Ark. Code Ann. § 24-7-205 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-205
Correction of errors
Status: in_force

(a) (1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the records had been correct, the system or its designee shall correct the record and, as far as practicable, shall adjust the obligation, liability, contribution, or other right to payment. (2) A refund payable to a benefit participant shall be paid based on the corrected record. (3) The system may withhold an amount owed to the system from a benefit participant to correct an overpayment made to the benefit participant. (b) (1) If a benefit participant has a balance due to the system or receives any benefit or other distribution by the system to which the benefit participant is not entitled or the benefit participant or employer has an unpaid obligation to the system, the system or its designee, under rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System, may: (A) Withhold the amount due from any benefit or payment due the benefit participant; (B) Collect the amount in any other manner provided by law; or (C) (i) Convert contributory service credit to noncontributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system convert the contributory service credit rather than pay the balance due. (ii) If contributory service credit is converted to noncontributory service credit under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year without interest. (2) Withheld amounts shall be used to effect repayment until the total amount withheld equals all amounts payable by the benefit participant to the system. (3) (A) Before making an adjustment of benefits or pursuing any other collection action under this section, the system or its designee shall provide notice to the benefit participant or employer. (B) The notice shall describe the process for disputing an adjustment of benefits. (4) The board or its designee may waive adjustment or repayment due to the system, including interest, if: (A) The error was not the result of the benefit participant's or employer's intentional nondisclosure, fraud, misrepresentation, or other fault; and (B) The board or its designee finds in his or her or its sole discretion that recovery of the amount owed to the system will result in a manifest injustice. (c) A determination, review, administrative action, cause of action, request to enforce, change, or modify an obligation, duty, benefit calculation, designation, refund, contribution, service credit, or other right arising under this subchapter shall not be valid unless commenced within the look-back period unless the system determines that the justification to commence the process is due to intentional nondisclosure, fraud, misrepresentation, criminal act, or an obvious or documented error by an employer or the system that understated the service credit or salary of a member. (d) The board or its designee may make adjustments to the employer, member, and system records beyond the look-back period if the board determines that the time limitation imposed by the look-back period will result in a manifest injustice in a specific case. (e) The board or its designee may waive or modify the impact of a rule, provision, or law that does not violate federal law or jeopardize the tax-qualified status of the system to correct or prevent a manifest injustice that would affect the system, benefit participant, or employer in a particular instance. Amended by Act 2021, No. 190,§ 2, eff. 7/1/2021. Amended by Act 2021, No. 190,§ 1, eff. 7/1/2021. Amended by Act 2019, No. 85,§ 1, eff. 7/24/2019. Amended by Act 2017, No. 241,§ 1, eff. 2/21/2017. Amended by Act 2013, No. 303,§ 2, eff. 8/16/2013. Acts 1973, No. 427, § 10; A.S.A. 1947, § 80-1444; Acts 2005, No. 1026, § 1; 2009, No. 465, § 1; 2009, No. 468, § 2; 2011, No. 138, § 2.

(a) (1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the records had been correct, the system or its designee shall correct the record and, as far as practicable, shall adjust the obligation, liability, contribution, or other right to payment. (2) A refund payable to a benefit participant shall be paid based on the corrected record. (3) The system may withhold an amount owed to the system from a benefit participant to correct an overpayment made to the benefit participant.

(1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the records had been correct, the system or its designee shall correct the record and, as far as practicable, shall adjust the obligation, liability, contribution, or other right to payment.

(2) A refund payable to a benefit participant shall be paid based on the corrected record.

(3) The system may withhold an amount owed to the system from a benefit participant to correct an overpayment made to the benefit participant.

(b) (1) If a benefit participant has a balance due to the system or receives any benefit or other distribution by the system to which the benefit participant is not entitled or the benefit participant or employer has an unpaid obligation to the system, the system or its designee, under rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System, may: (A) Withhold the amount due from any benefit or payment due the benefit participant; (B) Collect the amount in any other manner provided by law; or (C) (i) Convert contributory service credit to noncontributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system convert the contributory service credit rather than pay the balance due. (ii) If contributory service credit is converted to noncontributory service credit under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year without interest. (2) Withheld amounts shall be used to effect repayment until the total amount withheld equals all amounts payable by the benefit participant to the system. (3) (A) Before making an adjustment of benefits or pursuing any other collection action under this section, the system or its designee shall provide notice to the benefit participant or employer. (B) The notice shall describe the process for disputing an adjustment of benefits. (4) The board or its designee may waive adjustment or repayment due to the system, including interest, if: (A) The error was not the result of the benefit participant's or employer's intentional nondisclosure, fraud, misrepresentation, or other fault; and (B) The board or its designee finds in his or her or its sole discretion that recovery of the amount owed to the system will result in a manifest injustice.

(1) If a benefit participant has a balance due to the system or receives any benefit or other distribution by the system to which the benefit participant is not entitled or the benefit participant or employer has an unpaid obligation to the system, the system or its designee, under rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System, may: (A) Withhold the amount due from any benefit or payment due the benefit participant; (B) Collect the amount in any other manner provided by law; or (C) (i) Convert contributory service credit to noncontributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system convert the contributory service credit rather than pay the balance due. (ii) If contributory service credit is converted to noncontributory service credit under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year without interest.

(A) Withhold the amount due from any benefit or payment due the benefit participant;

(B) Collect the amount in any other manner provided by law; or

(C) (i) Convert contributory service credit to noncontributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system convert the contributory service credit rather than pay the balance due. (ii) If contributory service credit is converted to noncontributory service credit under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year without interest.

(i) Convert contributory service credit to noncontributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system convert the contributory service credit rather than pay the balance due.

(ii) If contributory service credit is converted to noncontributory service credit under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year without interest.

(2) Withheld amounts shall be used to effect repayment until the total amount withheld equals all amounts payable by the benefit participant to the system.

(3) (A) Before making an adjustment of benefits or pursuing any other collection action under this section, the system or its designee shall provide notice to the benefit participant or employer. (B) The notice shall describe the process for disputing an adjustment of benefits.

(A) Before making an adjustment of benefits or pursuing any other collection action under this section, the system or its designee shall provide notice to the benefit participant or employer.

(B) The notice shall describe the process for disputing an adjustment of benefits.

(4) The board or its designee may waive adjustment or repayment due to the system, including interest, if: (A) The error was not the result of the benefit participant's or employer's intentional nondisclosure, fraud, misrepresentation, or other fault; and (B) The board or its designee finds in his or her or its sole discretion that recovery of the amount owed to the system will result in a manifest injustice.

(A) The error was not the result of the benefit participant's or employer's intentional nondisclosure, fraud, misrepresentation, or other fault; and

(B) The board or its designee finds in his or her or its sole discretion that recovery of the amount owed to the system will result in a manifest injustice.

(c) A determination, review, administrative action, cause of action, request to enforce, change, or modify an obligation, duty, benefit calculation, designation, refund, contribution, service credit, or other right arising under this subchapter shall not be valid unless commenced within the look-back period unless the system determines that the justification to commence the process is due to intentional nondisclosure, fraud, misrepresentation, criminal act, or an obvious or documented error by an employer or the system that understated the service credit or salary of a member.

(d) The board or its designee may make adjustments to the employer, member, and system records beyond the look-back period if the board determines that the time limitation imposed by the look-back period will result in a manifest injustice in a specific case.

(e) The board or its designee may waive or modify the impact of a rule, provision, or law that does not violate federal law or jeopardize the tax-qualified status of the system to correct or prevent a manifest injustice that would affect the system, benefit participant, or employer in a particular instance.

Amended by Act 2021, No. 190,§ 2, eff. 7/1/2021.

Amended by Act 2021, No. 190,§ 1, eff. 7/1/2021.

Amended by Act 2019, No. 85,§ 1, eff. 7/24/2019.

Amended by Act 2017, No. 241,§ 1, eff. 2/21/2017.

Amended by Act 2013, No. 303,§ 2, eff. 8/16/2013.

Acts 1973, No. 427, § 10; A.S.A. 1947, § 80-1444; Acts 2005, No. 1026, § 1; 2009, No. 465, § 1; 2009, No. 468, § 2; 2011, No. 138, § 2.
Ark. Code Ann. § 24-8-311 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-311
Eligibility for benefits - Clerks
Status: in_force

(a) (1) Any clerk of a municipal court to which this subchapter applies, appointed by the judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; or (B) Has served in office for at least twenty (20) years irrespective of age. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office. (3) After the death of the clerk, the surviving spouse of a qualifying court clerk shall be entitled to continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries. (b) Upon the approval of the governing body of the municipality and following a determination of the actuarial soundness of the fund from which the benefits shall be paid, any court clerk of a municipal court who upon reaching sixty-eight (68) years of age will have served for a minimum of seven (7) years immediately prior to severance from employment may retire with a reduced benefit in an amount equal to seven-tenths (0.7) of the benefits payable under subsection (a) of this section. (c) (1) The board of trustees by resolution may provide retirement benefits to a clerk who is incapacitated due to illness or disability and has served for a minimum of seven (7) years. (2) The clerk may retire with a reduced benefit in an amount equal to seven-tenths (0.7) of the benefits payable under subsection (a) of this section. Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917; Acts 1989, No. 714, § 1; 1991, No. 499, § 1; 2001, No. 1613, § 2.

(a) (1) Any clerk of a municipal court to which this subchapter applies, appointed by the judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; or (B) Has served in office for at least twenty (20) years irrespective of age. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office. (3) After the death of the clerk, the surviving spouse of a qualifying court clerk shall be entitled to continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries.

(1) Any clerk of a municipal court to which this subchapter applies, appointed by the judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; or (B) Has served in office for at least twenty (20) years irrespective of age.

(A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; or

(B) Has served in office for at least twenty (20) years irrespective of age.

(2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office.

(3) After the death of the clerk, the surviving spouse of a qualifying court clerk shall be entitled to continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries.

(b) Upon the approval of the governing body of the municipality and following a determination of the actuarial soundness of the fund from which the benefits shall be paid, any court clerk of a municipal court who upon reaching sixty-eight (68) years of age will have served for a minimum of seven (7) years immediately prior to severance from employment may retire with a reduced benefit in an amount equal to seven-tenths (0.7) of the benefits payable under subsection (a) of this section.

(c) (1) The board of trustees by resolution may provide retirement benefits to a clerk who is incapacitated due to illness or disability and has served for a minimum of seven (7) years. (2) The clerk may retire with a reduced benefit in an amount equal to seven-tenths (0.7) of the benefits payable under subsection (a) of this section.

(1) The board of trustees by resolution may provide retirement benefits to a clerk who is incapacitated due to illness or disability and has served for a minimum of seven (7) years.

(2) The clerk may retire with a reduced benefit in an amount equal to seven-tenths (0.7) of the benefits payable under subsection (a) of this section.

Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917; Acts 1989, No. 714, § 1; 1991, No. 499, § 1; 2001, No. 1613, § 2.
Ark. Code Ann. § 24-7-211 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-211
Appeals
Status: in_force

A benefit participant or employer may appeal a final administrative decision of the Board of Trustees of the Arkansas Teacher Retirement System by filing a complaint in the Pulaski County Circuit Court. Added by Act 2013, No. 45,§ 1, eff. 8/16/2013.

A benefit participant or employer may appeal a final administrative decision of the Board of Trustees of the Arkansas Teacher Retirement System by filing a complaint in the Pulaski County Circuit Court.

Added by Act 2013, No. 45,§ 1, eff. 8/16/2013.
Ark. Code Ann. § 24-6-408 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-408
Benefit provisions - Election of annuity options
Status: in_force

(a) A member may elect to receive his or her annuity as a straight life annuity or elect to have that annuity reduced and designate a beneficiary in writing and file the elections with the State Police Retirement System before that annuity starting date under one (1) of the following options: (1) Option A60 - Sixty (60) Months Certain and Life Annuity. (A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provisions that if the retirant's death occurs before sixty (60) monthly payments have been made, then the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety-six percent (96%) of the straight life annuity; (2) Option A120 - One Hundred Twenty (120) Monthly Certain and Life Annuity. (A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payment shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety percent (90%) of the straight life annuity; (3) Option B50 - Fifty Percent (50%) Survivor Beneficiary Annuity. (A) (i) Under Option B50, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated. (ii) The member may elect either: (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be eighty-three percent (83%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by one-half percent (0.5%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by one-half percent (0.5%), up to a maximum of ninety-five percent (95%), for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B50 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively; or (4) Option B75 - Seventy-Five Percent (75%) Survivor Beneficiary Annuity. (A) (i) Under Option B75, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the system before his or her annuity starting date. (ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be seventy-five percent (75%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by three-quarters percent (0.75%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by three-quarters percent (0.75%) up to a maximum of ninety percent (90%) for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B75 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively. (b) (1) (A) The member may elect to cancel the designation of a beneficiary under Option B50 or Option B75 in writing and file the election with the system upon the: (i) Death of a spouse; (ii) Divorce or other marriage dissolution from the member's spouse; or (iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under subsection (a) of this section. (B) The member's election under this subsection shall return the retirant to his or her straight life annuity, or the member may elect Option A60 or Option A120 annuity, to be effective the month following receipt by the system of his or her election. (2) A retirant who is receiving a straight life or Option A60 or Option A120 annuity and who marries after retirement or within six (6) months immediately preceding retirement may elect to cancel his or her straight life, Option A60, or Option A120 annuity and may elect Option B50 or Option B75 to provide continuing lifetime benefits to his or her spouse, if the election is: (A) Submitted on a form approved by the system; and (B) Received by the system no earlier than six (6) months after the date of the marriage and no later than one (1) year after that date. (3) The election shall be effective the first day of the month following its receipt. (c) If a member fails to elect an option, his or her annuity shall be paid to him or her as a straight life annuity. Amended by Act 2023, No. 250,§ 2, eff. 7/1/2023. Acts 1997, No. 1071, § 1.

(a) A member may elect to receive his or her annuity as a straight life annuity or elect to have that annuity reduced and designate a beneficiary in writing and file the elections with the State Police Retirement System before that annuity starting date under one (1) of the following options: (1) Option A60 - Sixty (60) Months Certain and Life Annuity. (A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provisions that if the retirant's death occurs before sixty (60) monthly payments have been made, then the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety-six percent (96%) of the straight life annuity; (2) Option A120 - One Hundred Twenty (120) Monthly Certain and Life Annuity. (A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payment shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety percent (90%) of the straight life annuity; (3) Option B50 - Fifty Percent (50%) Survivor Beneficiary Annuity. (A) (i) Under Option B50, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated. (ii) The member may elect either: (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be eighty-three percent (83%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by one-half percent (0.5%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by one-half percent (0.5%), up to a maximum of ninety-five percent (95%), for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B50 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively; or (4) Option B75 - Seventy-Five Percent (75%) Survivor Beneficiary Annuity. (A) (i) Under Option B75, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the system before his or her annuity starting date. (ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be seventy-five percent (75%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by three-quarters percent (0.75%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by three-quarters percent (0.75%) up to a maximum of ninety percent (90%) for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B75 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively.

(1) Option A60 - Sixty (60) Months Certain and Life Annuity. (A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provisions that if the retirant's death occurs before sixty (60) monthly payments have been made, then the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety-six percent (96%) of the straight life annuity;

(A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provisions that if the retirant's death occurs before sixty (60) monthly payments have been made, then the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant has designated.

(B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated beneficiary.

(C) The reduced annuity shall be ninety-six percent (96%) of the straight life annuity;

(2) Option A120 - One Hundred Twenty (120) Monthly Certain and Life Annuity. (A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant has designated. (B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payment shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety percent (90%) of the straight life annuity;

(A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant has designated.

(B) If there is no beneficiary surviving, the lump-sum actuarial equivalent of the remaining monthly payment shall be paid to the estate of the last survivor among the retirant and the designated beneficiary.

(C) The reduced annuity shall be ninety percent (90%) of the straight life annuity;

(3) Option B50 - Fifty Percent (50%) Survivor Beneficiary Annuity. (A) (i) Under Option B50, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated. (ii) The member may elect either: (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be eighty-three percent (83%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by one-half percent (0.5%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by one-half percent (0.5%), up to a maximum of ninety-five percent (95%), for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B50 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively; or

(A) (i) Under Option B50, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated. (ii) The member may elect either: (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(i) Under Option B50, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated.

(ii) The member may elect either: (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or

(b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(B) The reduced annuity to the retirant shall be eighty-three percent (83%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by one-half percent (0.5%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by one-half percent (0.5%), up to a maximum of ninety-five percent (95%), for each year that the beneficiary's age is more than the retirant's age.

(C) If the named beneficiary under Option B50 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively; or

(4) Option B75 - Seventy-Five Percent (75%) Survivor Beneficiary Annuity. (A) (i) Under Option B75, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the system before his or her annuity starting date. (ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be seventy-five percent (75%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by three-quarters percent (0.75%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by three-quarters percent (0.75%) up to a maximum of ninety percent (90%) for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B75 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively.

(A) (i) Under Option B75, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the system before his or her annuity starting date. (ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(i) Under Option B75, the retirant shall be paid a reduced annuity for life, and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the system before his or her annuity starting date.

(ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or

(b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date.

(B) The reduced annuity to the retirant shall be seventy-five percent (75%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by three-quarters percent (0.75%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by three-quarters percent (0.75%) up to a maximum of ninety percent (90%) for each year that the beneficiary's age is more than the retirant's age.

(C) If the named beneficiary under Option B75 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively.

(b) (1) (A) The member may elect to cancel the designation of a beneficiary under Option B50 or Option B75 in writing and file the election with the system upon the: (i) Death of a spouse; (ii) Divorce or other marriage dissolution from the member's spouse; or (iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under subsection (a) of this section. (B) The member's election under this subsection shall return the retirant to his or her straight life annuity, or the member may elect Option A60 or Option A120 annuity, to be effective the month following receipt by the system of his or her election. (2) A retirant who is receiving a straight life or Option A60 or Option A120 annuity and who marries after retirement or within six (6) months immediately preceding retirement may elect to cancel his or her straight life, Option A60, or Option A120 annuity and may elect Option B50 or Option B75 to provide continuing lifetime benefits to his or her spouse, if the election is: (A) Submitted on a form approved by the system; and (B) Received by the system no earlier than six (6) months after the date of the marriage and no later than one (1) year after that date. (3) The election shall be effective the first day of the month following its receipt.

(1) (A) The member may elect to cancel the designation of a beneficiary under Option B50 or Option B75 in writing and file the election with the system upon the: (i) Death of a spouse; (ii) Divorce or other marriage dissolution from the member's spouse; or (iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under subsection (a) of this section. (B) The member's election under this subsection shall return the retirant to his or her straight life annuity, or the member may elect Option A60 or Option A120 annuity, to be effective the month following receipt by the system of his or her election.

(A) The member may elect to cancel the designation of a beneficiary under Option B50 or Option B75 in writing and file the election with the system upon the: (i) Death of a spouse; (ii) Divorce or other marriage dissolution from the member's spouse; or (iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under subsection (a) of this section.

(i) Death of a spouse;

(ii) Divorce or other marriage dissolution from the member's spouse; or

(iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under subsection (a) of this section.

(B) The member's election under this subsection shall return the retirant to his or her straight life annuity, or the member may elect Option A60 or Option A120 annuity, to be effective the month following receipt by the system of his or her election.

(2) A retirant who is receiving a straight life or Option A60 or Option A120 annuity and who marries after retirement or within six (6) months immediately preceding retirement may elect to cancel his or her straight life, Option A60, or Option A120 annuity and may elect Option B50 or Option B75 to provide continuing lifetime benefits to his or her spouse, if the election is: (A) Submitted on a form approved by the system; and (B) Received by the system no earlier than six (6) months after the date of the marriage and no later than one (1) year after that date.

(A) Submitted on a form approved by the system; and

(B) Received by the system no earlier than six (6) months after the date of the marriage and no later than one (1) year after that date.

(3) The election shall be effective the first day of the month following its receipt.

(c) If a member fails to elect an option, his or her annuity shall be paid to him or her as a straight life annuity.

Amended by Act 2023, No. 250,§ 2, eff. 7/1/2023.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-5-106 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-106
Establishment of retirement fund
Status: in_force

(a) There is created a trust fund to be known as the "Arkansas State Highway Employees' Retirement System Fund", which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter. (b) The employer shall draw vouchers or cause vouchers to be drawn upon the State Highway and Transportation Department Fund for deposit into the Arkansas State Highway Employees' Retirement System Fund for such sums of money as are provided in § 24-5-109 to match employee contributions as certified by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System: (1) In accordance with the provisions of this section and §§ 24-5-101 - 24-5-105 , 24-5-107 - 24-5-109 , and 24-5-112 - 24-5-118 ; or (2) As provided under § 24-5-137 . (c) (1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the system, subject to the orders and directions of the board. (2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities. (d) The Attorney General shall serve as legal advisor to the board. (e) It shall be the duty of the Legislative Auditor to audit the finances of the system one (1) time or more often if either the auditor or the board consider such action necessary. (f) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Amended by Act 2017, No. 796,§ 1, eff. 8/1/2017. Acts 1949, No. 454, § 4; 1969, No. 167, § 3; 1981, No. 295, §§ 4, 5; A.S.A. 1947, § 76-1904; Acts 2011, No. 16, § 1.

(a) There is created a trust fund to be known as the "Arkansas State Highway Employees' Retirement System Fund", which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter.

(b) The employer shall draw vouchers or cause vouchers to be drawn upon the State Highway and Transportation Department Fund for deposit into the Arkansas State Highway Employees' Retirement System Fund for such sums of money as are provided in § 24-5-109 to match employee contributions as certified by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System: (1) In accordance with the provisions of this section and §§ 24-5-101 - 24-5-105 , 24-5-107 - 24-5-109 , and 24-5-112 - 24-5-118 ; or (2) As provided under § 24-5-137 .

(1) In accordance with the provisions of this section and §§ 24-5-101 - 24-5-105 , 24-5-107 - 24-5-109 , and 24-5-112 - 24-5-118 ; or

(2) As provided under § 24-5-137 .

(c) (1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the system, subject to the orders and directions of the board. (2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities.

(1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the system, subject to the orders and directions of the board.

(2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities.

(d) The Attorney General shall serve as legal advisor to the board.

(e) It shall be the duty of the Legislative Auditor to audit the finances of the system one (1) time or more often if either the auditor or the board consider such action necessary.

(f) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Amended by Act 2017, No. 796,§ 1, eff. 8/1/2017.

Acts 1949, No. 454, § 4; 1969, No. 167, § 3; 1981, No. 295, §§ 4, 5; A.S.A. 1947, § 76-1904; Acts 2011, No. 16, § 1.
Ark. Code Ann. § 24-8-408 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-408
Eligibility for benefits - Clerks
Status: in_force

(a) (1) Any clerk of a municipal court to which this subchapter applies, appointed by the judge or judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; (B) Attains sixty-five (65) years of age and has served in office for at least eight (8) years; or (C) Has served in office for at least twenty (20) years, irrespective of age. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement pay for and during the remainder of the person's natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office. (3) The governing body of the municipality or the county may by ordinance provide that after the death of the clerk, the surviving spouse of a qualifying court clerk can continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries. (b) (1) Any clerk of a municipal court who is covered by the provisions of this subchapter and who has seven (7) or more years of service in any position in the office of the county sheriff shall be entitled to have the service in the office of the county sheriff credited as municipal court clerk service. (2) The service so converted shall be treated the same as if it were service as clerk of a municipal court in the county for purposes of determining eligibility for retirement under the provisions of this subchapter. Amended by Act 2019, No. 84,§ 7, eff. 7/24/2019. Acts 1965, No. 19, § 4; 1969, No. 102, § 3; 1975, No. 637, § 1; 1979, No. 155, § 1; 1979, No. 660, § 1; A.S.A. 1947, §§ 22-944, 22-948.1; Acts 2001, No. 1613, § 3.

(a) (1) Any clerk of a municipal court to which this subchapter applies, appointed by the judge or judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; (B) Attains sixty-five (65) years of age and has served in office for at least eight (8) years; or (C) Has served in office for at least twenty (20) years, irrespective of age. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement pay for and during the remainder of the person's natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office. (3) The governing body of the municipality or the county may by ordinance provide that after the death of the clerk, the surviving spouse of a qualifying court clerk can continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries.

(1) Any clerk of a municipal court to which this subchapter applies, appointed by the judge or judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who: (A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years; (B) Attains sixty-five (65) years of age and has served in office for at least eight (8) years; or (C) Has served in office for at least twenty (20) years, irrespective of age.

(A) Attains sixty (60) years of age and has served in office as clerk for at least ten (10) years;

(B) Attains sixty-five (65) years of age and has served in office for at least eight (8) years; or

(C) Has served in office for at least twenty (20) years, irrespective of age.

(2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement pay for and during the remainder of the person's natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office.

(3) The governing body of the municipality or the county may by ordinance provide that after the death of the clerk, the surviving spouse of a qualifying court clerk can continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries.

(b) (1) Any clerk of a municipal court who is covered by the provisions of this subchapter and who has seven (7) or more years of service in any position in the office of the county sheriff shall be entitled to have the service in the office of the county sheriff credited as municipal court clerk service. (2) The service so converted shall be treated the same as if it were service as clerk of a municipal court in the county for purposes of determining eligibility for retirement under the provisions of this subchapter.

(1) Any clerk of a municipal court who is covered by the provisions of this subchapter and who has seven (7) or more years of service in any position in the office of the county sheriff shall be entitled to have the service in the office of the county sheriff credited as municipal court clerk service.

(2) The service so converted shall be treated the same as if it were service as clerk of a municipal court in the county for purposes of determining eligibility for retirement under the provisions of this subchapter.

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

Acts 1965, No. 19, § 4; 1969, No. 102, § 3; 1975, No. 637, § 1; 1979, No. 155, § 1; 1979, No. 660, § 1; A.S.A. 1947, §§ 22-944, 22-948.1; Acts 2001, No. 1613, § 3.
Ark. Code Ann. § 24-4-752 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-752
State Police Trust Fund
Status: in_force

(a) All assets of the State Police Retirement System are transferred to the Arkansas Public Employees' Retirement System to hold in trust for the State Police Retirement System. (b) There is created under the Arkansas Public Employees' Retirement System a division that shall be known as the "State Police Trust Fund". (c) (1) The State Police Trust Fund shall not be treated as segregated funds but shall be commingled with the assets of the Arkansas Public Employees' Retirement System strictly for investment purposes. (2) The assets shall be managed solely for the benefit of the retirees and beneficiaries of the State Police Retirement System and shall not be divested from the Arkansas Public Employees' Retirement System unless it can clearly be demonstrated it would be actuarially and fiscally prudent to do so. (d) (1) As employer, the Division of Arkansas State Police shall make contributions to the State Police Trust Fund based on a percentage of each active state police officer's salary at the rate established to fund the State Police Retirement System's benefit program before July 1, 2009. (2) All other sources of revenue commonly accruing to the State Police Retirement System shall be payable to the State Police Trust Fund. (e) The Board of Trustees of the State Police Retirement System, the Board of Trustees of the Arkansas Public Employees' Retirement System, and administrative staff shall be immune from any suit or action based in whole or in part on the transfer of assets contemplated by this act. Acts 2009, No. 1242, § 2.

(a) All assets of the State Police Retirement System are transferred to the Arkansas Public Employees' Retirement System to hold in trust for the State Police Retirement System.

(b) There is created under the Arkansas Public Employees' Retirement System a division that shall be known as the "State Police Trust Fund".

(c) (1) The State Police Trust Fund shall not be treated as segregated funds but shall be commingled with the assets of the Arkansas Public Employees' Retirement System strictly for investment purposes. (2) The assets shall be managed solely for the benefit of the retirees and beneficiaries of the State Police Retirement System and shall not be divested from the Arkansas Public Employees' Retirement System unless it can clearly be demonstrated it would be actuarially and fiscally prudent to do so.

(1) The State Police Trust Fund shall not be treated as segregated funds but shall be commingled with the assets of the Arkansas Public Employees' Retirement System strictly for investment purposes.

(2) The assets shall be managed solely for the benefit of the retirees and beneficiaries of the State Police Retirement System and shall not be divested from the Arkansas Public Employees' Retirement System unless it can clearly be demonstrated it would be actuarially and fiscally prudent to do so.

(d) (1) As employer, the Division of Arkansas State Police shall make contributions to the State Police Trust Fund based on a percentage of each active state police officer's salary at the rate established to fund the State Police Retirement System's benefit program before July 1, 2009. (2) All other sources of revenue commonly accruing to the State Police Retirement System shall be payable to the State Police Trust Fund.

(1) As employer, the Division of Arkansas State Police shall make contributions to the State Police Trust Fund based on a percentage of each active state police officer's salary at the rate established to fund the State Police Retirement System's benefit program before July 1, 2009.

(2) All other sources of revenue commonly accruing to the State Police Retirement System shall be payable to the State Police Trust Fund.

(e) The Board of Trustees of the State Police Retirement System, the Board of Trustees of the Arkansas Public Employees' Retirement System, and administrative staff shall be immune from any suit or action based in whole or in part on the transfer of assets contemplated by this act.

Acts 2009, No. 1242, § 2.
Ark. Code Ann. § 24-11-820 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-820
Benefits - Death of active or retired member other than while employed outside department
Status: in_force

(a) (1) Whenever any member of a fire department of any city, town, or fire improvement district covered by this act shall have lost his or her life, except while actually performing work in gainful employment outside the fire department, or any retired member shall die, leaving a spouse or children under nineteen (19) years of age, then, upon satisfactory proof of those facts made to it, the board of trustees shall order and direct, in the case of volunteer or part-paid firefighters, that a monthly pension equal to the amount of the pension or retirement pay attached to the rank of the member of the fire department at the time of his or her death shall be paid for life to the spouse. The monthly pension shall not be less than one hundred dollars ($100). (2) In the case of full-paid firefighters' classifications, a monthly pension shall be paid for life to the spouse in the amount of the pension received by the retired firefighter at the time of his or her death, or the amount of the pension to which the member would have been entitled on the day he or she died had he or she been retired, but in no event shall the benefit of the spouse be less than three hundred fifty dollars ($350) per month, regardless of whether: (A) The spouse has already been receiving pension payments; and (B) The firefighter was on active duty or retired. (b) (1) (A) In addition to the monthly pension provided in subsection (a) of this section, the board of trustees may order and direct the payment of, in the case of volunteer or part-paid firefighters, the sum of twenty-five dollars ($25.00) per month for each child under nineteen (19) years of age who has not completed high school and, in the case of full-paid firefighters, the sum of one hundred twenty-five dollars ($125) per month for each child under nineteen (19) years of age who has not completed high school. (B) However, if the child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday. (2) (A) If there is no eligible spouse at the time of the member's death, then the total sums shall be paid to his or her children until they shall have reached nineteen (19) years of age or until the children have completed high school, whichever occurs first. (B) However, if a child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday. (3) (A) The sum total of the pension to be paid the spouse or the qualifying child or children of volunteer or part-paid firefighters shall not exceed one-half (½) of the salary attached to the rank the member held at the time of his or her death as an active member of a volunteer or part-paid fire department, nor shall it be less than one hundred dollars ($100) per month. (B) However, the limit on the sum total amount under subdivision (b)(3)(A) of this section may be exceeded through the benefit increases authorized under § 24-11-102 . (4) (A) If any spouse or child shall marry, he or she shall thereafter receive no further pension under this subchapter. However, if he or she is a surviving spouse of a firefighter who is killed while in the official performance of his or her duties, then that surviving spouse's benefits may be restored to the spouse whose benefits had been terminated before or after August 1, 1997, upon his or her application to and approval by the board of trustees. (B) The benefit restored under subdivision (b)(4)(A) of this section may include retroactive benefit increases to the last amount received by the surviving spouse upon approval of the board of trustees after obtaining results of an actuarial study to determine its effect on the fund. The benefit restoration shall not include any retroactive lump-sum payment. (5) If any retired firefighter shall marry after his or her retirement, the surviving spouse may be entitled to a pension under this subchapter if: (A) He or she has been married to the firefighter for a period of at least five (5) years and the marriage occurred within five (5) years of the retirement date; (B) The board of trustees for the fund decides to extend this benefit for its members; and (C) The pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members. (c) (1) In computing service required under this section for eligibility to participate in benefits, service shall be computed from the day the person from whom benefits are derived was duly appointed and enrolled in some fire department in the State of Arkansas as a firefighter, and the service shall be considered in determining eligibility for benefits regardless of whether it was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 . (2) It is the intention of this act that all spouses and dependent children of full-paid, part-paid, and volunteer firefighters shall receive at least the minimum benefits prescribed in this section, regardless of whether the service upon which the spouses or dependent children derived the benefit was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 . (d) Any payment of benefits above the minimum amounts stated in this section shall not be made except upon determination that the fund will remain actuarially sound. (e) (1) It is the intention of this section to make eligible for benefits the spouses and dependent children of members who died from illness after leaving active service or who died after being retired for a duty-related injury, as described in this section, regardless if the service, retirement, or death occurred before or after the passage of this section. (2) However, payment to survivors made eligible by this section shall not be made retroactively but shall begin with the passage of this section. (f) (1) If a retirant and, if any, his or her eligible beneficiary both die before they have received in annuity payments a total amount equal to the accumulated contributions, including any interest credits, standing to the retirant's credit in the system at the time of his or her retirement, the difference between the accumulated contributions and the total amount of annuities received by them shall be paid to such person or persons as the retirant shall have nominated by written designation duly executed and filed with the board. (2) If no designated person survives the retirant and his or her beneficiary, the difference shall be paid to the estate of the survivor of the retirant and his or her beneficiary. Amended by Act 2013, No. 520,§ 1, eff. 8/16/2013. Acts 1921, No. 491, § 8; Pope's Dig., § 7744; Acts 1943, No. 167, § 3; 1953, No. 68, § 2; 1955, No. 77, § 2; 1957, No. 94, § 1; 1969, No. 69, § 1; 1981, No. 253, § 1; 1983, No. 48, § 1; 1983, No. 397, §§ 1, 3; 1985, No. 145, §§ 1, 2; A.S.A. 1947, §§ 19-2208, 19-2208n, 19-2208.1; Acts 1989, No. 821, § 9; 1993, No. 1197, § 4; 1997, No. 536, § 1; 2003, No. 674, § 2; 2003, No. 1278, § 1; 2005, No. 1921, § 1; 2007, No. 614, § 1.

(a) (1) Whenever any member of a fire department of any city, town, or fire improvement district covered by this act shall have lost his or her life, except while actually performing work in gainful employment outside the fire department, or any retired member shall die, leaving a spouse or children under nineteen (19) years of age, then, upon satisfactory proof of those facts made to it, the board of trustees shall order and direct, in the case of volunteer or part-paid firefighters, that a monthly pension equal to the amount of the pension or retirement pay attached to the rank of the member of the fire department at the time of his or her death shall be paid for life to the spouse. The monthly pension shall not be less than one hundred dollars ($100). (2) In the case of full-paid firefighters' classifications, a monthly pension shall be paid for life to the spouse in the amount of the pension received by the retired firefighter at the time of his or her death, or the amount of the pension to which the member would have been entitled on the day he or she died had he or she been retired, but in no event shall the benefit of the spouse be less than three hundred fifty dollars ($350) per month, regardless of whether: (A) The spouse has already been receiving pension payments; and (B) The firefighter was on active duty or retired.

(1) Whenever any member of a fire department of any city, town, or fire improvement district covered by this act shall have lost his or her life, except while actually performing work in gainful employment outside the fire department, or any retired member shall die, leaving a spouse or children under nineteen (19) years of age, then, upon satisfactory proof of those facts made to it, the board of trustees shall order and direct, in the case of volunteer or part-paid firefighters, that a monthly pension equal to the amount of the pension or retirement pay attached to the rank of the member of the fire department at the time of his or her death shall be paid for life to the spouse. The monthly pension shall not be less than one hundred dollars ($100).

(2) In the case of full-paid firefighters' classifications, a monthly pension shall be paid for life to the spouse in the amount of the pension received by the retired firefighter at the time of his or her death, or the amount of the pension to which the member would have been entitled on the day he or she died had he or she been retired, but in no event shall the benefit of the spouse be less than three hundred fifty dollars ($350) per month, regardless of whether: (A) The spouse has already been receiving pension payments; and (B) The firefighter was on active duty or retired.

(A) The spouse has already been receiving pension payments; and

(B) The firefighter was on active duty or retired.

(b) (1) (A) In addition to the monthly pension provided in subsection (a) of this section, the board of trustees may order and direct the payment of, in the case of volunteer or part-paid firefighters, the sum of twenty-five dollars ($25.00) per month for each child under nineteen (19) years of age who has not completed high school and, in the case of full-paid firefighters, the sum of one hundred twenty-five dollars ($125) per month for each child under nineteen (19) years of age who has not completed high school. (B) However, if the child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday. (2) (A) If there is no eligible spouse at the time of the member's death, then the total sums shall be paid to his or her children until they shall have reached nineteen (19) years of age or until the children have completed high school, whichever occurs first. (B) However, if a child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday. (3) (A) The sum total of the pension to be paid the spouse or the qualifying child or children of volunteer or part-paid firefighters shall not exceed one-half (½) of the salary attached to the rank the member held at the time of his or her death as an active member of a volunteer or part-paid fire department, nor shall it be less than one hundred dollars ($100) per month. (B) However, the limit on the sum total amount under subdivision (b)(3)(A) of this section may be exceeded through the benefit increases authorized under § 24-11-102 . (4) (A) If any spouse or child shall marry, he or she shall thereafter receive no further pension under this subchapter. However, if he or she is a surviving spouse of a firefighter who is killed while in the official performance of his or her duties, then that surviving spouse's benefits may be restored to the spouse whose benefits had been terminated before or after August 1, 1997, upon his or her application to and approval by the board of trustees. (B) The benefit restored under subdivision (b)(4)(A) of this section may include retroactive benefit increases to the last amount received by the surviving spouse upon approval of the board of trustees after obtaining results of an actuarial study to determine its effect on the fund. The benefit restoration shall not include any retroactive lump-sum payment. (5) If any retired firefighter shall marry after his or her retirement, the surviving spouse may be entitled to a pension under this subchapter if: (A) He or she has been married to the firefighter for a period of at least five (5) years and the marriage occurred within five (5) years of the retirement date; (B) The board of trustees for the fund decides to extend this benefit for its members; and (C) The pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members.

(1) (A) In addition to the monthly pension provided in subsection (a) of this section, the board of trustees may order and direct the payment of, in the case of volunteer or part-paid firefighters, the sum of twenty-five dollars ($25.00) per month for each child under nineteen (19) years of age who has not completed high school and, in the case of full-paid firefighters, the sum of one hundred twenty-five dollars ($125) per month for each child under nineteen (19) years of age who has not completed high school. (B) However, if the child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday.

(A) In addition to the monthly pension provided in subsection (a) of this section, the board of trustees may order and direct the payment of, in the case of volunteer or part-paid firefighters, the sum of twenty-five dollars ($25.00) per month for each child under nineteen (19) years of age who has not completed high school and, in the case of full-paid firefighters, the sum of one hundred twenty-five dollars ($125) per month for each child under nineteen (19) years of age who has not completed high school.

(B) However, if the child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday.

(2) (A) If there is no eligible spouse at the time of the member's death, then the total sums shall be paid to his or her children until they shall have reached nineteen (19) years of age or until the children have completed high school, whichever occurs first. (B) However, if a child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday.

(A) If there is no eligible spouse at the time of the member's death, then the total sums shall be paid to his or her children until they shall have reached nineteen (19) years of age or until the children have completed high school, whichever occurs first.

(B) However, if a child enrolls in an institution of higher education after completing high school, the payments shall continue as long as the child is a full-time student, but in no instance beyond the child's twenty-third birthday.

(3) (A) The sum total of the pension to be paid the spouse or the qualifying child or children of volunteer or part-paid firefighters shall not exceed one-half (½) of the salary attached to the rank the member held at the time of his or her death as an active member of a volunteer or part-paid fire department, nor shall it be less than one hundred dollars ($100) per month. (B) However, the limit on the sum total amount under subdivision (b)(3)(A) of this section may be exceeded through the benefit increases authorized under § 24-11-102 .

(A) The sum total of the pension to be paid the spouse or the qualifying child or children of volunteer or part-paid firefighters shall not exceed one-half (½) of the salary attached to the rank the member held at the time of his or her death as an active member of a volunteer or part-paid fire department, nor shall it be less than one hundred dollars ($100) per month.

(B) However, the limit on the sum total amount under subdivision (b)(3)(A) of this section may be exceeded through the benefit increases authorized under § 24-11-102 .

(4) (A) If any spouse or child shall marry, he or she shall thereafter receive no further pension under this subchapter. However, if he or she is a surviving spouse of a firefighter who is killed while in the official performance of his or her duties, then that surviving spouse's benefits may be restored to the spouse whose benefits had been terminated before or after August 1, 1997, upon his or her application to and approval by the board of trustees. (B) The benefit restored under subdivision (b)(4)(A) of this section may include retroactive benefit increases to the last amount received by the surviving spouse upon approval of the board of trustees after obtaining results of an actuarial study to determine its effect on the fund. The benefit restoration shall not include any retroactive lump-sum payment.

(A) If any spouse or child shall marry, he or she shall thereafter receive no further pension under this subchapter. However, if he or she is a surviving spouse of a firefighter who is killed while in the official performance of his or her duties, then that surviving spouse's benefits may be restored to the spouse whose benefits had been terminated before or after August 1, 1997, upon his or her application to and approval by the board of trustees.

(B) The benefit restored under subdivision (b)(4)(A) of this section may include retroactive benefit increases to the last amount received by the surviving spouse upon approval of the board of trustees after obtaining results of an actuarial study to determine its effect on the fund. The benefit restoration shall not include any retroactive lump-sum payment.

(5) If any retired firefighter shall marry after his or her retirement, the surviving spouse may be entitled to a pension under this subchapter if: (A) He or she has been married to the firefighter for a period of at least five (5) years and the marriage occurred within five (5) years of the retirement date; (B) The board of trustees for the fund decides to extend this benefit for its members; and (C) The pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members.

(A) He or she has been married to the firefighter for a period of at least five (5) years and the marriage occurred within five (5) years of the retirement date;

(B) The board of trustees for the fund decides to extend this benefit for its members; and

(C) The pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members.

(c) (1) In computing service required under this section for eligibility to participate in benefits, service shall be computed from the day the person from whom benefits are derived was duly appointed and enrolled in some fire department in the State of Arkansas as a firefighter, and the service shall be considered in determining eligibility for benefits regardless of whether it was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 . (2) It is the intention of this act that all spouses and dependent children of full-paid, part-paid, and volunteer firefighters shall receive at least the minimum benefits prescribed in this section, regardless of whether the service upon which the spouses or dependent children derived the benefit was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(1) In computing service required under this section for eligibility to participate in benefits, service shall be computed from the day the person from whom benefits are derived was duly appointed and enrolled in some fire department in the State of Arkansas as a firefighter, and the service shall be considered in determining eligibility for benefits regardless of whether it was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(2) It is the intention of this act that all spouses and dependent children of full-paid, part-paid, and volunteer firefighters shall receive at least the minimum benefits prescribed in this section, regardless of whether the service upon which the spouses or dependent children derived the benefit was performed before or after the passage of §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(d) Any payment of benefits above the minimum amounts stated in this section shall not be made except upon determination that the fund will remain actuarially sound.

(e) (1) It is the intention of this section to make eligible for benefits the spouses and dependent children of members who died from illness after leaving active service or who died after being retired for a duty-related injury, as described in this section, regardless if the service, retirement, or death occurred before or after the passage of this section. (2) However, payment to survivors made eligible by this section shall not be made retroactively but shall begin with the passage of this section.

(1) It is the intention of this section to make eligible for benefits the spouses and dependent children of members who died from illness after leaving active service or who died after being retired for a duty-related injury, as described in this section, regardless if the service, retirement, or death occurred before or after the passage of this section.

(2) However, payment to survivors made eligible by this section shall not be made retroactively but shall begin with the passage of this section.

(f) (1) If a retirant and, if any, his or her eligible beneficiary both die before they have received in annuity payments a total amount equal to the accumulated contributions, including any interest credits, standing to the retirant's credit in the system at the time of his or her retirement, the difference between the accumulated contributions and the total amount of annuities received by them shall be paid to such person or persons as the retirant shall have nominated by written designation duly executed and filed with the board. (2) If no designated person survives the retirant and his or her beneficiary, the difference shall be paid to the estate of the survivor of the retirant and his or her beneficiary.

(1) If a retirant and, if any, his or her eligible beneficiary both die before they have received in annuity payments a total amount equal to the accumulated contributions, including any interest credits, standing to the retirant's credit in the system at the time of his or her retirement, the difference between the accumulated contributions and the total amount of annuities received by them shall be paid to such person or persons as the retirant shall have nominated by written designation duly executed and filed with the board.

(2) If no designated person survives the retirant and his or her beneficiary, the difference shall be paid to the estate of the survivor of the retirant and his or her beneficiary.

Amended by Act 2013, No. 520,§ 1, eff. 8/16/2013.

Acts 1921, No. 491, § 8; Pope's Dig., § 7744; Acts 1943, No. 167, § 3; 1953, No. 68, § 2; 1955, No. 77, § 2; 1957, No. 94, § 1; 1969, No. 69, § 1; 1981, No. 253, § 1; 1983, No. 48, § 1; 1983, No. 397, §§ 1, 3; 1985, No. 145, §§ 1, 2; A.S.A. 1947, §§ 19-2208, 19-2208n, 19-2208.1; Acts 1989, No. 821, § 9; 1993, No. 1197, § 4; 1997, No. 536, § 1; 2003, No. 674, § 2; 2003, No. 1278, § 1; 2005, No. 1921, § 1; 2007, No. 614, § 1.
Ark. Code Ann. § 24-4-304 — AR Code / Title 24 / Chapter 4 / Subchapter 3 / Section 24-4-304
Credited service - Cessation of employment - Reemployment
Status: in_force

(a) (1) (A) When a member is no longer employed in a position covered by the Arkansas Public Employees' Retirement System, he or she shall thereupon cease to be a member. (B) Except as otherwise provided in this chapter, upon termination of his or her membership, a member's credited service is forfeited. (2) If the person is not a retirant and becomes reemployed in a position covered by the system, the person shall become a member of the system, and the person's credited service which did not require member contributions and then was forfeited by him or her at termination of covered employment shall be restored to his or her credit. (b) (1) Upon a member's retirement, he or she shall cease to be a member. (2) Except as provided otherwise in this chapter, he or she shall not again become a member. (c) Should a former member entitled to a deferred annuity provided for in § 24-4-510 become employed in a position covered by the system before becoming a retirant, the member shall thereupon cease to be entitled to a deferred annuity and shall become a member with his or her last credited service reinstated. Acts 1957, No. 177, § 7; 1959, No. 42, § 7; 1971, No. 190, § 1; A.S.A. 1947, § 12-2507; Acts 1989, No. 160, § 2; 1993, No. 1104, § 1; 2001, No. 151, § 18.

(a) (1) (A) When a member is no longer employed in a position covered by the Arkansas Public Employees' Retirement System, he or she shall thereupon cease to be a member. (B) Except as otherwise provided in this chapter, upon termination of his or her membership, a member's credited service is forfeited. (2) If the person is not a retirant and becomes reemployed in a position covered by the system, the person shall become a member of the system, and the person's credited service which did not require member contributions and then was forfeited by him or her at termination of covered employment shall be restored to his or her credit.

(1) (A) When a member is no longer employed in a position covered by the Arkansas Public Employees' Retirement System, he or she shall thereupon cease to be a member. (B) Except as otherwise provided in this chapter, upon termination of his or her membership, a member's credited service is forfeited.

(A) When a member is no longer employed in a position covered by the Arkansas Public Employees' Retirement System, he or she shall thereupon cease to be a member.

(B) Except as otherwise provided in this chapter, upon termination of his or her membership, a member's credited service is forfeited.

(2) If the person is not a retirant and becomes reemployed in a position covered by the system, the person shall become a member of the system, and the person's credited service which did not require member contributions and then was forfeited by him or her at termination of covered employment shall be restored to his or her credit.

(b) (1) Upon a member's retirement, he or she shall cease to be a member. (2) Except as provided otherwise in this chapter, he or she shall not again become a member.

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

(2) Except as provided otherwise in this chapter, he or she shall not again become a member.

(c) Should a former member entitled to a deferred annuity provided for in § 24-4-510 become employed in a position covered by the system before becoming a retirant, the member shall thereupon cease to be entitled to a deferred annuity and shall become a member with his or her last credited service reinstated.

Acts 1957, No. 177, § 7; 1959, No. 42, § 7; 1971, No. 190, § 1; A.S.A. 1947, § 12-2507; Acts 1989, No. 160, § 2; 1993, No. 1104, § 1; 2001, No. 151, § 18.
Ark. Code Ann. § 24-6-217 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-217
Benefits - Death before retirement
Status: in_force

(a) (1) A member's surviving spouse who has the care of the member's dependent child or children shall receive a pension equal to the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) When the surviving spouse no longer has the care of the dependent child, the pension shall be reduced to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (3) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate. (b) (1) A member's surviving spouse who does not have in his or her care the member's dependent child or children shall receive a pension equal to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate. (c) (1) If a member dies and does not leave a spouse, or the surviving spouse remarries or dies and there is a surviving dependent child or children of the member, each such child shall receive a pension of an equal share of the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) The annual pension payable to any such child shall not exceed fifteen percent (15%) of the final average annual salary of the deceased member. (d) (1) In the event a member who has five (5) or more years of credited service in the State Police Retirement System dies and leaves neither a spouse nor children eligible for pensions provided for in subsections (a)-(c) of this section, and there is surviving the member his or her parents, whom are claimed as dependent upon the member's federal tax return for not less than one (1) year immediately preceding the member's death, each dependent parent shall receive a pension of an equal share of fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of the member's death, even if the member was not eligible to retire. (2) Upon the remarriage or death of the parent, his or her pension shall terminate. (e) (1) (A) A child is a dependent child for purposes of receiving a survivor's annuity until the child's death, marriage, or attainment of eighteen (18) years of age, whichever occurs first. (B) (i) However, the age-eighteen maximum shall be extended as long as the child is continuously enrolled as a full-time student at an accredited secondary school or accredited postsecondary institution of higher education, but in no event beyond his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists. (2) Once a child ceases to be a dependent child, his or her annuity shall terminate and there shall be a redetermination of the amount payable to any remaining dependent children. (3) The board is authorized to establish through rules a means of verification of a surviving dependent child under this section for purposes of pension benefits. (f) (1) If a surviving spouse who is receiving survivor's benefits under this section remarries, and the benefits are discontinued, and the surviving spouse again becomes unmarried, benefits provided in this section for the spouse shall be resumed. (2) Benefits shall be resumed for any surviving spouse who had remarried but is unmarried on that date, but no such benefits will be paid the surviving spouse for any period prior to July 1, 1991. (g) (1) If the member is killed while in the official line of duty and the surviving spouse is eligible for a deferred benefit under this section, the surviving spouse may elect to receive a reduced benefit beginning immediately. (2) The reduction of the benefit otherwise defined in this section shall be: (A) Five-tenths of one percent (0.5%) per month for each of the first sixty (60) months that the benefit begins before it would have otherwise begun; plus (B) Twenty-five hundredths of one percent (0.25%) per month for each month more than sixty (60) months that the benefit begins before it would have otherwise begun. (3) However, the total reduction under this subsection shall not be more than fifty percent (50%). (4) Those who otherwise would have been eligible for this benefit on or after July 1, 2002, may also elect this reduced benefit prospectively. Amended by Act 2023, No. 250,§ 1, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2875, eff. 7/24/2019. Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1959, No. 484, § 5; 1971, No. 130, §§ 1, 2; 1981, No. 909, § 8; A.S.A. 1947, § 42-455; Acts 1989, No. 529, § 2; 1991, No. 387, § 2; 2003, No. 1735, § 2.

(a) (1) A member's surviving spouse who has the care of the member's dependent child or children shall receive a pension equal to the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) When the surviving spouse no longer has the care of the dependent child, the pension shall be reduced to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (3) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate.

(1) A member's surviving spouse who has the care of the member's dependent child or children shall receive a pension equal to the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire.

(2) When the surviving spouse no longer has the care of the dependent child, the pension shall be reduced to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire.

(3) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate.

(b) (1) A member's surviving spouse who does not have in his or her care the member's dependent child or children shall receive a pension equal to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate.

(1) A member's surviving spouse who does not have in his or her care the member's dependent child or children shall receive a pension equal to the greater of one thousand two hundred dollars ($1,200) per annum or fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire.

(2) Upon the surviving spouse's remarriage or death, the pension provided for in this subsection shall terminate.

(c) (1) If a member dies and does not leave a spouse, or the surviving spouse remarries or dies and there is a surviving dependent child or children of the member, each such child shall receive a pension of an equal share of the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire. (2) The annual pension payable to any such child shall not exceed fifteen percent (15%) of the final average annual salary of the deceased member.

(1) If a member dies and does not leave a spouse, or the surviving spouse remarries or dies and there is a surviving dependent child or children of the member, each such child shall receive a pension of an equal share of the greater of one thousand eight hundred dollars ($1,800) per annum or seventy-five percent (75%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of his or her death, even if the member was not eligible to retire.

(2) The annual pension payable to any such child shall not exceed fifteen percent (15%) of the final average annual salary of the deceased member.

(d) (1) In the event a member who has five (5) or more years of credited service in the State Police Retirement System dies and leaves neither a spouse nor children eligible for pensions provided for in subsections (a)-(c) of this section, and there is surviving the member his or her parents, whom are claimed as dependent upon the member's federal tax return for not less than one (1) year immediately preceding the member's death, each dependent parent shall receive a pension of an equal share of fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of the member's death, even if the member was not eligible to retire. (2) Upon the remarriage or death of the parent, his or her pension shall terminate.

(1) In the event a member who has five (5) or more years of credited service in the State Police Retirement System dies and leaves neither a spouse nor children eligible for pensions provided for in subsections (a)-(c) of this section, and there is surviving the member his or her parents, whom are claimed as dependent upon the member's federal tax return for not less than one (1) year immediately preceding the member's death, each dependent parent shall receive a pension of an equal share of fifty percent (50%) of the pension to which the member would have been entitled had he or she retired the day preceding the date of the member's death, even if the member was not eligible to retire.

(2) Upon the remarriage or death of the parent, his or her pension shall terminate.

(e) (1) (A) A child is a dependent child for purposes of receiving a survivor's annuity until the child's death, marriage, or attainment of eighteen (18) years of age, whichever occurs first. (B) (i) However, the age-eighteen maximum shall be extended as long as the child is continuously enrolled as a full-time student at an accredited secondary school or accredited postsecondary institution of higher education, but in no event beyond his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists. (2) Once a child ceases to be a dependent child, his or her annuity shall terminate and there shall be a redetermination of the amount payable to any remaining dependent children. (3) The board is authorized to establish through rules a means of verification of a surviving dependent child under this section for purposes of pension benefits.

(1) (A) A child is a dependent child for purposes of receiving a survivor's annuity until the child's death, marriage, or attainment of eighteen (18) years of age, whichever occurs first. (B) (i) However, the age-eighteen maximum shall be extended as long as the child is continuously enrolled as a full-time student at an accredited secondary school or accredited postsecondary institution of higher education, but in no event beyond his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists.

(A) A child is a dependent child for purposes of receiving a survivor's annuity until the child's death, marriage, or attainment of eighteen (18) years of age, whichever occurs first.

(B) (i) However, the age-eighteen maximum shall be extended as long as the child is continuously enrolled as a full-time student at an accredited secondary school or accredited postsecondary institution of higher education, but in no event beyond his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists.

(i) However, the age-eighteen maximum shall be extended as long as the child is continuously enrolled as a full-time student at an accredited secondary school or accredited postsecondary institution of higher education, but in no event beyond his or her attainment of twenty-three (23) years of age.

(ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists.

(2) Once a child ceases to be a dependent child, his or her annuity shall terminate and there shall be a redetermination of the amount payable to any remaining dependent children.

(3) The board is authorized to establish through rules a means of verification of a surviving dependent child under this section for purposes of pension benefits.

(f) (1) If a surviving spouse who is receiving survivor's benefits under this section remarries, and the benefits are discontinued, and the surviving spouse again becomes unmarried, benefits provided in this section for the spouse shall be resumed. (2) Benefits shall be resumed for any surviving spouse who had remarried but is unmarried on that date, but no such benefits will be paid the surviving spouse for any period prior to July 1, 1991.

(1) If a surviving spouse who is receiving survivor's benefits under this section remarries, and the benefits are discontinued, and the surviving spouse again becomes unmarried, benefits provided in this section for the spouse shall be resumed.

(2) Benefits shall be resumed for any surviving spouse who had remarried but is unmarried on that date, but no such benefits will be paid the surviving spouse for any period prior to July 1, 1991.

(g) (1) If the member is killed while in the official line of duty and the surviving spouse is eligible for a deferred benefit under this section, the surviving spouse may elect to receive a reduced benefit beginning immediately. (2) The reduction of the benefit otherwise defined in this section shall be: (A) Five-tenths of one percent (0.5%) per month for each of the first sixty (60) months that the benefit begins before it would have otherwise begun; plus (B) Twenty-five hundredths of one percent (0.25%) per month for each month more than sixty (60) months that the benefit begins before it would have otherwise begun. (3) However, the total reduction under this subsection shall not be more than fifty percent (50%). (4) Those who otherwise would have been eligible for this benefit on or after July 1, 2002, may also elect this reduced benefit prospectively.

(1) If the member is killed while in the official line of duty and the surviving spouse is eligible for a deferred benefit under this section, the surviving spouse may elect to receive a reduced benefit beginning immediately.

(2) The reduction of the benefit otherwise defined in this section shall be: (A) Five-tenths of one percent (0.5%) per month for each of the first sixty (60) months that the benefit begins before it would have otherwise begun; plus (B) Twenty-five hundredths of one percent (0.25%) per month for each month more than sixty (60) months that the benefit begins before it would have otherwise begun.

(A) Five-tenths of one percent (0.5%) per month for each of the first sixty (60) months that the benefit begins before it would have otherwise begun; plus

(B) Twenty-five hundredths of one percent (0.25%) per month for each month more than sixty (60) months that the benefit begins before it would have otherwise begun.

(3) However, the total reduction under this subsection shall not be more than fifty percent (50%).

(4) Those who otherwise would have been eligible for this benefit on or after July 1, 2002, may also elect this reduced benefit prospectively.

Amended by Act 2023, No. 250,§ 1, eff. 7/1/2023.

Amended by Act 2019, No. 315,§ 2875, eff. 7/24/2019.

Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1959, No. 484, § 5; 1971, No. 130, §§ 1, 2; 1981, No. 909, § 8; A.S.A. 1947, § 42-455; Acts 1989, No. 529, § 2; 1991, No. 387, § 2; 2003, No. 1735, § 2.
Ark. Code Ann. § 24-6-218 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-218
Benefits - Survivors' benefits upon death of officer killed in line of duty while not member of system - Definition
Status: in_force

(a) (1) In the event any uniformed employee of the Division of Arkansas State Police is killed while in the performance of his or her duties, yet the surviving spouse and surviving children of the uniformed employee of the division are deprived of receiving benefits as prescribed in § 24-6-217 because the uniformed employee was not a member of the system at the time of his or her death, or had not completed any probationary period of service required by rules of the Arkansas State Police Commission, or had not obtained sufficient service for benefits, the surviving spouse may make application to the Board of Trustees of the State Police Retirement System. (2) Upon establishing proof of the facts set forth in this subsection, the surviving spouse and surviving children shall be eligible for and receive survivors' benefits for himself or herself and the unmarried children of the deceased uniformed employee who was killed in the line of duty, which children are under eighteen (18) years of age or twenty-two (22) years of age while enrolled in an institution of higher education, as provided in § 24-6-217 . (b) Upon the reaching of eighteen (18) years of age by the unmarried children or the failure to enroll in an institution of higher education if the child is under twenty-two (22) years of age, the surviving spouse shall continue to receive benefits as provided by law, but upon his or her remarriage or death, the benefits shall terminate. (c) It is the specific intent of this section that surviving spouses as described in this section be eligible for survivors' benefits for themselves and any unmarried children under eighteen (18) years of age of the deceased uniformed employee of the division who was killed in the line of duty, or any children under twenty-two (22) years of age while enrolled in an institution of higher education, irrespective of whether the employee was a member of, or was eligible for benefits under, the State Police Retirement System at the time of his or her death. (d) Upon certification of these facts by the board, the Secretary of the Department of Finance and Administration shall direct the Treasurer of State to transfer from the Division of Arkansas State Police Fund, annually, to the State Police Retirement Fund an amount equal to the funds expended from the State Police Retirement Fund for the payment of survivors' benefits as authorized in this section in order to reimburse the State Police Retirement Fund therefor. (e) (1) For purposes of this section, "an institution of higher education" means any public university, college, community college, and any nonpublicly supported not-for-profit college or university. (2) The board is hereby authorized to establish through rules a means of verification of enrollment in an institution of higher education by a surviving child under this section for purposes of continuation of pension benefits. Amended by Act 2019, No. 315,§ 2877, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2876, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3558, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3557, eff. 7/1/2019. Acts 1967, No. 309, § 1; A.S.A. 1947, § 42-460; Acts 1989, No. 529, § 3.

(a) (1) In the event any uniformed employee of the Division of Arkansas State Police is killed while in the performance of his or her duties, yet the surviving spouse and surviving children of the uniformed employee of the division are deprived of receiving benefits as prescribed in § 24-6-217 because the uniformed employee was not a member of the system at the time of his or her death, or had not completed any probationary period of service required by rules of the Arkansas State Police Commission, or had not obtained sufficient service for benefits, the surviving spouse may make application to the Board of Trustees of the State Police Retirement System. (2) Upon establishing proof of the facts set forth in this subsection, the surviving spouse and surviving children shall be eligible for and receive survivors' benefits for himself or herself and the unmarried children of the deceased uniformed employee who was killed in the line of duty, which children are under eighteen (18) years of age or twenty-two (22) years of age while enrolled in an institution of higher education, as provided in § 24-6-217 .

(1) In the event any uniformed employee of the Division of Arkansas State Police is killed while in the performance of his or her duties, yet the surviving spouse and surviving children of the uniformed employee of the division are deprived of receiving benefits as prescribed in § 24-6-217 because the uniformed employee was not a member of the system at the time of his or her death, or had not completed any probationary period of service required by rules of the Arkansas State Police Commission, or had not obtained sufficient service for benefits, the surviving spouse may make application to the Board of Trustees of the State Police Retirement System.

(2) Upon establishing proof of the facts set forth in this subsection, the surviving spouse and surviving children shall be eligible for and receive survivors' benefits for himself or herself and the unmarried children of the deceased uniformed employee who was killed in the line of duty, which children are under eighteen (18) years of age or twenty-two (22) years of age while enrolled in an institution of higher education, as provided in § 24-6-217 .

(b) Upon the reaching of eighteen (18) years of age by the unmarried children or the failure to enroll in an institution of higher education if the child is under twenty-two (22) years of age, the surviving spouse shall continue to receive benefits as provided by law, but upon his or her remarriage or death, the benefits shall terminate.

(c) It is the specific intent of this section that surviving spouses as described in this section be eligible for survivors' benefits for themselves and any unmarried children under eighteen (18) years of age of the deceased uniformed employee of the division who was killed in the line of duty, or any children under twenty-two (22) years of age while enrolled in an institution of higher education, irrespective of whether the employee was a member of, or was eligible for benefits under, the State Police Retirement System at the time of his or her death.

(d) Upon certification of these facts by the board, the Secretary of the Department of Finance and Administration shall direct the Treasurer of State to transfer from the Division of Arkansas State Police Fund, annually, to the State Police Retirement Fund an amount equal to the funds expended from the State Police Retirement Fund for the payment of survivors' benefits as authorized in this section in order to reimburse the State Police Retirement Fund therefor.

(e) (1) For purposes of this section, "an institution of higher education" means any public university, college, community college, and any nonpublicly supported not-for-profit college or university. (2) The board is hereby authorized to establish through rules a means of verification of enrollment in an institution of higher education by a surviving child under this section for purposes of continuation of pension benefits.

(1) For purposes of this section, "an institution of higher education" means any public university, college, community college, and any nonpublicly supported not-for-profit college or university.

(2) The board is hereby authorized to establish through rules a means of verification of enrollment in an institution of higher education by a surviving child under this section for purposes of continuation of pension benefits.

Amended by Act 2019, No. 315,§ 2877, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2876, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3558, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 3557, eff. 7/1/2019.

Acts 1967, No. 309, § 1; A.S.A. 1947, § 42-460; Acts 1989, No. 529, § 3.
Ark. Code Ann. § 24-10-402 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-402
Investments - Definition
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter. (2) The funds of the system shall be invested and reinvested, and the funds of local fire and police pension and relief funds, as created by §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , 24-11-818 - 24-11-820 , with assets in excess of five hundred thousand dollars ($500,000) may also be invested in accordance with the following procedure: (A) (i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy. (ii) "Investment advisor" means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term "investment advisor" includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department; (B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this subchapter and in accordance with the current investment policy filed with the board; (C) At least semiannually, the investment advisor shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys; (D) At each regular meeting, the board shall examine each written report received from the investment advisor since the last regular meeting; (E) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; (F) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments; (G) Anything in this section to the contrary notwithstanding, until the assets of the system amount to at least five million dollars ($5,000,000), the funds of the system not in the checking account may be invested in shares of no-load mutual funds, each of which shall have the following characteristics: (i) The mutual fund shall be an open-end diversified investment company registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended; (ii) The management company of the investment company shall have been in operation for at least ten (10) years and shall have assets under management of more than one hundred million dollars ($100,000,000); and (iii) There shall be no sales charge for purchasing shares of the fund and no redemption charge for selling the shares; and (H) The funds of local firemen's relief and pension funds and local policemen's pension and relief funds, with assets not in excess of five hundred thousand dollars ($500,000), may be invested pursuant to the supervision and management of the board in the manner provided in this section. To the extent that such local funds are managed by the board, they may be commingled with other such funds that adopt the same investment objectives. (b) Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board shall have any direct or indirect interest in the gains or profits of any investment made by the board; nor shall any of them, directly or indirectly, for himself or herself or as an agent, in any manner use the assets of the system except to make such current and necessary payments as are authorized by the board; nor shall any of them become an endorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the board. (c) All assets of the system shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this chapter and shall be used for no other purpose whatsoever. (d) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Amended by Act 2017, No. 795,§ 1, eff. 8/1/2017. Acts 1981, No. 364, § 6; 1985, No. 6, § 1; 1985, No. 16, § 1; A.S.A. 1947, § 12-3806; Acts 1987, No. 13, § 1; 1989, No. 152, § 2; 1995, No. 615, § 1.

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter. (2) The funds of the system shall be invested and reinvested, and the funds of local fire and police pension and relief funds, as created by §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , 24-11-818 - 24-11-820 , with assets in excess of five hundred thousand dollars ($500,000) may also be invested in accordance with the following procedure: (A) (i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy. (ii) "Investment advisor" means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term "investment advisor" includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department; (B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this subchapter and in accordance with the current investment policy filed with the board; (C) At least semiannually, the investment advisor shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys; (D) At each regular meeting, the board shall examine each written report received from the investment advisor since the last regular meeting; (E) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; (F) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments; (G) Anything in this section to the contrary notwithstanding, until the assets of the system amount to at least five million dollars ($5,000,000), the funds of the system not in the checking account may be invested in shares of no-load mutual funds, each of which shall have the following characteristics: (i) The mutual fund shall be an open-end diversified investment company registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended; (ii) The management company of the investment company shall have been in operation for at least ten (10) years and shall have assets under management of more than one hundred million dollars ($100,000,000); and (iii) There shall be no sales charge for purchasing shares of the fund and no redemption charge for selling the shares; and (H) The funds of local firemen's relief and pension funds and local policemen's pension and relief funds, with assets not in excess of five hundred thousand dollars ($500,000), may be invested pursuant to the supervision and management of the board in the manner provided in this section. To the extent that such local funds are managed by the board, they may be commingled with other such funds that adopt the same investment objectives.

(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter.

(2) The funds of the system shall be invested and reinvested, and the funds of local fire and police pension and relief funds, as created by §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , 24-11-818 - 24-11-820 , with assets in excess of five hundred thousand dollars ($500,000) may also be invested in accordance with the following procedure: (A) (i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy. (ii) "Investment advisor" means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term "investment advisor" includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department; (B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this subchapter and in accordance with the current investment policy filed with the board; (C) At least semiannually, the investment advisor shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys; (D) At each regular meeting, the board shall examine each written report received from the investment advisor since the last regular meeting; (E) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; (F) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments; (G) Anything in this section to the contrary notwithstanding, until the assets of the system amount to at least five million dollars ($5,000,000), the funds of the system not in the checking account may be invested in shares of no-load mutual funds, each of which shall have the following characteristics: (i) The mutual fund shall be an open-end diversified investment company registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended; (ii) The management company of the investment company shall have been in operation for at least ten (10) years and shall have assets under management of more than one hundred million dollars ($100,000,000); and (iii) There shall be no sales charge for purchasing shares of the fund and no redemption charge for selling the shares; and (H) The funds of local firemen's relief and pension funds and local policemen's pension and relief funds, with assets not in excess of five hundred thousand dollars ($500,000), may be invested pursuant to the supervision and management of the board in the manner provided in this section. To the extent that such local funds are managed by the board, they may be commingled with other such funds that adopt the same investment objectives.

(A) (i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy. (ii) "Investment advisor" means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term "investment advisor" includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department;

(i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy.

(ii) "Investment advisor" means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term "investment advisor" includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department;

(B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this subchapter and in accordance with the current investment policy filed with the board;

(C) At least semiannually, the investment advisor shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys;

(D) At each regular meeting, the board shall examine each written report received from the investment advisor since the last regular meeting;

(E) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction;

(F) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments;

(G) Anything in this section to the contrary notwithstanding, until the assets of the system amount to at least five million dollars ($5,000,000), the funds of the system not in the checking account may be invested in shares of no-load mutual funds, each of which shall have the following characteristics: (i) The mutual fund shall be an open-end diversified investment company registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended; (ii) The management company of the investment company shall have been in operation for at least ten (10) years and shall have assets under management of more than one hundred million dollars ($100,000,000); and (iii) There shall be no sales charge for purchasing shares of the fund and no redemption charge for selling the shares; and

(i) The mutual fund shall be an open-end diversified investment company registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended;

(ii) The management company of the investment company shall have been in operation for at least ten (10) years and shall have assets under management of more than one hundred million dollars ($100,000,000); and

(iii) There shall be no sales charge for purchasing shares of the fund and no redemption charge for selling the shares; and

(H) The funds of local firemen's relief and pension funds and local policemen's pension and relief funds, with assets not in excess of five hundred thousand dollars ($500,000), may be invested pursuant to the supervision and management of the board in the manner provided in this section. To the extent that such local funds are managed by the board, they may be commingled with other such funds that adopt the same investment objectives.

(b) Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board shall have any direct or indirect interest in the gains or profits of any investment made by the board; nor shall any of them, directly or indirectly, for himself or herself or as an agent, in any manner use the assets of the system except to make such current and necessary payments as are authorized by the board; nor shall any of them become an endorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the board.

(c) All assets of the system shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this chapter and shall be used for no other purpose whatsoever.

(d) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Amended by Act 2017, No. 795,§ 1, eff. 8/1/2017.

Acts 1981, No. 364, § 6; 1985, No. 6, § 1; 1985, No. 16, § 1; A.S.A. 1947, § 12-3806; Acts 1987, No. 13, § 1; 1989, No. 152, § 2; 1995, No. 615, § 1.
Ark. Code Ann. § 24-6-406 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-406
Benefits generally
Status: in_force

(a) (1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her service. (2) (A) In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than: (i) Social Security's minimum age for an immediate retirement benefit; and (ii) Sixty-two (62) years of age, then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service. (B) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (i) The member's death; (ii) The member's attainment of the Social Security minimum age; or (iii) The member's attainment of sixty-two (62) years of age. (b) In the event a member with five (5) years or more of actual service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty-five (55) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching what the member's voluntary retirement age would have been if he or she had continued state police employment from the time of termination of employment. (c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system. (d) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement, the total of named-plan annuities shall not exceed the member's final average compensation. (e) No provision of this section shall be applicable to service that is credited at a rate other than one (1) month for each month of employment. Amended by Act 2021, No. 415,§ 7, eff. 7/28/2021. Acts 1997, No. 1071, § 1; 1999, No. 387, § 5; 2001, No. 151, § 66.

(a) (1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her service. (2) (A) In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than: (i) Social Security's minimum age for an immediate retirement benefit; and (ii) Sixty-two (62) years of age, then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service. (B) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (i) The member's death; (ii) The member's attainment of the Social Security minimum age; or (iii) The member's attainment of sixty-two (62) years of age.

(1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her service.

(2) (A) In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than: (i) Social Security's minimum age for an immediate retirement benefit; and (ii) Sixty-two (62) years of age, then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service. (B) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (i) The member's death; (ii) The member's attainment of the Social Security minimum age; or (iii) The member's attainment of sixty-two (62) years of age.

(A) In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than: (i) Social Security's minimum age for an immediate retirement benefit; and (ii) Sixty-two (62) years of age, then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service.

(i) Social Security's minimum age for an immediate retirement benefit; and

(ii) Sixty-two (62) years of age, then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service.

then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service.

(B) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (i) The member's death; (ii) The member's attainment of the Social Security minimum age; or (iii) The member's attainment of sixty-two (62) years of age.

(i) The member's death;

(ii) The member's attainment of the Social Security minimum age; or

(iii) The member's attainment of sixty-two (62) years of age.

(b) In the event a member with five (5) years or more of actual service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty-five (55) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching what the member's voluntary retirement age would have been if he or she had continued state police employment from the time of termination of employment.

(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.

(d) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement, the total of named-plan annuities shall not exceed the member's final average compensation.

(e) No provision of this section shall be applicable to service that is credited at a rate other than one (1) month for each month of employment.

Amended by Act 2021, No. 415,§ 7, eff. 7/28/2021.

Acts 1997, No. 1071, § 1; 1999, No. 387, § 5; 2001, No. 151, § 66.
Ark. Code Ann. § 24-11-804 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-804
Administration of small funds by Arkansas Local Police and Fire Retirement System
Status: in_force

(a) (1) In those local firemen's relief and pension funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer. (2) As used in this section, "member" includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries. (b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure: (1) (A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries. (B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets. (2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system, and for no other purpose. (3) (A) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system. (B) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (C) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (D) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (E) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients or if active members are still covered by the fund, the system shall require of the employer and the employer shall remit such actuarially computed amounts as are necessary to pay full benefits to current and future recipients. (4) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, state insurance tax turnback, and other revenues allowed by law for the support of firefighter retirement programs. (B) The revenues shall be deposited locally into an account designated by the employer solely for making payments to the system for employee coverage administered under the system, and for no other purpose. (5) (A) All employer contributions for inactive funds shall be made in such amounts and in such manner, form, and frequency as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require. (B) The pension records of inactive funds and other materials and reports as may be required by the board to administer the inactive funds shall be provided to the system in such manner as the board shall require. Acts 1921, No. 491, § 1; Pope's Dig., § 7737; Acts 1985, No. 927, § 2; A.S.A. 1947, § 19-2201; Acts 1987, No. 405, § 1; 2007, No. 1056, §§ 3, 4; 2009, No. 255, § 1.

(a) (1) In those local firemen's relief and pension funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer. (2) As used in this section, "member" includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries.

(1) In those local firemen's relief and pension funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer.

(2) As used in this section, "member" includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries.

(b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure: (1) (A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries. (B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets. (2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system, and for no other purpose. (3) (A) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system. (B) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (C) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (D) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (E) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients or if active members are still covered by the fund, the system shall require of the employer and the employer shall remit such actuarially computed amounts as are necessary to pay full benefits to current and future recipients. (4) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, state insurance tax turnback, and other revenues allowed by law for the support of firefighter retirement programs. (B) The revenues shall be deposited locally into an account designated by the employer solely for making payments to the system for employee coverage administered under the system, and for no other purpose. (5) (A) All employer contributions for inactive funds shall be made in such amounts and in such manner, form, and frequency as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require. (B) The pension records of inactive funds and other materials and reports as may be required by the board to administer the inactive funds shall be provided to the system in such manner as the board shall require.

(1) (A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries. (B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets.

(A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries.

(B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets.

(2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system, and for no other purpose.

(3) (A) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system. (B) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (C) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (D) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (E) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients or if active members are still covered by the fund, the system shall require of the employer and the employer shall remit such actuarially computed amounts as are necessary to pay full benefits to current and future recipients.

(A) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system.

(B) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 .

(C) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund.

(D) No prorating of benefits shall be allowed in inactive funds under the administration of the system.

(E) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients or if active members are still covered by the fund, the system shall require of the employer and the employer shall remit such actuarially computed amounts as are necessary to pay full benefits to current and future recipients.

(4) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, state insurance tax turnback, and other revenues allowed by law for the support of firefighter retirement programs. (B) The revenues shall be deposited locally into an account designated by the employer solely for making payments to the system for employee coverage administered under the system, and for no other purpose.

(A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, state insurance tax turnback, and other revenues allowed by law for the support of firefighter retirement programs.

(B) The revenues shall be deposited locally into an account designated by the employer solely for making payments to the system for employee coverage administered under the system, and for no other purpose.

(5) (A) All employer contributions for inactive funds shall be made in such amounts and in such manner, form, and frequency as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require. (B) The pension records of inactive funds and other materials and reports as may be required by the board to administer the inactive funds shall be provided to the system in such manner as the board shall require.

(A) All employer contributions for inactive funds shall be made in such amounts and in such manner, form, and frequency as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require.

(B) The pension records of inactive funds and other materials and reports as may be required by the board to administer the inactive funds shall be provided to the system in such manner as the board shall require.

Acts 1921, No. 491, § 1; Pope's Dig., § 7737; Acts 1985, No. 927, § 2; A.S.A. 1947, § 19-2201; Acts 1987, No. 405, § 1; 2007, No. 1056, §§ 3, 4; 2009, No. 255, § 1.
Ark. Code Ann. § 24-6-214 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-214
Benefits generally - Contributory member
Status: in_force

(a) Upon his or her retirement as provided in this subchapter, a member shall receive a straight life pension equal to the following sum: Two and nine hundred forty-nine thousandths percent (2.949%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service not to exceed twenty (20) years, plus the sum of two and three hundred fifty-nine thousandths percent (2.359%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty (20) years but not in excess of twenty-five (25) years, plus one and eighteen-hundredths percent (1.18%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty-five (25) years but not in excess of thirty (30) years. (b) (1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of fifty (50) years of age, as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained fifty (50) years of age. (2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years of age, computed in the same manner as the pension of other retirants under the system. (3) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system. Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1971, No. 309, § 3; 1977, No. 460, § 1; A.S.A. 1947, § 42-455; Acts 1991, No. 225, § 1; 1997, No. 1053, § 21; 2001, No. 151, § 60.

(a) Upon his or her retirement as provided in this subchapter, a member shall receive a straight life pension equal to the following sum: Two and nine hundred forty-nine thousandths percent (2.949%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service not to exceed twenty (20) years, plus the sum of two and three hundred fifty-nine thousandths percent (2.359%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty (20) years but not in excess of twenty-five (25) years, plus one and eighteen-hundredths percent (1.18%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty-five (25) years but not in excess of thirty (30) years.

(b) (1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of fifty (50) years of age, as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained fifty (50) years of age. (2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years of age, computed in the same manner as the pension of other retirants under the system. (3) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.

(1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of fifty (50) years of age, as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained fifty (50) years of age.

(2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years of age, computed in the same manner as the pension of other retirants under the system.

(3) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.

Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1971, No. 309, § 3; 1977, No. 460, § 1; A.S.A. 1947, § 42-455; Acts 1991, No. 225, § 1; 1997, No. 1053, § 21; 2001, No. 151, § 60.
Ark. Code Ann. § 24-8-403 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-403
Benefits - Frequency of payment - Deficiencies for any judge of municipal court - Proration upon insufficiency of fund for any county municipal judge
Status: in_force

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly. (b) (1) (A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify the deficiency. (B) (i) 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 salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county. (2) 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. (c) (1) In the case of a county municipal court judge, should the fund established under this subchapter be insufficient to pay retirement benefits due any such judge, then the fund shall be prorated among those entitled by the board as may be deemed just and equitable. (2) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if: (A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or (B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year. Acts 1965, No. 19, § 5; 1971, No. 300, § 1; A.S.A. 1947, § 22-945; Acts 1993, No. 585, § 3; 1995, No. 793, § 1.

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

(b) (1) (A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify the deficiency. (B) (i) 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 salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county. (2) 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) (A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify the deficiency. (B) (i) 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 salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county.

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

(B) (i) 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 salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto. (ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county.

(i) 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 salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto.

(ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county.

(2) 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.

(c) (1) In the case of a county municipal court judge, should the fund established under this subchapter be insufficient to pay retirement benefits due any such judge, then the fund shall be prorated among those entitled by the board as may be deemed just and equitable. (2) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if: (A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or (B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year.

(1) In the case of a county municipal court judge, should the fund established under this subchapter be insufficient to pay retirement benefits due any such judge, then the fund shall be prorated among those entitled by the board as may be deemed just and equitable.

(2) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if: (A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or (B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year.

(A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or

(B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year.

Acts 1965, No. 19, § 5; 1971, No. 300, § 1; A.S.A. 1947, § 22-945; Acts 1993, No. 585, § 3; 1995, No. 793, § 1.
Ark. Code Ann. § 24-11-812 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-812
Tax levy by city council
Status: in_force

(a) (1) After being once approved by a majority of those voting on the question at any general or special election of any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property in the city shall be levied annually by the city for the purpose of paying firefighters' retirement salaries and pensions and pensions to the surviving spouses and minor children of deceased firefighters and the surviving spouses and minor children of deceased retired firefighters. (2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city. (3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected. This amount shall be turned over to the board of trustees of the firemen's relief and pension fund of the city, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 . (b) (1) However, in those cities that do not have a firemen's relief and pension fund but that cover their firefighters under the Arkansas Local Police and Fire Retirement System, the levy shall also be allowed when approved by a majority of the qualified electors of the cities or towns participating in a special election for the purpose of voting on the question. (2) The election may be held in connection with the first general city election following the passage and approval of this subsection, but the failure to submit at the city or other election shall not defeat the right of submission at any subsequent election. (3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city or town affected, stating the amount of tax to be voted on, not to exceed one (1) mill on the dollar, and praying that the question of a firemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq. (4) In the event that for any reason the question of a firemen's pension is not voted upon in the next general city election after the passage and approval of this subsection, the question may be submitted at any other general or special election held in the city or town as provided in this subsection. (5) The ballot shall state the amount of tax being voted on and the purpose thereof, and the question on the ballot shall be as follows: "FOR Firemen's Pension ...............[] AGAINST Firemen's Pension ...............[]". (c) Once so approved, the levy shall be certified in the same manner as provided in this section and shall be collected and turned over to the city for the sole purpose of payment for coverage of employees under the Arkansas Local Police and Fire Retirement System. (d) A vote on the question of the tax provided for in this section shall be had in the same manner that the Arkansas Constitution and laws of this state provide for the initiation of measures in municipalities. (e) The funds provided for in this section shall be supplemental to and in addition to any funds provided for by any laws in effect at the time of the passage of this section, shall become part of the firemen's relief and pension fund of the city, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , and shall be administered by the board of trustees created by those sections, for the same class of beneficiaries and in the same manner as the funds provided for in §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , since it is the specific intention of this section not to repeal §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , or any amendments thereto, but rather to provide additional money for the firemen's relief and pension fund. (f) In those cities that cover their firefighters under the Arkansas Local Police and Fire Retirement System, the funds shall be applied to each city's account in that system in such manner and amounts as determined by the Board of Trustees of the Arkansas Local Police and Fire Retirement System, if: (1) The city does not have a firemen's relief and pension fund; or (2) The city has consolidated administration of its firemen's relief and pension fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's firemen's relief and pension fund. Acts 1941, No. 14, §§ 1, 2, 4; 1985, No. 901, §§ 1, 2; A.S.A. 1947, §§ 19-2214, 19-2215, 19-2217; Acts 1989, No. 341, § 2; 2005, No. 2145, § 64; 2007, No. 608, § 2; 2007, No. 1049, § 86; 2009, No. 1480, § 105.

(a) (1) After being once approved by a majority of those voting on the question at any general or special election of any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property in the city shall be levied annually by the city for the purpose of paying firefighters' retirement salaries and pensions and pensions to the surviving spouses and minor children of deceased firefighters and the surviving spouses and minor children of deceased retired firefighters. (2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city. (3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected. This amount shall be turned over to the board of trustees of the firemen's relief and pension fund of the city, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(1) After being once approved by a majority of those voting on the question at any general or special election of any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property in the city shall be levied annually by the city for the purpose of paying firefighters' retirement salaries and pensions and pensions to the surviving spouses and minor children of deceased firefighters and the surviving spouses and minor children of deceased retired firefighters.

(2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city.

(3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected. This amount shall be turned over to the board of trustees of the firemen's relief and pension fund of the city, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(b) (1) However, in those cities that do not have a firemen's relief and pension fund but that cover their firefighters under the Arkansas Local Police and Fire Retirement System, the levy shall also be allowed when approved by a majority of the qualified electors of the cities or towns participating in a special election for the purpose of voting on the question. (2) The election may be held in connection with the first general city election following the passage and approval of this subsection, but the failure to submit at the city or other election shall not defeat the right of submission at any subsequent election. (3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city or town affected, stating the amount of tax to be voted on, not to exceed one (1) mill on the dollar, and praying that the question of a firemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq. (4) In the event that for any reason the question of a firemen's pension is not voted upon in the next general city election after the passage and approval of this subsection, the question may be submitted at any other general or special election held in the city or town as provided in this subsection. (5) The ballot shall state the amount of tax being voted on and the purpose thereof, and the question on the ballot shall be as follows: "FOR Firemen's Pension ...............[] AGAINST Firemen's Pension ...............[]".

(1) However, in those cities that do not have a firemen's relief and pension fund but that cover their firefighters under the Arkansas Local Police and Fire Retirement System, the levy shall also be allowed when approved by a majority of the qualified electors of the cities or towns participating in a special election for the purpose of voting on the question.

(2) The election may be held in connection with the first general city election following the passage and approval of this subsection, but the failure to submit at the city or other election shall not defeat the right of submission at any subsequent election.

(3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city or town affected, stating the amount of tax to be voted on, not to exceed one (1) mill on the dollar, and praying that the question of a firemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq.

(4) In the event that for any reason the question of a firemen's pension is not voted upon in the next general city election after the passage and approval of this subsection, the question may be submitted at any other general or special election held in the city or town as provided in this subsection.

(5) The ballot shall state the amount of tax being voted on and the purpose thereof, and the question on the ballot shall be as follows: "FOR Firemen's Pension ...............[] AGAINST Firemen's Pension ...............[]".

"FOR Firemen's Pension ...............[]

AGAINST Firemen's Pension ...............[]".

(c) Once so approved, the levy shall be certified in the same manner as provided in this section and shall be collected and turned over to the city for the sole purpose of payment for coverage of employees under the Arkansas Local Police and Fire Retirement System.

(d) A vote on the question of the tax provided for in this section shall be had in the same manner that the Arkansas Constitution and laws of this state provide for the initiation of measures in municipalities.

(e) The funds provided for in this section shall be supplemental to and in addition to any funds provided for by any laws in effect at the time of the passage of this section, shall become part of the firemen's relief and pension fund of the city, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , and shall be administered by the board of trustees created by those sections, for the same class of beneficiaries and in the same manner as the funds provided for in §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , since it is the specific intention of this section not to repeal §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , or any amendments thereto, but rather to provide additional money for the firemen's relief and pension fund.

(f) In those cities that cover their firefighters under the Arkansas Local Police and Fire Retirement System, the funds shall be applied to each city's account in that system in such manner and amounts as determined by the Board of Trustees of the Arkansas Local Police and Fire Retirement System, if: (1) The city does not have a firemen's relief and pension fund; or (2) The city has consolidated administration of its firemen's relief and pension fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's firemen's relief and pension fund.

(1) The city does not have a firemen's relief and pension fund; or

(2) The city has consolidated administration of its firemen's relief and pension fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's firemen's relief and pension fund.

Acts 1941, No. 14, §§ 1, 2, 4; 1985, No. 901, §§ 1, 2; A.S.A. 1947, §§ 19-2214, 19-2215, 19-2217; Acts 1989, No. 341, § 2; 2005, No. 2145, § 64; 2007, No. 608, § 2; 2007, No. 1049, § 86; 2009, No. 1480, § 105.
Ark. Code Ann. § 24-7-734 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-734
Lost payees
Status: in_force

(a) (1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary. (2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary. (b) (1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system. (2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered: (A) To the member's residual beneficiary, if any; (B) To the member's lump-sum death beneficiary, if any; (C) To the member's estate, if any; or (D) To the system. (c) If a provision of this section conflicts with a provision of the Unclaimed Property Act, § 18-28-201 et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, § 18-28-201 et seq. Amended by Act 2013, No. 140,§ 8, eff. 8/16/2013. Acts 2001, No. 155, § 4; 2005, No. 385, § 9.

(a) (1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary. (2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.

(1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary.

(2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.

(b) (1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system. (2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered: (A) To the member's residual beneficiary, if any; (B) To the member's lump-sum death beneficiary, if any; (C) To the member's estate, if any; or (D) To the system.

(1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system.

(2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered: (A) To the member's residual beneficiary, if any; (B) To the member's lump-sum death beneficiary, if any; (C) To the member's estate, if any; or (D) To the system.

(A) To the member's residual beneficiary, if any;

(B) To the member's lump-sum death beneficiary, if any;

(C) To the member's estate, if any; or

(D) To the system.

(c) If a provision of this section conflicts with a provision of the Unclaimed Property Act, § 18-28-201 et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, § 18-28-201 et seq.

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

Acts 2001, No. 155, § 4; 2005, No. 385, § 9.
Ark. Code Ann. § 24-11-807 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-807
Minimum payments generally - Proration upon insufficiency of fund - Supplemental pensions
Status: in_force

(a) For volunteer firefighters, in no case shall the payment to any retired member be less than one hundred dollars ($100) per month, and the payment shall be made in accordance with the justice and equity of each case as determined by the board of trustees of the firemen's relief and pension fund. (b) Should the fund provided for in this subchapter be insufficient to make full payment of the amount of pensions to all persons entitled thereto, then the fund shall be prorated among those entitled by the proper authorities as may be deemed just and equitable. (c) The payment provided for in this section shall not be made until after the payment in full of all claims or demands against the fund arising or accruing under the provisions of § 24-11-819(c) . (d) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if: (1) The board pays the full minimum benefit each month to all eligible beneficiaries until assets in the fund are depleted for the fiscal year, at which time all payments shall cease until revenues are received for the next fiscal year; or (2) The board decreases all payments to all eligible beneficiaries by an equal proportion for the fiscal year and does not allow the assets in the fund to become fully depleted. (e) In cities having a population of twenty thousand (20,000) or more, if the board of the firemen's relief and pension fund shall determine that the balances in the fund together with estimated income thereto will provide an amount sufficient to pay additional minimum pensions to volunteer firefighters entitled to the pensions. Then, by adoption of a resolution by majority vote of the full membership of the board, the board may provide for the payment of supplemental, additional minimum pensions in an amount not to exceed twenty-five dollars ($25.00) per month per retired volunteer firefighter, or such lesser amount as the board shall determine can be paid from fund balances and estimated income without jeopardizing or reducing other benefits payable from the fund. Acts 1921, No. 491, § 20; Pope's Dig., § 7756; Acts 1963, No. 524, § 1; 1971, No. 64, § 1; 1985, No. 338, § 1; A.S.A. 1947, § 19-2227; Acts 1993, No. 1197, § 5; 2003, No. 1370, § 1.

(a) For volunteer firefighters, in no case shall the payment to any retired member be less than one hundred dollars ($100) per month, and the payment shall be made in accordance with the justice and equity of each case as determined by the board of trustees of the firemen's relief and pension fund.

(b) Should the fund provided for in this subchapter be insufficient to make full payment of the amount of pensions to all persons entitled thereto, then the fund shall be prorated among those entitled by the proper authorities as may be deemed just and equitable.

(c) The payment provided for in this section shall not be made until after the payment in full of all claims or demands against the fund arising or accruing under the provisions of § 24-11-819(c) .

(d) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if: (1) The board pays the full minimum benefit each month to all eligible beneficiaries until assets in the fund are depleted for the fiscal year, at which time all payments shall cease until revenues are received for the next fiscal year; or (2) The board decreases all payments to all eligible beneficiaries by an equal proportion for the fiscal year and does not allow the assets in the fund to become fully depleted.

(1) The board pays the full minimum benefit each month to all eligible beneficiaries until assets in the fund are depleted for the fiscal year, at which time all payments shall cease until revenues are received for the next fiscal year; or

(2) The board decreases all payments to all eligible beneficiaries by an equal proportion for the fiscal year and does not allow the assets in the fund to become fully depleted.

(e) In cities having a population of twenty thousand (20,000) or more, if the board of the firemen's relief and pension fund shall determine that the balances in the fund together with estimated income thereto will provide an amount sufficient to pay additional minimum pensions to volunteer firefighters entitled to the pensions. Then, by adoption of a resolution by majority vote of the full membership of the board, the board may provide for the payment of supplemental, additional minimum pensions in an amount not to exceed twenty-five dollars ($25.00) per month per retired volunteer firefighter, or such lesser amount as the board shall determine can be paid from fund balances and estimated income without jeopardizing or reducing other benefits payable from the fund.

Acts 1921, No. 491, § 20; Pope's Dig., § 7756; Acts 1963, No. 524, § 1; 1971, No. 64, § 1; 1985, No. 338, § 1; A.S.A. 1947, § 19-2227; Acts 1993, No. 1197, § 5; 2003, No. 1370, § 1.