Ark. Code Ann. § 24-10-608 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-608
Death of member in paid service
Status: in_force

(a) (1) If an active member with five (5) or more years of credited paid service, including credited service for the year immediately preceding his or her death, dies in employer-paid service before retirement, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 . (2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary. (3) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death, or one hundred twenty-five dollars ($125) monthly, whichever is greater. (b) (1) If an active member dies in employer-paid service before retirement as a result of a personal injury or disease which the Board of Trustees of the Arkansas Local Police and Fire Retirement System finds to have arisen out of and in the course of his or her actual performance of duty as an employee, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 . (2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary. (3) For the sole purpose of computing the amount of the annuity on account of any member who does not have twenty-five (25) years of credited service in force at the time of death, credited service shall be granted for the period from the date of his or her death to the date he or she would have completed twenty-five (25) years of credited service. (4) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death or one hundred twenty-five dollars ($125) monthly, whichever is greater. (c) (1) (A) If a spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of ten percent (10%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are four (4) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of thirty percent (30%) of the final average pay or one hundred twenty-five dollars ($125) monthly. (2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children. (d) (1) (A) If no spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of twenty percent (20%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are three (3) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of fifty percent (50%) of the final average pay or one hundred twenty-five dollars ($125) monthly. (2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children. (e) If, at the time of the member's death while in paid service, there is neither a spouse nor a dependent child, each dependent parent shall receive an annuity of the greater of twenty percent (20%) of the final average pay or fifty dollars ($50.00) monthly, but only if the plan finds that the parent was dependent upon the member for at least fifty percent (50%) of his or her financial support at the time of death. (f) Annuities payable under the provisions of this section shall commence the first day of the calendar month next following the date of the member's death or a later date specified for the commencement of annuity payments. (g) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual credited service in order to be eligible under this section. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 8, eff. 4/11/2013. Acts 1981, No. 364, § 5; 1983, No. 654, § 1; A.S.A. 1947, § 12-3805; Acts 1995, No. 1031, § 1.

(a) (1) If an active member with five (5) or more years of credited paid service, including credited service for the year immediately preceding his or her death, dies in employer-paid service before retirement, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 . (2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary. (3) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death, or one hundred twenty-five dollars ($125) monthly, whichever is greater.

(1) If an active member with five (5) or more years of credited paid service, including credited service for the year immediately preceding his or her death, dies in employer-paid service before retirement, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 .

(2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary.

(A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ;

(B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and

(C) Nominated the spouse as joint beneficiary.

(3) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death, or one hundred twenty-five dollars ($125) monthly, whichever is greater.

(b) (1) If an active member dies in employer-paid service before retirement as a result of a personal injury or disease which the Board of Trustees of the Arkansas Local Police and Fire Retirement System finds to have arisen out of and in the course of his or her actual performance of duty as an employee, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 . (2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary. (3) For the sole purpose of computing the amount of the annuity on account of any member who does not have twenty-five (25) years of credited service in force at the time of death, credited service shall be granted for the period from the date of his or her death to the date he or she would have completed twenty-five (25) years of credited service. (4) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death or one hundred twenty-five dollars ($125) monthly, whichever is greater.

(1) If an active member dies in employer-paid service before retirement as a result of a personal injury or disease which the Board of Trustees of the Arkansas Local Police and Fire Retirement System finds to have arisen out of and in the course of his or her actual performance of duty as an employee, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610 .

(2) His or her surviving spouse, who was married to the member at least one (1) year immediately preceding his or her death, shall receive an annuity computed in the same manner in all respects as if the member had: (A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ; (B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and (C) Nominated the spouse as joint beneficiary.

(A) Retired the date of his or her death with entitlement to an annuity provided for in § 24-10-602 ;

(B) Elected Option B50 survivor beneficiary annuity provided for in § 24-10-603 ; and

(C) Nominated the spouse as joint beneficiary.

(3) For the sole purpose of computing the amount of the annuity on account of any member who does not have twenty-five (25) years of credited service in force at the time of death, credited service shall be granted for the period from the date of his or her death to the date he or she would have completed twenty-five (25) years of credited service.

(4) The spouse annuity shall not be less than twenty percent (20%) of the deceased member's final average pay at the time of death or one hundred twenty-five dollars ($125) monthly, whichever is greater.

(c) (1) (A) If a spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of ten percent (10%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are four (4) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of thirty percent (30%) of the final average pay or one hundred twenty-five dollars ($125) monthly. (2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children.

(1) (A) If a spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of ten percent (10%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are four (4) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of thirty percent (30%) of the final average pay or one hundred twenty-five dollars ($125) monthly.

(A) If a spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of ten percent (10%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly.

(B) However, while there are four (4) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of thirty percent (30%) of the final average pay or one hundred twenty-five dollars ($125) monthly.

(2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children.

(d) (1) (A) If no spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of twenty percent (20%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are three (3) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of fifty percent (50%) of the final average pay or one hundred twenty-five dollars ($125) monthly. (2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children.

(1) (A) If no spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of twenty percent (20%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly. (B) However, while there are three (3) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of fifty percent (50%) of the final average pay or one hundred twenty-five dollars ($125) monthly.

(A) If no spouse annuity is payable as a result of a member's death while in paid service, his or her dependent children shall each receive an annuity of the greater of twenty percent (20%) of the member's final average pay at the time of death or twenty-five dollars ($25.00) monthly.

(B) However, while there are three (3) or more dependent children, each dependent child shall receive an annuity of an equal share of the greater of fifty percent (50%) of the final average pay or one hundred twenty-five dollars ($125) monthly.

(2) Upon a child's ceasing to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children.

(e) If, at the time of the member's death while in paid service, there is neither a spouse nor a dependent child, each dependent parent shall receive an annuity of the greater of twenty percent (20%) of the final average pay or fifty dollars ($50.00) monthly, but only if the plan finds that the parent was dependent upon the member for at least fifty percent (50%) of his or her financial support at the time of death.

(f) Annuities payable under the provisions of this section shall commence the first day of the calendar month next following the date of the member's death or a later date specified for the commencement of annuity payments.

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

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

Amended by Act 2013, No. 1065,§ 8, eff. 4/11/2013.

Acts 1981, No. 364, § 5; 1983, No. 654, § 1; A.S.A. 1947, § 12-3805; Acts 1995, No. 1031, § 1.
Ark. Code Ann. § 24-10-405 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-405
Employer accumulation account - Contributions
Status: in_force

(a) The employer accumulation account as created by this section shall be the account into which contributions made by employers for annuities shall be accumulated and from which transfers shall be made as provided in this chapter. (b) Employer contributions paid to the Arkansas Local Police and Fire Retirement System provided for in this section shall be credited to the employer accumulation fund account of the employer making the contributions. (c) When an annuity becomes due and payable to or on behalf of a member, there shall be transferred to the retirement reserve account from his or her employer's account in the employer accumulation account the difference between the reserve for the annuity and the accumulated contributions standing to his or her credit in the members' deposit account at the time the annuity first becomes due and payable. (d) An employer accumulation account shall be maintained to receive and hold employer contributions. (e) Paid service employer contributions to the system shall be the total of the contribution amounts provided for in subsections (f) and (g) of this section, and the contributions shall be subject to the provisions of subsection (h) of this section. (f) (1) For paid service employers, the actuary shall annually compute the rate of contributions, expressed as a percent of active member pays, which will cover the benefit costs of paid service employees participating in the system. (2) The Board of Trustees of the Arkansas Local Police and Fire Retirement System in consultation with the actuary shall establish, based upon their financial assumptions, the actuarial valuation determining the contribution rate. (3) The board shall certify annually to the governing body of each employer the contribution rate so determined, and each employer shall pay contributions based on that rate to the system during the employer's next fiscal year, which begins six (6) months or more after the date of the board certification. (4) The payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the board shall determine. (5) When received, the payments shall be credited to the employer accumulation account. (g) Each employer shall provide its share as determined by the board of the administrative expenses of the system and shall pay that amount to the system to be credited to the income-expense account. (h) (1) Except under subdivision (h)(2) of this section, the paid service employer's total contributions to the system, expressed as a percentage of active member pays, in any employer fiscal year beginning with the second fiscal year that the political subdivision is an employer shall not exceed its total contributions for the immediately preceding fiscal year, expressed as a percent of active member pays, by more than one percent (1%). (2) However, an increase in the paid service employer's contributions to the system may exceed the limit of one percent (1%) per year imposed under subdivision (h)(1) of this section if the board certifies to the governing body of each paid service employer that the increase in the paid service employer's contribution rate is the direct result of increased benefit costs mandated by changes in the law made by the General Assembly. (i) (1) For volunteer service employers, the actuary shall annually compute the rate of contributions that will cover the benefit costs of volunteer service employees participating in the system as determined by policy established by the board. (2) The actuarial valuation determination of the contribution rate shall be based upon financial assumptions established by the board following consultation with the actuary. (3) The board shall certify annually to the governing body of each employer the determined contribution rate, and each employer shall pay contributions based on the determined rate to the system during the employer's next fiscal year that begins six (6) months or more from the date of the board certification. (4) The board shall determine required supporting data and the manner, form, and frequency in which payments shall be made. (5) The board shall establish necessary additional policies regarding volunteer service employers that are required to meet the financial objective of the system under this subchapter. (j) Beginning in fiscal year 2012, for each paid service employer the actuary shall annually compute the rate of contributions that will cover the benefit costs of its employees participating in the system as determined by policy established by the board. (k) (1) Beginning January 1, 2022, the board may add an additional amount to a paid service employer contribution to account for the cost of providing a disability benefit for each employee of the employer as provided under § 24-10-607 . (2) In a time and manner prescribed by the system, an employer shall remit to the system the employer contribution charged to the employer. (3) The employer contribution and any applicable penalty under this subsection shall not be subject to a limitation imposed by subsections (f) and (h) of this section. (4) The employer contribution and any applicable penalty charged or assessed under this subsection does not qualify for inclusion in funding with or the receipt of premium tax revenues provided under § 24-11-214 . (5) The board may establish rules necessary to implement this subsection. Amended by Act 2021, No. 72,§ 1, eff. 4/1/2021. Amended by Act 2013, No. 40,§ 3, eff. 2/6/2013. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 2003, No. 1368, § 1; 2007, No. 610, § 1; 2011, No. 979, § 1.

(a) The employer accumulation account as created by this section shall be the account into which contributions made by employers for annuities shall be accumulated and from which transfers shall be made as provided in this chapter.

(b) Employer contributions paid to the Arkansas Local Police and Fire Retirement System provided for in this section shall be credited to the employer accumulation fund account of the employer making the contributions.

(c) When an annuity becomes due and payable to or on behalf of a member, there shall be transferred to the retirement reserve account from his or her employer's account in the employer accumulation account the difference between the reserve for the annuity and the accumulated contributions standing to his or her credit in the members' deposit account at the time the annuity first becomes due and payable.

(d) An employer accumulation account shall be maintained to receive and hold employer contributions.

(e) Paid service employer contributions to the system shall be the total of the contribution amounts provided for in subsections (f) and (g) of this section, and the contributions shall be subject to the provisions of subsection (h) of this section.

(f) (1) For paid service employers, the actuary shall annually compute the rate of contributions, expressed as a percent of active member pays, which will cover the benefit costs of paid service employees participating in the system. (2) The Board of Trustees of the Arkansas Local Police and Fire Retirement System in consultation with the actuary shall establish, based upon their financial assumptions, the actuarial valuation determining the contribution rate. (3) The board shall certify annually to the governing body of each employer the contribution rate so determined, and each employer shall pay contributions based on that rate to the system during the employer's next fiscal year, which begins six (6) months or more after the date of the board certification. (4) The payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the board shall determine. (5) When received, the payments shall be credited to the employer accumulation account.

(1) For paid service employers, the actuary shall annually compute the rate of contributions, expressed as a percent of active member pays, which will cover the benefit costs of paid service employees participating in the system.

(2) The Board of Trustees of the Arkansas Local Police and Fire Retirement System in consultation with the actuary shall establish, based upon their financial assumptions, the actuarial valuation determining the contribution rate.

(3) The board shall certify annually to the governing body of each employer the contribution rate so determined, and each employer shall pay contributions based on that rate to the system during the employer's next fiscal year, which begins six (6) months or more after the date of the board certification.

(4) The payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the board shall determine.

(5) When received, the payments shall be credited to the employer accumulation account.

(g) Each employer shall provide its share as determined by the board of the administrative expenses of the system and shall pay that amount to the system to be credited to the income-expense account.

(h) (1) Except under subdivision (h)(2) of this section, the paid service employer's total contributions to the system, expressed as a percentage of active member pays, in any employer fiscal year beginning with the second fiscal year that the political subdivision is an employer shall not exceed its total contributions for the immediately preceding fiscal year, expressed as a percent of active member pays, by more than one percent (1%). (2) However, an increase in the paid service employer's contributions to the system may exceed the limit of one percent (1%) per year imposed under subdivision (h)(1) of this section if the board certifies to the governing body of each paid service employer that the increase in the paid service employer's contribution rate is the direct result of increased benefit costs mandated by changes in the law made by the General Assembly.

(1) Except under subdivision (h)(2) of this section, the paid service employer's total contributions to the system, expressed as a percentage of active member pays, in any employer fiscal year beginning with the second fiscal year that the political subdivision is an employer shall not exceed its total contributions for the immediately preceding fiscal year, expressed as a percent of active member pays, by more than one percent (1%).

(2) However, an increase in the paid service employer's contributions to the system may exceed the limit of one percent (1%) per year imposed under subdivision (h)(1) of this section if the board certifies to the governing body of each paid service employer that the increase in the paid service employer's contribution rate is the direct result of increased benefit costs mandated by changes in the law made by the General Assembly.

(i) (1) For volunteer service employers, the actuary shall annually compute the rate of contributions that will cover the benefit costs of volunteer service employees participating in the system as determined by policy established by the board. (2) The actuarial valuation determination of the contribution rate shall be based upon financial assumptions established by the board following consultation with the actuary. (3) The board shall certify annually to the governing body of each employer the determined contribution rate, and each employer shall pay contributions based on the determined rate to the system during the employer's next fiscal year that begins six (6) months or more from the date of the board certification. (4) The board shall determine required supporting data and the manner, form, and frequency in which payments shall be made. (5) The board shall establish necessary additional policies regarding volunteer service employers that are required to meet the financial objective of the system under this subchapter.

(1) For volunteer service employers, the actuary shall annually compute the rate of contributions that will cover the benefit costs of volunteer service employees participating in the system as determined by policy established by the board.

(2) The actuarial valuation determination of the contribution rate shall be based upon financial assumptions established by the board following consultation with the actuary.

(3) The board shall certify annually to the governing body of each employer the determined contribution rate, and each employer shall pay contributions based on the determined rate to the system during the employer's next fiscal year that begins six (6) months or more from the date of the board certification.

(4) The board shall determine required supporting data and the manner, form, and frequency in which payments shall be made.

(5) The board shall establish necessary additional policies regarding volunteer service employers that are required to meet the financial objective of the system under this subchapter.

(j) Beginning in fiscal year 2012, for each paid service employer the actuary shall annually compute the rate of contributions that will cover the benefit costs of its employees participating in the system as determined by policy established by the board.

(k) (1) Beginning January 1, 2022, the board may add an additional amount to a paid service employer contribution to account for the cost of providing a disability benefit for each employee of the employer as provided under § 24-10-607 . (2) In a time and manner prescribed by the system, an employer shall remit to the system the employer contribution charged to the employer. (3) The employer contribution and any applicable penalty under this subsection shall not be subject to a limitation imposed by subsections (f) and (h) of this section. (4) The employer contribution and any applicable penalty charged or assessed under this subsection does not qualify for inclusion in funding with or the receipt of premium tax revenues provided under § 24-11-214 . (5) The board may establish rules necessary to implement this subsection.

(1) Beginning January 1, 2022, the board may add an additional amount to a paid service employer contribution to account for the cost of providing a disability benefit for each employee of the employer as provided under § 24-10-607 .

(2) In a time and manner prescribed by the system, an employer shall remit to the system the employer contribution charged to the employer.

(3) The employer contribution and any applicable penalty under this subsection shall not be subject to a limitation imposed by subsections (f) and (h) of this section.

(4) The employer contribution and any applicable penalty charged or assessed under this subsection does not qualify for inclusion in funding with or the receipt of premium tax revenues provided under § 24-11-214 .

(5) The board may establish rules necessary to implement this subsection.

Amended by Act 2021, No. 72,§ 1, eff. 4/1/2021.

Amended by Act 2013, No. 40,§ 3, eff. 2/6/2013.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 2003, No. 1368, § 1; 2007, No. 610, § 1; 2011, No. 979, § 1.
Ark. Code Ann. § 24-6-102 — AR Code / Title 24 / Chapter 6 / Subchapter 1 / Section 24-6-102
Early retirement incentives
Status: in_force

(a) In addition to the provisions of § 24-6-214 : (1) (A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Division of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity. (E) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (2) (A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the division immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained forty-eight (48) years of age or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement. (E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement. (F) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (3) (A) For those state police officers who retire pursuant to the provisions of this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired. (b) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State. Acts 1987, No. 187, §§ 2, 8, 9.

(a) In addition to the provisions of § 24-6-214 : (1) (A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Division of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity. (E) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (2) (A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the division immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained forty-eight (48) years of age or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement. (E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement. (F) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (3) (A) For those state police officers who retire pursuant to the provisions of this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.

(1) (A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Division of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity. (E) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

(A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Division of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer.

(B) (i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death.

(i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan.

(ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death.

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

(D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity.

(E) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

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

(ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

(2) (A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the division immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained forty-eight (48) years of age or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer. (B) (i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement. (E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement. (F) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

(A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the division immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained forty-eight (48) years of age or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the division or in which the state is the employer.

(B) (i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age.

(i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan.

(ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age.

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

(D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement.

(E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement.

(F) (i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

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

(ii) The retirement bonus shall be paid from the employer's accumulation account of the system.

(3) (A) For those state police officers who retire pursuant to the provisions of this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.

(A) For those state police officers who retire pursuant to the provisions of this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs.

(B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.

(b) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State.

Acts 1987, No. 187, §§ 2, 8, 9.
Ark. Code Ann. § 24-2-202 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-202
Procedure for purchase or sale of securities
Status: in_force

(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12) . (b) (1) (A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable. (B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received. (2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system. (3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system. (4) The board of trustees may reject any or all offers received and may waive informalities. (c) All obligations of a particular issue which are purchased by the board of trustees upon sealed offers shall be accompanied at the time of delivery and payment, by the opinion of recognized bond counsel acceptable to the board of trustees approving without qualification the validity of the issue of which the obligations are a part. (d) Direct general obligations of the United States and obligations of instrumentalities thereof may be purchased from the issuers from their duly designated fiscal agents or in the open market either with or without giving prior notice by publication of intention to purchase, all as, in the opinion of the board of trustees, will serve the best interest of the system. Acts 1963, No. 509, § 2; A.S.A. 1947, § 12-2531.

(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12) .

(b) (1) (A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable. (B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received. (2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system. (3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system. (4) The board of trustees may reject any or all offers received and may waive informalities.

(1) (A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable. (B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received.

(A) Not fewer than seven (7) days nor more than fourteen (14) days prior to the date set for the purchase of securities, the board of trustees shall cause a notice to be published by one (1) insertion, in one (1) or more newspapers of general circulation throughout the state and in such other newspapers or financial journals as to it may appear desirable.

(B) This notice shall request offers to sell such obligations to the system and state the approximate amount of funds proposed to be made available for the purpose and the time and place that the offers will be received.

(2) On the date and on and after the time so fixed, the board of trustees, or a duly designated subcommittee thereof, shall open, read aloud, tabulate, and compare all the offers received; then, or within twenty-four (24) hours after the date and time so fixed, the board of trustees shall purchase or contract for the purchase of such of the obligations as, in its opinion, will serve the best interest of the retirement system.

(3) All obligations of a particular type shall be purchased on the basis of the highest annual interest yield to the retirement system.

(4) The board of trustees may reject any or all offers received and may waive informalities.

(c) All obligations of a particular issue which are purchased by the board of trustees upon sealed offers shall be accompanied at the time of delivery and payment, by the opinion of recognized bond counsel acceptable to the board of trustees approving without qualification the validity of the issue of which the obligations are a part.

(d) Direct general obligations of the United States and obligations of instrumentalities thereof may be purchased from the issuers from their duly designated fiscal agents or in the open market either with or without giving prior notice by publication of intention to purchase, all as, in the opinion of the board of trustees, will serve the best interest of the system.

Acts 1963, No. 509, § 2; A.S.A. 1947, § 12-2531.
Ark. Code Ann. § 24-4-518 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-518
Credit for service as sheriff
Status: in_force

A sheriff or former sheriff who became a member of the Arkansas Public Employees' Retirement System pursuant to Acts 1995, No. 846, § 1, may purchase his or her time as an elected sheriff prior to July 28, 1995. At his or her option, the sheriff or former sheriff may receive credit for the service, subject to the following conditions: (1) The person is a participating employee covered under the system at the time of the purchase or was a sheriff who became a member pursuant to Acts 1995, No. 846, § 1; (2) The person furnishes proof in a form required by the system of the service and compensation received; (3) The person pays or causes to be paid: (A) All employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time; (B) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and (C) Regular interest on the employee and employer contributions. The interest shall be computed from the date the service was rendered to the date the payment is received by the system. The person may purchase all of the service or any portion thereof in multiples of one (1) year; and (4) The payment of funds shall be made in one (1) lump sum. Acts 1999, No. 870, § 1; 2001, No. 151, § 29.

A sheriff or former sheriff who became a member of the Arkansas Public Employees' Retirement System pursuant to Acts 1995, No. 846, § 1, may purchase his or her time as an elected sheriff prior to July 28, 1995. At his or her option, the sheriff or former sheriff may receive credit for the service, subject to the following conditions:

(1) The person is a participating employee covered under the system at the time of the purchase or was a sheriff who became a member pursuant to Acts 1995, No. 846, § 1;

(2) The person furnishes proof in a form required by the system of the service and compensation received;

(3) The person pays or causes to be paid: (A) All employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time; (B) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and (C) Regular interest on the employee and employer contributions. The interest shall be computed from the date the service was rendered to the date the payment is received by the system. The person may purchase all of the service or any portion thereof in multiples of one (1) year; and

(A) All employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time;

(B) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and

(C) Regular interest on the employee and employer contributions. The interest shall be computed from the date the service was rendered to the date the payment is received by the system. The person may purchase all of the service or any portion thereof in multiples of one (1) year; and

(4) The payment of funds shall be made in one (1) lump sum.

Acts 1999, No. 870, § 1; 2001, No. 151, § 29.
Ark. Code Ann. § 24-2-802 — AR Code / Title 24 / Chapter 2 / Subchapter 8 / Section 24-2-802
Definitions
Status: in_force

As used in this subchapter: (1) "Fiduciary" means a person who, with respect to a pension benefit plan: (A) Exercises any discretionary authority or discretionary control regarding the management of the pension benefit plan or exercises any authority or control regarding the management or disposition of the pension benefit plan's assets; or (B) Has any discretionary authority or discretionary responsibility in the administration of the pension benefit plan, including making recommendations or voting on or for a plan's shares or proxies; (2) (A) "Material", when used to qualify a financial risk or financial return, means a financial risk or financial return in which there is a substantial likelihood that a reasonable investor would attach importance when: (i) Evaluating the potential financial risks or returns of an existing or prospective investment; or (ii) Exercising, or declining to exercise, any rights appurtenant to securities. (B) "Material", when used to qualify a financial risk or financial return, does not include: (i) Furthering nonpecuniary, environmental, social, political, ideological, or other goals or objectives; or (ii) Any portion of a financial risk or financial return that primarily relates to events that: (a) Involve a high degree of uncertainty regarding what may occur in the long-term future; and (b) Are systemic, general, or not investment-specific in nature; (3) "Nonpecuniary" means any action taken or factor considered by a fiduciary with any purpose to further environmental, social, political, or ideological goals; (4) (A) "Pecuniary factor" means a factor that has a material effect on the financial risk or financial return, or both, of an investment based on appropriate investment horizons consistent with the pension benefit plan's investment objectives and the funding policy. (B) "Pecuniary factor" does not include a nonpecuniary factor; and (5) "Pension benefit plan" means any plan, fund, or program, other than an individually directed defined contribution plan, that is established, maintained, or offered by the State of Arkansas or any subdivision, county, municipality, agency, or instrumentality of the State of Arkansas, or any school, college, university, administration, authority, or other enterprise operated by the State of Arkansas to the extent that by its terms or as a result of prevailing circumstances the plan, fund, or program: (A) Provides retirement income or other retirement benefits to employees or former employees; or (B) Results in a deferral of income by employees for a period of time extending to or beyond the termination of the covered employment. Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.

As used in this subchapter:

(1) "Fiduciary" means a person who, with respect to a pension benefit plan: (A) Exercises any discretionary authority or discretionary control regarding the management of the pension benefit plan or exercises any authority or control regarding the management or disposition of the pension benefit plan's assets; or (B) Has any discretionary authority or discretionary responsibility in the administration of the pension benefit plan, including making recommendations or voting on or for a plan's shares or proxies;

(A) Exercises any discretionary authority or discretionary control regarding the management of the pension benefit plan or exercises any authority or control regarding the management or disposition of the pension benefit plan's assets; or

(B) Has any discretionary authority or discretionary responsibility in the administration of the pension benefit plan, including making recommendations or voting on or for a plan's shares or proxies;

(2) (A) "Material", when used to qualify a financial risk or financial return, means a financial risk or financial return in which there is a substantial likelihood that a reasonable investor would attach importance when: (i) Evaluating the potential financial risks or returns of an existing or prospective investment; or (ii) Exercising, or declining to exercise, any rights appurtenant to securities. (B) "Material", when used to qualify a financial risk or financial return, does not include: (i) Furthering nonpecuniary, environmental, social, political, ideological, or other goals or objectives; or (ii) Any portion of a financial risk or financial return that primarily relates to events that: (a) Involve a high degree of uncertainty regarding what may occur in the long-term future; and (b) Are systemic, general, or not investment-specific in nature;

(A) "Material", when used to qualify a financial risk or financial return, means a financial risk or financial return in which there is a substantial likelihood that a reasonable investor would attach importance when: (i) Evaluating the potential financial risks or returns of an existing or prospective investment; or (ii) Exercising, or declining to exercise, any rights appurtenant to securities.

(i) Evaluating the potential financial risks or returns of an existing or prospective investment; or

(ii) Exercising, or declining to exercise, any rights appurtenant to securities.

(B) "Material", when used to qualify a financial risk or financial return, does not include: (i) Furthering nonpecuniary, environmental, social, political, ideological, or other goals or objectives; or (ii) Any portion of a financial risk or financial return that primarily relates to events that: (a) Involve a high degree of uncertainty regarding what may occur in the long-term future; and (b) Are systemic, general, or not investment-specific in nature;

(i) Furthering nonpecuniary, environmental, social, political, ideological, or other goals or objectives; or

(ii) Any portion of a financial risk or financial return that primarily relates to events that: (a) Involve a high degree of uncertainty regarding what may occur in the long-term future; and (b) Are systemic, general, or not investment-specific in nature;

(a) Involve a high degree of uncertainty regarding what may occur in the long-term future; and

(b) Are systemic, general, or not investment-specific in nature;

(3) "Nonpecuniary" means any action taken or factor considered by a fiduciary with any purpose to further environmental, social, political, or ideological goals;

(4) (A) "Pecuniary factor" means a factor that has a material effect on the financial risk or financial return, or both, of an investment based on appropriate investment horizons consistent with the pension benefit plan's investment objectives and the funding policy. (B) "Pecuniary factor" does not include a nonpecuniary factor; and

(A) "Pecuniary factor" means a factor that has a material effect on the financial risk or financial return, or both, of an investment based on appropriate investment horizons consistent with the pension benefit plan's investment objectives and the funding policy.

(B) "Pecuniary factor" does not include a nonpecuniary factor; and

(5) "Pension benefit plan" means any plan, fund, or program, other than an individually directed defined contribution plan, that is established, maintained, or offered by the State of Arkansas or any subdivision, county, municipality, agency, or instrumentality of the State of Arkansas, or any school, college, university, administration, authority, or other enterprise operated by the State of Arkansas to the extent that by its terms or as a result of prevailing circumstances the plan, fund, or program: (A) Provides retirement income or other retirement benefits to employees or former employees; or (B) Results in a deferral of income by employees for a period of time extending to or beyond the termination of the covered employment.

(A) Provides retirement income or other retirement benefits to employees or former employees; or

(B) Results in a deferral of income by employees for a period of time extending to or beyond the termination of the covered employment.

Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-11-217 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-217
Additional allocation for certain underfunded plans
Status: in_force

(a) An additional allocation for certain underfunded plans as described in this section is created. (b) The allocation shall be based on fifteen percent (15%) of the actuarial cost under § 24-11-214 and shall be available for certain policemen's pension and relief funds and firemen's relief and pension funds, including the portion of the actuarial cost for policemen's pension and relief funds and firemen's relief and pension funds that are administered by the Arkansas Local Police and Fire Retirement System. (c) The policemen's pension and relief funds and firemen's relief and pension funds shall qualify for the additional allocation after approval of the Arkansas Fire and Police Pension Review Board and after meeting the following criteria: (1) The policemen's pension and relief fund or the firemen's relief and pension fund is in compliance with all applicable laws and rules; (2) The policemen's pension and relief fund or the firemen's relief and pension fund shall receive employer contributions other than premium tax allocations that are at least eighty percent (80%) of the actuarial cost under § 24-11-214 during the calendar year before an allocation; and (3) (A) A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is: (i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and (ii) Administered by the Arkansas Local Police and Fire Retirement System. (B) The funding under this subsection shall be eliminated to meet the criteria of § 24-11-215(e)(2)(A) notwithstanding the requirement of § 24-11-215(d) . (d) An amount that is not distributed due to a policemen's pension and relief fund's or firemen's relief and pension fund's not meeting the requirements of subsection (c) of this section shall be retained and used to supplement the amounts needed for future years when the reductions under subsection (e) of this section apply. (e) The amounts provided under this allocation are subject to the limits under § 24-11-215 . (f) Funds distributed to underfunded local pension programs through appropriation by the General Assembly for the purpose of payment of Firemen's and Police Officers' Pension and Relief Fund taxes for municipal fire and police relief and pension funds shall not be used to enhance benefits of the recipients. Amended by Act 2023, No. 796,§ 61, eff. 7/1/2023. Amended by Act 2021, No. 347,§ 1, eff. 7/28/2021. Amended by Act 2019, No. 465,§ 6, eff. 5/1/2019. Amended by Act 2019, No. 465,§ 5, eff. 5/1/2019. Amended by Act 2013, No. 500,§ 1, eff. 3/26/2013. Acts 2011, No. 979, § 7.

(a) An additional allocation for certain underfunded plans as described in this section is created.

(b) The allocation shall be based on fifteen percent (15%) of the actuarial cost under § 24-11-214 and shall be available for certain policemen's pension and relief funds and firemen's relief and pension funds, including the portion of the actuarial cost for policemen's pension and relief funds and firemen's relief and pension funds that are administered by the Arkansas Local Police and Fire Retirement System.

(c) The policemen's pension and relief funds and firemen's relief and pension funds shall qualify for the additional allocation after approval of the Arkansas Fire and Police Pension Review Board and after meeting the following criteria: (1) The policemen's pension and relief fund or the firemen's relief and pension fund is in compliance with all applicable laws and rules; (2) The policemen's pension and relief fund or the firemen's relief and pension fund shall receive employer contributions other than premium tax allocations that are at least eighty percent (80%) of the actuarial cost under § 24-11-214 during the calendar year before an allocation; and (3) (A) A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is: (i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and (ii) Administered by the Arkansas Local Police and Fire Retirement System. (B) The funding under this subsection shall be eliminated to meet the criteria of § 24-11-215(e)(2)(A) notwithstanding the requirement of § 24-11-215(d) .

(1) The policemen's pension and relief fund or the firemen's relief and pension fund is in compliance with all applicable laws and rules;

(2) The policemen's pension and relief fund or the firemen's relief and pension fund shall receive employer contributions other than premium tax allocations that are at least eighty percent (80%) of the actuarial cost under § 24-11-214 during the calendar year before an allocation; and

(3) (A) A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is: (i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and (ii) Administered by the Arkansas Local Police and Fire Retirement System. (B) The funding under this subsection shall be eliminated to meet the criteria of § 24-11-215(e)(2)(A) notwithstanding the requirement of § 24-11-215(d) .

(A) A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is: (i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and (ii) Administered by the Arkansas Local Police and Fire Retirement System.

(i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and

(ii) Administered by the Arkansas Local Police and Fire Retirement System.

(B) The funding under this subsection shall be eliminated to meet the criteria of § 24-11-215(e)(2)(A) notwithstanding the requirement of § 24-11-215(d) .

(d) An amount that is not distributed due to a policemen's pension and relief fund's or firemen's relief and pension fund's not meeting the requirements of subsection (c) of this section shall be retained and used to supplement the amounts needed for future years when the reductions under subsection (e) of this section apply.

(e) The amounts provided under this allocation are subject to the limits under § 24-11-215 .

(f) Funds distributed to underfunded local pension programs through appropriation by the General Assembly for the purpose of payment of Firemen's and Police Officers' Pension and Relief Fund taxes for municipal fire and police relief and pension funds shall not be used to enhance benefits of the recipients.

Amended by Act 2023, No. 796,§ 61, eff. 7/1/2023.

Amended by Act 2021, No. 347,§ 1, eff. 7/28/2021.

Amended by Act 2019, No. 465,§ 6, eff. 5/1/2019.

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

Amended by Act 2013, No. 500,§ 1, eff. 3/26/2013.

Acts 2011, No. 979, § 7.
Ark. Code Ann. § 24-4-744 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-744
Elected county official
Status: in_force

For the purpose of determining benefits under the Arkansas Public Employees' Retirement System, a member of the system who has service as an elected county official for a period during which the office was under the fee system, the salary of the member during that period shall be deemed to be the average salary for county officials in the same office in this state on July 1, 1997. Acts 1997, No. 299, § 27.

For the purpose of determining benefits under the Arkansas Public Employees' Retirement System, a member of the system who has service as an elected county official for a period during which the office was under the fee system, the salary of the member during that period shall be deemed to be the average salary for county officials in the same office in this state on July 1, 1997.

Acts 1997, No. 299, § 27.
Ark. Code Ann. § 24-4-512 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-512
Eligibility for benefits - Prior service credit for county members
Status: in_force

Any member of the County Division of the Arkansas Public Employees' Retirement System may, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, receive credit for any service rendered a public employer, as defined in § 24-4-101 , prior to July 1, 1959, subject to the following conditions: (1) That he or she was employed by a county participating public employer on July 1, 1957; and (2) That he or she was employed by a state department participating public employer on July 1, 1959. Acts 1957, No. 177, § 10; 1967, No. 175, § 3; A.S.A. 1947, § 12-2510.

Any member of the County Division of the Arkansas Public Employees' Retirement System may, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, receive credit for any service rendered a public employer, as defined in § 24-4-101 , prior to July 1, 1959, subject to the following conditions:

(1) That he or she was employed by a county participating public employer on July 1, 1957; and

(2) That he or she was employed by a state department participating public employer on July 1, 1959.

Acts 1957, No. 177, § 10; 1967, No. 175, § 3; A.S.A. 1947, § 12-2510.
Ark. Code Ann. § 24-4-522 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-522
Applicability of benefit provisions
Status: in_force

(a) The benefit provisions of this chapter shall be applicable to specified members of the Arkansas Public Employees' Retirement System. (b) (1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the Arkansas Public Employees' Retirement System before January 1, 1978, and who is employed on or after January 1, 1978, in a position covered by the Arkansas Public Employees' Retirement System and who thereby becomes a member. (2) In addition, each other member who was actively employed in a position covered by the Arkansas Public Employees' Retirement System on June 30, 1991, may elect to become covered by the noncontributory benefit provisions of this chapter by application written to, and received by, the governing body of the plan before January 1, 1985. (3) (A) (i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978. (ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment. (B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978. (ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions. (c) (1) The noncontributory benefit provisions of this chapter, including death and disability benefits, shall apply to all credited service rendered before or after the date of election of employees of the Department of Human Services in either the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System. (2) (A) Employees of the Department of Human Services and employees of Arkansas Rehabilitation Services shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with benefit provisions in effect December 31, 1977. (B) On and after January 1, 1993, employees of Arkansas Rehabilitation Services who elected to be covered by the provisions of this subsection and who are still active employees on January 1, 1993, shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall be computed in accordance with current benefit provisions in effect for the Arkansas Teacher Retirement System at the time of their retirement. (3) In computing the benefit under the benefit provisions of this chapter, the final average compensation shall be computed upon all service before and after the election of the Arkansas Rehabilitation Services employee as provided in § 24-4-101(34) and § 24-4-746 . (d) Each public retirement system in which the employee has served shall be responsible financially for the benefit amounts payable to the retirant, the retirant's survivors, and the retirant's beneficiaries based upon the ratio of the number of years the employee was a member of that public retirement system to the total number of years the employee was a member of any of the two (2) statewide retirement systems, i.e., the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System. (e) (1) (A) The benefit provisions of this chapter shall be administered by the Arkansas Public Employees' Retirement System for the benefit of all employees making the option. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer that amount from its benefit account to the proper account designated by the Arkansas Public Employees' Retirement System. (2) If an employee of the Department of Human Services who becomes or has become a member of the Arkansas Public Employees' Retirement System under the provisions of this section leaves employment with the Department of Human Services and becomes employed in another position covered by the Arkansas Teacher Retirement System, the person's credited service, both before and after his or her service under this chapter, shall be subject to the benefit provisions of §§ 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed]. (3) The member shall be eligible to establish reciprocity under the provisions of §§ 24-2-401 - 24-2-405 and 24-2-407 . (4) Members of the Arkansas Teacher Retirement System who have not elected to pay contributions to that system on full salary shall not be eligible to elect to become covered by the benefit provisions of this chapter unless they first make written application with the Arkansas Teacher Retirement System for full salary coverage for all salaries received from July 1, 1969, until the date of making the election to come under the provisions of this chapter and paying to the system the amount of the additional contributions, plus regular interest, for full salary credited service. (f) Any member of the Arkansas Public Employees' Retirement System employed prior to January 1, 1978, who does not elect in writing to become covered by the noncontributory benefit provisions of this chapter shall not be covered by the noncontributory benefit provisions of this chapter but shall remain in the plan he or she was in January 1, 1978, and shall continue to make regular contributions as provided in the Arkansas Public Employees' Retirement System. (g) Any member of the Arkansas Public Employees' Retirement System who elects in writing to become covered by the noncontributory benefit provisions of this chapter shall be entitled to a refund of any accumulated contributions paid on or after January 1, 1978, and prior to the date of election. Amended by Act 2019, No. 910,§ 2367, eff. 7/1/2019. Acts 2001, No. 151, § 30.

(a) The benefit provisions of this chapter shall be applicable to specified members of the Arkansas Public Employees' Retirement System.

(b) (1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the Arkansas Public Employees' Retirement System before January 1, 1978, and who is employed on or after January 1, 1978, in a position covered by the Arkansas Public Employees' Retirement System and who thereby becomes a member. (2) In addition, each other member who was actively employed in a position covered by the Arkansas Public Employees' Retirement System on June 30, 1991, may elect to become covered by the noncontributory benefit provisions of this chapter by application written to, and received by, the governing body of the plan before January 1, 1985. (3) (A) (i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978. (ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment. (B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978. (ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions.

(1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the Arkansas Public Employees' Retirement System before January 1, 1978, and who is employed on or after January 1, 1978, in a position covered by the Arkansas Public Employees' Retirement System and who thereby becomes a member.

(2) In addition, each other member who was actively employed in a position covered by the Arkansas Public Employees' Retirement System on June 30, 1991, may elect to become covered by the noncontributory benefit provisions of this chapter by application written to, and received by, the governing body of the plan before January 1, 1985.

(3) (A) (i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978. (ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment. (B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978. (ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions.

(A) (i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978. (ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment.

(i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978.

(ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment.

(B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978. (ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions.

(i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978.

(ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions.

(c) (1) The noncontributory benefit provisions of this chapter, including death and disability benefits, shall apply to all credited service rendered before or after the date of election of employees of the Department of Human Services in either the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System. (2) (A) Employees of the Department of Human Services and employees of Arkansas Rehabilitation Services shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with benefit provisions in effect December 31, 1977. (B) On and after January 1, 1993, employees of Arkansas Rehabilitation Services who elected to be covered by the provisions of this subsection and who are still active employees on January 1, 1993, shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall be computed in accordance with current benefit provisions in effect for the Arkansas Teacher Retirement System at the time of their retirement. (3) In computing the benefit under the benefit provisions of this chapter, the final average compensation shall be computed upon all service before and after the election of the Arkansas Rehabilitation Services employee as provided in § 24-4-101(34) and § 24-4-746 .

(1) The noncontributory benefit provisions of this chapter, including death and disability benefits, shall apply to all credited service rendered before or after the date of election of employees of the Department of Human Services in either the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System.

(2) (A) Employees of the Department of Human Services and employees of Arkansas Rehabilitation Services shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with benefit provisions in effect December 31, 1977. (B) On and after January 1, 1993, employees of Arkansas Rehabilitation Services who elected to be covered by the provisions of this subsection and who are still active employees on January 1, 1993, shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall be computed in accordance with current benefit provisions in effect for the Arkansas Teacher Retirement System at the time of their retirement.

(A) Employees of the Department of Human Services and employees of Arkansas Rehabilitation Services shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with benefit provisions in effect December 31, 1977.

(B) On and after January 1, 1993, employees of Arkansas Rehabilitation Services who elected to be covered by the provisions of this subsection and who are still active employees on January 1, 1993, shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall be computed in accordance with current benefit provisions in effect for the Arkansas Teacher Retirement System at the time of their retirement.

(3) In computing the benefit under the benefit provisions of this chapter, the final average compensation shall be computed upon all service before and after the election of the Arkansas Rehabilitation Services employee as provided in § 24-4-101(34) and § 24-4-746 .

(d) Each public retirement system in which the employee has served shall be responsible financially for the benefit amounts payable to the retirant, the retirant's survivors, and the retirant's beneficiaries based upon the ratio of the number of years the employee was a member of that public retirement system to the total number of years the employee was a member of any of the two (2) statewide retirement systems, i.e., the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System.

(e) (1) (A) The benefit provisions of this chapter shall be administered by the Arkansas Public Employees' Retirement System for the benefit of all employees making the option. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer that amount from its benefit account to the proper account designated by the Arkansas Public Employees' Retirement System. (2) If an employee of the Department of Human Services who becomes or has become a member of the Arkansas Public Employees' Retirement System under the provisions of this section leaves employment with the Department of Human Services and becomes employed in another position covered by the Arkansas Teacher Retirement System, the person's credited service, both before and after his or her service under this chapter, shall be subject to the benefit provisions of §§ 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed]. (3) The member shall be eligible to establish reciprocity under the provisions of §§ 24-2-401 - 24-2-405 and 24-2-407 . (4) Members of the Arkansas Teacher Retirement System who have not elected to pay contributions to that system on full salary shall not be eligible to elect to become covered by the benefit provisions of this chapter unless they first make written application with the Arkansas Teacher Retirement System for full salary coverage for all salaries received from July 1, 1969, until the date of making the election to come under the provisions of this chapter and paying to the system the amount of the additional contributions, plus regular interest, for full salary credited service.

(1) (A) The benefit provisions of this chapter shall be administered by the Arkansas Public Employees' Retirement System for the benefit of all employees making the option. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer that amount from its benefit account to the proper account designated by the Arkansas Public Employees' Retirement System.

(A) The benefit provisions of this chapter shall be administered by the Arkansas Public Employees' Retirement System for the benefit of all employees making the option.

(B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer that amount from its benefit account to the proper account designated by the Arkansas Public Employees' Retirement System.

(2) If an employee of the Department of Human Services who becomes or has become a member of the Arkansas Public Employees' Retirement System under the provisions of this section leaves employment with the Department of Human Services and becomes employed in another position covered by the Arkansas Teacher Retirement System, the person's credited service, both before and after his or her service under this chapter, shall be subject to the benefit provisions of §§ 24-7-701 , 24-7-702 , 24-7-704 - 24-7-713 , 24-7-715 , and 24-7-716 [repealed].

(3) The member shall be eligible to establish reciprocity under the provisions of §§ 24-2-401 - 24-2-405 and 24-2-407 .

(4) Members of the Arkansas Teacher Retirement System who have not elected to pay contributions to that system on full salary shall not be eligible to elect to become covered by the benefit provisions of this chapter unless they first make written application with the Arkansas Teacher Retirement System for full salary coverage for all salaries received from July 1, 1969, until the date of making the election to come under the provisions of this chapter and paying to the system the amount of the additional contributions, plus regular interest, for full salary credited service.

(f) Any member of the Arkansas Public Employees' Retirement System employed prior to January 1, 1978, who does not elect in writing to become covered by the noncontributory benefit provisions of this chapter shall not be covered by the noncontributory benefit provisions of this chapter but shall remain in the plan he or she was in January 1, 1978, and shall continue to make regular contributions as provided in the Arkansas Public Employees' Retirement System.

(g) Any member of the Arkansas Public Employees' Retirement System who elects in writing to become covered by the noncontributory benefit provisions of this chapter shall be entitled to a refund of any accumulated contributions paid on or after January 1, 1978, and prior to the date of election.

Amended by Act 2019, No. 910,§ 2367, eff. 7/1/2019.

Acts 2001, No. 151, § 30.
Ark. Code Ann. § 24-6-416 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-416
Effective date of survivor and beneficiary payments
Status: in_force

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-411 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits. (b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-408 is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits. Added by Act 2023, No. 240,§ 2, eff. 8/1/2023.

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-411 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.

(b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-408 is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits.

Added by Act 2023, No. 240,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 24-7-720 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-720
Lump-sum death benefit
Status: in_force

(a) (1) (A) If an active member, T-DROP participant, or a retired member with five (5) years of actual service, including actual service for the year immediately preceding the member's death, dies before July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the Arkansas Teacher Retirement System. (B) Effective July 1, 2009, if a member who retired or became a T-DROP participant on or before July 1, 2007, with five (5) or more years of actual service dies, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (C) If an active member, T-DROP participant, or a retired member with ten (10) or more years of actual service dies on or after July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (D) (i) If a member accrues a minimum of ten (10) years of actual, contributory service, regardless of noncontributory service accrued in combination with the contributory service, the member shall receive the maximum lump-sum death benefit as determined by the Board of Trustees of the Arkansas Teacher Retirement System under this section. (ii) Upon the member's death, the maximum lump-sum death benefit shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (iii) The board may set a lump-sum death benefit for noncontributory service as the board deems appropriate. (2) If a member designates more than one (1) beneficiary, the lump-sum death benefit shall be divided equally amongst each designated beneficiary. (3) If all of the member's designated beneficiaries do not survive the member, the lump-sum death benefit shall be paid to the member's estate. (b) The amount of the lump-sum death benefit payments under this section shall be set periodically and not more often than annually by rules and resolutions of the board as the board determines is actuarially appropriate for the system. (c) (1) A benefit enhancement provided for under this section shall not be implemented if it would cause the system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (2) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for under this section shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. (d) Pursuant to the board's fiduciary duty, the board shall implement this benefit provision for lump-sum death benefit payments by either making the lump-sum death benefit payments directly from the system or by purchasing a group life insurance policy for the benefit of system members. (e) A lump-sum death benefit payment under this section is intended to be exempt from income tax. (f) For eligibility under this section, a member is considered active for an additional fiscal year following the last fiscal year that the member renders actual service in a position reported to the system by a covered employer and the member obtains at least one-fourth (¼) year of service credit. Amended by Act 2023, No. 171,§ 1, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 27, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 26, eff. 7/1/2021. Amended by Act 2019, No. 427,§ 16, eff. 7/1/2019. Amended by Act 2013, No. 140,§ 7, eff. 8/16/2013. Amended by Act 2013, No. 140,§ 6, eff. 8/16/2013. Acts 1997, No. 1022, § 1; 1999, No. 312, § 1; 2001, No. 359, §§ 1, 2; 2005, No. 494, § 4; 2007, No. 296, § 1; 2009, No. 425, § 1; 2009, No. 1323, § 1; 2011, No. 45, § 15; 2011, No. 137, § 4; 2011, No. 977, § 1.

(a) (1) (A) If an active member, T-DROP participant, or a retired member with five (5) years of actual service, including actual service for the year immediately preceding the member's death, dies before July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the Arkansas Teacher Retirement System. (B) Effective July 1, 2009, if a member who retired or became a T-DROP participant on or before July 1, 2007, with five (5) or more years of actual service dies, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (C) If an active member, T-DROP participant, or a retired member with ten (10) or more years of actual service dies on or after July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (D) (i) If a member accrues a minimum of ten (10) years of actual, contributory service, regardless of noncontributory service accrued in combination with the contributory service, the member shall receive the maximum lump-sum death benefit as determined by the Board of Trustees of the Arkansas Teacher Retirement System under this section. (ii) Upon the member's death, the maximum lump-sum death benefit shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (iii) The board may set a lump-sum death benefit for noncontributory service as the board deems appropriate. (2) If a member designates more than one (1) beneficiary, the lump-sum death benefit shall be divided equally amongst each designated beneficiary. (3) If all of the member's designated beneficiaries do not survive the member, the lump-sum death benefit shall be paid to the member's estate.

(1) (A) If an active member, T-DROP participant, or a retired member with five (5) years of actual service, including actual service for the year immediately preceding the member's death, dies before July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the Arkansas Teacher Retirement System. (B) Effective July 1, 2009, if a member who retired or became a T-DROP participant on or before July 1, 2007, with five (5) or more years of actual service dies, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (C) If an active member, T-DROP participant, or a retired member with ten (10) or more years of actual service dies on or after July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (D) (i) If a member accrues a minimum of ten (10) years of actual, contributory service, regardless of noncontributory service accrued in combination with the contributory service, the member shall receive the maximum lump-sum death benefit as determined by the Board of Trustees of the Arkansas Teacher Retirement System under this section. (ii) Upon the member's death, the maximum lump-sum death benefit shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (iii) The board may set a lump-sum death benefit for noncontributory service as the board deems appropriate.

(A) If an active member, T-DROP participant, or a retired member with five (5) years of actual service, including actual service for the year immediately preceding the member's death, dies before July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the Arkansas Teacher Retirement System.

(B) Effective July 1, 2009, if a member who retired or became a T-DROP participant on or before July 1, 2007, with five (5) or more years of actual service dies, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system.

(C) If an active member, T-DROP participant, or a retired member with ten (10) or more years of actual service dies on or after July 1, 2007, then one (1) lump-sum death benefit of up to ten thousand dollars ($10,000) shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system.

(D) (i) If a member accrues a minimum of ten (10) years of actual, contributory service, regardless of noncontributory service accrued in combination with the contributory service, the member shall receive the maximum lump-sum death benefit as determined by the Board of Trustees of the Arkansas Teacher Retirement System under this section. (ii) Upon the member's death, the maximum lump-sum death benefit shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system. (iii) The board may set a lump-sum death benefit for noncontributory service as the board deems appropriate.

(i) If a member accrues a minimum of ten (10) years of actual, contributory service, regardless of noncontributory service accrued in combination with the contributory service, the member shall receive the maximum lump-sum death benefit as determined by the Board of Trustees of the Arkansas Teacher Retirement System under this section.

(ii) Upon the member's death, the maximum lump-sum death benefit shall be paid in equal shares to each person designated by the member as a beneficiary in the manner required by the system.

(iii) The board may set a lump-sum death benefit for noncontributory service as the board deems appropriate.

(2) If a member designates more than one (1) beneficiary, the lump-sum death benefit shall be divided equally amongst each designated beneficiary.

(3) If all of the member's designated beneficiaries do not survive the member, the lump-sum death benefit shall be paid to the member's estate.

(b) The amount of the lump-sum death benefit payments under this section shall be set periodically and not more often than annually by rules and resolutions of the board as the board determines is actuarially appropriate for the system.

(c) (1) A benefit enhancement provided for under this section shall not be implemented if it would cause the system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (2) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for under this section shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

(1) A benefit enhancement provided for under this section shall not be implemented if it would cause the system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.

(2) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for under this section shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

(d) Pursuant to the board's fiduciary duty, the board shall implement this benefit provision for lump-sum death benefit payments by either making the lump-sum death benefit payments directly from the system or by purchasing a group life insurance policy for the benefit of system members.

(e) A lump-sum death benefit payment under this section is intended to be exempt from income tax.

(f) For eligibility under this section, a member is considered active for an additional fiscal year following the last fiscal year that the member renders actual service in a position reported to the system by a covered employer and the member obtains at least one-fourth (¼) year of service credit.

Amended by Act 2023, No. 171,§ 1, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 27, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 26, eff. 7/1/2021.

Amended by Act 2019, No. 427,§ 16, eff. 7/1/2019.

Amended by Act 2013, No. 140,§ 7, eff. 8/16/2013.

Amended by Act 2013, No. 140,§ 6, eff. 8/16/2013.

Acts 1997, No. 1022, § 1; 1999, No. 312, § 1; 2001, No. 359, §§ 1, 2; 2005, No. 494, § 4; 2007, No. 296, § 1; 2009, No. 425, § 1; 2009, No. 1323, § 1; 2011, No. 45, § 15; 2011, No. 137, § 4; 2011, No. 977, § 1.
Ark. Code Ann. § 24-7-102 — AR Code / Title 24 / Chapter 7 / Subchapter 1 / Section 24-7-102
Management of early retirement window incentives
Status: in_force

(a) The purpose of this section is to create incentives for the efficient management of the public higher education resources of the State of Arkansas by allowing public higher education institutions to establish early retirement window incentives for qualified nontenured faculty and staff who elect voluntary separation from the institution. (b) The boards of trustees of the publicly supported institutions of higher education may provide special allowances for nontenured faculty and staff to effect a saving in personnel salaries and fringe benefits costs when it is determined by the boards that such saving will provide for more efficient operation of the institutions. (c) (1) The boards of trustees shall approve criteria to determine qualifications to be met by the institutions and the employee. (2) Such qualifications shall include, but are not limited to: (A) Assurance that participation is strictly voluntary for employees; (B) Only full-time employees who are at least fifty-five (55) years of age or meet the retirement requirements for the Civil Service Retirement System; and (C) A savings in personnel cost will be realized by the institution. (d) The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution. (e) The boards of trustees are authorized to pay such allowances from any appropriation provided for regular salaries for the benefit of their institutions and from any sources of funds available to the institutions. (f) The board of trustees of each institution shall report the exact disposition of the special allowance to the Legislative Joint Auditing Committee by July 1 of each year. Amended by Act 2021, No. 425,§ 2, eff. 7/28/2021. Acts 1995, No. 296, §§ 1-5.

(a) The purpose of this section is to create incentives for the efficient management of the public higher education resources of the State of Arkansas by allowing public higher education institutions to establish early retirement window incentives for qualified nontenured faculty and staff who elect voluntary separation from the institution.

(b) The boards of trustees of the publicly supported institutions of higher education may provide special allowances for nontenured faculty and staff to effect a saving in personnel salaries and fringe benefits costs when it is determined by the boards that such saving will provide for more efficient operation of the institutions.

(c) (1) The boards of trustees shall approve criteria to determine qualifications to be met by the institutions and the employee. (2) Such qualifications shall include, but are not limited to: (A) Assurance that participation is strictly voluntary for employees; (B) Only full-time employees who are at least fifty-five (55) years of age or meet the retirement requirements for the Civil Service Retirement System; and (C) A savings in personnel cost will be realized by the institution.

(1) The boards of trustees shall approve criteria to determine qualifications to be met by the institutions and the employee.

(2) Such qualifications shall include, but are not limited to: (A) Assurance that participation is strictly voluntary for employees; (B) Only full-time employees who are at least fifty-five (55) years of age or meet the retirement requirements for the Civil Service Retirement System; and (C) A savings in personnel cost will be realized by the institution.

(A) Assurance that participation is strictly voluntary for employees;

(B) Only full-time employees who are at least fifty-five (55) years of age or meet the retirement requirements for the Civil Service Retirement System; and

(C) A savings in personnel cost will be realized by the institution.

(d) The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution.

(e) The boards of trustees are authorized to pay such allowances from any appropriation provided for regular salaries for the benefit of their institutions and from any sources of funds available to the institutions.

(f) The board of trustees of each institution shall report the exact disposition of the special allowance to the Legislative Joint Auditing Committee by July 1 of each year.

Amended by Act 2021, No. 425,§ 2, eff. 7/28/2021.

Acts 1995, No. 296, §§ 1-5.
Ark. Code Ann. § 24-2-501 — AR Code / Title 24 / Chapter 2 / Subchapter 5 / Section 24-2-501
Free credited service
Status: in_force

(a) (1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict. (2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502 . (b) Any person entitled to receive free credited service in the system under the provisions of this section shall be granted credited service under the system for service in the armed forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict upon: (1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and (2) Providing proof satisfactory to the board of that person's military service. (c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service. (d) This section shall not apply to the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System provided for in § 24-8-701 et seq. Acts 1973, No. 634, §§ 1-3; A.S.A. 1947, §§ 12-2524.1 -- 12-2524.3; Acts 1987, No. 92, §§ 1, 2; 1987, No. 218, §§ 1, 2; 1997, No. 1185, § 1; 1999, No. 399, § 2.

(a) (1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict. (2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502 .

(1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict.

(2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502 .

(b) Any person entitled to receive free credited service in the system under the provisions of this section shall be granted credited service under the system for service in the armed forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict upon: (1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and (2) Providing proof satisfactory to the board of that person's military service.

(1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and

(2) Providing proof satisfactory to the board of that person's military service.

(c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service.

(d) This section shall not apply to the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System provided for in § 24-8-701 et seq.

Acts 1973, No. 634, §§ 1-3; A.S.A. 1947, §§ 12-2524.1 -- 12-2524.3; Acts 1987, No. 92, §§ 1, 2; 1987, No. 218, §§ 1, 2; 1997, No. 1185, § 1; 1999, No. 399, § 2.
Ark. Code Ann. § 24-2-617 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-617
Reviewing compliance
Status: in_force

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the trustees' decisions or actions and is not determined by hindsight. Acts 2001, No. 151, § 8.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the trustees' decisions or actions and is not determined by hindsight.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-8-218 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-218
Retirement and survivors' benefits generally
Status: in_force

(a) The retirement benefits to be paid an eligible and qualified member or retiree under the provisions of this section shall be sixty percent (60%) of the annual salary payable to the last judicial office held and shall be payable for the recipient's life. (b) (1) Survivors' benefits shall be sixty-seven percent (67%) of the amount of the retirement benefits. (2) Upon the death of an active judge who has served at least three (3) years, or any other judge who has met or could have met the qualifications for retirement benefits under any section of this subchapter, his or her survivors shall receive a sum equal to sixty-seven percent (67%) of the retirement benefits provided in subsection (a) of this section. (3) The requirement of three (3) years of service shall only apply to judges elected after July 1, 1983. (4) Survivors' benefits shall be payable as follows: (A) If the decedent is survived by a spouse to whom he or she has been married for not less than one (1) year and with whom he or she is living at the time of the decedent's death and if he or she is not survived by any minor child or children, then the spouse shall draw for life or until remarriage a sum equal to sixty-seven percent (67%) of the benefits provided in subsection (a) of this section; (B) (i) If the decedent is survived by both an eligible spouse and minor children, then one-half (½) of the survivors' benefits shall be paid to the spouse for life or until remarriage. The other one-half (½) of the survivors' benefits shall be paid to the guardian of the minor children during the period of minority. (ii) When all of the children cease to be minors, then the survivors' benefits paid to the minor children shall be paid to the spouse; and (C) If the decedent is not survived by an eligible spouse but is survived by minor children, then the survivors' benefits, i.e., sixty-seven percent (67%) of the benefits provided in subsection (a) of this section, shall be payable to the guardian of the minor children during the period of minority. (5) If a surviving spouse who is receiving survivors' 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. (6) No surviving spouse shall be eligible to receive survivors' benefits on more than one (1) member account. (c) (1) The retirement benefits and survivors' benefits provided for in this section shall be based on the salary for the judicial office last held by the member qualifying for retirement as fixed by law at the time any payment of benefits is made rather than on the salary for the office at the time of the member's retirement. (2) The retirement benefits shall be increased or decreased from time to time as the salary for the particular judicial office is increased or decreased. (3) (A) This method of determination of the amount of retirement or survivors' benefits shall be applicable to any person who is a member of the Arkansas Judicial Retirement System on or before June 30, 1983. (B) For all judges or justices first elected after July 1, 1983, the benefit payable shall be sixty percent (60%) of the salary after twenty (20) years or more of judicial service, for the office at the time of the member's retirement. (C) (i) Prospective with the passage of this act, the benefit payable for each year of additional service after twenty (20) years of judicial service, the benefit shall be increased by two and one-half percent (2.5%) in accordance with the provisions of § 24-8-211(b) . (ii) Election to participate shall be made in writing in a manner and method determined by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable. (iii) The maximum retirement benefit payable to a judge or justice under this section is seventy-five percent (75%) of the salary for the office at the time of the member's retirement. (4) (A) Any judge or justice under seventy (70) years of age who is receiving retirement benefits under this subchapter or § 24-8-701 et seq. and who is elected or appointed to any judicial office in this state and who foregoes receipt of retirement benefits while serving in the judicial office shall be entitled to resume receiving his or her previous retirement benefits upon termination of the subsequent service. (B) If at the time of the initial retirement the judge or justice was entitled to the benefits of the escalator clause provided in subdivision (c)(1) of this section or the postretirement benefits provided in § 24-8-223 or § 24-8-717 , the judge or justice and the judge's or justice's survivors shall again be entitled to the benefits upon the termination of any such subsequent judicial service. (d) (1) Entitlement to retirement compensation and survivors' benefits for those judges who have retired as of June 30, 1983, shall be based upon certificates of the Board of Trustees of the Arkansas Judicial Retirement System previously filed with the Auditor of State. (2) Entitlement to retirement compensation and survivors' benefits for those judges who retire on or after July 1, 1983, shall be evidenced by the certificate of the board transmitted to the executive director. (3) All retirement compensation and survivors' benefits shall be paid monthly from the Judges Retirement Fund. (4) All retirement and survivors' benefits provided by this subchapter shall be paid from the fund to be administered by the executive director and staff of the Arkansas Public Employees' Retirement System. Acts 1953, No. 365, § 4; 1963, No. 223, § 2; 1965, No. 139, § 3; 1971, No. 88, §§ 1, 2; 1973, No. 407, §§ 2, 3; 1975, No. 333, § 1; 1981, No. 825, § 1; 1983, No. 231, § 3; 1983, No. 373, § 1; 1983, No. 922, § 10; 1985, No. 1077, § 1; A.S.A. 1947, § 22-904; Acts 1993, No. 407, § 1; 1999, No. 399, § 3; 2001, No. 763, § 2; 2009, No. 744, § 2.

(a) The retirement benefits to be paid an eligible and qualified member or retiree under the provisions of this section shall be sixty percent (60%) of the annual salary payable to the last judicial office held and shall be payable for the recipient's life.

(b) (1) Survivors' benefits shall be sixty-seven percent (67%) of the amount of the retirement benefits. (2) Upon the death of an active judge who has served at least three (3) years, or any other judge who has met or could have met the qualifications for retirement benefits under any section of this subchapter, his or her survivors shall receive a sum equal to sixty-seven percent (67%) of the retirement benefits provided in subsection (a) of this section. (3) The requirement of three (3) years of service shall only apply to judges elected after July 1, 1983. (4) Survivors' benefits shall be payable as follows: (A) If the decedent is survived by a spouse to whom he or she has been married for not less than one (1) year and with whom he or she is living at the time of the decedent's death and if he or she is not survived by any minor child or children, then the spouse shall draw for life or until remarriage a sum equal to sixty-seven percent (67%) of the benefits provided in subsection (a) of this section; (B) (i) If the decedent is survived by both an eligible spouse and minor children, then one-half (½) of the survivors' benefits shall be paid to the spouse for life or until remarriage. The other one-half (½) of the survivors' benefits shall be paid to the guardian of the minor children during the period of minority. (ii) When all of the children cease to be minors, then the survivors' benefits paid to the minor children shall be paid to the spouse; and (C) If the decedent is not survived by an eligible spouse but is survived by minor children, then the survivors' benefits, i.e., sixty-seven percent (67%) of the benefits provided in subsection (a) of this section, shall be payable to the guardian of the minor children during the period of minority. (5) If a surviving spouse who is receiving survivors' 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. (6) No surviving spouse shall be eligible to receive survivors' benefits on more than one (1) member account.

(1) Survivors' benefits shall be sixty-seven percent (67%) of the amount of the retirement benefits.

(2) Upon the death of an active judge who has served at least three (3) years, or any other judge who has met or could have met the qualifications for retirement benefits under any section of this subchapter, his or her survivors shall receive a sum equal to sixty-seven percent (67%) of the retirement benefits provided in subsection (a) of this section.

(3) The requirement of three (3) years of service shall only apply to judges elected after July 1, 1983.

(4) Survivors' benefits shall be payable as follows: (A) If the decedent is survived by a spouse to whom he or she has been married for not less than one (1) year and with whom he or she is living at the time of the decedent's death and if he or she is not survived by any minor child or children, then the spouse shall draw for life or until remarriage a sum equal to sixty-seven percent (67%) of the benefits provided in subsection (a) of this section; (B) (i) If the decedent is survived by both an eligible spouse and minor children, then one-half (½) of the survivors' benefits shall be paid to the spouse for life or until remarriage. The other one-half (½) of the survivors' benefits shall be paid to the guardian of the minor children during the period of minority. (ii) When all of the children cease to be minors, then the survivors' benefits paid to the minor children shall be paid to the spouse; and (C) If the decedent is not survived by an eligible spouse but is survived by minor children, then the survivors' benefits, i.e., sixty-seven percent (67%) of the benefits provided in subsection (a) of this section, shall be payable to the guardian of the minor children during the period of minority.

(A) If the decedent is survived by a spouse to whom he or she has been married for not less than one (1) year and with whom he or she is living at the time of the decedent's death and if he or she is not survived by any minor child or children, then the spouse shall draw for life or until remarriage a sum equal to sixty-seven percent (67%) of the benefits provided in subsection (a) of this section;

(B) (i) If the decedent is survived by both an eligible spouse and minor children, then one-half (½) of the survivors' benefits shall be paid to the spouse for life or until remarriage. The other one-half (½) of the survivors' benefits shall be paid to the guardian of the minor children during the period of minority. (ii) When all of the children cease to be minors, then the survivors' benefits paid to the minor children shall be paid to the spouse; and

(i) If the decedent is survived by both an eligible spouse and minor children, then one-half (½) of the survivors' benefits shall be paid to the spouse for life or until remarriage. The other one-half (½) of the survivors' benefits shall be paid to the guardian of the minor children during the period of minority.

(ii) When all of the children cease to be minors, then the survivors' benefits paid to the minor children shall be paid to the spouse; and

(C) If the decedent is not survived by an eligible spouse but is survived by minor children, then the survivors' benefits, i.e., sixty-seven percent (67%) of the benefits provided in subsection (a) of this section, shall be payable to the guardian of the minor children during the period of minority.

(5) If a surviving spouse who is receiving survivors' 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.

(6) No surviving spouse shall be eligible to receive survivors' benefits on more than one (1) member account.

(c) (1) The retirement benefits and survivors' benefits provided for in this section shall be based on the salary for the judicial office last held by the member qualifying for retirement as fixed by law at the time any payment of benefits is made rather than on the salary for the office at the time of the member's retirement. (2) The retirement benefits shall be increased or decreased from time to time as the salary for the particular judicial office is increased or decreased. (3) (A) This method of determination of the amount of retirement or survivors' benefits shall be applicable to any person who is a member of the Arkansas Judicial Retirement System on or before June 30, 1983. (B) For all judges or justices first elected after July 1, 1983, the benefit payable shall be sixty percent (60%) of the salary after twenty (20) years or more of judicial service, for the office at the time of the member's retirement. (C) (i) Prospective with the passage of this act, the benefit payable for each year of additional service after twenty (20) years of judicial service, the benefit shall be increased by two and one-half percent (2.5%) in accordance with the provisions of § 24-8-211(b) . (ii) Election to participate shall be made in writing in a manner and method determined by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable. (iii) The maximum retirement benefit payable to a judge or justice under this section is seventy-five percent (75%) of the salary for the office at the time of the member's retirement. (4) (A) Any judge or justice under seventy (70) years of age who is receiving retirement benefits under this subchapter or § 24-8-701 et seq. and who is elected or appointed to any judicial office in this state and who foregoes receipt of retirement benefits while serving in the judicial office shall be entitled to resume receiving his or her previous retirement benefits upon termination of the subsequent service. (B) If at the time of the initial retirement the judge or justice was entitled to the benefits of the escalator clause provided in subdivision (c)(1) of this section or the postretirement benefits provided in § 24-8-223 or § 24-8-717 , the judge or justice and the judge's or justice's survivors shall again be entitled to the benefits upon the termination of any such subsequent judicial service.

(1) The retirement benefits and survivors' benefits provided for in this section shall be based on the salary for the judicial office last held by the member qualifying for retirement as fixed by law at the time any payment of benefits is made rather than on the salary for the office at the time of the member's retirement.

(2) The retirement benefits shall be increased or decreased from time to time as the salary for the particular judicial office is increased or decreased.

(3) (A) This method of determination of the amount of retirement or survivors' benefits shall be applicable to any person who is a member of the Arkansas Judicial Retirement System on or before June 30, 1983. (B) For all judges or justices first elected after July 1, 1983, the benefit payable shall be sixty percent (60%) of the salary after twenty (20) years or more of judicial service, for the office at the time of the member's retirement. (C) (i) Prospective with the passage of this act, the benefit payable for each year of additional service after twenty (20) years of judicial service, the benefit shall be increased by two and one-half percent (2.5%) in accordance with the provisions of § 24-8-211(b) . (ii) Election to participate shall be made in writing in a manner and method determined by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable. (iii) The maximum retirement benefit payable to a judge or justice under this section is seventy-five percent (75%) of the salary for the office at the time of the member's retirement.

(A) This method of determination of the amount of retirement or survivors' benefits shall be applicable to any person who is a member of the Arkansas Judicial Retirement System on or before June 30, 1983.

(B) For all judges or justices first elected after July 1, 1983, the benefit payable shall be sixty percent (60%) of the salary after twenty (20) years or more of judicial service, for the office at the time of the member's retirement.

(C) (i) Prospective with the passage of this act, the benefit payable for each year of additional service after twenty (20) years of judicial service, the benefit shall be increased by two and one-half percent (2.5%) in accordance with the provisions of § 24-8-211(b) . (ii) Election to participate shall be made in writing in a manner and method determined by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable. (iii) The maximum retirement benefit payable to a judge or justice under this section is seventy-five percent (75%) of the salary for the office at the time of the member's retirement.

(i) Prospective with the passage of this act, the benefit payable for each year of additional service after twenty (20) years of judicial service, the benefit shall be increased by two and one-half percent (2.5%) in accordance with the provisions of § 24-8-211(b) .

(ii) Election to participate shall be made in writing in a manner and method determined by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable.

(iii) The maximum retirement benefit payable to a judge or justice under this section is seventy-five percent (75%) of the salary for the office at the time of the member's retirement.

(4) (A) Any judge or justice under seventy (70) years of age who is receiving retirement benefits under this subchapter or § 24-8-701 et seq. and who is elected or appointed to any judicial office in this state and who foregoes receipt of retirement benefits while serving in the judicial office shall be entitled to resume receiving his or her previous retirement benefits upon termination of the subsequent service. (B) If at the time of the initial retirement the judge or justice was entitled to the benefits of the escalator clause provided in subdivision (c)(1) of this section or the postretirement benefits provided in § 24-8-223 or § 24-8-717 , the judge or justice and the judge's or justice's survivors shall again be entitled to the benefits upon the termination of any such subsequent judicial service.

(A) Any judge or justice under seventy (70) years of age who is receiving retirement benefits under this subchapter or § 24-8-701 et seq. and who is elected or appointed to any judicial office in this state and who foregoes receipt of retirement benefits while serving in the judicial office shall be entitled to resume receiving his or her previous retirement benefits upon termination of the subsequent service.

(B) If at the time of the initial retirement the judge or justice was entitled to the benefits of the escalator clause provided in subdivision (c)(1) of this section or the postretirement benefits provided in § 24-8-223 or § 24-8-717 , the judge or justice and the judge's or justice's survivors shall again be entitled to the benefits upon the termination of any such subsequent judicial service.

(d) (1) Entitlement to retirement compensation and survivors' benefits for those judges who have retired as of June 30, 1983, shall be based upon certificates of the Board of Trustees of the Arkansas Judicial Retirement System previously filed with the Auditor of State. (2) Entitlement to retirement compensation and survivors' benefits for those judges who retire on or after July 1, 1983, shall be evidenced by the certificate of the board transmitted to the executive director. (3) All retirement compensation and survivors' benefits shall be paid monthly from the Judges Retirement Fund. (4) All retirement and survivors' benefits provided by this subchapter shall be paid from the fund to be administered by the executive director and staff of the Arkansas Public Employees' Retirement System.

(1) Entitlement to retirement compensation and survivors' benefits for those judges who have retired as of June 30, 1983, shall be based upon certificates of the Board of Trustees of the Arkansas Judicial Retirement System previously filed with the Auditor of State.

(2) Entitlement to retirement compensation and survivors' benefits for those judges who retire on or after July 1, 1983, shall be evidenced by the certificate of the board transmitted to the executive director.

(3) All retirement compensation and survivors' benefits shall be paid monthly from the Judges Retirement Fund.

(4) All retirement and survivors' benefits provided by this subchapter shall be paid from the fund to be administered by the executive director and staff of the Arkansas Public Employees' Retirement System.

Acts 1953, No. 365, § 4; 1963, No. 223, § 2; 1965, No. 139, § 3; 1971, No. 88, §§ 1, 2; 1973, No. 407, §§ 2, 3; 1975, No. 333, § 1; 1981, No. 825, § 1; 1983, No. 231, § 3; 1983, No. 373, § 1; 1983, No. 922, § 10; 1985, No. 1077, § 1; A.S.A. 1947, § 22-904; Acts 1993, No. 407, § 1; 1999, No. 399, § 3; 2001, No. 763, § 2; 2009, No. 744, § 2.
Ark. Code Ann. § 24-11-429 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-429
Vacation pay
Status: in_force

The head or chief of each police department shall arrange that each employee shall be granted an annual vacation of not fewer than fifteen (15) working days with full pay. Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.

The head or chief of each police department shall arrange that each employee shall be granted an annual vacation of not fewer than fifteen (15) working days with full pay.

Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.
Ark. Code Ann. § 24-4-1003 — AR Code / Title 24 / Chapter 4 / Subchapter 10 / Section 24-4-1003
Benefit provisions - Inspection of records
Status: in_force

All records kept by an Arkansas public retirement system, whether required to be kept by law or board policy, shall be open to public inspection as provided in § 25-19-105 , except that individual member's records which are kept for the purpose of compiling information for the member's retirement or Social Security records shall not be open to the public. Acts 2001, No. 151, § 53.

All records kept by an Arkansas public retirement system, whether required to be kept by law or board policy, shall be open to public inspection as provided in § 25-19-105 , except that individual member's records which are kept for the purpose of compiling information for the member's retirement or Social Security records shall not be open to the public.

Acts 2001, No. 151, § 53.
Ark. Code Ann. § 24-7-715 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-715
Benefit rights not subject to legal process - Definition
Status: in_force

(a) As used in this section, "pension assignee" means an individual or entity that is not a designated beneficiary and: (1) Is assigned some or all of a benefit participant's pension benefits by the benefit participant; or (2) Claims an interest in, or control over, a benefit participant's plan benefit or an account to which a benefit participant's plan benefit is deposited. (b) (1) Except as provided in subsection (e) of this section, a benefit participant's right to an annuity, to the return of accumulated contributions, to the annuity itself, to any annuity option, to a plan benefit, and to any other right accrued or accruing under the provisions of this act, and all moneys belonging to the Arkansas Teacher Retirement System, shall not be: (A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or (B) Assignable or transferable. (2) An employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a benefit participant. (3) This subsection does not prevent the right of the system to: (A) Correct errors under § 24-7-205 in any manner provided by law; or (B) Collect any moneys due from or related to a member account associated with a benefit participant. (4) This subsection does not apply to the rollover of distributions as allowed under § 24-7-719 . (c) If an inactive member is found by any court of competent jurisdiction of this state to be willfully refusing or failing to support minor dependent children of the individual in violation of a court order providing for such support, although the individual is financially able to do so, then the court may order the accumulated contributions, annuity or annuity options, or any other funds accruing under this chapter to be paid into the registry of the court for such further disposition as the court deems just and proper. (d) (1) If, under the provisions of subsection (c) of this section, a court orders all, or a portion of, a person's accumulated contributions to be paid into the registry of the court, the payment shall be made by the system to the court. (2) The system shall notify the person of the payment and give the person an opportunity to redeposit the amount of the payment into the system. (3) If the payment is not redeposited, then any system annuity otherwise payable to, or on behalf of, the person shall be reduced in the proportion that the payment bears to the person's accumulated contributions before the payment. (e) (1) A pension assignee shall not use any device, transfer, or other related scheme to circumvent the prohibition against the assignment or transfer of a plan benefit. (2) A device, transfer, or other related scheme under subdivision (e)(1) of this section includes without limitation: (A) The deposit of a plan benefit into a joint account held by a benefit recipient and a pension assignee; and (B) A pension assignee's authorization under a power of attorney or other instrument to access, or obtain funds from, an account to which plan benefits are deposited. Amended by Act 2017, No. 293,§ 7, eff. 2/28/2017. Amended by Act 2017, No. 199,§ 1, eff. 2/17/2017. Acts 1973, No. 427, § 9; 1977, No. 727, § 1; 1983, No. 619, § 11; 1983, No. 665, § 11; A.S.A. 1947, § 80-1443.

(a) As used in this section, "pension assignee" means an individual or entity that is not a designated beneficiary and: (1) Is assigned some or all of a benefit participant's pension benefits by the benefit participant; or (2) Claims an interest in, or control over, a benefit participant's plan benefit or an account to which a benefit participant's plan benefit is deposited.

(1) Is assigned some or all of a benefit participant's pension benefits by the benefit participant; or

(2) Claims an interest in, or control over, a benefit participant's plan benefit or an account to which a benefit participant's plan benefit is deposited.

(b) (1) Except as provided in subsection (e) of this section, a benefit participant's right to an annuity, to the return of accumulated contributions, to the annuity itself, to any annuity option, to a plan benefit, and to any other right accrued or accruing under the provisions of this act, and all moneys belonging to the Arkansas Teacher Retirement System, shall not be: (A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or (B) Assignable or transferable. (2) An employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a benefit participant. (3) This subsection does not prevent the right of the system to: (A) Correct errors under § 24-7-205 in any manner provided by law; or (B) Collect any moneys due from or related to a member account associated with a benefit participant. (4) This subsection does not apply to the rollover of distributions as allowed under § 24-7-719 .

(1) Except as provided in subsection (e) of this section, a benefit participant's right to an annuity, to the return of accumulated contributions, to the annuity itself, to any annuity option, to a plan benefit, and to any other right accrued or accruing under the provisions of this act, and all moneys belonging to the Arkansas Teacher Retirement System, shall not be: (A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or (B) Assignable or transferable.

(A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or

(B) Assignable or transferable.

(2) An employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a benefit participant.

(3) This subsection does not prevent the right of the system to: (A) Correct errors under § 24-7-205 in any manner provided by law; or (B) Collect any moneys due from or related to a member account associated with a benefit participant.

(A) Correct errors under § 24-7-205 in any manner provided by law; or

(B) Collect any moneys due from or related to a member account associated with a benefit participant.

(4) This subsection does not apply to the rollover of distributions as allowed under § 24-7-719 .

(c) If an inactive member is found by any court of competent jurisdiction of this state to be willfully refusing or failing to support minor dependent children of the individual in violation of a court order providing for such support, although the individual is financially able to do so, then the court may order the accumulated contributions, annuity or annuity options, or any other funds accruing under this chapter to be paid into the registry of the court for such further disposition as the court deems just and proper.

(d) (1) If, under the provisions of subsection (c) of this section, a court orders all, or a portion of, a person's accumulated contributions to be paid into the registry of the court, the payment shall be made by the system to the court. (2) The system shall notify the person of the payment and give the person an opportunity to redeposit the amount of the payment into the system. (3) If the payment is not redeposited, then any system annuity otherwise payable to, or on behalf of, the person shall be reduced in the proportion that the payment bears to the person's accumulated contributions before the payment.

(1) If, under the provisions of subsection (c) of this section, a court orders all, or a portion of, a person's accumulated contributions to be paid into the registry of the court, the payment shall be made by the system to the court.

(2) The system shall notify the person of the payment and give the person an opportunity to redeposit the amount of the payment into the system.

(3) If the payment is not redeposited, then any system annuity otherwise payable to, or on behalf of, the person shall be reduced in the proportion that the payment bears to the person's accumulated contributions before the payment.

(e) (1) A pension assignee shall not use any device, transfer, or other related scheme to circumvent the prohibition against the assignment or transfer of a plan benefit. (2) A device, transfer, or other related scheme under subdivision (e)(1) of this section includes without limitation: (A) The deposit of a plan benefit into a joint account held by a benefit recipient and a pension assignee; and (B) A pension assignee's authorization under a power of attorney or other instrument to access, or obtain funds from, an account to which plan benefits are deposited.

(1) A pension assignee shall not use any device, transfer, or other related scheme to circumvent the prohibition against the assignment or transfer of a plan benefit.

(2) A device, transfer, or other related scheme under subdivision (e)(1) of this section includes without limitation: (A) The deposit of a plan benefit into a joint account held by a benefit recipient and a pension assignee; and (B) A pension assignee's authorization under a power of attorney or other instrument to access, or obtain funds from, an account to which plan benefits are deposited.

(A) The deposit of a plan benefit into a joint account held by a benefit recipient and a pension assignee; and

(B) A pension assignee's authorization under a power of attorney or other instrument to access, or obtain funds from, an account to which plan benefits are deposited.

Amended by Act 2017, No. 293,§ 7, eff. 2/28/2017.

Amended by Act 2017, No. 199,§ 1, eff. 2/17/2017.

Acts 1973, No. 427, § 9; 1977, No. 727, § 1; 1983, No. 619, § 11; 1983, No. 665, § 11; A.S.A. 1947, § 80-1443.
Ark. Code Ann. § 24-7-207 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-207
Increase in benefit amount
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System. (2) The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate. (b) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. Amended by Act 2023, No. 107,§ 20, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2884, eff. 7/24/2019. Acts 1997, No. 1137, § 4.

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System. (2) The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate.

(1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.

(2) The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate.

(b) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system.

Amended by Act 2023, No. 107,§ 20, eff. 7/1/2023.

Amended by Act 2019, No. 315,§ 2884, eff. 7/24/2019.

Acts 1997, No. 1137, § 4.
Ark. Code Ann. § 24-11-436 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-436
Military service
Status: in_force

(a) If a member of a policemen's pension and relief fund who while an employee enters the United States Armed Forces during any period of compulsory or voluntary military service, the service shall be credited under this subchapter. (b) (1) In any case of doubt as to the period of armed service to be so credited a member under this section, the board of trustees of the pension fund shall determine the period. (2) Except for service credited under subsection (d) of this section, a member of a policemen's pension and relief fund shall not be credited with a total of more than five (5) years of armed service. (c) During the period of armed service and until the member's return as an employee, his or her contributions to the pension fund shall be suspended, and any balance remaining to the member's credit in the pension fund shall be accumulated at regular interest. (d) (1) (A) Under the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , in effect October 13, 1996, a member who leaves covered employment to serve in the uniformed services of the United States after giving notice to the employer and who returns to employment shall be treated as not having incurred a break in service with the employer. (B) The employer shall certify to the pension fund that reemployment was in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , as in effect October 13, 1996. (2) Under this subsection, the uniformed services of the United States are limited to the United States Armed Forces, the Army National Guard and Air National Guard when engaged in active duty for training, state active duty, inactive duty training, or full-time National Guard duty, the United States Commissioned Corps of the Public Health Service, and any other category of persons designated by the President of the United States in time of war or national emergency. (3) The cumulative length of the absence from a position of employment with the employer by reason of service in the uniformed services for which service credit shall be given shall not exceed five (5) years. (4) A member of a policemen's pension and relief fund whose uniformed service is honorably terminated and who reports for reemployment under this subsection within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , shall be entitled to accrue benefits for the time he or she served in the uniformed services by paying the employee contributions required by § 24-11-413 , if any, within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , and by repaying any amount he or she may have previously withdrawn from the pension fund, with interest. (5) (A) An employer reemploying a member of a policemen's pension and relief fund under this subsection shall pay to the pension fund the employer contributions due for the time he or she served in the uniformed services as required under § 24-11-413 . (B) However, if a member of a policemen's pension and relief fund does not pay the employee contributions due, then no employer contributions are due. (6) For the purposes of determining the employee and employer contributions due, the compensation for a member of a policemen's pension and relief fund during the period of service in the uniformed services shall be computed at: (A) The rate he or she would have received if the member of a policemen's pension and relief fund had not served in the uniformed services; or (B) The average compensation level for the member of a policemen's pension and relief fund during the twelve-month period, or shorter if applicable, immediately preceding the service. (7) Unless both employee and employer contributions are paid, the member of a policemen's pension and relief fund shall not be entitled to any accrued benefits for the time served in the uniformed services. (8) (A) If a member dies on or after January 1, 2007, while performing qualified military service under the Uniformed Services Employment and Reemployment Rights Act, Pub. L. No. 103-353, he or she shall be treated as though he or she resumed covered employment on the day before the day of death. (B) For a member of a policemen's pension and relief fund who had not attained a vested status in the pension fund, sufficient service credit shall accrue to permit him or her to become vested. (C) For a member of a policemen's pension and relief fund who had attained a vested status, additional service credit accrual shall not occur. (D) In all cases, the eligible benefit awarded by the pension fund under this section shall be a nonduty death benefit. Amended by Act 2019, No. 474,§ 6, eff. 7/24/2019. Amended by Act 2013, No. 41,§ 20, eff. 2/6/2013. Acts 1995, No. 1290, § 1.

(a) If a member of a policemen's pension and relief fund who while an employee enters the United States Armed Forces during any period of compulsory or voluntary military service, the service shall be credited under this subchapter.

(b) (1) In any case of doubt as to the period of armed service to be so credited a member under this section, the board of trustees of the pension fund shall determine the period. (2) Except for service credited under subsection (d) of this section, a member of a policemen's pension and relief fund shall not be credited with a total of more than five (5) years of armed service.

(1) In any case of doubt as to the period of armed service to be so credited a member under this section, the board of trustees of the pension fund shall determine the period.

(2) Except for service credited under subsection (d) of this section, a member of a policemen's pension and relief fund shall not be credited with a total of more than five (5) years of armed service.

(c) During the period of armed service and until the member's return as an employee, his or her contributions to the pension fund shall be suspended, and any balance remaining to the member's credit in the pension fund shall be accumulated at regular interest.

(d) (1) (A) Under the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , in effect October 13, 1996, a member who leaves covered employment to serve in the uniformed services of the United States after giving notice to the employer and who returns to employment shall be treated as not having incurred a break in service with the employer. (B) The employer shall certify to the pension fund that reemployment was in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , as in effect October 13, 1996. (2) Under this subsection, the uniformed services of the United States are limited to the United States Armed Forces, the Army National Guard and Air National Guard when engaged in active duty for training, state active duty, inactive duty training, or full-time National Guard duty, the United States Commissioned Corps of the Public Health Service, and any other category of persons designated by the President of the United States in time of war or national emergency. (3) The cumulative length of the absence from a position of employment with the employer by reason of service in the uniformed services for which service credit shall be given shall not exceed five (5) years. (4) A member of a policemen's pension and relief fund whose uniformed service is honorably terminated and who reports for reemployment under this subsection within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , shall be entitled to accrue benefits for the time he or she served in the uniformed services by paying the employee contributions required by § 24-11-413 , if any, within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , and by repaying any amount he or she may have previously withdrawn from the pension fund, with interest. (5) (A) An employer reemploying a member of a policemen's pension and relief fund under this subsection shall pay to the pension fund the employer contributions due for the time he or she served in the uniformed services as required under § 24-11-413 . (B) However, if a member of a policemen's pension and relief fund does not pay the employee contributions due, then no employer contributions are due. (6) For the purposes of determining the employee and employer contributions due, the compensation for a member of a policemen's pension and relief fund during the period of service in the uniformed services shall be computed at: (A) The rate he or she would have received if the member of a policemen's pension and relief fund had not served in the uniformed services; or (B) The average compensation level for the member of a policemen's pension and relief fund during the twelve-month period, or shorter if applicable, immediately preceding the service. (7) Unless both employee and employer contributions are paid, the member of a policemen's pension and relief fund shall not be entitled to any accrued benefits for the time served in the uniformed services. (8) (A) If a member dies on or after January 1, 2007, while performing qualified military service under the Uniformed Services Employment and Reemployment Rights Act, Pub. L. No. 103-353, he or she shall be treated as though he or she resumed covered employment on the day before the day of death. (B) For a member of a policemen's pension and relief fund who had not attained a vested status in the pension fund, sufficient service credit shall accrue to permit him or her to become vested. (C) For a member of a policemen's pension and relief fund who had attained a vested status, additional service credit accrual shall not occur. (D) In all cases, the eligible benefit awarded by the pension fund under this section shall be a nonduty death benefit.

(1) (A) Under the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , in effect October 13, 1996, a member who leaves covered employment to serve in the uniformed services of the United States after giving notice to the employer and who returns to employment shall be treated as not having incurred a break in service with the employer. (B) The employer shall certify to the pension fund that reemployment was in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , as in effect October 13, 1996.

(A) Under the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , in effect October 13, 1996, a member who leaves covered employment to serve in the uniformed services of the United States after giving notice to the employer and who returns to employment shall be treated as not having incurred a break in service with the employer.

(B) The employer shall certify to the pension fund that reemployment was in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , as in effect October 13, 1996.

(2) Under this subsection, the uniformed services of the United States are limited to the United States Armed Forces, the Army National Guard and Air National Guard when engaged in active duty for training, state active duty, inactive duty training, or full-time National Guard duty, the United States Commissioned Corps of the Public Health Service, and any other category of persons designated by the President of the United States in time of war or national emergency.

(3) The cumulative length of the absence from a position of employment with the employer by reason of service in the uniformed services for which service credit shall be given shall not exceed five (5) years.

(4) A member of a policemen's pension and relief fund whose uniformed service is honorably terminated and who reports for reemployment under this subsection within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , shall be entitled to accrue benefits for the time he or she served in the uniformed services by paying the employee contributions required by § 24-11-413 , if any, within the time provided in the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4312 , and by repaying any amount he or she may have previously withdrawn from the pension fund, with interest.

(5) (A) An employer reemploying a member of a policemen's pension and relief fund under this subsection shall pay to the pension fund the employer contributions due for the time he or she served in the uniformed services as required under § 24-11-413 . (B) However, if a member of a policemen's pension and relief fund does not pay the employee contributions due, then no employer contributions are due.

(A) An employer reemploying a member of a policemen's pension and relief fund under this subsection shall pay to the pension fund the employer contributions due for the time he or she served in the uniformed services as required under § 24-11-413 .

(B) However, if a member of a policemen's pension and relief fund does not pay the employee contributions due, then no employer contributions are due.

(6) For the purposes of determining the employee and employer contributions due, the compensation for a member of a policemen's pension and relief fund during the period of service in the uniformed services shall be computed at: (A) The rate he or she would have received if the member of a policemen's pension and relief fund had not served in the uniformed services; or (B) The average compensation level for the member of a policemen's pension and relief fund during the twelve-month period, or shorter if applicable, immediately preceding the service.

(A) The rate he or she would have received if the member of a policemen's pension and relief fund had not served in the uniformed services; or

(B) The average compensation level for the member of a policemen's pension and relief fund during the twelve-month period, or shorter if applicable, immediately preceding the service.

(7) Unless both employee and employer contributions are paid, the member of a policemen's pension and relief fund shall not be entitled to any accrued benefits for the time served in the uniformed services.

(8) (A) If a member dies on or after January 1, 2007, while performing qualified military service under the Uniformed Services Employment and Reemployment Rights Act, Pub. L. No. 103-353, he or she shall be treated as though he or she resumed covered employment on the day before the day of death. (B) For a member of a policemen's pension and relief fund who had not attained a vested status in the pension fund, sufficient service credit shall accrue to permit him or her to become vested. (C) For a member of a policemen's pension and relief fund who had attained a vested status, additional service credit accrual shall not occur. (D) In all cases, the eligible benefit awarded by the pension fund under this section shall be a nonduty death benefit.

(A) If a member dies on or after January 1, 2007, while performing qualified military service under the Uniformed Services Employment and Reemployment Rights Act, Pub. L. No. 103-353, he or she shall be treated as though he or she resumed covered employment on the day before the day of death.

(B) For a member of a policemen's pension and relief fund who had not attained a vested status in the pension fund, sufficient service credit shall accrue to permit him or her to become vested.

(C) For a member of a policemen's pension and relief fund who had attained a vested status, additional service credit accrual shall not occur.

(D) In all cases, the eligible benefit awarded by the pension fund under this section shall be a nonduty death benefit.

Amended by Act 2019, No. 474,§ 6, eff. 7/24/2019.

Amended by Act 2013, No. 41,§ 20, eff. 2/6/2013.

Acts 1995, No. 1290, § 1.
Ark. Code Ann. § 24-5-105 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-105
Cost of administration - Payment of benefits and adjustment of errors
Status: in_force

(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs of the system, and forms purchased from vendors and identified by letterhead printing as those of the system. (b) (1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or other designated officer of the state. (2) (A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system. (B) (i) The voucher or other authorizing document can consist of one (1) or more pages. (ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document. (c) (1) Should any change or error in the records of the system result in any member's receiving more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon discovery of the error and so far as is practicable, shall adjust the payments in such a manner that the benefit to which the member was justly entitled shall be paid. (2) In the event that an overpayment is made to anyone, every legal effort shall be made to recover the overpayment. Amended by Act 2017, No. 707,§ 276, eff. 8/1/2017. Acts 1949, No. 454, § 6; 1981, No. 295, § 6; A.S.A. 1947, § 76-1906; Acts 1987, No. 213, § 2; 1999, No. 32, § 1.

(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs of the system, and forms purchased from vendors and identified by letterhead printing as those of the system.

(b) (1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or other designated officer of the state. (2) (A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system. (B) (i) The voucher or other authorizing document can consist of one (1) or more pages. (ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document.

(1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or other designated officer of the state.

(2) (A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system. (B) (i) The voucher or other authorizing document can consist of one (1) or more pages. (ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document.

(A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system.

(B) (i) The voucher or other authorizing document can consist of one (1) or more pages. (ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document.

(i) The voucher or other authorizing document can consist of one (1) or more pages.

(ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document.

(c) (1) Should any change or error in the records of the system result in any member's receiving more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon discovery of the error and so far as is practicable, shall adjust the payments in such a manner that the benefit to which the member was justly entitled shall be paid. (2) In the event that an overpayment is made to anyone, every legal effort shall be made to recover the overpayment.

(1) Should any change or error in the records of the system result in any member's receiving more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon discovery of the error and so far as is practicable, shall adjust the payments in such a manner that the benefit to which the member was justly entitled shall be paid.

(2) In the event that an overpayment is made to anyone, every legal effort shall be made to recover the overpayment.

Amended by Act 2017, No. 707,§ 276, eff. 8/1/2017.

Acts 1949, No. 454, § 6; 1981, No. 295, § 6; A.S.A. 1947, § 76-1906; Acts 1987, No. 213, § 2; 1999, No. 32, § 1.
Ark. Code Ann. § 24-7-732 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-732
System termination or discontinuance - Vesting
Status: in_force

Notwithstanding the provisions of this subchapter, members' accrued benefits under the Arkansas Teacher Retirement System shall be one hundred percent (100%) vested: (1) To the extent those benefits are then funded, in the event there is a partial or complete termination of the system or in the event of a complete discontinuance of employer contributions to the system; and (2) Upon a member's attaining normal retirement age. Acts 2001, No. 155, § 4; 2011, No. 45, § 17.

Notwithstanding the provisions of this subchapter, members' accrued benefits under the Arkansas Teacher Retirement System shall be one hundred percent (100%) vested:

(1) To the extent those benefits are then funded, in the event there is a partial or complete termination of the system or in the event of a complete discontinuance of employer contributions to the system; and

(2) Upon a member's attaining normal retirement age.

Acts 2001, No. 155, § 4; 2011, No. 45, § 17.
Ark. Code Ann. § 24-8-308 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-308
Eligibility for benefits - Twenty years of service
Status: in_force

(a) (1) Any judge of a municipal court to which this subchapter applies who shall have served at least twenty (20) years in office as municipal judge, irrespective of age, shall be eligible to receive retirement benefits provided by this subchapter. (2) If incapacitating illness or disability should occur during the final term of qualifications under these provisions, then the judge so elected shall be eligible at one-half (½) pay as provided in subsection (b) of this section. (3) On the death of a municipal judge leaving a surviving spouse who had been married to and living with the judge for at least ten (10) years, the surviving spouse shall be eligible to apply for and shall receive until his or her death or remarriage, benefits as authorized in this subdivision (a)(3) in an amount equal to one-half (½) the retirement benefits to which the deceased judge would have been entitled on the date of his or her death. (b) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office. Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917; Acts 1999, No. 1329, § 1.

(a) (1) Any judge of a municipal court to which this subchapter applies who shall have served at least twenty (20) years in office as municipal judge, irrespective of age, shall be eligible to receive retirement benefits provided by this subchapter. (2) If incapacitating illness or disability should occur during the final term of qualifications under these provisions, then the judge so elected shall be eligible at one-half (½) pay as provided in subsection (b) of this section. (3) On the death of a municipal judge leaving a surviving spouse who had been married to and living with the judge for at least ten (10) years, the surviving spouse shall be eligible to apply for and shall receive until his or her death or remarriage, benefits as authorized in this subdivision (a)(3) in an amount equal to one-half (½) the retirement benefits to which the deceased judge would have been entitled on the date of his or her death.

(1) Any judge of a municipal court to which this subchapter applies who shall have served at least twenty (20) years in office as municipal judge, irrespective of age, shall be eligible to receive retirement benefits provided by this subchapter.

(2) If incapacitating illness or disability should occur during the final term of qualifications under these provisions, then the judge so elected shall be eligible at one-half (½) pay as provided in subsection (b) of this section.

(3) On the death of a municipal judge leaving a surviving spouse who had been married to and living with the judge for at least ten (10) years, the surviving spouse shall be eligible to apply for and shall receive until his or her death or remarriage, benefits as authorized in this subdivision (a)(3) in an amount equal to one-half (½) the retirement benefits to which the deceased judge would have been entitled on the date of his or her death.

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

Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917; Acts 1999, No. 1329, § 1.
Ark. Code Ann. § 24-6-410 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-410
Benefit provisions - Early retirement
Status: in_force

(a) (1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired. (2) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age. (b) Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in § 24-6-406 , which percentage shall be one hundred percent (100%) reduced by one-half percent (0.5%) multiplied by the number of months by which his or her age at early retirement is younger than his or her voluntary retirement age, using what his or her voluntary retirement age would have been if he or she had continued state police employment from the time of early retirement. Acts 1997, No. 1071, § 1; 1999, No. 387, § 6.

(a) (1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired. (2) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age.

(1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired.

(2) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age.

(b) Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in § 24-6-406 , which percentage shall be one hundred percent (100%) reduced by one-half percent (0.5%) multiplied by the number of months by which his or her age at early retirement is younger than his or her voluntary retirement age, using what his or her voluntary retirement age would have been if he or she had continued state police employment from the time of early retirement.

Acts 1997, No. 1071, § 1; 1999, No. 387, § 6.
Ark. Code Ann. § 24-7-209 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-209
Suspension of benefit payments upon request
Status: in_force

(a) Subject to the minimum distribution provisions of § 24-7-730 , a person entitled to receive an annuity may submit a request to the system in writing, for personal reasons and without disclosure thereof, to suspend the payment of all the benefit otherwise payable to him or her by the system. (b) Upon receipt of the request, the system shall authorize the suspension, and the person shall be deemed to have forfeited all rights to the benefit so suspended but shall have the right to have the full benefit otherwise payable reinstated as to future monthly payment upon written notice to the system to revoke the prior request for suspension under this section. Acts 1999, No. 29, § 1; 2007, No. 97, § 2.

(a) Subject to the minimum distribution provisions of § 24-7-730 , a person entitled to receive an annuity may submit a request to the system in writing, for personal reasons and without disclosure thereof, to suspend the payment of all the benefit otherwise payable to him or her by the system.

(b) Upon receipt of the request, the system shall authorize the suspension, and the person shall be deemed to have forfeited all rights to the benefit so suspended but shall have the right to have the full benefit otherwise payable reinstated as to future monthly payment upon written notice to the system to revoke the prior request for suspension under this section.

Acts 1999, No. 29, § 1; 2007, No. 97, § 2.