which shall have been consecutive, shall be entitled to be retired and receive from the fund a monthly pension equal to one-half (½) of the salary attached to the rank he or she held as a volunteer, part-paid, or full-paid member. (b) Any firefighter who shall have completed the period of service as provided for in this section shall receive from the board a certificate showing that he or she has completed the term of service required and is entitled to participate in all the benefits provided for in this act upon compliance with, and subject to, all the other terms and conditions of this act, whether he or she severs his or her connections or continues in service at the expiration of the time as set out in subdivision (a)(2) of this section. The right to participate in the fund shall become a vested right and shall not be lost by the termination of his or her services with or without cause. (c) Any full-paid firefighter who is already retired shall not receive less than three hundred fifty dollars ($350) per month. (d) (1) (A) (i) Any full-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefits. (B) (i) A volunteer or part-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of ten dollars ($10.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than fifty dollars ($50.00) per month in addition to his or her regular benefits. (2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those firefighters who retire on or after January 1, 1987, and, notwithstanding the provisions of § 24-11-826 , may exceed one hundred percent (100%) of final salary. (e) A volunteer or part-paid firefighter who becomes a full-paid member of his or her fire department shall be eligible to retire as a full-paid member only if he or she shall have been employed as a full-paid member for a period of at least five (5) years immediately prior to his or her retirement. (f) (1) For purposes of this subsection, the term "compensation" shall not include: (A) Any money received by the retired firefighter for replacement of personal clothing or equipment destroyed during the performance of active service to a fire department; or (B) Any expenditures by a municipality, as determined on a case-by-case basis, on behalf of the retired firefighter for hospitalization insurance benefits. (2) Notwithstanding the provisions of subsection (a) of this section or any other law to the contrary, a person retired from the service of a fire department may remain actively involved in the fire department, provided the person does not receive compensation for the service provided. (3) Service to a fire department under subdivision (f)(2) of this section shall not cause any suspension of retirement benefits payable under § 24-11-801 et seq., nor shall such service be interpreted by any board administering funds under this subchapter as a reinstatement of employment in a fire department. Amended by Act 2013, No. 41,§ 27, eff. 2/6/2013. Acts 1921, No. 491, § 4; Pope's Dig., § 7740; Acts 1943, No. 167, § 2; 1953, No. 68, § 1; 1955, No. 77, § 1; 1957, No. 265, § 1; 1967, No. 233, § 1; 1983, No. 611, § 1; A.S.A. 1947, § 19-2204; Acts 1987, No. 389, § 1; 1987, No. 396, § 1; 1987, No. 797, § 1; 1989, No. 182, §§ 1-3; 1993, No. 546, § 3; 1993, No. 1197, § 3; 1999, No. 901, § 1; 1999, No. 1114, § 1.

(a) (1) (A) As used in this section, unless the context otherwise requires, the term "salary" shall mean recurring pays that are received for the firefighter's regularly scheduled workweek and shall not include, except as otherwise provided in subdivision (a)(1)(B) of this section, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations. (B) (i) The term "salary" may include the payments to a firefighter for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary, and the fund is judged by an actuarial determination to be actuarially sound. (ii) The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. (2) Any pension fund member who has served in a fire department in the State of Arkansas for a period of twenty (20) years or more, the last five (5) years of which shall have been consecutive, shall be entitled to be retired and receive from the fund a monthly pension equal to one-half (½) of the salary attached to the rank he or she held as a volunteer, part-paid, or full-paid member.

(1) (A) As used in this section, unless the context otherwise requires, the term "salary" shall mean recurring pays that are received for the firefighter's regularly scheduled workweek and shall not include, except as otherwise provided in subdivision (a)(1)(B) of this section, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations. (B) (i) The term "salary" may include the payments to a firefighter for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary, and the fund is judged by an actuarial determination to be actuarially sound. (ii) The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(A) As used in this section, unless the context otherwise requires, the term "salary" shall mean recurring pays that are received for the firefighter's regularly scheduled workweek and shall not include, except as otherwise provided in subdivision (a)(1)(B) of this section, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations.

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

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

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

(2) Any pension fund member who has served in a fire department in the State of Arkansas for a period of twenty (20) years or more, the last five (5) years of which shall have been consecutive, shall be entitled to be retired and receive from the fund a monthly pension equal to one-half (½) of the salary attached to the rank he or she held as a volunteer, part-paid, or full-paid member.

(b) Any firefighter who shall have completed the period of service as provided for in this section shall receive from the board a certificate showing that he or she has completed the term of service required and is entitled to participate in all the benefits provided for in this act upon compliance with, and subject to, all the other terms and conditions of this act, whether he or she severs his or her connections or continues in service at the expiration of the time as set out in subdivision (a)(2) of this section. The right to participate in the fund shall become a vested right and shall not be lost by the termination of his or her services with or without cause.

(c) Any full-paid firefighter who is already retired shall not receive less than three hundred fifty dollars ($350) per month.

(d) (1) (A) (i) Any full-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefits. (B) (i) A volunteer or part-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of ten dollars ($10.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than fifty dollars ($50.00) per month in addition to his or her regular benefits. (2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those firefighters who retire on or after January 1, 1987, and, notwithstanding the provisions of § 24-11-826 , may exceed one hundred percent (100%) of final salary.

(1) (A) (i) Any full-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of twenty dollars ($20.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than one hundred dollars ($100) per month in addition to his or her regular benefits. (B) (i) A volunteer or part-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of ten dollars ($10.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than fifty dollars ($50.00) per month in addition to his or her regular benefits.

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

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

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

(B) (i) A volunteer or part-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of ten dollars ($10.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years. (ii) In no instance shall he or she receive more than fifty dollars ($50.00) per month in addition to his or her regular benefits.

(i) A volunteer or part-paid firefighter who has more than twenty (20) years of service at the time of retirement shall be entitled to receive the sum of ten dollars ($10.00) per month in addition to his or her regular retirement pay for each full year worked over and above twenty (20) years.

(ii) In no instance shall he or she receive more than fifty dollars ($50.00) per month in addition to his or her regular benefits.

(2) The increase in benefit levels provided in this subsection for service beyond twenty (20) years shall apply only to those firefighters who retire on or after January 1, 1987, and, notwithstanding the provisions of § 24-11-826 , may exceed one hundred percent (100%) of final salary.

(e) A volunteer or part-paid firefighter who becomes a full-paid member of his or her fire department shall be eligible to retire as a full-paid member only if he or she shall have been employed as a full-paid member for a period of at least five (5) years immediately prior to his or her retirement.

(f) (1) For purposes of this subsection, the term "compensation" shall not include: (A) Any money received by the retired firefighter for replacement of personal clothing or equipment destroyed during the performance of active service to a fire department; or (B) Any expenditures by a municipality, as determined on a case-by-case basis, on behalf of the retired firefighter for hospitalization insurance benefits. (2) Notwithstanding the provisions of subsection (a) of this section or any other law to the contrary, a person retired from the service of a fire department may remain actively involved in the fire department, provided the person does not receive compensation for the service provided. (3) Service to a fire department under subdivision (f)(2) of this section shall not cause any suspension of retirement benefits payable under § 24-11-801 et seq., nor shall such service be interpreted by any board administering funds under this subchapter as a reinstatement of employment in a fire department.

(1) For purposes of this subsection, the term "compensation" shall not include: (A) Any money received by the retired firefighter for replacement of personal clothing or equipment destroyed during the performance of active service to a fire department; or (B) Any expenditures by a municipality, as determined on a case-by-case basis, on behalf of the retired firefighter for hospitalization insurance benefits.

(A) Any money received by the retired firefighter for replacement of personal clothing or equipment destroyed during the performance of active service to a fire department; or

(B) Any expenditures by a municipality, as determined on a case-by-case basis, on behalf of the retired firefighter for hospitalization insurance benefits.

(2) Notwithstanding the provisions of subsection (a) of this section or any other law to the contrary, a person retired from the service of a fire department may remain actively involved in the fire department, provided the person does not receive compensation for the service provided.

(3) Service to a fire department under subdivision (f)(2) of this section shall not cause any suspension of retirement benefits payable under § 24-11-801 et seq., nor shall such service be interpreted by any board administering funds under this subchapter as a reinstatement of employment in a fire department.

Amended by Act 2013, No. 41,§ 27, eff. 2/6/2013.

Acts 1921, No. 491, § 4; Pope's Dig., § 7740; Acts 1943, No. 167, § 2; 1953, No. 68, § 1; 1955, No. 77, § 1; 1957, No. 265, § 1; 1967, No. 233, § 1; 1983, No. 611, § 1; A.S.A. 1947, § 19-2204; Acts 1987, No. 389, § 1; 1987, No. 396, § 1; 1987, No. 797, § 1; 1989, No. 182, §§ 1-3; 1993, No. 546, § 3; 1993, No. 1197, § 3; 1999, No. 901, § 1; 1999, No. 1114, § 1.
Ark. Code Ann. § 24-8-703 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-703
Creation of Tier Two Actual Judicial Service Benefit Plan
Status: in_force

A Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System is established pursuant to this subchapter. Acts 1999, No. 399, § 1.

A Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System is established pursuant to this subchapter.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-7-603 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-603
Out-of-state service - Definition
Status: in_force

(a) As used in this section, "out-of-state service" means service rendered in any state except Arkansas in a position that would have been covered by the Arkansas Teacher Retirement System had the service been actual service covered by the system if rendered in the state. (b) Out-of-state service purchased before July 1, 1987, shall be credited as service under this section in accordance with provisions in force before July 1, 1987. (c) A member shall be eligible to establish out-of-state service to be credited as service under this subchapter under the following conditions: (1) (A) The out-of-state service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security if the member had left on deposit his or her contributions to the other system. (B) The credit under subdivision (c)(1)(A) of this section is limited to fifteen (15) years; (2) (A) The member shall pay to the system for each year of service credit granted the actuarial equivalent of the member's benefits. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account; (3) (A) The out-of-state service shall not become credited service under this system until the member has established five (5) or more years of actual service. (B) If a member ceases to be an active member before the out-of-state service has been established as system-credited service, the member payments made under this section shall be refundable; (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may adopt. (d) A member may purchase a fraction of a year of out-of-state service to be credited as service under this subchapter in the same manner as provided for out-of-state service under subsection (c) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) year of out-of-state credited service in the fiscal year; and (2) The fraction of a year of out-of-state service may be credited in keeping with policies of the board under § 24-7-601 . (e) A member shall be eligible, upon application, to purchase service rendered outside the state during a period of employment with an education coordinating council to be credited as out-of-state service under the provisions of this section, provided that the conditions of subsection (c) of this section are met. (f) At the member's request, a member's payment under this section shall be refunded if the: (1) Member ceases to be an active member before the out-of-state service is established as credited service in the system; or (2) Out-of-state service is not otherwise used to establish the member's eligibility for retirement under the system. Amended by Act 2023, No. 55,§ 3, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 11, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2887, eff. 7/24/2019. Acts 1973, No. 427, § 5; 1979, No. 681, § 1; 1981, No. 365, §§ 1, 2; 1983, No. 619, §§ 4, 5; 1983, No. 665, §§ 4, 5; 1985, No. 805, § 3; A.S.A. 1947, § 80-1440; Acts 1987, No. 118, § 1; 1989, No. 10, § 1; 1991, No. 501, § 1; 1995, No. 524, § 1; 1997, No. 142, §§ 3, 4; 1997, No. 1053, § 2; 1999, No. 110, § 1; 1999, No. 866, §§ 2, 3; 2003, No. 1473, § 57; 2005, No. 385, § 3; 2009, No. 468, § 11; 2011, No. 69, § 16; 2011, No. 974, § 4.

(a) As used in this section, "out-of-state service" means service rendered in any state except Arkansas in a position that would have been covered by the Arkansas Teacher Retirement System had the service been actual service covered by the system if rendered in the state.

(b) Out-of-state service purchased before July 1, 1987, shall be credited as service under this section in accordance with provisions in force before July 1, 1987.

(c) A member shall be eligible to establish out-of-state service to be credited as service under this subchapter under the following conditions: (1) (A) The out-of-state service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security if the member had left on deposit his or her contributions to the other system. (B) The credit under subdivision (c)(1)(A) of this section is limited to fifteen (15) years; (2) (A) The member shall pay to the system for each year of service credit granted the actuarial equivalent of the member's benefits. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account; (3) (A) The out-of-state service shall not become credited service under this system until the member has established five (5) or more years of actual service. (B) If a member ceases to be an active member before the out-of-state service has been established as system-credited service, the member payments made under this section shall be refundable; (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may adopt.

(1) (A) The out-of-state service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security if the member had left on deposit his or her contributions to the other system. (B) The credit under subdivision (c)(1)(A) of this section is limited to fifteen (15) years;

(A) The out-of-state service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security if the member had left on deposit his or her contributions to the other system.

(B) The credit under subdivision (c)(1)(A) of this section is limited to fifteen (15) years;

(2) (A) The member shall pay to the system for each year of service credit granted the actuarial equivalent of the member's benefits. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account;

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

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

(3) (A) The out-of-state service shall not become credited service under this system until the member has established five (5) or more years of actual service. (B) If a member ceases to be an active member before the out-of-state service has been established as system-credited service, the member payments made under this section shall be refundable;

(A) The out-of-state service shall not become credited service under this system until the member has established five (5) or more years of actual service.

(B) If a member ceases to be an active member before the out-of-state service has been established as system-credited service, the member payments made under this section shall be refundable;

(4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and

(5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may adopt.

(d) A member may purchase a fraction of a year of out-of-state service to be credited as service under this subchapter in the same manner as provided for out-of-state service under subsection (c) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) year of out-of-state credited service in the fiscal year; and (2) The fraction of a year of out-of-state service may be credited in keeping with policies of the board under § 24-7-601 .

(1) The member has not less than one-fourth (¼) year of out-of-state credited service in the fiscal year; and

(2) The fraction of a year of out-of-state service may be credited in keeping with policies of the board under § 24-7-601 .

(e) A member shall be eligible, upon application, to purchase service rendered outside the state during a period of employment with an education coordinating council to be credited as out-of-state service under the provisions of this section, provided that the conditions of subsection (c) of this section are met.

(f) At the member's request, a member's payment under this section shall be refunded if the: (1) Member ceases to be an active member before the out-of-state service is established as credited service in the system; or (2) Out-of-state service 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 out-of-state service is established as credited service in the system; or

(2) Out-of-state service is not otherwise used to establish the member's eligibility for retirement under the system.

Amended by Act 2023, No. 55,§ 3, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 11, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2887, eff. 7/24/2019.

Acts 1973, No. 427, § 5; 1979, No. 681, § 1; 1981, No. 365, §§ 1, 2; 1983, No. 619, §§ 4, 5; 1983, No. 665, §§ 4, 5; 1985, No. 805, § 3; A.S.A. 1947, § 80-1440; Acts 1987, No. 118, § 1; 1989, No. 10, § 1; 1991, No. 501, § 1; 1995, No. 524, § 1; 1997, No. 142, §§ 3, 4; 1997, No. 1053, § 2; 1999, No. 110, § 1; 1999, No. 866, §§ 2, 3; 2003, No. 1473, § 57; 2005, No. 385, § 3; 2009, No. 468, § 11; 2011, No. 69, § 16; 2011, No. 974, § 4.
Ark. Code Ann. § 24-8-317 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-317
Funding for retirement benefits
Status: in_force

(a) (1) After the repeal of § 24-8-303 providing for the levy of court costs to fund the municipal court judge and clerk retirement fund, a municipality having provided for retirement benefits for municipal court judges and court clerks in accordance with this subchapter shall continue to provide funds for the retirement benefits in this subchapter in accordance with the funding provisions of § 16-10-308(a) -(d), as long as those provisions allow. (2) Those funds and any additional funds provided for by this section and § 24-8-318 , if levied by the municipality, shall be to provide for the retirement benefits in that subchapter. (b) The funds for the municipal court judge and clerk retirement fund provided for by § 16-10-308(a) -(d) and any additional funds for municipal court judge and court clerk retirement benefits provided for by this section and § 24-8-318 , if levied by the municipality, shall be paid to the city treasurer, who shall place them into an account as provided for in this subchapter. Acts 1997, No. 571, § 1.

(a) (1) After the repeal of § 24-8-303 providing for the levy of court costs to fund the municipal court judge and clerk retirement fund, a municipality having provided for retirement benefits for municipal court judges and court clerks in accordance with this subchapter shall continue to provide funds for the retirement benefits in this subchapter in accordance with the funding provisions of § 16-10-308(a) -(d), as long as those provisions allow. (2) Those funds and any additional funds provided for by this section and § 24-8-318 , if levied by the municipality, shall be to provide for the retirement benefits in that subchapter.

(1) After the repeal of § 24-8-303 providing for the levy of court costs to fund the municipal court judge and clerk retirement fund, a municipality having provided for retirement benefits for municipal court judges and court clerks in accordance with this subchapter shall continue to provide funds for the retirement benefits in this subchapter in accordance with the funding provisions of § 16-10-308(a) -(d), as long as those provisions allow.

(2) Those funds and any additional funds provided for by this section and § 24-8-318 , if levied by the municipality, shall be to provide for the retirement benefits in that subchapter.

(b) The funds for the municipal court judge and clerk retirement fund provided for by § 16-10-308(a) -(d) and any additional funds for municipal court judge and court clerk retirement benefits provided for by this section and § 24-8-318 , if levied by the municipality, shall be paid to the city treasurer, who shall place them into an account as provided for in this subchapter.

Acts 1997, No. 571, § 1.
Ark. Code Ann. § 24-8-304 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-304
Benefits - Frequency of payment - Deficiencies
Status: in_force

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly. (b) (1) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any persons under this subchapter, the city treasurer shall verify the deficiency. (2) This deficiency shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge of the municipal courts in the county is paid partially by the county, in such amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (3) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer. Acts 1973, No. 432, § 5; A.S.A. 1947, § 22-918.

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly.

(b) (1) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any persons under this subchapter, the city treasurer shall verify the deficiency. (2) This deficiency shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge of the municipal courts in the county is paid partially by the county, in such amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (3) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer.

(1) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any persons under this subchapter, the city treasurer shall verify the deficiency.

(2) This deficiency shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge of the municipal courts in the county is paid partially by the county, in such amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto.

(3) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer.

Acts 1973, No. 432, § 5; A.S.A. 1947, § 22-918.
Ark. Code Ann. § 24-5-114 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-114
Eligibility for benefits - Early retirement
Status: in_force

(a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113 , a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday. (b) (1) However, the annuity otherwise payable, as provided in § 24-5-115 , shall be reduced eight-tenths of one percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity. (2) The annuity shall be reduced three-tenths of one percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity. Acts 1949, No. 454, § 11; 1981, No. 295, § 11; 1985, No. 379, § 2; A.S.A. 1947, § 76-1911; Acts 1997, No. 347, § 5; 1997, No. 1053, § 16.

(a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113 , a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday.

(b) (1) However, the annuity otherwise payable, as provided in § 24-5-115 , shall be reduced eight-tenths of one percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity. (2) The annuity shall be reduced three-tenths of one percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.

(1) However, the annuity otherwise payable, as provided in § 24-5-115 , shall be reduced eight-tenths of one percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.

(2) The annuity shall be reduced three-tenths of one percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.

Acts 1949, No. 454, § 11; 1981, No. 295, § 11; 1985, No. 379, § 2; A.S.A. 1947, § 76-1911; Acts 1997, No. 347, § 5; 1997, No. 1053, § 16.
Ark. Code Ann. § 24-10-401 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-401
Financial objectives and actuarial valuations
Status: in_force

(a) (1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens. (2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered. (b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall cause an actuarial valuation of each employer's participation to be made at least biennially, and preferably annually, to determine how well the system is meeting the objectives set forth in subsection (a) of this section. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.

(a) (1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens. (2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.

(1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.

(2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.

(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall cause an actuarial valuation of each employer's participation to be made at least biennially, and preferably annually, to determine how well the system is meeting the objectives set forth in subsection (a) of this section.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Ark. Code Ann. § 24-2-302 — AR Code / Title 24 / Chapter 2 / Subchapter 3 / Section 24-2-302
Classification of members
Status: in_force

Except as otherwise specifically provided in this subchapter, all employees of the State of Arkansas or any of its political subdivisions who are members or become members of a state retirement system shall be members of the retirement system indicated in this section as follows: (1) All eligible employees of the Arkansas Department of Transportation shall be members of the Arkansas State Highway Employees' Retirement System; (2) All eligible employees of the Division of Arkansas State Police shall be members of the State Police Retirement System; (3) The following persons shall be members of the Arkansas Teacher Retirement System: (A) Any person employed by a school for the purpose of giving instruction and whose employment requires state certification; (B) Any other person employed by a school in a regular or special position; (C) Any person employed by any of the following organizations or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) A local school board; (v) State Board of Education; (vi) Regional education service cooperatives; and (vii) Arkansas Teacher Retirement System; (D) Any person employed in a position requiring professional training or certification with an area vocational-technical school or employed by the Arkansas Educational Television Commission, except that employees of area vocational-technical schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by § 24-7-901 et seq. shall be active members of the alternate retirement plan; and (E) (i) Any person employed in a position requiring professional training or certification with Arkansas Rehabilitation Services, the Division of State Services for the Blind, or the Division of Youth Services except those employees who have elected coverage under § 24-4-101 et seq. (ii) Membership of employees of Arkansas Rehabilitation Services and the Division of State Services for the Blind shall be subject to the following conditions: (a) Those employees who were employed before January 1, 1985, and who were members of the Arkansas Teacher Retirement System on that date shall continue to be members of the Arkansas Teacher Retirement System, except that in the event the time limit for those employees to change to the noncontributory plan of the Arkansas Public Employees' Retirement System under § 24-4-522 is extended beyond January 1, 1985, those employees shall have the maximum time allowed by law to elect to make the change; (b) Those employees who were employed before January 1, 1985, and who are members of the noncontributory plan of the Arkansas Public Employees' Retirement System on that date shall continue to be members of the Arkansas Public Employees' Retirement System; and (c) Persons whose initial employment by either Arkansas Rehabilitation Services or the Division of State Services for the Blind is on or after January 1, 1985, shall be members of the noncontributory plan of the Arkansas Public Employees' Retirement System; and (4) All eligible employees of the State of Arkansas or any of its political subdivisions except those who are members of another legally established state retirement plan shall be members of the Arkansas Public Employees' Retirement System. Amended by Act 2023, No. 107,§ 2, eff. 7/1/2023. Amended by Act 2019, No. 910,§ 2361, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2360, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2359, eff. 7/1/2019. Amended by Act 2017, No. 707,§ 267, eff. 8/1/2017. Acts 1973, No. 667, § 2; 1979, No. 576, § 2; 1985, No. 790, § 1; A.S.A. 1947, § 12-2572; Acts 1999, No. 325, § 1; 2001, No. 151, § 1; 2005, No. 146, § 1; 2005, No. 2190, § 22; 2007, No. 617, § 43.

Except as otherwise specifically provided in this subchapter, all employees of the State of Arkansas or any of its political subdivisions who are members or become members of a state retirement system shall be members of the retirement system indicated in this section as follows:

(1) All eligible employees of the Arkansas Department of Transportation shall be members of the Arkansas State Highway Employees' Retirement System;

(2) All eligible employees of the Division of Arkansas State Police shall be members of the State Police Retirement System;

(3) The following persons shall be members of the Arkansas Teacher Retirement System: (A) Any person employed by a school for the purpose of giving instruction and whose employment requires state certification; (B) Any other person employed by a school in a regular or special position; (C) Any person employed by any of the following organizations or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) A local school board; (v) State Board of Education; (vi) Regional education service cooperatives; and (vii) Arkansas Teacher Retirement System; (D) Any person employed in a position requiring professional training or certification with an area vocational-technical school or employed by the Arkansas Educational Television Commission, except that employees of area vocational-technical schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by § 24-7-901 et seq. shall be active members of the alternate retirement plan; and (E) (i) Any person employed in a position requiring professional training or certification with Arkansas Rehabilitation Services, the Division of State Services for the Blind, or the Division of Youth Services except those employees who have elected coverage under § 24-4-101 et seq. (ii) Membership of employees of Arkansas Rehabilitation Services and the Division of State Services for the Blind shall be subject to the following conditions: (a) Those employees who were employed before January 1, 1985, and who were members of the Arkansas Teacher Retirement System on that date shall continue to be members of the Arkansas Teacher Retirement System, except that in the event the time limit for those employees to change to the noncontributory plan of the Arkansas Public Employees' Retirement System under § 24-4-522 is extended beyond January 1, 1985, those employees shall have the maximum time allowed by law to elect to make the change; (b) Those employees who were employed before January 1, 1985, and who are members of the noncontributory plan of the Arkansas Public Employees' Retirement System on that date shall continue to be members of the Arkansas Public Employees' Retirement System; and (c) Persons whose initial employment by either Arkansas Rehabilitation Services or the Division of State Services for the Blind is on or after January 1, 1985, shall be members of the noncontributory plan of the Arkansas Public Employees' Retirement System; and

(A) Any person employed by a school for the purpose of giving instruction and whose employment requires state certification;

(B) Any other person employed by a school in a regular or special position;

(C) Any person employed by any of the following organizations or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) A local school board; (v) State Board of Education; (vi) Regional education service cooperatives; and (vii) Arkansas Teacher Retirement System;

(i) Arkansas School for the Blind;

(ii) Arkansas School for the Deaf;

(iii) Arkansas Activities Association;

(iv) A local school board;

(v) State Board of Education;

(vi) Regional education service cooperatives; and

(vii) Arkansas Teacher Retirement System;

(D) Any person employed in a position requiring professional training or certification with an area vocational-technical school or employed by the Arkansas Educational Television Commission, except that employees of area vocational-technical schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by § 24-7-901 et seq. shall be active members of the alternate retirement plan; and

(E) (i) Any person employed in a position requiring professional training or certification with Arkansas Rehabilitation Services, the Division of State Services for the Blind, or the Division of Youth Services except those employees who have elected coverage under § 24-4-101 et seq. (ii) Membership of employees of Arkansas Rehabilitation Services and the Division of State Services for the Blind shall be subject to the following conditions: (a) Those employees who were employed before January 1, 1985, and who were members of the Arkansas Teacher Retirement System on that date shall continue to be members of the Arkansas Teacher Retirement System, except that in the event the time limit for those employees to change to the noncontributory plan of the Arkansas Public Employees' Retirement System under § 24-4-522 is extended beyond January 1, 1985, those employees shall have the maximum time allowed by law to elect to make the change; (b) Those employees who were employed before January 1, 1985, and who are members of the noncontributory plan of the Arkansas Public Employees' Retirement System on that date shall continue to be members of the Arkansas Public Employees' Retirement System; and (c) Persons whose initial employment by either Arkansas Rehabilitation Services or the Division of State Services for the Blind is on or after January 1, 1985, shall be members of the noncontributory plan of the Arkansas Public Employees' Retirement System; and

(i) Any person employed in a position requiring professional training or certification with Arkansas Rehabilitation Services, the Division of State Services for the Blind, or the Division of Youth Services except those employees who have elected coverage under § 24-4-101 et seq.

(ii) Membership of employees of Arkansas Rehabilitation Services and the Division of State Services for the Blind shall be subject to the following conditions: (a) Those employees who were employed before January 1, 1985, and who were members of the Arkansas Teacher Retirement System on that date shall continue to be members of the Arkansas Teacher Retirement System, except that in the event the time limit for those employees to change to the noncontributory plan of the Arkansas Public Employees' Retirement System under § 24-4-522 is extended beyond January 1, 1985, those employees shall have the maximum time allowed by law to elect to make the change; (b) Those employees who were employed before January 1, 1985, and who are members of the noncontributory plan of the Arkansas Public Employees' Retirement System on that date shall continue to be members of the Arkansas Public Employees' Retirement System; and (c) Persons whose initial employment by either Arkansas Rehabilitation Services or the Division of State Services for the Blind is on or after January 1, 1985, shall be members of the noncontributory plan of the Arkansas Public Employees' Retirement System; and

(a) Those employees who were employed before January 1, 1985, and who were members of the Arkansas Teacher Retirement System on that date shall continue to be members of the Arkansas Teacher Retirement System, except that in the event the time limit for those employees to change to the noncontributory plan of the Arkansas Public Employees' Retirement System under § 24-4-522 is extended beyond January 1, 1985, those employees shall have the maximum time allowed by law to elect to make the change;

(b) Those employees who were employed before January 1, 1985, and who are members of the noncontributory plan of the Arkansas Public Employees' Retirement System on that date shall continue to be members of the Arkansas Public Employees' Retirement System; and

(c) Persons whose initial employment by either Arkansas Rehabilitation Services or the Division of State Services for the Blind is on or after January 1, 1985, shall be members of the noncontributory plan of the Arkansas Public Employees' Retirement System; and

(4) All eligible employees of the State of Arkansas or any of its political subdivisions except those who are members of another legally established state retirement plan shall be members of the Arkansas Public Employees' Retirement System.

Amended by Act 2023, No. 107,§ 2, eff. 7/1/2023.

Amended by Act 2019, No. 910,§ 2361, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2360, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2359, eff. 7/1/2019.

Amended by Act 2017, No. 707,§ 267, eff. 8/1/2017.

Acts 1973, No. 667, § 2; 1979, No. 576, § 2; 1985, No. 790, § 1; A.S.A. 1947, § 12-2572; Acts 1999, No. 325, § 1; 2001, No. 151, § 1; 2005, No. 146, § 1; 2005, No. 2190, § 22; 2007, No. 617, § 43.
Ark. Code Ann. § 24-1-302 — AR Code / Title 24 / Chapter 1 / Subchapter 3 / Section 24-1-302
Forfeiture of benefits
Status: in_force

(a) (1) A beneficiary forfeits his or her right to benefit payments under a retirement system if he or she: (A) Is convicted by a court of competent jurisdiction of the unlawful killing of the member or retirant; (B) Pleads guilty or nolo contendere to the unlawful killing of the member or retirant; (C) Is found liable by a court of competent jurisdiction for the unlawful killing of the member or retirant by a preponderance of the evidence in a civil action; (D) Is acquitted by a court of competent jurisdiction for the unlawful killing of the member or retirant by reason of insanity, mental defect or disease, or any other mental incapacity; or (E) Is found by a court of competent jurisdiction to lack the capacity to understand or effectively assist in defending a criminal proceeding against him or her for the unlawful killing of the member or retirant. (2) If a retirement system finds that a beneficiary has forfeited his or her right to benefit payments from the retirement system under subdivision (a)(1) of this section, the retirement system shall treat the beneficiary as if he or she is deceased and shall not make benefit payments to the beneficiary. (b) (1) If a beneficiary appeals his or her conviction for an offense described under subdivision (a)(1) of this section, benefit payments shall not be paid to the beneficiary unless the appeal results in a reversal of the conviction. (2) (A) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is reversed, the retirement system may make benefit payments to the beneficiary. (B) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is affirmed, the retirement system shall not make benefit payments to the beneficiary. (c) If a member or retirant does not have a contingent beneficiary who may receive benefit payments under this section, the member or retirant's contributions to the retirement system shall be refunded to the estate of the member or retirant. Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.

(a) (1) A beneficiary forfeits his or her right to benefit payments under a retirement system if he or she: (A) Is convicted by a court of competent jurisdiction of the unlawful killing of the member or retirant; (B) Pleads guilty or nolo contendere to the unlawful killing of the member or retirant; (C) Is found liable by a court of competent jurisdiction for the unlawful killing of the member or retirant by a preponderance of the evidence in a civil action; (D) Is acquitted by a court of competent jurisdiction for the unlawful killing of the member or retirant by reason of insanity, mental defect or disease, or any other mental incapacity; or (E) Is found by a court of competent jurisdiction to lack the capacity to understand or effectively assist in defending a criminal proceeding against him or her for the unlawful killing of the member or retirant. (2) If a retirement system finds that a beneficiary has forfeited his or her right to benefit payments from the retirement system under subdivision (a)(1) of this section, the retirement system shall treat the beneficiary as if he or she is deceased and shall not make benefit payments to the beneficiary.

(1) A beneficiary forfeits his or her right to benefit payments under a retirement system if he or she: (A) Is convicted by a court of competent jurisdiction of the unlawful killing of the member or retirant; (B) Pleads guilty or nolo contendere to the unlawful killing of the member or retirant; (C) Is found liable by a court of competent jurisdiction for the unlawful killing of the member or retirant by a preponderance of the evidence in a civil action; (D) Is acquitted by a court of competent jurisdiction for the unlawful killing of the member or retirant by reason of insanity, mental defect or disease, or any other mental incapacity; or (E) Is found by a court of competent jurisdiction to lack the capacity to understand or effectively assist in defending a criminal proceeding against him or her for the unlawful killing of the member or retirant.

(A) Is convicted by a court of competent jurisdiction of the unlawful killing of the member or retirant;

(B) Pleads guilty or nolo contendere to the unlawful killing of the member or retirant;

(C) Is found liable by a court of competent jurisdiction for the unlawful killing of the member or retirant by a preponderance of the evidence in a civil action;

(D) Is acquitted by a court of competent jurisdiction for the unlawful killing of the member or retirant by reason of insanity, mental defect or disease, or any other mental incapacity; or

(E) Is found by a court of competent jurisdiction to lack the capacity to understand or effectively assist in defending a criminal proceeding against him or her for the unlawful killing of the member or retirant.

(2) If a retirement system finds that a beneficiary has forfeited his or her right to benefit payments from the retirement system under subdivision (a)(1) of this section, the retirement system shall treat the beneficiary as if he or she is deceased and shall not make benefit payments to the beneficiary.

(b) (1) If a beneficiary appeals his or her conviction for an offense described under subdivision (a)(1) of this section, benefit payments shall not be paid to the beneficiary unless the appeal results in a reversal of the conviction. (2) (A) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is reversed, the retirement system may make benefit payments to the beneficiary. (B) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is affirmed, the retirement system shall not make benefit payments to the beneficiary.

(1) If a beneficiary appeals his or her conviction for an offense described under subdivision (a)(1) of this section, benefit payments shall not be paid to the beneficiary unless the appeal results in a reversal of the conviction.

(2) (A) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is reversed, the retirement system may make benefit payments to the beneficiary. (B) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is affirmed, the retirement system shall not make benefit payments to the beneficiary.

(A) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is reversed, the retirement system may make benefit payments to the beneficiary.

(B) If the conviction of a beneficiary for an offense described under subdivision (a)(1) of this section is affirmed, the retirement system shall not make benefit payments to the beneficiary.

(c) If a member or retirant does not have a contingent beneficiary who may receive benefit payments under this section, the member or retirant's contributions to the retirement system shall be refunded to the estate of the member or retirant.

Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-8-506 — AR Code / Title 24 / Chapter 8 / Subchapter 5 / Section 24-8-506
Funds closed
Status: in_force

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004. Acts 2003, No. 1374, § 4.

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004.

(b) There will be no new members in these funds after December 31, 2004.

Acts 2003, No. 1374, § 4.
Ark. Code Ann. § 24-7-711 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-711
Refund of member contributions upon termination
Status: in_force

(a) (1) If a member discontinues covered employment and does not plan to be rehired by a covered employer, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System. (2) Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law. (b) (1) If an active member dies and a survivor annuity is not payable under § 24-7-710 , the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system. (2) If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate. (3) If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter. (4) For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011. (5) Regular interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death. (c) A member or surviving spouse who elects to receive a refund of member contributions under this section also cancels all the member's service credit, including noncontributory service credit, and all membership rights and beneficiary designations in the Arkansas Teacher Retirement System. Amended by Act 2021, No. 279,§ 25, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 24, eff. 7/1/2021. Amended by Act 2017, No. 293,§ 6, eff. 2/28/2017. Amended by Act 2013, No. 140,§ 5, eff. 8/16/2013. Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 8; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 3; 2007, No. 97, § 17; 2009, No. 468, § 20; 2011, No. 136, § 1; 2011, No. 976, § 1.

(a) (1) If a member discontinues covered employment and does not plan to be rehired by a covered employer, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System. (2) Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law.

(1) If a member discontinues covered employment and does not plan to be rehired by a covered employer, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System.

(2) Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law.

(b) (1) If an active member dies and a survivor annuity is not payable under § 24-7-710 , the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system. (2) If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate. (3) If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter. (4) For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011. (5) Regular interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death.

(1) If an active member dies and a survivor annuity is not payable under § 24-7-710 , the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system.

(2) If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate.

(3) If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter.

(4) For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011.

(5) Regular interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death.

(c) A member or surviving spouse who elects to receive a refund of member contributions under this section also cancels all the member's service credit, including noncontributory service credit, and all membership rights and beneficiary designations in the Arkansas Teacher Retirement System.

Amended by Act 2021, No. 279,§ 25, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 24, eff. 7/1/2021.

Amended by Act 2017, No. 293,§ 6, eff. 2/28/2017.

Amended by Act 2013, No. 140,§ 5, eff. 8/16/2013.

Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 8; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 3; 2007, No. 97, § 17; 2009, No. 468, § 20; 2011, No. 136, § 1; 2011, No. 976, § 1.
Ark. Code Ann. § 24-8-206 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-206
Annual actuarial valuation
Status: in_force

An actuarial valuation shall be made annually to determine how well the Arkansas Judicial Retirement System is meeting the financial objectives applicable to all state-supported retirement systems. Acts 1983, No. 922, § 9; A.S.A. 1947, § 22-962.

An actuarial valuation shall be made annually to determine how well the Arkansas Judicial Retirement System is meeting the financial objectives applicable to all state-supported retirement systems.

Acts 1983, No. 922, § 9; A.S.A. 1947, § 22-962.
Ark. Code Ann. § 24-6-210 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-210
Credited service
Status: in_force

(a) (1) Any member who shall become separated from the employ of the Division of Arkansas State Police by reason of service in the United States Armed Forces shall have the service, not to exceed a total of five (5) years, credited to him or her as division service, but only if he or she returns to the employ of the division within one hundred eighty (180) days from and after termination of the armed service required of him or her and if he or she returns to the members' deposit account the amount of his or her accumulated contributions withdrawn by him or her, together with regular interest from the date of withdrawal to the date of repayment. (2) In any case of doubt as to the period to be so credited any member, the Board of Trustees of the State Police Retirement System shall have the final power to determine the period. (3) During the period of armed service and until his or her return to the employ of the division, his or her contributions to the members' deposit account shall be suspended, and his or her balance in the account shall be accumulated at regular interest. (4) The federal service so credited a member shall be excluded in computing his or her final average compensation. (b) (1) The board shall determine by appropriate rules the amount of service to be credited any member. (2) In no case shall less than fifteen (15) days of service rendered in any calendar month be credited as a month of service, nor shall less than ten (10) months of service rendered in any calendar year be credited as a year of service, nor shall more than one (1) year of service be credited any member for all service rendered by him or her in any calendar year. (c) (1) Except as otherwise provided in this subchapter, should any member leave the employ of the division for any reason except his or her retirement as provided in this subchapter or his or her death, he or she shall thereupon cease to be a member, and his or her credited service at that time shall be forfeited by him or her. (2) In the event he or she again becomes employed in the division as a state police officer, he or she shall again become a member of the system. (3) (A) In the event his or her reemployment occurs within a period of five (5) years from and after the date he or she last left the employ of the division, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the members' deposit account the amounts he or she may have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment. (B) Repayment shall be made according to such rules as the board shall adopt from time to time. (4) Except as otherwise provided in this subchapter, should a person return to the employment of the division after the expiration of a period of five (5) years from and after the date of his or her employment with the division last terminated, he or she shall not have his or her credited service last forfeited by him or her restored to his or her credit. (5) Upon a member's retirement or death, he or she shall cease to be a member. Amended by Act 2019, No. 315,§ 2873, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2872, eff. 7/24/2019. Acts 1951, No. 311, § 6; 1953, No. 309, § 2; 1957, No. 308, § 2; 1959, No. 484, § 6; A.S.A. 1947, § 42-456; Acts 2001, No. 151, § 57.

(a) (1) Any member who shall become separated from the employ of the Division of Arkansas State Police by reason of service in the United States Armed Forces shall have the service, not to exceed a total of five (5) years, credited to him or her as division service, but only if he or she returns to the employ of the division within one hundred eighty (180) days from and after termination of the armed service required of him or her and if he or she returns to the members' deposit account the amount of his or her accumulated contributions withdrawn by him or her, together with regular interest from the date of withdrawal to the date of repayment. (2) In any case of doubt as to the period to be so credited any member, the Board of Trustees of the State Police Retirement System shall have the final power to determine the period. (3) During the period of armed service and until his or her return to the employ of the division, his or her contributions to the members' deposit account shall be suspended, and his or her balance in the account shall be accumulated at regular interest. (4) The federal service so credited a member shall be excluded in computing his or her final average compensation.

(1) Any member who shall become separated from the employ of the Division of Arkansas State Police by reason of service in the United States Armed Forces shall have the service, not to exceed a total of five (5) years, credited to him or her as division service, but only if he or she returns to the employ of the division within one hundred eighty (180) days from and after termination of the armed service required of him or her and if he or she returns to the members' deposit account the amount of his or her accumulated contributions withdrawn by him or her, together with regular interest from the date of withdrawal to the date of repayment.

(2) In any case of doubt as to the period to be so credited any member, the Board of Trustees of the State Police Retirement System shall have the final power to determine the period.

(3) During the period of armed service and until his or her return to the employ of the division, his or her contributions to the members' deposit account shall be suspended, and his or her balance in the account shall be accumulated at regular interest.

(4) The federal service so credited a member shall be excluded in computing his or her final average compensation.

(b) (1) The board shall determine by appropriate rules the amount of service to be credited any member. (2) In no case shall less than fifteen (15) days of service rendered in any calendar month be credited as a month of service, nor shall less than ten (10) months of service rendered in any calendar year be credited as a year of service, nor shall more than one (1) year of service be credited any member for all service rendered by him or her in any calendar year.

(1) The board shall determine by appropriate rules the amount of service to be credited any member.

(2) In no case shall less than fifteen (15) days of service rendered in any calendar month be credited as a month of service, nor shall less than ten (10) months of service rendered in any calendar year be credited as a year of service, nor shall more than one (1) year of service be credited any member for all service rendered by him or her in any calendar year.

(c) (1) Except as otherwise provided in this subchapter, should any member leave the employ of the division for any reason except his or her retirement as provided in this subchapter or his or her death, he or she shall thereupon cease to be a member, and his or her credited service at that time shall be forfeited by him or her. (2) In the event he or she again becomes employed in the division as a state police officer, he or she shall again become a member of the system. (3) (A) In the event his or her reemployment occurs within a period of five (5) years from and after the date he or she last left the employ of the division, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the members' deposit account the amounts he or she may have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment. (B) Repayment shall be made according to such rules as the board shall adopt from time to time. (4) Except as otherwise provided in this subchapter, should a person return to the employment of the division after the expiration of a period of five (5) years from and after the date of his or her employment with the division last terminated, he or she shall not have his or her credited service last forfeited by him or her restored to his or her credit. (5) Upon a member's retirement or death, he or she shall cease to be a member.

(1) Except as otherwise provided in this subchapter, should any member leave the employ of the division for any reason except his or her retirement as provided in this subchapter or his or her death, he or she shall thereupon cease to be a member, and his or her credited service at that time shall be forfeited by him or her.

(2) In the event he or she again becomes employed in the division as a state police officer, he or she shall again become a member of the system.

(3) (A) In the event his or her reemployment occurs within a period of five (5) years from and after the date he or she last left the employ of the division, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the members' deposit account the amounts he or she may have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment. (B) Repayment shall be made according to such rules as the board shall adopt from time to time.

(A) In the event his or her reemployment occurs within a period of five (5) years from and after the date he or she last left the employ of the division, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the members' deposit account the amounts he or she may have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment.

(B) Repayment shall be made according to such rules as the board shall adopt from time to time.

(4) Except as otherwise provided in this subchapter, should a person return to the employment of the division after the expiration of a period of five (5) years from and after the date of his or her employment with the division last terminated, he or she shall not have his or her credited service last forfeited by him or her restored to his or her credit.

(5) Upon a member's retirement or death, he or she shall cease to be a member.

Amended by Act 2019, No. 315,§ 2873, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2872, eff. 7/24/2019.

Acts 1951, No. 311, § 6; 1953, No. 309, § 2; 1957, No. 308, § 2; 1959, No. 484, § 6; A.S.A. 1947, § 42-456; Acts 2001, No. 151, § 57.
Ark. Code Ann. § 24-7-1503 — AR Code / Title 24 / Chapter 7 / Subchapter 15 / Section 24-7-1503
Ad hoc benefit formula
Status: in_force

The schedule of decade dollar amounts per year of credited service is: Formula Decades in Which Credited Service Was Accrued Service Annual $ Increase Per Year of Credited Service 2000 - and later $5 1990-1999 $10 1980-1989 $20 1970-1979 $30 1960-1969 $40 1950-1959 $50 1940-1949 $60 1930-1939 $70 1920-1929 $80 1910-1919 $90 Amended by Act 2023, No. 107,§ 60, eff. 7/1/2023. Acts 2009, No. 1315, § 1.

The schedule of decade dollar amounts per year of credited service is:

Formula Decades in Which Credited Service Was Accrued Service Annual $ Increase Per Year of Credited Service 2000 - and later $5 1990-1999 $10 1980-1989 $20 1970-1979 $30 1960-1969 $40 1950-1959 $50 1940-1949 $60 1930-1939 $70 1920-1929 $80 1910-1919 $90

Formula Decades in Which Credited Service Was Accrued Service

Annual $ Increase Per Year of Credited Service

2000 - and later

$5

1990-1999

$10

1980-1989

$20

1970-1979

$30

1960-1969

$40

1950-1959

$50

1940-1949

$60

1930-1939

$70

1920-1929

$80

1910-1919

$90

Amended by Act 2023, No. 107,§ 60, eff. 7/1/2023.

Acts 2009, No. 1315, § 1.
Ark. Code Ann. § 24-10-701 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-701
Election to participate
Status: in_force

(a) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in the Local Police and Fire Deferred Retirement Option Plan under this section and defer the receipt of benefits in accordance with the provisions of this subchapter, provided that the member meets one (1) of the following requirements: (1) The member has at least twenty-eight (28) years of service; or (2) The member has at least twenty (20) years of service and is at least fifty-five (55) years of age. (b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall approve the participation in the plan. Amended by Act 2015, No. 829,§ 1, eff. 7/22/2015. Amended by Act 2013, No. 40,§ 15, eff. 2/6/2013. Acts 2003, No. 1734, § 1; 2005, No. 871, § 1.

(a) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in the Local Police and Fire Deferred Retirement Option Plan under this section and defer the receipt of benefits in accordance with the provisions of this subchapter, provided that the member meets one (1) of the following requirements: (1) The member has at least twenty-eight (28) years of service; or (2) The member has at least twenty (20) years of service and is at least fifty-five (55) years of age.

(1) The member has at least twenty-eight (28) years of service; or

(2) The member has at least twenty (20) years of service and is at least fifty-five (55) years of age.

(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall approve the participation in the plan.

Amended by Act 2015, No. 829,§ 1, eff. 7/22/2015.

Amended by Act 2013, No. 40,§ 15, eff. 2/6/2013.

Acts 2003, No. 1734, § 1; 2005, No. 871, § 1.
Ark. Code Ann. § 24-12-102 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-102
Applicability
Status: in_force

This act shall not apply to any city having a paid nonuniformed employees' pension and relief fund prior to February 23, 1949. Acts 1949, No. 147, § 21; A.S.A. 1947, § 19-941.

This act shall not apply to any city having a paid nonuniformed employees' pension and relief fund prior to February 23, 1949.

Acts 1949, No. 147, § 21; A.S.A. 1947, § 19-941.
Ark. Code Ann. § 24-2-502 — AR Code / Title 24 / Chapter 2 / Subchapter 5 / Section 24-2-502
Purchased credited service
Status: in_force

(a) Any person who is or was a member of a state-supported retirement system in this state and who was not receiving benefits under the system on July 9, 1975, shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the United States Armed Forces prior to the member's employment in a position covered by a state-supported retirement system, but only if the person: (1) Has five (5) years of actual service with the retirement system; (2) Received an honorable discharge from the armed forces; and (3) (A) For the first three (3) years of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon his or her monthly contributions at the time he or she first became a member of the retirement system and interest thereon at the rate of six percent (6%), together with an amount equal to the employer's matching contribution and interest thereon at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later. (B) For the fourth and fifth year of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon: (i) His or her salary at the time he or she first became a member of the retirement system; (ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military service; and (iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later. (b) The benefit program to be applicable to the credited service for members of the Arkansas Public Employees' Retirement System, the State Police Retirement System, or the Arkansas Teacher Retirement System shall be: (1) The benefit program of § 24-4-101 et seq. for members of the Arkansas Public Employees' Retirement System; (2) The benefit program based on § 24-6-101 et seq. for members of the State Police Retirement System; or (3) The benefit program based on § 24-7-101 et seq. for members of the Arkansas Teacher Retirement System. (c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to repeal or modify any existing provisions of any state-supported retirement system law providing for credited service in the system for military service, nor to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service under the provisions of existing laws, but in no event shall any member of a state-supported retirement system be entitled to or receive in excess of five (5) years of credited service for military service rendered by the member. No member shall be eligible for credited military service in more than one (1) state-supported retirement system. (d) When the applicant can obtain military service credit under this section and also under other laws relating to state-supported retirement systems in this state, then service credit shall be granted under the provisions of the laws in chronological order beginning with the earliest law. However, the laws may not be used to allow duplicate service credit. Acts 1975, No. 573, §§ 1-3; 1985, No. 938, § 8; A.S.A. 1947, §§ 12-2524.4 -- 12-2524.6; Acts 1993, No. 1098, § 1; 1995, No. 611, § 1; 1997, No. 1053, § 26; 2001, No. 151, § 7; 2009, No. 295, § 1; 2011, No. 69, § 2.

(a) Any person who is or was a member of a state-supported retirement system in this state and who was not receiving benefits under the system on July 9, 1975, shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the United States Armed Forces prior to the member's employment in a position covered by a state-supported retirement system, but only if the person: (1) Has five (5) years of actual service with the retirement system; (2) Received an honorable discharge from the armed forces; and (3) (A) For the first three (3) years of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon his or her monthly contributions at the time he or she first became a member of the retirement system and interest thereon at the rate of six percent (6%), together with an amount equal to the employer's matching contribution and interest thereon at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later. (B) For the fourth and fifth year of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon: (i) His or her salary at the time he or she first became a member of the retirement system; (ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military service; and (iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.

(1) Has five (5) years of actual service with the retirement system;

(2) Received an honorable discharge from the armed forces; and

(3) (A) For the first three (3) years of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon his or her monthly contributions at the time he or she first became a member of the retirement system and interest thereon at the rate of six percent (6%), together with an amount equal to the employer's matching contribution and interest thereon at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later. (B) For the fourth and fifth year of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon: (i) His or her salary at the time he or she first became a member of the retirement system; (ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military service; and (iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.

(A) For the first three (3) years of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon his or her monthly contributions at the time he or she first became a member of the retirement system and interest thereon at the rate of six percent (6%), together with an amount equal to the employer's matching contribution and interest thereon at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.

(B) For the fourth and fifth year of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon: (i) His or her salary at the time he or she first became a member of the retirement system; (ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military service; and (iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.

(i) His or her salary at the time he or she first became a member of the retirement system;

(ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military service; and

(iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.

(b) The benefit program to be applicable to the credited service for members of the Arkansas Public Employees' Retirement System, the State Police Retirement System, or the Arkansas Teacher Retirement System shall be: (1) The benefit program of § 24-4-101 et seq. for members of the Arkansas Public Employees' Retirement System; (2) The benefit program based on § 24-6-101 et seq. for members of the State Police Retirement System; or (3) The benefit program based on § 24-7-101 et seq. for members of the Arkansas Teacher Retirement System.

(1) The benefit program of § 24-4-101 et seq. for members of the Arkansas Public Employees' Retirement System;

(2) The benefit program based on § 24-6-101 et seq. for members of the State Police Retirement System; or

(3) The benefit program based on § 24-7-101 et seq. for members of the Arkansas Teacher Retirement System.

(c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to repeal or modify any existing provisions of any state-supported retirement system law providing for credited service in the system for military service, nor to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service under the provisions of existing laws, but in no event shall any member of a state-supported retirement system be entitled to or receive in excess of five (5) years of credited service for military service rendered by the member. No member shall be eligible for credited military service in more than one (1) state-supported retirement system.

(d) When the applicant can obtain military service credit under this section and also under other laws relating to state-supported retirement systems in this state, then service credit shall be granted under the provisions of the laws in chronological order beginning with the earliest law. However, the laws may not be used to allow duplicate service credit.

Acts 1975, No. 573, §§ 1-3; 1985, No. 938, § 8; A.S.A. 1947, §§ 12-2524.4 -- 12-2524.6; Acts 1993, No. 1098, § 1; 1995, No. 611, § 1; 1997, No. 1053, § 26; 2001, No. 151, § 7; 2009, No. 295, § 1; 2011, No. 69, § 2.
Ark. Code Ann. § 24-7-608 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-608
Limitation on benefit enhancement
Status: in_force

(a) A benefit enhancement provided for by this act shall not be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) A benefit enhancement provided for by this act shall not be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding eighteen (18) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Amended by Act 2019, No. 427,§ 11, eff. 7/1/2019. Acts 1997, No. 1053Acts 1997, No. 1053, § 27.

(a) A benefit enhancement provided for by this act shall not be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.

(b) A benefit enhancement provided for by this act shall not be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding eighteen (18) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Amended by Act 2019, No. 427,§ 11, eff. 7/1/2019.

Acts 1997, No. 1053Acts 1997, No. 1053, § 27.
Ark. Code Ann. § 24-4-207 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-207
Bonds - Payments on vouchers and warrants - Adjustment of erroneous payments
Status: in_force

(a) (1) The Executive Director of the Arkansas Public Employees' Retirement System and other employees shall make bonds to cover their liability for the faithful performance of their duties, from time to time as provided for by law. (2) The cost of the bonds shall be paid from moneys provided for the administrative expenses of the Arkansas Public Employees' Retirement System. (3) The Secretary of the Department of Finance and Administration is authorized and directed to designate such additional personnel within his or her office and to provide for such services as are necessary for the proper operation of the system. (b) (1) The Treasurer of State shall pay annuities and make other disbursements authorized by this act only on vouchers signed by the Executive Director of the Arkansas Public Employees' Retirement System and on warrants issued thereon by the Auditor of State. (2) No voucher or warrant shall be drawn on funds of the system unless it has been previously authorized by a specific or general resolution adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System. (c) (1) (A) Should any change or error in the records of the system or any audit of a member's annuity calculations result in any person's receiving more or less than the person would have been entitled to receive had the records or the calculations been correct, the board shall correct the error and, as far as is equitable and practicable, shall adjust the payment in accordance with the provisions of this subsection and in such a manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (B) However, no monthly adjustment of less than one dollar ($1.00) shall be made. (2) (A) The board shall have the right to recover any overpayment that any person may have received from funds of the system, provided the overpayment is determined and the person is so notified within one (1) year of the date of the last overpayment. (B) If the overpayment is determined at a date later than one (1) year after the date of the last overpayment, the overpayment shall not be recouped by the board unless the overpayment is a result of an error on the part of a member, retirant, or beneficiary. (C) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount. (3) If it is determined that any person has received an underpayment from the funds of the system, regardless of the date of the determination, the system shall pay in a lump sum to the person the total of any underpayments made prior to the date of determination, and any subsequent payments shall be adjusted to the correct amount. (4) (A) If the annuity amount is decreased upon the reconsideration, the matters involved in the decrease shall be set forth in writing and shall be subject to review upon the filing of an appeal thereof by the member or annuity recipient. (B) The redetermination shall be deemed to be final and binding on all parties unless, within twenty (20) days after the mailing of notice of the redetermination to the member's last known address, or twenty (20) days after personal delivery of the notice to the member, an appeal thereof is filed with the Executive Director of the Arkansas Public Employees' Retirement System. (C) The Secretary of the Department of Finance and Administration shall promptly hear all appeals of annuity determinations or redeterminations and shall conduct such hearings in accordance with procedures set forth by the board. Amended by Act 2019, No. 910,§ 3553, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3552, eff. 7/1/2019. Amended by Act 2019, No. 448,§ 1, eff. 3/13/2019. Acts 1957, No. 177, § 5; 1959, No. 42, § 5; 1965, No. 153, § 5; 1981, No. 859, § 5; 1983, No. 677, § 6; A.S.A. 1947, § 12-2505; Acts 1993, No. 1093, § 1; 2001, No. 151, § 14; 2011, No. 38, § 3.

(a) (1) The Executive Director of the Arkansas Public Employees' Retirement System and other employees shall make bonds to cover their liability for the faithful performance of their duties, from time to time as provided for by law. (2) The cost of the bonds shall be paid from moneys provided for the administrative expenses of the Arkansas Public Employees' Retirement System. (3) The Secretary of the Department of Finance and Administration is authorized and directed to designate such additional personnel within his or her office and to provide for such services as are necessary for the proper operation of the system.

(1) The Executive Director of the Arkansas Public Employees' Retirement System and other employees shall make bonds to cover their liability for the faithful performance of their duties, from time to time as provided for by law.

(2) The cost of the bonds shall be paid from moneys provided for the administrative expenses of the Arkansas Public Employees' Retirement System.

(3) The Secretary of the Department of Finance and Administration is authorized and directed to designate such additional personnel within his or her office and to provide for such services as are necessary for the proper operation of the system.

(b) (1) The Treasurer of State shall pay annuities and make other disbursements authorized by this act only on vouchers signed by the Executive Director of the Arkansas Public Employees' Retirement System and on warrants issued thereon by the Auditor of State. (2) No voucher or warrant shall be drawn on funds of the system unless it has been previously authorized by a specific or general resolution adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.

(1) The Treasurer of State shall pay annuities and make other disbursements authorized by this act only on vouchers signed by the Executive Director of the Arkansas Public Employees' Retirement System and on warrants issued thereon by the Auditor of State.

(2) No voucher or warrant shall be drawn on funds of the system unless it has been previously authorized by a specific or general resolution adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.

(c) (1) (A) Should any change or error in the records of the system or any audit of a member's annuity calculations result in any person's receiving more or less than the person would have been entitled to receive had the records or the calculations been correct, the board shall correct the error and, as far as is equitable and practicable, shall adjust the payment in accordance with the provisions of this subsection and in such a manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (B) However, no monthly adjustment of less than one dollar ($1.00) shall be made. (2) (A) The board shall have the right to recover any overpayment that any person may have received from funds of the system, provided the overpayment is determined and the person is so notified within one (1) year of the date of the last overpayment. (B) If the overpayment is determined at a date later than one (1) year after the date of the last overpayment, the overpayment shall not be recouped by the board unless the overpayment is a result of an error on the part of a member, retirant, or beneficiary. (C) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount. (3) If it is determined that any person has received an underpayment from the funds of the system, regardless of the date of the determination, the system shall pay in a lump sum to the person the total of any underpayments made prior to the date of determination, and any subsequent payments shall be adjusted to the correct amount. (4) (A) If the annuity amount is decreased upon the reconsideration, the matters involved in the decrease shall be set forth in writing and shall be subject to review upon the filing of an appeal thereof by the member or annuity recipient. (B) The redetermination shall be deemed to be final and binding on all parties unless, within twenty (20) days after the mailing of notice of the redetermination to the member's last known address, or twenty (20) days after personal delivery of the notice to the member, an appeal thereof is filed with the Executive Director of the Arkansas Public Employees' Retirement System. (C) The Secretary of the Department of Finance and Administration shall promptly hear all appeals of annuity determinations or redeterminations and shall conduct such hearings in accordance with procedures set forth by the board.

(1) (A) Should any change or error in the records of the system or any audit of a member's annuity calculations result in any person's receiving more or less than the person would have been entitled to receive had the records or the calculations been correct, the board shall correct the error and, as far as is equitable and practicable, shall adjust the payment in accordance with the provisions of this subsection and in such a manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (B) However, no monthly adjustment of less than one dollar ($1.00) shall be made.

(A) Should any change or error in the records of the system or any audit of a member's annuity calculations result in any person's receiving more or less than the person would have been entitled to receive had the records or the calculations been correct, the board shall correct the error and, as far as is equitable and practicable, shall adjust the payment in accordance with the provisions of this subsection and in such a manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid.

(B) However, no monthly adjustment of less than one dollar ($1.00) shall be made.

(2) (A) The board shall have the right to recover any overpayment that any person may have received from funds of the system, provided the overpayment is determined and the person is so notified within one (1) year of the date of the last overpayment. (B) If the overpayment is determined at a date later than one (1) year after the date of the last overpayment, the overpayment shall not be recouped by the board unless the overpayment is a result of an error on the part of a member, retirant, or beneficiary. (C) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount.

(A) The board shall have the right to recover any overpayment that any person may have received from funds of the system, provided the overpayment is determined and the person is so notified within one (1) year of the date of the last overpayment.

(B) If the overpayment is determined at a date later than one (1) year after the date of the last overpayment, the overpayment shall not be recouped by the board unless the overpayment is a result of an error on the part of a member, retirant, or beneficiary.

(C) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount.

(3) If it is determined that any person has received an underpayment from the funds of the system, regardless of the date of the determination, the system shall pay in a lump sum to the person the total of any underpayments made prior to the date of determination, and any subsequent payments shall be adjusted to the correct amount.

(4) (A) If the annuity amount is decreased upon the reconsideration, the matters involved in the decrease shall be set forth in writing and shall be subject to review upon the filing of an appeal thereof by the member or annuity recipient. (B) The redetermination shall be deemed to be final and binding on all parties unless, within twenty (20) days after the mailing of notice of the redetermination to the member's last known address, or twenty (20) days after personal delivery of the notice to the member, an appeal thereof is filed with the Executive Director of the Arkansas Public Employees' Retirement System. (C) The Secretary of the Department of Finance and Administration shall promptly hear all appeals of annuity determinations or redeterminations and shall conduct such hearings in accordance with procedures set forth by the board.

(A) If the annuity amount is decreased upon the reconsideration, the matters involved in the decrease shall be set forth in writing and shall be subject to review upon the filing of an appeal thereof by the member or annuity recipient.

(B) The redetermination shall be deemed to be final and binding on all parties unless, within twenty (20) days after the mailing of notice of the redetermination to the member's last known address, or twenty (20) days after personal delivery of the notice to the member, an appeal thereof is filed with the Executive Director of the Arkansas Public Employees' Retirement System.

(C) The Secretary of the Department of Finance and Administration shall promptly hear all appeals of annuity determinations or redeterminations and shall conduct such hearings in accordance with procedures set forth by the board.

Amended by Act 2019, No. 910,§ 3553, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 3552, eff. 7/1/2019.

Amended by Act 2019, No. 448,§ 1, eff. 3/13/2019.

Acts 1957, No. 177, § 5; 1959, No. 42, § 5; 1965, No. 153, § 5; 1981, No. 859, § 5; 1983, No. 677, § 6; A.S.A. 1947, § 12-2505; Acts 1993, No. 1093, § 1; 2001, No. 151, § 14; 2011, No. 38, § 3.
Ark. Code Ann. § 24-5-124 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-124
Minimum monthly benefit
Status: in_force

All persons who are now vested or who hereafter vest under the Arkansas Public Employees' Retirement System or the Arkansas State Highway Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150). Acts 1989, No. 547, § 1.

All persons who are now vested or who hereafter vest under the Arkansas Public Employees' Retirement System or the Arkansas State Highway Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).

Acts 1989, No. 547, § 1.
Ark. Code Ann. § 24-6-508 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-508
Death of participant
Status: in_force

If a participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant's designated beneficiary. Acts 2009, No. 1242, § 4.

If a participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant's designated beneficiary.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-7-611 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-611
Domestic federal service - Definition
Status: in_force

(a) As used in this section, "domestic federal service" means service rendered as a teacher or administrator in any school or similar institution located on a military base or installation that is administered by the United States Department of Defense. (b) On and after January 1, 2003, a member shall be eligible upon application to purchase domestic federal service to be credited as service under this section under the following conditions: (1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system, and it shall be limited to ten (10) years; (2) (A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits. (B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions; (3) The domestic federal service shall not become credited service under this system until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service exclusive of domestic federal service. (ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request; (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this section that the Board of Trustees of the Arkansas Teacher Retirement System may adopt. (c) A member may purchase a fraction of a year of domestic federal service to be credited as service under this subchapter in the manner provided for domestic federal service under subsection (b) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) year of domestic federal service in a fiscal year under § 24-7-601 ; and (2) The fraction of a year of domestic federal service may be credited in keeping with policies as provided by § 24-7-601 . (d) However, the board shall not implement this section until the system has reduced its unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years to a level less than the standards prescribed for those public retirement systems under §§ 24-1-104 and 24-1-105 . (e) 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 domestic federal service is established as credited service in the system; or (2) Domestic federal service is not otherwise used to establish the member's eligibility for retirement under the system. Amended by Act 2023, No. 55,§ 11, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 15, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2890, eff. 7/24/2019. Acts 2003, No. 1479, § 1; 2009, No. 468, § 14; 2011, No. 69, § 21; 2011, No. 974, § 8.

(a) As used in this section, "domestic federal service" means service rendered as a teacher or administrator in any school or similar institution located on a military base or installation that is administered by the United States Department of Defense.

(b) On and after January 1, 2003, a member shall be eligible upon application to purchase domestic federal service to be credited as service under this section under the following conditions: (1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system, and it shall be limited to ten (10) years; (2) (A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits. (B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions; (3) The domestic federal service shall not become credited service under this system until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service exclusive of domestic federal service. (ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request; (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this section that the Board of Trustees of the Arkansas Teacher Retirement System may adopt.

(1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system, and it shall be limited to ten (10) years;

(2) (A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits. (B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions;

(A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits.

(B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions;

(3) The domestic federal service shall not become credited service under this system until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service exclusive of domestic federal service. (ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request;

(A) The member payment under this section has been paid in full; and

(B) (i) The member has established five (5) or more years of actual service exclusive of domestic federal service. (ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request;

(i) The member has established five (5) or more years of actual service exclusive of domestic federal service.

(ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request;

(4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and

(5) Any other rules consistent with this section that the Board of Trustees of the Arkansas Teacher Retirement System may adopt.

(c) A member may purchase a fraction of a year of domestic federal service to be credited as service under this subchapter in the manner provided for domestic federal service under subsection (b) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) year of domestic federal service in a fiscal year under § 24-7-601 ; and (2) The fraction of a year of domestic federal service may be credited in keeping with policies as provided by § 24-7-601 .

(1) The member has not less than one-fourth (¼) year of domestic federal service in a fiscal year under § 24-7-601 ; and

(2) The fraction of a year of domestic federal service may be credited in keeping with policies as provided by § 24-7-601 .

(d) However, the board shall not implement this section until the system has reduced its unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years to a level less than the standards prescribed for those public retirement systems under §§ 24-1-104 and 24-1-105 .

(e) 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 domestic federal service is established as credited service in the system; or (2) Domestic federal service 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 domestic federal service is established as credited service in the system; or

(2) Domestic federal service is not otherwise used to establish the member's eligibility for retirement under the system.

Amended by Act 2023, No. 55,§ 11, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 15, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2890, eff. 7/24/2019.

Acts 2003, No. 1479, § 1; 2009, No. 468, § 14; 2011, No. 69, § 21; 2011, No. 974, § 8.
Ark. Code Ann. § 24-6-306 — AR Code / Title 24 / Chapter 6 / Subchapter 3 / Section 24-6-306
Duration
Status: in_force

(a) The duration of participation in the Arkansas State Police Officers Deferred Option Plan for active state police officers shall not exceed seven (7) years. (b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the Division of Arkansas State Police and shall start receiving the member's accrued monthly retirement benefit from the State Police Retirement System. Acts 1995, No. 967, § 1; 2005, No. 1969, § 1.

(a) The duration of participation in the Arkansas State Police Officers Deferred Option Plan for active state police officers shall not exceed seven (7) years.

(b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the Division of Arkansas State Police and shall start receiving the member's accrued monthly retirement benefit from the State Police Retirement System.

Acts 1995, No. 967, § 1; 2005, No. 1969, § 1.
Ark. Code Ann. § 24-7-203 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-203
Penalty
Status: in_force

Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in an attempt to defraud the Arkansas Teacher Retirement System shall be guilty of a Class A misdemeanor and upon conviction shall be punished as provided by law. Acts 1973, No. 427, § 10; A.S.A. 1947, § 80-1444; Acts 2005, No. 1994, § 207.

Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in an attempt to defraud the Arkansas Teacher Retirement System shall be guilty of a Class A misdemeanor and upon conviction shall be punished as provided by law.

Acts 1973, No. 427, § 10; A.S.A. 1947, § 80-1444; Acts 2005, No. 1994, § 207.
Ark. Code Ann. § 24-4-747 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-747
Erroneous membership of certain employees
Status: in_force

(a) A person who was erroneously included in the Arkansas Public Employees' Retirement System for at least two (2) years and whose disqualification from the Arkansas Public Employees' Retirement System was due to employment that caused the person to be a member of another state-supported or state-authorized retirement system may elect to restore service credit lost as a result of the erroneous dual coverage if: (1) The person is a member of the Arkansas Public Employees' Retirement System at the time of applying to restore the lost credited service; (2) The person applies to restore the lost service credit within two (2) years after the Arkansas Public Employees' Retirement System refunded contributions; and (3) Any contributions and interest that were refunded by the Arkansas Public Employees' Retirement System are repaid, along with any interest accruing from the date of the refunding until the funds are actually repaid to the Arkansas Public Employees' Retirement System. (b) A person who elects to restore credited service under this section shall not be entitled to receive credited service in the other state-supported retirement system for the same period. The other system shall refund contributions paid for the period plus reasonable interest on the contributions at the rate determined by the board of trustees of the other system. Acts 1999, No. 1010, § 1.

(a) A person who was erroneously included in the Arkansas Public Employees' Retirement System for at least two (2) years and whose disqualification from the Arkansas Public Employees' Retirement System was due to employment that caused the person to be a member of another state-supported or state-authorized retirement system may elect to restore service credit lost as a result of the erroneous dual coverage if: (1) The person is a member of the Arkansas Public Employees' Retirement System at the time of applying to restore the lost credited service; (2) The person applies to restore the lost service credit within two (2) years after the Arkansas Public Employees' Retirement System refunded contributions; and (3) Any contributions and interest that were refunded by the Arkansas Public Employees' Retirement System are repaid, along with any interest accruing from the date of the refunding until the funds are actually repaid to the Arkansas Public Employees' Retirement System.

(1) The person is a member of the Arkansas Public Employees' Retirement System at the time of applying to restore the lost credited service;

(2) The person applies to restore the lost service credit within two (2) years after the Arkansas Public Employees' Retirement System refunded contributions; and

(3) Any contributions and interest that were refunded by the Arkansas Public Employees' Retirement System are repaid, along with any interest accruing from the date of the refunding until the funds are actually repaid to the Arkansas Public Employees' Retirement System.

(b) A person who elects to restore credited service under this section shall not be entitled to receive credited service in the other state-supported retirement system for the same period. The other system shall refund contributions paid for the period plus reasonable interest on the contributions at the rate determined by the board of trustees of the other system.

Acts 1999, No. 1010, § 1.
Ark. Code Ann. § 24-4-1108 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1108
Benefit provisions - Death in service
Status: in_force

(a) (1) If an active member or former member with less than five (5) years of actual service dies while employed by a covered employer, the member's accumulated contributions and interest are refundable to the named beneficiary. (2) If no designated person survives the member, the accumulated contributions will be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive the payments with or without the appointment of a representative in this state. (b) If an active member or former member with five (5) or more years of actual service dies before retirement, the benefits under this section will be paid upon written application to the Board of Trustees of the Arkansas Public Employees' Retirement System as provided in § 24-4-608 . Acts 2005, No. 2084, § 4.

(a) (1) If an active member or former member with less than five (5) years of actual service dies while employed by a covered employer, the member's accumulated contributions and interest are refundable to the named beneficiary. (2) If no designated person survives the member, the accumulated contributions will be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive the payments with or without the appointment of a representative in this state.

(1) If an active member or former member with less than five (5) years of actual service dies while employed by a covered employer, the member's accumulated contributions and interest are refundable to the named beneficiary.

(2) If no designated person survives the member, the accumulated contributions will be paid in accordance with the laws of descent and distribution of the State of Arkansas.

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

(b) If an active member or former member with five (5) or more years of actual service dies before retirement, the benefits under this section will be paid upon written application to the Board of Trustees of the Arkansas Public Employees' Retirement System as provided in § 24-4-608 .

Acts 2005, No. 2084, § 4.
Ark. Code Ann. § 24-8-718 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-718
Effective date of survivor benefits
Status: in_force

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under the Tier Two Actual Judicial Service Benefit Plan is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits. Added by Act 2023, No. 262,§ 2, eff. 8/1/2023.

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under the Tier Two Actual Judicial Service Benefit Plan is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.

Added by Act 2023, No. 262,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 24-7-805 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-805
Methods of providing benefits - Agent for service of process
Status: in_force

(a) An alternate retirement plan may be a separate system or fund or may be one which participates in a larger system or fund with respect to some or all of the benefits provided thereunder. (b) The benefits to be provided for or on behalf of staff members and employees of the Division of Higher Education under an alternate retirement plan may be provided through insurance policies and annuity contracts, both fixed and variable in nature, or a combination thereof, as specified in the plan, which insurance policies and annuity contracts may be obtained from any insurance company authorized to do business in this state or from any nonprofit company organized and operated exclusively for the purpose of aiding and strengthening educational or scientific institutions by issuing insurance or annuity contracts only to or for the benefit of such institutions or individuals engaged in their services. (c) In any action brought by a staff member or division employee on a policy or contract, any official of the college or the Commissioner of the Division of Higher Education shall be deemed to be the agent of the nonprofit company only for the purpose of service of process on the contract or policy, and for no other purpose. Amended by Act 2023, No. 786,§ 51, eff. 4/12/2023. Amended by Act 2019, No. 910,§ 2374, eff. 7/1/2019. Acts 1967, No. 436, § 3; A.S.A. 1947, § 80-1459; Acts 1991, No. 511, § 3.

(a) An alternate retirement plan may be a separate system or fund or may be one which participates in a larger system or fund with respect to some or all of the benefits provided thereunder.

(b) The benefits to be provided for or on behalf of staff members and employees of the Division of Higher Education under an alternate retirement plan may be provided through insurance policies and annuity contracts, both fixed and variable in nature, or a combination thereof, as specified in the plan, which insurance policies and annuity contracts may be obtained from any insurance company authorized to do business in this state or from any nonprofit company organized and operated exclusively for the purpose of aiding and strengthening educational or scientific institutions by issuing insurance or annuity contracts only to or for the benefit of such institutions or individuals engaged in their services.

(c) In any action brought by a staff member or division employee on a policy or contract, any official of the college or the Commissioner of the Division of Higher Education shall be deemed to be the agent of the nonprofit company only for the purpose of service of process on the contract or policy, and for no other purpose.

Amended by Act 2023, No. 786,§ 51, eff. 4/12/2023.

Amended by Act 2019, No. 910,§ 2374, eff. 7/1/2019.

Acts 1967, No. 436, § 3; A.S.A. 1947, § 80-1459; Acts 1991, No. 511, § 3.
Ark. Code Ann. § 24-1-305 — AR Code / Title 24 / Chapter 1 / Subchapter 3 / Section 24-1-305
Notice to beneficiary
Status: in_force

(a) (1) The executive director or executive secretary of the applicable retirement system or his or her designee shall notify a beneficiary when benefits shall not be paid as provided under § 24-1-302 . (2) The notice provided under subdivision (a)(1) of this section shall advise the beneficiary of: (A) The specific facts supporting the retirement system's nonpayment of benefits; and (B) His or her right to request a waiver of the forfeiture before the board of trustees of the retirement system. (b) (1) A beneficiary shall request a waiver of the forfeiture by the board of trustees of the retirement system within thirty (30) days of receiving the notice required under subsection (a) of this section. (2) A waiver request made under subdivision (b)(1) of this section shall be submitted to the board of trustees of the retirement system in the manner specified by the applicable retirement system. (c) Upon receiving a waiver request submitted under subdivision (b)(1) of this section, the board of trustees of the retirement system shall set and notify the beneficiary of the waiver hearing date. Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.

(a) (1) The executive director or executive secretary of the applicable retirement system or his or her designee shall notify a beneficiary when benefits shall not be paid as provided under § 24-1-302 . (2) The notice provided under subdivision (a)(1) of this section shall advise the beneficiary of: (A) The specific facts supporting the retirement system's nonpayment of benefits; and (B) His or her right to request a waiver of the forfeiture before the board of trustees of the retirement system.

(1) The executive director or executive secretary of the applicable retirement system or his or her designee shall notify a beneficiary when benefits shall not be paid as provided under § 24-1-302 .

(2) The notice provided under subdivision (a)(1) of this section shall advise the beneficiary of: (A) The specific facts supporting the retirement system's nonpayment of benefits; and (B) His or her right to request a waiver of the forfeiture before the board of trustees of the retirement system.

(A) The specific facts supporting the retirement system's nonpayment of benefits; and

(B) His or her right to request a waiver of the forfeiture before the board of trustees of the retirement system.

(b) (1) A beneficiary shall request a waiver of the forfeiture by the board of trustees of the retirement system within thirty (30) days of receiving the notice required under subsection (a) of this section. (2) A waiver request made under subdivision (b)(1) of this section shall be submitted to the board of trustees of the retirement system in the manner specified by the applicable retirement system.

(1) A beneficiary shall request a waiver of the forfeiture by the board of trustees of the retirement system within thirty (30) days of receiving the notice required under subsection (a) of this section.

(2) A waiver request made under subdivision (b)(1) of this section shall be submitted to the board of trustees of the retirement system in the manner specified by the applicable retirement system.

(c) Upon receiving a waiver request submitted under subdivision (b)(1) of this section, the board of trustees of the retirement system shall set and notify the beneficiary of the waiver hearing date.

Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-7-1603 — AR Code / Title 24 / Chapter 7 / Subchapter 16 / Section 24-7-1603
Provisions of subchapter controlling
Status: in_force

(a) (1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternate retirement plan that is offered by a PSHE employer. (2) This subchapter is enacted to supersede and specifically control any inconsistent provisions under § 24-7-801 et seq., § 24-7-901 et seq., and § 24-7-1001 et seq. (b) The Arkansas Teacher Retirement System retirement plan is administered under the provisions of the Arkansas Teacher Retirement System Act. Amended by Act 2021, No. 427,§ 6, eff. 3/23/2021. Acts 2011, No. 513, § 1.

(a) (1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternate retirement plan that is offered by a PSHE employer. (2) This subchapter is enacted to supersede and specifically control any inconsistent provisions under § 24-7-801 et seq., § 24-7-901 et seq., and § 24-7-1001 et seq.

(1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternate retirement plan that is offered by a PSHE employer.

(2) This subchapter is enacted to supersede and specifically control any inconsistent provisions under § 24-7-801 et seq., § 24-7-901 et seq., and § 24-7-1001 et seq.

(b) The Arkansas Teacher Retirement System retirement plan is administered under the provisions of the Arkansas Teacher Retirement System Act.

Amended by Act 2021, No. 427,§ 6, eff. 3/23/2021.

Acts 2011, No. 513, § 1.
Ark. Code Ann. § 24-7-906 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-906
Approval of companies and contracts
Status: in_force

(a) The Career Education and Workforce Development Board shall approve the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts. (b) In giving the approval, the board shall give due consideration to: (1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries; (2) The relation of those rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter; (3) The suitability of the rights and benefits to the needs of the staff members and the interests of the vocational education school and the Department of Career Education in the recruitment and retention of staff members; and (4) The ability of the approved companies to provide the suitable rights and benefits under the contracts. Amended by Act 2019, No. 84,§ 4, eff. 7/24/2019. Acts 1983, No. 480, § 6; A.S.A. 1947, § 80-1471.

(a) The Career Education and Workforce Development Board shall approve the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts.

(b) In giving the approval, the board shall give due consideration to: (1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries; (2) The relation of those rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter; (3) The suitability of the rights and benefits to the needs of the staff members and the interests of the vocational education school and the Department of Career Education in the recruitment and retention of staff members; and (4) The ability of the approved companies to provide the suitable rights and benefits under the contracts.

(1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries;

(2) The relation of those rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter;

(3) The suitability of the rights and benefits to the needs of the staff members and the interests of the vocational education school and the Department of Career Education in the recruitment and retention of staff members; and

(4) The ability of the approved companies to provide the suitable rights and benefits under the contracts.

Amended by Act 2019, No. 84,§ 4, eff. 7/24/2019.

Acts 1983, No. 480, § 6; A.S.A. 1947, § 80-1471.
Ark. Code Ann. § 24-4-741 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-741
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 11, eff. 3/13/2019. Acts 1993, No. 1229, § 1; 2001, No. 151, § 45.

Repealed by Act 2019, No. 448,§ 11, eff. 3/13/2019.

Acts 1993, No. 1229, § 1; 2001, No. 151, § 45.
Ark. Code Ann. § 24-11-101 — AR Code / Title 24 / Chapter 11 / Subchapter 1 / Section 24-11-101
Legislative intent
Status: in_force

(a) The provisions of this subchapter are intended to establish procedures whereby the benefits to members and beneficiaries under the firemen's relief and pension funds and the policemen's pension and relief funds within the respective municipalities of this state may be increased on an orderly basis without a deterioration of actuarial soundness and are further intended to establish procedures for review and certification in order that the proposed increase in pension and relief fund benefits will not result in a deterioration of actuarial soundness prior to the adoption or implementation thereof. (b) It is not the intent of this subchapter to repeal or modify any of the existing firemen's relief and pension fund or policemen's pension and relief fund laws of this state, and this subchapter shall be construed to supplement and to be in addition to any of those laws in effect. Acts 1979, No. 839, § 3; 1981, No. 283, § 3; A.S.A. 1947, § 19-2232.

(a) The provisions of this subchapter are intended to establish procedures whereby the benefits to members and beneficiaries under the firemen's relief and pension funds and the policemen's pension and relief funds within the respective municipalities of this state may be increased on an orderly basis without a deterioration of actuarial soundness and are further intended to establish procedures for review and certification in order that the proposed increase in pension and relief fund benefits will not result in a deterioration of actuarial soundness prior to the adoption or implementation thereof.

(b) It is not the intent of this subchapter to repeal or modify any of the existing firemen's relief and pension fund or policemen's pension and relief fund laws of this state, and this subchapter shall be construed to supplement and to be in addition to any of those laws in effect.

Acts 1979, No. 839, § 3; 1981, No. 283, § 3; A.S.A. 1947, § 19-2232.
Ark. Code Ann. § 24-4-710 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-710
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 7, eff. 3/13/2019. Acts 1981, No. 412, § 1; 1981, No. 491, § 1; A.S.A. 1947, § 12-2580; Acts 1999, No. 627, § 3; 2001, No. 151, § 38.

Repealed by Act 2019, No. 448,§ 7, eff. 3/13/2019.

Acts 1981, No. 412, § 1; 1981, No. 491, § 1; A.S.A. 1947, § 12-2580; Acts 1999, No. 627, § 3; 2001, No. 151, § 38.
Ark. Code Ann. § 24-8-717 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-717
Redetermination of benefits
Status: in_force

Notwithstanding § 24-8-715 [repealed], each July 1 the Arkansas Judicial Retirement System shall redetermine the amount of each monthly benefit which has been paid by the system under the Tier Two Actual Judicial Service Benefit Plan for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%). Acts 1999, No. 1067, § 2.

Notwithstanding § 24-8-715 [repealed], each July 1 the Arkansas Judicial Retirement System shall redetermine the amount of each monthly benefit which has been paid by the system under the Tier Two Actual Judicial Service Benefit Plan for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).

Acts 1999, No. 1067, § 2.
Ark. Code Ann. § 24-8-214 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-214
Credited service - Transfer of four years' service as prosecuting attorney
Status: in_force

Any person who shall have served not less than two (2) years as an elected prosecuting attorney in this state and who holds credited service therefor in the Arkansas Public Employees' Retirement System, as established by § 24-4-103 , anytime after being elected as a circuit judge, chancery judge, circuit-chancery judge, or justice of the Supreme Court, is authorized to transfer his or her credited service in the Arkansas Public Employees' Retirement System to the Arkansas Judicial Retirement System by: (1) Notifying, in writing, the administrative body of each of the retirement plans of his or her intention to so transfer his or her tenure; (2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer to the Arkansas Judicial Retirement System any sums of money paid for his or her retirement to the Arkansas Public Employees' Retirement System by the elected prosecuting attorney; and (3) (A) Paying into the Arkansas Judicial Retirement System an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money transferred from the Arkansas Public Employees' Retirement System as authorized in this section. (B) Upon transferring the credited service from the Arkansas Public Employees' Retirement System, the person shall be given credited service in the Arkansas Judicial Retirement System for an equal number of years of credited service for which he or she has qualified under the Arkansas Public Employees' Retirement System as an elected prosecuting attorney. Acts 1973, No. 192, § 1; A.S.A. 1947, § 22-913; Acts 1997, No. 926, § 1.

Any person who shall have served not less than two (2) years as an elected prosecuting attorney in this state and who holds credited service therefor in the Arkansas Public Employees' Retirement System, as established by § 24-4-103 , anytime after being elected as a circuit judge, chancery judge, circuit-chancery judge, or justice of the Supreme Court, is authorized to transfer his or her credited service in the Arkansas Public Employees' Retirement System to the Arkansas Judicial Retirement System by:

(1) Notifying, in writing, the administrative body of each of the retirement plans of his or her intention to so transfer his or her tenure;

(2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer to the Arkansas Judicial Retirement System any sums of money paid for his or her retirement to the Arkansas Public Employees' Retirement System by the elected prosecuting attorney; and

(3) (A) Paying into the Arkansas Judicial Retirement System an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money transferred from the Arkansas Public Employees' Retirement System as authorized in this section. (B) Upon transferring the credited service from the Arkansas Public Employees' Retirement System, the person shall be given credited service in the Arkansas Judicial Retirement System for an equal number of years of credited service for which he or she has qualified under the Arkansas Public Employees' Retirement System as an elected prosecuting attorney.

(A) Paying into the Arkansas Judicial Retirement System an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money transferred from the Arkansas Public Employees' Retirement System as authorized in this section.

(B) Upon transferring the credited service from the Arkansas Public Employees' Retirement System, the person shall be given credited service in the Arkansas Judicial Retirement System for an equal number of years of credited service for which he or she has qualified under the Arkansas Public Employees' Retirement System as an elected prosecuting attorney.

Acts 1973, No. 192, § 1; A.S.A. 1947, § 22-913; Acts 1997, No. 926, § 1.
Ark. Code Ann. § 24-6-304 — AR Code / Title 24 / Chapter 6 / Subchapter 3 / Section 24-6-304
Benefits - Rate of return
Status: in_force

(a) The member's monthly retirement benefit shall not change unless the Arkansas State Police Officers Deferred Option Plan receives a benefit increase. (b) (1) A member who participates in the plan shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than the actuarially assumed investment rate of return for that time. (2) The interest shall be credited to the individual account balance of the member on an annual basis. Acts 1995, No. 967, § 1; 2005, No. 1024, § 1; 2005, No. 1969, § 2; 2007, No. 404, § 3.

(a) The member's monthly retirement benefit shall not change unless the Arkansas State Police Officers Deferred Option Plan receives a benefit increase.

(b) (1) A member who participates in the plan shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than the actuarially assumed investment rate of return for that time. (2) The interest shall be credited to the individual account balance of the member on an annual basis.

(1) A member who participates in the plan shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than the actuarially assumed investment rate of return for that time.

(2) The interest shall be credited to the individual account balance of the member on an annual basis.

Acts 1995, No. 967, § 1; 2005, No. 1024, § 1; 2005, No. 1969, § 2; 2007, No. 404, § 3.