Ark. Code Ann. § 24-10-303 — AR Code / Title 24 / Chapter 10 / Subchapter 3 / Section 24-10-303
Rules governing participation
Status: in_force

The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers that are rural fire protection corporations authorized under the provisions of § 4-34-101 et seq. However, the board shall not admit or retain any employer whose participation in the Arkansas Local Police and Fire Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system. Amended by Act 2019, No. 315,§ 2896, eff. 7/24/2019. Acts 1999, No. 865, § 6.

The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers that are rural fire protection corporations authorized under the provisions of § 4-34-101 et seq. However, the board shall not admit or retain any employer whose participation in the Arkansas Local Police and Fire Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system.

Amended by Act 2019, No. 315,§ 2896, eff. 7/24/2019.

Acts 1999, No. 865, § 6.
Ark. Code Ann. § 24-12-109 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-109
Investment
Status: in_force

(a) The board of trustees of the pension and relief fund for paid nonuniformed employees shall have the power to draw sums from its treasury to invest in the name of the board of trustees of the pension and relief fund for paid nonuniformed employees in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located or in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq. (b) All securities shall be deposited with the treasurer of the board of trustees of the pension and relief fund and shall be subject to the orders of the board. (c) (1) In those pension and relief funds for paid nonuniformed employees in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Public Employees' Retirement System; and (B) A trustee or custodian to hold the assets. (2) The investments shall not be limited to interest-bearing bonds. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 14, eff. 4/11/2013. Acts 1949, No. 147, § 5; A.S.A. 1947, § 19-926; Acts 1993, No. 1130, § 1; 1995, No. 615, § 4; 2009, No. 1201, § 7.

(a) The board of trustees of the pension and relief fund for paid nonuniformed employees shall have the power to draw sums from its treasury to invest in the name of the board of trustees of the pension and relief fund for paid nonuniformed employees in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located or in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq.

(b) All securities shall be deposited with the treasurer of the board of trustees of the pension and relief fund and shall be subject to the orders of the board.

(c) (1) In those pension and relief funds for paid nonuniformed employees in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Public Employees' Retirement System; and (B) A trustee or custodian to hold the assets. (2) The investments shall not be limited to interest-bearing bonds.

(1) In those pension and relief funds for paid nonuniformed employees in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Public Employees' Retirement System; and (B) A trustee or custodian to hold the assets.

(A) An investment advisor to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Public Employees' Retirement System; and

(B) A trustee or custodian to hold the assets.

(2) The investments shall not be limited to interest-bearing bonds.

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

Amended by Act 2013, No. 1065,§ 14, eff. 4/11/2013.

Acts 1949, No. 147, § 5; A.S.A. 1947, § 19-926; Acts 1993, No. 1130, § 1; 1995, No. 615, § 4; 2009, No. 1201, § 7.
Ark. Code Ann. § 24-2-609 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-609
Registration of securities in name of nominee - Powers and duties of nominee
Status: in_force

(a) The boards of trustees of the various state retirement systems are authorized to register stocks, bonds, notes, and other securities held by and for the systems in the name of a designated nominee. (b) Such action as is necessary to establish a nominee and a nominee agreement may be taken. (c) The nominee agreement shall specify that the nominee shall not have or claim any beneficial interest whatsoever in any stocks, bonds, notes, and other securities held in the name of the nominee. That is, all beneficial interest in the stocks, bonds, notes, and other securities and in the interest, dividends, and capital gains derived therefrom shall be vested in the respective state retirement systems. (d) The nominee shall have no power to undertake any obligation on behalf of the nominee, except upon the direction of the particular state retirement system. (e) The nominee may endorse securities and take other necessary actions in the purchase, registration, and sale of stocks, bonds, notes, and other securities, subject always to the provisions of this section. Acts 2001, No. 151, § 8.

(a) The boards of trustees of the various state retirement systems are authorized to register stocks, bonds, notes, and other securities held by and for the systems in the name of a designated nominee.

(b) Such action as is necessary to establish a nominee and a nominee agreement may be taken.

(c) The nominee agreement shall specify that the nominee shall not have or claim any beneficial interest whatsoever in any stocks, bonds, notes, and other securities held in the name of the nominee. That is, all beneficial interest in the stocks, bonds, notes, and other securities and in the interest, dividends, and capital gains derived therefrom shall be vested in the respective state retirement systems.

(d) The nominee shall have no power to undertake any obligation on behalf of the nominee, except upon the direction of the particular state retirement system.

(e) The nominee may endorse securities and take other necessary actions in the purchase, registration, and sale of stocks, bonds, notes, and other securities, subject always to the provisions of this section.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-7-801 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-801
Definitions
Status: in_force

As used in this subchapter: (1) "Alternate retirement plan" means a retirement plan based on the purchase of contracts providing retirement and death benefits for the employees of Arkansas State University, the Division of Higher Education employees, and employees of Arkansas's state-supported universities, colleges, or junior colleges that are not a part of the University of Arkansas system; (2) "Board" means the governing body of a college; (3) "College" means any one (1) of the state-supported universities, colleges, and junior colleges not a part of the University of Arkansas system, and Arkansas State University; (4) "Division employees" means the Commissioner of the Division of Higher Education and the professional education employees of the division; (5) "Retirement system" means the Arkansas Teacher Retirement System; (6) "Staff members" means any employee of a college or university who is eligible for membership in any retirement plan; (7) "State" means the State of Arkansas; and (8) "State board" means the Arkansas Higher Education Coordinating Board. Amended by Act 2023, No. 786,§ 49, eff. 4/12/2023. Amended by Act 2019, No. 910,§ 2372, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2371, eff. 7/1/2019. Acts 1967, No. 436, § 1; A.S.A. 1947, § 80-1457; Acts 1991, No. 511, § 1; 2001, No. 765, § 1.

As used in this subchapter:

(1) "Alternate retirement plan" means a retirement plan based on the purchase of contracts providing retirement and death benefits for the employees of Arkansas State University, the Division of Higher Education employees, and employees of Arkansas's state-supported universities, colleges, or junior colleges that are not a part of the University of Arkansas system;

(2) "Board" means the governing body of a college;

(3) "College" means any one (1) of the state-supported universities, colleges, and junior colleges not a part of the University of Arkansas system, and Arkansas State University;

(4) "Division employees" means the Commissioner of the Division of Higher Education and the professional education employees of the division;

(5) "Retirement system" means the Arkansas Teacher Retirement System;

(6) "Staff members" means any employee of a college or university who is eligible for membership in any retirement plan;

(7) "State" means the State of Arkansas; and

(8) "State board" means the Arkansas Higher Education Coordinating Board.

Amended by Act 2023, No. 786,§ 49, eff. 4/12/2023.

Amended by Act 2019, No. 910,§ 2372, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2371, eff. 7/1/2019.

Acts 1967, No. 436, § 1; A.S.A. 1947, § 80-1457; Acts 1991, No. 511, § 1; 2001, No. 765, § 1.
Ark. Code Ann. § 24-6-404 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-404
Eligibility for benefits - Voluntary retirement
Status: in_force

(a) (1) Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained sixty-five (65) years of age may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired twenty-eight (28) or more years of credited service may retire at any age upon his or her written application filed with the board. (3) For those members with less than twenty-eight (28) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55) years of age. (b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired. (c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-406 . Amended by Act 2021, No. 415,§ 6, eff. 7/28/2021. Amended by Act 2019, No. 950,§ 1, eff. 7/24/2019. Acts 1997, No. 1071, § 1; 1999, No. 387, § 3.

(a) (1) Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained sixty-five (65) years of age may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired twenty-eight (28) or more years of credited service may retire at any age upon his or her written application filed with the board. (3) For those members with less than twenty-eight (28) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55) years of age.

(1) Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained sixty-five (65) years of age may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System.

(2) Any member who has acquired twenty-eight (28) or more years of credited service may retire at any age upon his or her written application filed with the board.

(3) For those members with less than twenty-eight (28) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55) years of age.

(b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired.

(c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-406 .

Amended by Act 2021, No. 415,§ 6, eff. 7/28/2021.

Amended by Act 2019, No. 950,§ 1, eff. 7/24/2019.

Acts 1997, No. 1071, § 1; 1999, No. 387, § 3.
Ark. Code Ann. § 24-4-516 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-516
Credit for lost credited service due to work-related injury
Status: in_force

(a) Any member of the Arkansas Public Employees' Retirement System who suffers from or who has suffered in the past from a work-related injury for which workers' compensation benefits were paid under the workers' compensation laws, and whose annuity from the system would otherwise be reduced due to the reduced salary and lost credited service, shall be entitled to obtain credited service for the actual time period of reduced salary and lost service credit by paying to the system all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service would have been rendered to the date the payment is received by the system. (b) Provided, however, at the discretion of the employer, any employer under the system may elect to implement a policy to pay the employer's portion of any contributions that an employee would otherwise be responsible to pay under this section to receive the service credit. Acts 1995, No. 962, § 1; 1997, No. 299, § 17.

(a) Any member of the Arkansas Public Employees' Retirement System who suffers from or who has suffered in the past from a work-related injury for which workers' compensation benefits were paid under the workers' compensation laws, and whose annuity from the system would otherwise be reduced due to the reduced salary and lost credited service, shall be entitled to obtain credited service for the actual time period of reduced salary and lost service credit by paying to the system all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service would have been rendered to the date the payment is received by the system.

(b) Provided, however, at the discretion of the employer, any employer under the system may elect to implement a policy to pay the employer's portion of any contributions that an employee would otherwise be responsible to pay under this section to receive the service credit.

Acts 1995, No. 962, § 1; 1997, No. 299, § 17.
Ark. Code Ann. § 24-2-608 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-608
Investment authority and limitations - Arkansas-related investments
Status: in_force

(a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing funds held by each of the trusts, fiduciaries administering the systems shall manage the funds so as to favorably impact the economic condition of and maximize capital investment in the State of Arkansas when appropriate investment alternatives are available. (b) It is the intention of the General Assembly that, as assets become available for investment, the systems shall seek to invest not less than five percent (5%) nor more than ten percent (10%) of their portfolios in Arkansas-related investments. (c) In calculating the percentage of Arkansas-related investments, the systems shall not include Federal National Mortgage Association investments nor Government National Mortgage Association investments. (d) Nothing in this section shall in any way limit or impair the responsibility of a fiduciary to invest in accordance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . Acts 2001, No. 151, § 8.

(a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing funds held by each of the trusts, fiduciaries administering the systems shall manage the funds so as to favorably impact the economic condition of and maximize capital investment in the State of Arkansas when appropriate investment alternatives are available.

(b) It is the intention of the General Assembly that, as assets become available for investment, the systems shall seek to invest not less than five percent (5%) nor more than ten percent (10%) of their portfolios in Arkansas-related investments.

(c) In calculating the percentage of Arkansas-related investments, the systems shall not include Federal National Mortgage Association investments nor Government National Mortgage Association investments.

(d) Nothing in this section shall in any way limit or impair the responsibility of a fiduciary to invest in accordance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 .

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-4-618 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-618
Increased benefits for persons retired before July 1, 1999
Status: in_force

On July 1, 1999, and thereafter, the monthly benefit payable to the retirants and the beneficiaries of retirants of the Arkansas Public Employees' Retirement System who retired before July 1, 1989, shall be increased by an amount equal to one percent (1%) of the benefit payable on June 1, 1999, for each year or portion of a year of retirement prior to July 1, 1989. Acts 1999, No. 496, § 3.

On July 1, 1999, and thereafter, the monthly benefit payable to the retirants and the beneficiaries of retirants of the Arkansas Public Employees' Retirement System who retired before July 1, 1989, shall be increased by an amount equal to one percent (1%) of the benefit payable on June 1, 1999, for each year or portion of a year of retirement prior to July 1, 1989.

Acts 1999, No. 496, § 3.
Ark. Code Ann. § 24-4-746 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-746
Authority to promulgate rules
Status: in_force

The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers defined as public rehabilitative services corporations or other local units of government under the provisions of § 4-34-101 and such local units of government as are provided for under this Code. Provided, however, the board shall not admit or retain any employer whose participation in the Arkansas Public Employees' Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system. Amended by Act 2019, No. 315,§ 2862, eff. 7/24/2019. Acts 1999, No. 865, § 2; 2001, No. 151, § 47.

The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers defined as public rehabilitative services corporations or other local units of government under the provisions of § 4-34-101 and such local units of government as are provided for under this Code. Provided, however, the board shall not admit or retain any employer whose participation in the Arkansas Public Employees' Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system.

Amended by Act 2019, No. 315,§ 2862, eff. 7/24/2019.

Acts 1999, No. 865, § 2; 2001, No. 151, § 47.
Ark. Code Ann. § 24-6-305 — AR Code / Title 24 / Chapter 6 / Subchapter 3 / Section 24-6-305
Method of collection
Status: in_force

A participant in the Arkansas State Police Officers Deferred Option Plan shall receive, at the option of the participant, a lump-sum payment from the account equal to the payments to the account, or a true annuity based upon the account of the participant, or may elect any other method of payment if approved by the Board of Trustees of the State Police Retirement System. Acts 1995, No. 967, § 1.

A participant in the Arkansas State Police Officers Deferred Option Plan shall receive, at the option of the participant, a lump-sum payment from the account equal to the payments to the account, or a true annuity based upon the account of the participant, or may elect any other method of payment if approved by the Board of Trustees of the State Police Retirement System.

Acts 1995, No. 967, § 1.
Ark. Code Ann. § 24-5-201 — AR Code / Title 24 / Chapter 5 / Subchapter 2 / Section 24-5-201
Establishment
Status: in_force

(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may establish a deferred retirement option plan for its members so that, in lieu of terminating employment, they might continue with employment and accept a service retirement benefit pursuant to § 24-5-101 et seq. The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system. (b) The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system. Amended by Act 2019, No. 315,§ 2868, eff. 7/24/2019. Acts 1997, No. 1073, § 1.

(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may establish a deferred retirement option plan for its members so that, in lieu of terminating employment, they might continue with employment and accept a service retirement benefit pursuant to § 24-5-101 et seq. The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system.

(b) The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system.

Amended by Act 2019, No. 315,§ 2868, eff. 7/24/2019.

Acts 1997, No. 1073, § 1.
Ark. Code Ann. § 24-10-508 — AR Code / Title 24 / Chapter 10 / Subchapter 5 / Section 24-10-508
Service credit
Status: in_force

(a) An active member of the Arkansas Local Police and Fire Retirement System who has at least five (5) years of actual service and who has service in an Arkansas law enforcement agency or fire department and who has been employed as a public safety or law enforcement officer in any agency not covered by the system or any other system that is reciprocal to the system shall receive credited service for that service. (b) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section. (c) No additional service credit shall be credited under this section on or after April 1, 2019. Amended by Act 2019, No. 178,§ 3, eff. 3/31/2019. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 3, eff. 4/11/2013. Acts 1999, No. 716, § 1; 2005, No. 1418, § 1; 2011, No. 17, § 5.

(a) An active member of the Arkansas Local Police and Fire Retirement System who has at least five (5) years of actual service and who has service in an Arkansas law enforcement agency or fire department and who has been employed as a public safety or law enforcement officer in any agency not covered by the system or any other system that is reciprocal to the system shall receive credited service for that service.

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

(c) No additional service credit shall be credited under this section on or after April 1, 2019.

Amended by Act 2019, No. 178,§ 3, eff. 3/31/2019.

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

Amended by Act 2013, No. 1065,§ 3, eff. 4/11/2013.

Acts 1999, No. 716, § 1; 2005, No. 1418, § 1; 2011, No. 17, § 5.
Ark. Code Ann. § 24-6-303 — AR Code / Title 24 / Chapter 6 / Subchapter 3 / Section 24-6-303
Contributions
Status: in_force

(a) When a member begins participation in the Arkansas State Police Officers Deferred Option Plan, the employer contributions shall continue to be paid. (b) State contributions for employees who elect the plan shall be credited to the State Police Retirement System. (c) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers Deferred Option Plan Account. Acts 1995, No. 967, § 1.

(a) When a member begins participation in the Arkansas State Police Officers Deferred Option Plan, the employer contributions shall continue to be paid.

(b) State contributions for employees who elect the plan shall be credited to the State Police Retirement System.

(c) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers Deferred Option Plan Account.

Acts 1995, No. 967, § 1.
Ark. Code Ann. § 24-4-750 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-750
Arkansas District Judge Retirement System abolished - Powers, duties, and plan liabilities transferred to Arkansas Public Employees' Retirement System
Status: repealed

(a) The Arkansas District Judge Retirement System, established by § 24-8-801 et seq. [repealed], is abolished, and its powers, duties, and plan liabilities are transferred to the Arkansas Public Employees' Retirement System by a type 3 transfer as prescribed in § 25-2-106 . (b) For purposes of this act, the Arkansas Public Employees' Retirement System shall be considered a principal department established by Acts 1971, No. 38. (c) (1) The Arkansas Public Employees' Retirement System shall maintain the same process of payments under § 24-4-751 . (2) Active members of the Arkansas District Judge Retirement System on the date of the transfer shall continue to accrue the same program of benefits received before the transfer. (3) As employer, the government entity that pays the salary of a district judge shall make contributions to the Arkansas Public Employees' Retirement System as a percent of the salary of the active district judge at the rate previously established to fund the district judge benefit program unless the Arkansas Public Employees' Retirement System's actuary determines that a different required contribution rate should be applied. (d) Each district judge joining the Arkansas Public Employees' Retirement System after the date of transfer shall be deemed an elected official of a city or county and shall receive service credit under § 24-4-101(16)(B) . Acts 2007, No. 177, § 1.

(a) The Arkansas District Judge Retirement System, established by § 24-8-801 et seq. [repealed], is abolished, and its powers, duties, and plan liabilities are transferred to the Arkansas Public Employees' Retirement System by a type 3 transfer as prescribed in § 25-2-106 .

(b) For purposes of this act, the Arkansas Public Employees' Retirement System shall be considered a principal department established by Acts 1971, No. 38.

(c) (1) The Arkansas Public Employees' Retirement System shall maintain the same process of payments under § 24-4-751 . (2) Active members of the Arkansas District Judge Retirement System on the date of the transfer shall continue to accrue the same program of benefits received before the transfer. (3) As employer, the government entity that pays the salary of a district judge shall make contributions to the Arkansas Public Employees' Retirement System as a percent of the salary of the active district judge at the rate previously established to fund the district judge benefit program unless the Arkansas Public Employees' Retirement System's actuary determines that a different required contribution rate should be applied.

(1) The Arkansas Public Employees' Retirement System shall maintain the same process of payments under § 24-4-751 .

(2) Active members of the Arkansas District Judge Retirement System on the date of the transfer shall continue to accrue the same program of benefits received before the transfer.

(3) As employer, the government entity that pays the salary of a district judge shall make contributions to the Arkansas Public Employees' Retirement System as a percent of the salary of the active district judge at the rate previously established to fund the district judge benefit program unless the Arkansas Public Employees' Retirement System's actuary determines that a different required contribution rate should be applied.

(d) Each district judge joining the Arkansas Public Employees' Retirement System after the date of transfer shall be deemed an elected official of a city or county and shall receive service credit under § 24-4-101(16)(B) .

Acts 2007, No. 177, § 1.
Ark. Code Ann. § 24-10-408 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-408
State contributions - System administrative expenses
Status: in_force

(a) Subject to the provisions of this chapter, the state shall not contribute to finance the Arkansas Local Police and Fire Retirement System, except those amounts which the political subdivision may receive under laws providing for a general apportionment of political subdivision moneys throughout the state. (b) The system administrative expenses provided by employer contributions and by system investment return shall not exceed a total of one-half of one percent (0.5%) of active member pays plus one percent (1%) of system assets. (c) Because the system is covering future hires and not present employees, it will be a few years until the system has grown enough that the administrative expense maximum specified in subsection (b) of this section will cover all system administrative expenses. Until the inevitable growth has occurred, the portion of system administrative expenses not covered by that maximum amount shall be paid from the revenues derived from the premium taxes levied on foreign insurers by the Arkansas Insurance Code or any other funds designated for support of firefighters' pension funds and police officers' pension funds in political subdivisions. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.

(a) Subject to the provisions of this chapter, the state shall not contribute to finance the Arkansas Local Police and Fire Retirement System, except those amounts which the political subdivision may receive under laws providing for a general apportionment of political subdivision moneys throughout the state.

(b) The system administrative expenses provided by employer contributions and by system investment return shall not exceed a total of one-half of one percent (0.5%) of active member pays plus one percent (1%) of system assets.

(c) Because the system is covering future hires and not present employees, it will be a few years until the system has grown enough that the administrative expense maximum specified in subsection (b) of this section will cover all system administrative expenses. Until the inevitable growth has occurred, the portion of system administrative expenses not covered by that maximum amount shall be paid from the revenues derived from the premium taxes levied on foreign insurers by the Arkansas Insurance Code or any other funds designated for support of firefighters' pension funds and police officers' pension funds in political subdivisions.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Ark. Code Ann. § 24-6-220 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-220
Benefits - Increased benefits generally
Status: in_force

(a) Each person receiving retirement benefits from the State Police Retirement System on July 1, 1983, shall, beginning July 1, 1983, receive an increase in monthly benefits of five percent (5%). (b) Beginning on July 1, 1984, all persons who were receiving benefits under the system on July 1, 1983, shall receive an additional increase in monthly benefits of five percent (5%). Acts 1983, No. 486, § 1; A.S.A. 1947, § 42-463.1.

(a) Each person receiving retirement benefits from the State Police Retirement System on July 1, 1983, shall, beginning July 1, 1983, receive an increase in monthly benefits of five percent (5%).

(b) Beginning on July 1, 1984, all persons who were receiving benefits under the system on July 1, 1983, shall receive an additional increase in monthly benefits of five percent (5%).

Acts 1983, No. 486, § 1; A.S.A. 1947, § 42-463.1.
Ark. Code Ann. § 24-8-212 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-212
Credited service - Transfer of service as municipal judge
Status: in_force

Any person who shall have served as a municipal judge in any municipal court in this state and who holds credited service therefor in any retirement system or retirement fund is authorized to transfer his or her credited services in the retirement system or fund to the Arkansas Judicial Retirement System by: (1) Notifying, in writing, the administrative body of each retirement plan of his or her intention to transfer his or her tenure; (2) Authorizing the Board of Trustees of the Arkansas Judicial Retirement System or appropriate administrative body of his or her retirement system to transfer to the system any sums of money paid for his or her retirement to the retirement fund or system by the municipal judge and, at the option of the city council or board of directors, to transfer to the system the court costs collected during his or her tenure as municipal judge; and (3) (A) Paying into the system an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money from his or her present retirement system as authorized in this section. (B) Upon transferring the credited service from his or her present retirement fund or system, the person shall be given credited service in the system for an equal number of years of credited service for which he or she has qualified under any other plan or system to which he or she has belonged by reason of his or her service as municipal judge. Acts 1975, No. 333, § 3; A.S.A. 1947, § 22-904.2; Acts 1987, No. 897, § 1.

Any person who shall have served as a municipal judge in any municipal court in this state and who holds credited service therefor in any retirement system or retirement fund is authorized to transfer his or her credited services in the retirement system or fund to the Arkansas Judicial Retirement System by:

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

(2) Authorizing the Board of Trustees of the Arkansas Judicial Retirement System or appropriate administrative body of his or her retirement system to transfer to the system any sums of money paid for his or her retirement to the retirement fund or system by the municipal judge and, at the option of the city council or board of directors, to transfer to the system the court costs collected during his or her tenure as municipal judge; and

(3) (A) Paying into the system an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money from his or her present retirement system as authorized in this section. (B) Upon transferring the credited service from his or her present retirement fund or system, the person shall be given credited service in the system for an equal number of years of credited service for which he or she has qualified under any other plan or system to which he or she has belonged by reason of his or her service as municipal judge.

(A) Paying into the system an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money from his or her present retirement system as authorized in this section.

(B) Upon transferring the credited service from his or her present retirement fund or system, the person shall be given credited service in the system for an equal number of years of credited service for which he or she has qualified under any other plan or system to which he or she has belonged by reason of his or her service as municipal judge.

Acts 1975, No. 333, § 3; A.S.A. 1947, § 22-904.2; Acts 1987, No. 897, § 1.
Ark. Code Ann. § 24-11-421 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-421
Credited service - Restoration
Status: in_force

(a) (1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment. (2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%). (3) The repayment shall be made according to such rules as the board shall adopt. (b) Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system. Amended by Act 2019, No. 315,§ 2900, eff. 7/24/2019. Acts 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.

(a) (1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment. (2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%). (3) The repayment shall be made according to such rules as the board shall adopt.

(1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment.

(2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%).

(3) The repayment shall be made according to such rules as the board shall adopt.

(b) Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.

Amended by Act 2019, No. 315,§ 2900, eff. 7/24/2019.

Acts 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.
Ark. Code Ann. § 24-5-120 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-120
Increase in monthly retirement benefit - Schedule
Status: in_force

(a) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who retired prior to July 1, 1985, and who receive an annuity for July 1987, shall be increased by no more than fifteen percent (15%) of the annuity received for June 1987. (b) The fifteen percent (15%) increase shall be in accordance with the following schedule: Retired Percent Increase After 6-30-85 0% 7-1-83 through 6-30-85 1% 7-1-82 through 6-30-83 2% 7-1-81 through 6-30-82 3% 7-1-80 through 6-30-81 4% 7-1-79 through 6-30-80 5% 7-1-78 through 6-30-79 6% 7-1-77 through 6-30-78 7% 7-1-76 through 6-30-77 8% 7-1-75 through 6-30-76 9% 7-1-74 through 6-30-75 10% 7-1-73 through 6-30-74 11% 7-1-72 through 6-30-73 12% 7-1-71 through 6-30-72 13% 7-1-70 through 6-30-71 14% Before 7-1-70 15% Acts 1983, No. 479, § 1; 1985, No. 611, § 1; A.S.A. 1947, § 76-1912.5; Acts 1987, No. 809, § 3.

(a) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who retired prior to July 1, 1985, and who receive an annuity for July 1987, shall be increased by no more than fifteen percent (15%) of the annuity received for June 1987.

(b) The fifteen percent (15%) increase shall be in accordance with the following schedule: Retired Percent Increase After 6-30-85 0% 7-1-83 through 6-30-85 1% 7-1-82 through 6-30-83 2% 7-1-81 through 6-30-82 3% 7-1-80 through 6-30-81 4% 7-1-79 through 6-30-80 5% 7-1-78 through 6-30-79 6% 7-1-77 through 6-30-78 7% 7-1-76 through 6-30-77 8% 7-1-75 through 6-30-76 9% 7-1-74 through 6-30-75 10% 7-1-73 through 6-30-74 11% 7-1-72 through 6-30-73 12% 7-1-71 through 6-30-72 13% 7-1-70 through 6-30-71 14% Before 7-1-70 15%

Retired Percent Increase After 6-30-85 0% 7-1-83 through 6-30-85 1% 7-1-82 through 6-30-83 2% 7-1-81 through 6-30-82 3% 7-1-80 through 6-30-81 4% 7-1-79 through 6-30-80 5% 7-1-78 through 6-30-79 6% 7-1-77 through 6-30-78 7% 7-1-76 through 6-30-77 8% 7-1-75 through 6-30-76 9% 7-1-74 through 6-30-75 10% 7-1-73 through 6-30-74 11% 7-1-72 through 6-30-73 12% 7-1-71 through 6-30-72 13% 7-1-70 through 6-30-71 14% Before 7-1-70 15%

Retired

Percent Increase

After 6-30-85

0%

7-1-83 through 6-30-85

1%

7-1-82 through 6-30-83

2%

7-1-81 through 6-30-82

3%

7-1-80 through 6-30-81

4%

7-1-79 through 6-30-80

5%

7-1-78 through 6-30-79

6%

7-1-77 through 6-30-78

7%

7-1-76 through 6-30-77

8%

7-1-75 through 6-30-76

9%

7-1-74 through 6-30-75

10%

7-1-73 through 6-30-74

11%

7-1-72 through 6-30-73

12%

7-1-71 through 6-30-72

13%

7-1-70 through 6-30-71

14%

Before 7-1-70

15%

Acts 1983, No. 479, § 1; 1985, No. 611, § 1; A.S.A. 1947, § 76-1912.5; Acts 1987, No. 809, § 3.
Ark. Code Ann. § 24-4-704 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-704
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 3, eff. 3/13/2019. Acts 1975, No. 313, § 2; A.S.A. 1947, § 12-2510.10; Acts 2001, No. 151, § 34.

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

Acts 1975, No. 313, § 2; A.S.A. 1947, § 12-2510.10; Acts 2001, No. 151, § 34.
Ark. Code Ann. § 24-12-104 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-104
Tax levy to support fund
Status: in_force

(a) Annually, a tax not to exceed one and one-half (1½) mills on the dollar of all taxable property in cities of the first class and cities of the second class which have paid nonuniformed employees may be levied by a vote of the people as a fund for pensioned, superannuated, and retired paid nonuniformed employees and for the surviving spouses and dependent children of deceased paid nonuniformed employees and dependent parents of deceased employees and to relieve the employees in case of permanent or temporary disability. (b) At any time that any city in this state shall meet the requirements of this section, then, and in that case, the provisions of this act shall apply to the city. (c) The fund shall be known as the "pension and relief fund for paid nonuniformed employees" and shall be collected by the sheriffs and collectors as other taxes are collected and by them turned over to the board of trustees of the pension and relief fund for paid nonuniformed employees, which board is provided for and created in this act. Acts 1949, No. 147, § 1; 1961, No. 501, § 1; 1981, No. 909, § 5; A.S.A. 1947, § 19-922.

(a) Annually, a tax not to exceed one and one-half (1½) mills on the dollar of all taxable property in cities of the first class and cities of the second class which have paid nonuniformed employees may be levied by a vote of the people as a fund for pensioned, superannuated, and retired paid nonuniformed employees and for the surviving spouses and dependent children of deceased paid nonuniformed employees and dependent parents of deceased employees and to relieve the employees in case of permanent or temporary disability.

(b) At any time that any city in this state shall meet the requirements of this section, then, and in that case, the provisions of this act shall apply to the city.

(c) The fund shall be known as the "pension and relief fund for paid nonuniformed employees" and shall be collected by the sheriffs and collectors as other taxes are collected and by them turned over to the board of trustees of the pension and relief fund for paid nonuniformed employees, which board is provided for and created in this act.

Acts 1949, No. 147, § 1; 1961, No. 501, § 1; 1981, No. 909, § 5; A.S.A. 1947, § 19-922.
Ark. Code Ann. § 24-12-114 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-114
Subjection of fund to legal process
Status: in_force

(a) No portion of the pension and relief fund for paid nonuniformed employees shall at any time be subject to seizure or to be levied on under any process whatsoever for the payment of any claim or debts held against any disabled or retired employee or the surviving spouse, dependent parent, or minor children under sixteen (16) years of age of a deceased or retired employee. (b) The fund shall be securely held and distributed for the purpose of pensioning the persons mentioned in this act and for no other person or purpose whatsoever. Acts 1949, No. 147, § 16; A.S.A. 1947, § 19-937.

(a) No portion of the pension and relief fund for paid nonuniformed employees shall at any time be subject to seizure or to be levied on under any process whatsoever for the payment of any claim or debts held against any disabled or retired employee or the surviving spouse, dependent parent, or minor children under sixteen (16) years of age of a deceased or retired employee.

(b) The fund shall be securely held and distributed for the purpose of pensioning the persons mentioned in this act and for no other person or purpose whatsoever.

Acts 1949, No. 147, § 16; A.S.A. 1947, § 19-937.
Ark. Code Ann. § 24-7-402 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-402
Assets as trust fund - Custodian
Status: in_force

(a) All assets of the Arkansas Teacher Retirement System shall constitute a single trust fund, and the Board of Trustees of the Arkansas Teacher Retirement System shall be the trustees of the fund. (b) (1) The custodian of system assets shall be the Treasurer of State or other financial institutions or depositories as allowed under this subchapter. (2) When acting as custodian of system assets, the Treasurer of State shall act in accordance with the instructions of the board. Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2009, No. 468, § 6.

(a) All assets of the Arkansas Teacher Retirement System shall constitute a single trust fund, and the Board of Trustees of the Arkansas Teacher Retirement System shall be the trustees of the fund.

(b) (1) The custodian of system assets shall be the Treasurer of State or other financial institutions or depositories as allowed under this subchapter. (2) When acting as custodian of system assets, the Treasurer of State shall act in accordance with the instructions of the board.

(1) The custodian of system assets shall be the Treasurer of State or other financial institutions or depositories as allowed under this subchapter.

(2) When acting as custodian of system assets, the Treasurer of State shall act in accordance with the instructions of the board.

Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2009, No. 468, § 6.
Ark. Code Ann. § 24-8-407 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-407
Eligibility for benefits - Twenty years of service
Status: in_force

(a) 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. (b) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay 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 1965, No. 19, § 4; 1969, No. 102, § 3; 1975, No. 637, § 1; A.S.A. 1947, § 22-944.

(a) 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.

(b) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay 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 1965, No. 19, § 4; 1969, No. 102, § 3; 1975, No. 637, § 1; A.S.A. 1947, § 22-944.
Ark. Code Ann. § 24-7-404 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-404
Default where issuer receives money from State of Arkansas
Status: in_force

In the event of default in payment of the principal or interest of any investment obligation held by the Arkansas Teacher Retirement System where the issuer of the obligation receives moneys from the State of Arkansas, the default shall be certified by the Board of Trustees of the Arkansas Teacher Retirement System to the Treasurer of State, who shall withhold all moneys due the issuer from the State of Arkansas until the default, together with interest thereon, is satisfied. Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2011, No. 45, § 2.

In the event of default in payment of the principal or interest of any investment obligation held by the Arkansas Teacher Retirement System where the issuer of the obligation receives moneys from the State of Arkansas, the default shall be certified by the Board of Trustees of the Arkansas Teacher Retirement System to the Treasurer of State, who shall withhold all moneys due the issuer from the State of Arkansas until the default, together with interest thereon, is satisfied.

Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2011, No. 45, § 2.
Ark. Code Ann. § 24-4-616 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-616
Increase in monthly benefit amount - 1995
Status: in_force

On July 1, 1995, the monthly benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on June 1, 1995, or before, shall be increased by six and forty-five-hundredths percent (6.45%) of the benefit payable on June 1, 1995. Acts 1995, No. 630, § 1.

On July 1, 1995, the monthly benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on June 1, 1995, or before, shall be increased by six and forty-five-hundredths percent (6.45%) of the benefit payable on June 1, 1995.

Acts 1995, No. 630, § 1.
Ark. Code Ann. § 24-8-710 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-710
Eligibility for benefits - Retirement generally
Status: in_force

(a) Any member who has a minimum of twenty (20) years of actual service may retire regardless of age, and any judge or justice who has served at least eight (8) years shall be eligible for benefits upon reaching sixty-five (65) years of age. (b) (1) Any judge or justice who becomes seventy (70) years of age during a term of office to which he or she has been elected may complete the term without forfeiting his or her rights to retirement benefits under this section. (2) (A) Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge or justice until the completion of the term of office in which he or she has sufficient service to retire without losing his or her retirement benefits. (B) The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient service to retire. (3) (A) Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits. (B) However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and upon retirement shall be eligible to receive retirement benefits. Acts 1999, No. 399, § 1.

(a) Any member who has a minimum of twenty (20) years of actual service may retire regardless of age, and any judge or justice who has served at least eight (8) years shall be eligible for benefits upon reaching sixty-five (65) years of age.

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

(1) Any judge or justice who becomes seventy (70) years of age during a term of office to which he or she has been elected may complete the term without forfeiting his or her rights to retirement benefits under this section.

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

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

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

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

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

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

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-11-829 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-829
Increase in surviving spouse benefits
Status: in_force

(a) Notwithstanding the other provisions of this chapter, the board of trustees of any municipal firemen's relief and pension fund for which a full one-mill tax is levied and which received in excess of five hundred thousand dollars ($500,000) from premium tax funds during the most recent year shall increase surviving spouse benefits payable from the firemen's relief and pension fund to the amount of the pension received by the retired firefighter at the time of his or her death, or the amount of the pension to which the member would have been entitled on the day he or she died had he or she been retired. (b) The board shall direct a monthly pension in the increased amount effective on or before August 1, 1993. Amended by Act 2013, No. 41,§ 34, eff. 2/6/2013. Acts 1993, No. 480, § 1.

(a) Notwithstanding the other provisions of this chapter, the board of trustees of any municipal firemen's relief and pension fund for which a full one-mill tax is levied and which received in excess of five hundred thousand dollars ($500,000) from premium tax funds during the most recent year shall increase surviving spouse benefits payable from the firemen's relief and pension fund to the amount of the pension received by the retired firefighter at the time of his or her death, or the amount of the pension to which the member would have been entitled on the day he or she died had he or she been retired.

(b) The board shall direct a monthly pension in the increased amount effective on or before August 1, 1993.

Amended by Act 2013, No. 41,§ 34, eff. 2/6/2013.

Acts 1993, No. 480, § 1.
Ark. Code Ann. § 24-4-805 — AR Code / Title 24 / Chapter 4 / Subchapter 8 / Section 24-4-805
Death or disability
Status: in_force

(a) In the event that an Arkansas Public Employees' Retirement System Deferred Retirement Option Plan participant dies, the benefits payable from the Arkansas Public Employees' Retirement System shall be determined as though the participant had separated from service and been found eligible for monthly benefits by the Board of Trustees of the Arkansas Public Employees' Retirement System on the day prior to the death, with death following immediately thereafter. (b) In the event that a plan participant applies for benefits from the system pursuant to § 24-4-511 related to disability retirement, the application shall be treated as an application for voluntary retirement pursuant to § 24-4-601 and no benefits other than those that would be payable without regard to the disability shall become payable. Acts 1997, No. 1052, § 5; 2001, No. 151, § 52.

(a) In the event that an Arkansas Public Employees' Retirement System Deferred Retirement Option Plan participant dies, the benefits payable from the Arkansas Public Employees' Retirement System shall be determined as though the participant had separated from service and been found eligible for monthly benefits by the Board of Trustees of the Arkansas Public Employees' Retirement System on the day prior to the death, with death following immediately thereafter.

(b) In the event that a plan participant applies for benefits from the system pursuant to § 24-4-511 related to disability retirement, the application shall be treated as an application for voluntary retirement pursuant to § 24-4-601 and no benefits other than those that would be payable without regard to the disability shall become payable.

Acts 1997, No. 1052, § 5; 2001, No. 151, § 52.
Ark. Code Ann. § 24-11-432 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-432
Additional benefits for certain officers hired prior to January 1, 1983
Status: in_force

(a) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in §§ 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , for those police officers hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member shall receive at age sixty (60) and thereafter a benefit on the amount equal to one and one-fourth percent (1.25%) of final salary attached to the rank which the member may have held in the department preceding the date of retirement multiplied by the number of years of service in excess of twenty-five (25) years up to a maximum total benefit of seventy-five percent (75%) of final salary, provided that the maximum seventy-five percent (75%) of final salary shall no longer apply to benefits payable on April 30, 1993, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987. (b) This benefit shall be payable to the member only and not to surviving spouses or dependent children. (c) (1) For the purposes of this section, "salary" means recurring pays which are received for a regularly scheduled work week and shall not include, except as otherwise provided in this subsection, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations. (2) The term "salary" may include the payments to those police officers under this section for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. Acts 1987, No. 878, § 1; 1993, No. 546, § 2; 1993, No. 872, § 1; 2001, No. 1140, § 1.

(a) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in §§ 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , for those police officers hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member shall receive at age sixty (60) and thereafter a benefit on the amount equal to one and one-fourth percent (1.25%) of final salary attached to the rank which the member may have held in the department preceding the date of retirement multiplied by the number of years of service in excess of twenty-five (25) years up to a maximum total benefit of seventy-five percent (75%) of final salary, provided that the maximum seventy-five percent (75%) of final salary shall no longer apply to benefits payable on April 30, 1993, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987.

(b) This benefit shall be payable to the member only and not to surviving spouses or dependent children.

(c) (1) For the purposes of this section, "salary" means recurring pays which are received for a regularly scheduled work week and shall not include, except as otherwise provided in this subsection, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations. (2) The term "salary" may include the payments to those police officers under this section for unused accrued sick leave not to exceed ninety (90) work days recorded on the records of the city or town as of the officer's date of retirement, provided the municipality agrees by ordinance to make adequate contributions to the fund to cover the additional costs for the benefits from the increased salary and the fund is judged by an actuarial determination to be actuarially sound. The board of trustees shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(1) For the purposes of this section, "salary" means recurring pays which are received for a regularly scheduled work week and shall not include, except as otherwise provided in this subsection, payments for unused accrued sick leave or annual leave or the cash value of any nonrecurring or unusual remunerations.

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

Acts 1987, No. 878, § 1; 1993, No. 546, § 2; 1993, No. 872, § 1; 2001, No. 1140, § 1.
Ark. Code Ann. § 24-4-801 — AR Code / Title 24 / Chapter 4 / Subchapter 8 / Section 24-4-801
Participation
Status: in_force

(a) In lieu of terminating employment and accepting a retirement benefit under the Arkansas Public Employees' Retirement System pursuant to § 24-2-201 et seq. and § 24-4-101 et seq., any person who is a member of the system and who meets the conditions specified in subsection (b) of this section may elect to participate in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter. (b) The conditions required for full participation in the plan are that the member must have at least thirty (30) years of actual service in the system. (c) The Board of Trustees of the Arkansas Public Employees' Retirement System, in consultation with its actuary, may promulgate rules lowering the required years of service for entry into the plan to an amount of not less than twenty-eight (28) years of service, subject to an early participation reduction. The reduction will be computed in a manner that is both equitable to all members and actuarially appropriate for the system. Amended by Act 2019, No. 315,§ 2864, eff. 7/24/2019. Acts 1997, No. 1052, § 1; 1999, No. 1325, § 2; 2001, No. 151, § 48.

(a) In lieu of terminating employment and accepting a retirement benefit under the Arkansas Public Employees' Retirement System pursuant to § 24-2-201 et seq. and § 24-4-101 et seq., any person who is a member of the system and who meets the conditions specified in subsection (b) of this section may elect to participate in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter.

(b) The conditions required for full participation in the plan are that the member must have at least thirty (30) years of actual service in the system.

(c) The Board of Trustees of the Arkansas Public Employees' Retirement System, in consultation with its actuary, may promulgate rules lowering the required years of service for entry into the plan to an amount of not less than twenty-eight (28) years of service, subject to an early participation reduction. The reduction will be computed in a manner that is both equitable to all members and actuarially appropriate for the system.

Amended by Act 2019, No. 315,§ 2864, eff. 7/24/2019.

Acts 1997, No. 1052, § 1; 1999, No. 1325, § 2; 2001, No. 151, § 48.
Ark. Code Ann. § 24-12-110 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-110
Payments
Status: in_force

(a) Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund for paid nonuniformed employees shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof. (b) Except as provided in subsection (c) of this section, no warrant shall be drawn except by the order of the board of trustees of the pension and relief fund for paid nonuniformed employees, and interest accruing from the fund, while on deposit or otherwise, shall constitute a part of the fund. (c) In a pension and relief fund for paid nonuniformed employees in which the board has employed a trustee or custodian under § 24-12-109(c) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board. Acts 1949, No. 147, § 6; A.S.A. 1947, § 19-927; Acts 2009, No. 1201, § 8.

(a) Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund for paid nonuniformed employees shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof.

(b) Except as provided in subsection (c) of this section, no warrant shall be drawn except by the order of the board of trustees of the pension and relief fund for paid nonuniformed employees, and interest accruing from the fund, while on deposit or otherwise, shall constitute a part of the fund.

(c) In a pension and relief fund for paid nonuniformed employees in which the board has employed a trustee or custodian under § 24-12-109(c) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board.

Acts 1949, No. 147, § 6; A.S.A. 1947, § 19-927; Acts 2009, No. 1201, § 8.
Ark. Code Ann. § 24-4-621 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-621
Increase in benefits
Status: in_force

(a) On July 1, 2001, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2001, shall be increased by one and seven-tenths percent (1.7%) of the benefit payable on June 1, 2001. (b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase. Acts 2001, No. 355, § 2.

(a) On July 1, 2001, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2001, shall be increased by one and seven-tenths percent (1.7%) of the benefit payable on June 1, 2001.

(b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase.

Acts 2001, No. 355, § 2.
Ark. Code Ann. § 24-7-712 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-712
Determination of benefit program
Status: in_force

Any member last terminating teacher service before July 1, 1973, shall receive, or shall have paid on his or her behalf, benefits in accordance with the benefit program in effect at the time of retirement. Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 9; A.S.A. 1947, § 80-1443.

Any member last terminating teacher service before July 1, 1973, shall receive, or shall have paid on his or her behalf, benefits in accordance with the benefit program in effect at the time of retirement.

Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 9; A.S.A. 1947, § 80-1443.
Ark. Code Ann. § 24-11-417 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-417
Subjection of fund to legal process
Status: in_force

(a) No portion of the policemen's pension and relief fund shall at any time be subject to seizure or levy under any process whatsoever for the payment of any claim or debt held against any disabled member or the surviving spouse, dependent parent, or child of a deceased or retired member. (b) The fund shall be securely held and distributed for the purpose of pensioning the persons mentioned in this subchapter and for no other person or purpose whatsoever. Acts 1937, No. 250, § 16; Pope's Dig., § 9871; A.S.A. 1947, § 19-1816.

(a) No portion of the policemen's pension and relief fund shall at any time be subject to seizure or levy under any process whatsoever for the payment of any claim or debt held against any disabled member or the surviving spouse, dependent parent, or child of a deceased or retired member.

(b) The fund shall be securely held and distributed for the purpose of pensioning the persons mentioned in this subchapter and for no other person or purpose whatsoever.

Acts 1937, No. 250, § 16; Pope's Dig., § 9871; A.S.A. 1947, § 19-1816.
Ark. Code Ann. § 24-11-407 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-407
List of retired police officers
Status: in_force

(a) There shall be kept in the office of the board of trustees by the secretary a book known as the list of retired police officers. (b) This book shall give the full and complete history and record of action of the board of trustees in retiring any and all persons under this subchapter. (c) The record shall give the name, date of joining the department, date of retirement and reason thereof, and the date and finding of the physician of each examination made of disabled members of the department retired under the provisions of this subchapter. Acts 1937, No. 250, § 12; Pope's Dig., § 9867; A.S.A. 1947, § 19-1812.

(a) There shall be kept in the office of the board of trustees by the secretary a book known as the list of retired police officers.

(b) This book shall give the full and complete history and record of action of the board of trustees in retiring any and all persons under this subchapter.

(c) The record shall give the name, date of joining the department, date of retirement and reason thereof, and the date and finding of the physician of each examination made of disabled members of the department retired under the provisions of this subchapter.

Acts 1937, No. 250, § 12; Pope's Dig., § 9867; A.S.A. 1947, § 19-1812.
Ark. Code Ann. § 24-6-402 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-402
Membership
Status: in_force

(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter. (b) (1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve (12) months from April 3, 1997, to elect coverage under the benefit provisions of this subchapter, provided the person must be an active member on the date of the election. (2) The election shall be made as directed by the Board of Trustees of the State Police Retirement System and shall be irrevocable. Acts 1997, No. 1071, § 1.

(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter.

(b) (1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve (12) months from April 3, 1997, to elect coverage under the benefit provisions of this subchapter, provided the person must be an active member on the date of the election. (2) The election shall be made as directed by the Board of Trustees of the State Police Retirement System and shall be irrevocable.

(1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve (12) months from April 3, 1997, to elect coverage under the benefit provisions of this subchapter, provided the person must be an active member on the date of the election.

(2) The election shall be made as directed by the Board of Trustees of the State Police Retirement System and shall be irrevocable.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-2-504 — AR Code / Title 24 / Chapter 2 / Subchapter 5 / Section 24-2-504
Return to covered employment by military personnel
Status: in_force

(a) An active member of the state retirement system who is called to active military duty or state active military duty shall be afforded all employment protections as provided in the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. § 4301 et seq., as in effect on January 1, 2009. (b) Employer contributions shall be paid for the state retirement system member's period of active military duty by the member's last retirement system employer immediately before the member's active duty in accordance with the Uniformed Services Employment and Reemployment Rights Act, as in effect on January 1, 2009. (c) In order to receive retirement credit in the state retirement system for the time spent in active duty, a member covered by the contributory provisions of the member's state retirement system who returns from active military duty to either the same or a different covered employer shall pay into the state retirement system the employee contributions that would have otherwise been paid into the state retirement system by the member as though the member had never left covered service. Amended by Act 2019, No. 474,§ 1, eff. 7/24/2019. Acts 2009, No. 295, § 3.

(a) An active member of the state retirement system who is called to active military duty or state active military duty shall be afforded all employment protections as provided in the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. § 4301 et seq., as in effect on January 1, 2009.

(b) Employer contributions shall be paid for the state retirement system member's period of active military duty by the member's last retirement system employer immediately before the member's active duty in accordance with the Uniformed Services Employment and Reemployment Rights Act, as in effect on January 1, 2009.

(c) In order to receive retirement credit in the state retirement system for the time spent in active duty, a member covered by the contributory provisions of the member's state retirement system who returns from active military duty to either the same or a different covered employer shall pay into the state retirement system the employee contributions that would have otherwise been paid into the state retirement system by the member as though the member had never left covered service.

Amended by Act 2019, No. 474,§ 1, eff. 7/24/2019.

Acts 2009, No. 295, § 3.
Ark. Code Ann. § 24-4-1001 — AR Code / Title 24 / Chapter 4 / Subchapter 10 / Section 24-4-1001
Determination of benefits for wildlife officers - Responsibility for additional costs
Status: in_force

(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as wildlife officers of the Arkansas State Game and Fish Commission on July 4, 1983, and of persons thereafter employed in such positions prior to July 1, 1997, shall be treated as public safety member service. (b) The additional cost to the Arkansas Public Employees' Retirement System of this section shall be the responsibility of the commission, and the commission shall pay to the system an additional twelve percent (12%) of covered payroll at the same time as employer contributions are paid by law for other commission employees. (c) It is the specific intent of this section to provide that the twelve percent (12%) contribution referenced in subsection (b) of this section shall be in addition to those required by § 24-2-701(c) . (d) (1) Any person who is covered on July 3, 1989, by a state-supported retirement system and who was a member of the system on July 4, 1983, in a position defined by the system as "public safety member" shall receive credit for public safety member service for any service as a wildlife officer with the commission, which service was rendered before July 4, 1983. (2) Provided, the additional cost to the system shall be the responsibility of the member, and the member shall pay to the system any additional cost, as computed by actuarial determination. Acts 2001, No. 151, § 53.

(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as wildlife officers of the Arkansas State Game and Fish Commission on July 4, 1983, and of persons thereafter employed in such positions prior to July 1, 1997, shall be treated as public safety member service.

(b) The additional cost to the Arkansas Public Employees' Retirement System of this section shall be the responsibility of the commission, and the commission shall pay to the system an additional twelve percent (12%) of covered payroll at the same time as employer contributions are paid by law for other commission employees.

(c) It is the specific intent of this section to provide that the twelve percent (12%) contribution referenced in subsection (b) of this section shall be in addition to those required by § 24-2-701(c) .

(d) (1) Any person who is covered on July 3, 1989, by a state-supported retirement system and who was a member of the system on July 4, 1983, in a position defined by the system as "public safety member" shall receive credit for public safety member service for any service as a wildlife officer with the commission, which service was rendered before July 4, 1983. (2) Provided, the additional cost to the system shall be the responsibility of the member, and the member shall pay to the system any additional cost, as computed by actuarial determination.

(1) Any person who is covered on July 3, 1989, by a state-supported retirement system and who was a member of the system on July 4, 1983, in a position defined by the system as "public safety member" shall receive credit for public safety member service for any service as a wildlife officer with the commission, which service was rendered before July 4, 1983.

(2) Provided, the additional cost to the system shall be the responsibility of the member, and the member shall pay to the system any additional cost, as computed by actuarial determination.

Acts 2001, No. 151, § 53.
Ark. Code Ann. § 24-7-410 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-410
Retirement fund assets accounts - Income-expense account
Status: in_force

(a) The income-expense account shall be the account to which shall be credited all investment income from invested assets of the Arkansas Teacher Retirement System. It shall also be the account in which shall be accumulated the contributions made by employers for the administrative expenses of the system and from which shall be made annual transfers of interest credits to the other accounts of the system and from which shall be paid all the expenses of the Board of Trustees of the Arkansas Teacher Retirement System necessary for the administration and operation of the system. (b) The board may accept gifts and bequests, which shall be credited to the income-expense account along with all other moneys received by the system the disposition of which is not specifically provided for in this act. (c) Each year, the General Assembly shall appropriate the amounts of money certified by the board as required to pay the proper administrative expenses of the system. (d) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board may, by resolution, provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system. Amended by Act 2015, No. 301,§ 6, eff. 3/4/2015. Acts 1973, No. 427, § 8; 1979, No. 681, § 4; 1983, No. 619, § 12; 1983, No. 665, § 12; A.S.A. 1947, § 80-1442; Acts 2009, No. 962, § 43.

(a) The income-expense account shall be the account to which shall be credited all investment income from invested assets of the Arkansas Teacher Retirement System. It shall also be the account in which shall be accumulated the contributions made by employers for the administrative expenses of the system and from which shall be made annual transfers of interest credits to the other accounts of the system and from which shall be paid all the expenses of the Board of Trustees of the Arkansas Teacher Retirement System necessary for the administration and operation of the system.

(b) The board may accept gifts and bequests, which shall be credited to the income-expense account along with all other moneys received by the system the disposition of which is not specifically provided for in this act.

(c) Each year, the General Assembly shall appropriate the amounts of money certified by the board as required to pay the proper administrative expenses of the system.

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

Amended by Act 2015, No. 301,§ 6, eff. 3/4/2015.

Acts 1973, No. 427, § 8; 1979, No. 681, § 4; 1983, No. 619, § 12; 1983, No. 665, § 12; A.S.A. 1947, § 80-1442; Acts 2009, No. 962, § 43.
Ark. Code Ann. § 24-2-602 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-602
Investment authority and limitations - Permissible investments
Status: in_force

(a) The boards of trustees of the State Police Retirement System, the Arkansas Public Employees' Retirement System, the Arkansas Teacher Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Judicial Retirement System shall have full power to invest and reinvest the moneys of the respective systems and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made as well as the proceeds of the investments and moneys. (b) However, the investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 - 24-2-619 . Acts 2001, No. 151, § 8.

(a) The boards of trustees of the State Police Retirement System, the Arkansas Public Employees' Retirement System, the Arkansas Teacher Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Judicial Retirement System shall have full power to invest and reinvest the moneys of the respective systems and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made as well as the proceeds of the investments and moneys.

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

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-6-407 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-407
Benefits - Death of retirant
Status: in_force

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System. (b) If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death. Acts 1997, No. 1071, § 1.

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System.

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

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

(d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-6-103 — AR Code / Title 24 / Chapter 6 / Subchapter 1 / Section 24-6-103
No waiver of sovereign immunity
Status: in_force

Nothing in this chapter shall be taken or interpreted as a waiver of the state's sovereign immunity. Acts 2011, No. 38, § 10.

Nothing in this chapter shall be taken or interpreted as a waiver of the state's sovereign immunity.

Acts 2011, No. 38, § 10.
Ark. Code Ann. § 24-11-303 — AR Code / Title 24 / Chapter 11 / Subchapter 3 / Section 24-11-303
[Repealed]
Status: repealed

Repealed by Act 2013, No. 41,§ 11, eff. 2/6/2013. Acts 1981, No. 270, § 5; A.S.A. 1947, § 66-2308.

Repealed by Act 2013, No. 41,§ 11, eff. 2/6/2013.

Acts 1981, No. 270, § 5; A.S.A. 1947, § 66-2308.
Ark. Code Ann. § 24-8-319 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-319
Benefits
Status: in_force

Any person participating in a retirement plan authorized under this subchapter on or after July 1, 1999, shall be entitled to a retirement benefit if that person has ten (10) or more years of actual service in a plan covered by this subchapter and is at least sixty (60) years of age. If the person does not have sufficient service to draw the full benefit provided, then a partial benefit not to exceed the full benefit shall be payable when the person has reached the age requirement specified in this subchapter. The partial benefit shall be determined by multiplying the full benefit by the following fraction: (1) The numerator shall be the number of months of actual service under the provisions of this subchapter; and (2) The denominator shall be two hundred forty (240) months. Acts 1999, No. 1066, § 1.

Any person participating in a retirement plan authorized under this subchapter on or after July 1, 1999, shall be entitled to a retirement benefit if that person has ten (10) or more years of actual service in a plan covered by this subchapter and is at least sixty (60) years of age. If the person does not have sufficient service to draw the full benefit provided, then a partial benefit not to exceed the full benefit shall be payable when the person has reached the age requirement specified in this subchapter. The partial benefit shall be determined by multiplying the full benefit by the following fraction:

(1) The numerator shall be the number of months of actual service under the provisions of this subchapter; and

(2) The denominator shall be two hundred forty (240) months.

Acts 1999, No. 1066, § 1.
Ark. Code Ann. § 24-10-704 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-704
Benefits - Rate of return
Status: in_force

(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the member on an annual basis. (c) (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 . (2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 12, eff. 7/1/2013. Acts 2003, No. 1734, § 1.

(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased.

(b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the member on an annual basis.

(1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum.

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

(c) (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 . (2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.

(1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 .

(2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).

(3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.

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

Amended by Act 2013, No. 1065,§ 12, eff. 7/1/2013.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-11-103 — AR Code / Title 24 / Chapter 11 / Subchapter 1 / Section 24-11-103
Actuarial valuation
Status: in_force

(a) The cost of actuarial valuation made under the provisions of § 24-11-102 shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund. (b) The actuarial valuation shall include: (1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund; (2) A detailed statement of the proposed benefit increases; (3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and (4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund. Acts 1979, No. 839, § 2; 1981, No. 283, § 2; A.S.A. 1947, § 19-2231.

(a) The cost of actuarial valuation made under the provisions of § 24-11-102 shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund.

(b) The actuarial valuation shall include: (1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund; (2) A detailed statement of the proposed benefit increases; (3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and (4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.

(1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund;

(2) A detailed statement of the proposed benefit increases;

(3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and

(4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.

Acts 1979, No. 839, § 2; 1981, No. 283, § 2; A.S.A. 1947, § 19-2231.
Ark. Code Ann. § 24-11-424 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-424
Benefits - Retirant receiving less than one-half salary
Status: in_force

Retired police officers who are eligible to receive benefits from a policemen's pension and relief fund shall receive from the policemen's pension and relief fund a minimum monthly benefit of no less than three hundred fifty dollars ($350). Acts 1983, No. 462, § 1; 1985, No. 391, § 1; A.S.A. 1947, § 19-1829; Acts 1993, No. 1197, § 1.

Retired police officers who are eligible to receive benefits from a policemen's pension and relief fund shall receive from the policemen's pension and relief fund a minimum monthly benefit of no less than three hundred fifty dollars ($350).

Acts 1983, No. 462, § 1; 1985, No. 391, § 1; A.S.A. 1947, § 19-1829; Acts 1993, No. 1197, § 1.
Ark. Code Ann. § 24-9-203 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-203
Applicability
Status: in_force

This subchapter shall apply to all funds as defined in § 24-9-202 and administered by any political subdivision of this state. Acts 1973, No. 282, § 2; A.S.A. 1947, § 13-2102.

This subchapter shall apply to all funds as defined in § 24-9-202 and administered by any political subdivision of this state.

Acts 1973, No. 282, § 2; A.S.A. 1947, § 13-2102.
Ark. Code Ann. § 24-10-616 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-616
Subjection of benefit rights to legal process
Status: in_force

(a) (1) Except as otherwise provided in this chapter, the right of a person to an annuity, the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under this chapter, and all moneys belonging to a plan: (A) Are not subject to: (i) Execution; (ii) Garnishment; (iii) Attachment; (iv) The operation of bankruptcy or insolvency laws; or (v) Any claim or process of law; and (B) Are unassignable. (2) However, an employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary. (b) A final administrative decision of the Board of Trustees of the Arkansas Local Police and Fire Retirement System may be appealed by filing a complaint in Pulaski County Circuit Court. Amended by Act 2021, No. 374,§ 2, eff. 4/1/2021. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.

(a) (1) Except as otherwise provided in this chapter, the right of a person to an annuity, the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under this chapter, and all moneys belonging to a plan: (A) Are not subject to: (i) Execution; (ii) Garnishment; (iii) Attachment; (iv) The operation of bankruptcy or insolvency laws; or (v) Any claim or process of law; and (B) Are unassignable. (2) However, an employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary.

(1) Except as otherwise provided in this chapter, the right of a person to an annuity, the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under this chapter, and all moneys belonging to a plan: (A) Are not subject to: (i) Execution; (ii) Garnishment; (iii) Attachment; (iv) The operation of bankruptcy or insolvency laws; or (v) Any claim or process of law; and (B) Are unassignable.

(A) Are not subject to: (i) Execution; (ii) Garnishment; (iii) Attachment; (iv) The operation of bankruptcy or insolvency laws; or (v) Any claim or process of law; and

(i) Execution;

(ii) Garnishment;

(iii) Attachment;

(iv) The operation of bankruptcy or insolvency laws; or

(v) Any claim or process of law; and

(B) Are unassignable.

(2) However, an employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary.

(b) A final administrative decision of the Board of Trustees of the Arkansas Local Police and Fire Retirement System may be appealed by filing a complaint in Pulaski County Circuit Court.

Amended by Act 2021, No. 374,§ 2, eff. 4/1/2021.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.
Ark. Code Ann. § 24-4-615 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-615
Maximum benefit limitation
Status: in_force

(a) Notwithstanding any other provision of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415 . (2) The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 , enacted by the United States Congress or promulgated by the Internal Revenue Service. Amended by Act 2019, No. 315,§ 2859, eff. 7/24/2019. Acts 1995, No. 738, § 1.

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

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

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

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

Amended by Act 2019, No. 315,§ 2859, eff. 7/24/2019.

Acts 1995, No. 738, § 1.
Ark. Code Ann. § 24-6-223 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-223
Interest in fund not transferable or subject to legal process
Status: in_force

(a) No person entitled to any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the State Police Retirement System shall have the right to anticipate such entitlement or to sell, assign, pledge, mortgage, or otherwise dispose of or encumber such entitlement, nor shall any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the system be liable for the debts or liabilities of the person or persons entitled thereto, or be subject to attachment, garnishment, execution, levy, sale, or judicial proceedings, or be transferable by any means, voluntarily or involuntarily, except as expressly provided for in this subchapter. (b) Should a member be covered by a group insurance or prepayment plan participated in by the Division of Arkansas State Police and should he or she be permitted to, and elect to, continue the coverage as a retirant, nothing contained in this section shall prevent the Board of Trustees of the State Police Retirement System, upon the member's written request, from deducting from his or her pension the payments required of him or her to continue coverage under the group insurance or prepayment plan. (c) An exception to the prohibition against subjection of annuity rights to any process of law applies to the following: (1) The State of Arkansas shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary; and (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support. Amended by Act 2023, No. 249,§ 2, eff. 7/1/2023. Acts 1951, No. 311, § 8; 1953, No. 309, § 4; 1959, No. 484, § 8; A.S.A. 1947, § 42-458.

(a) No person entitled to any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the State Police Retirement System shall have the right to anticipate such entitlement or to sell, assign, pledge, mortgage, or otherwise dispose of or encumber such entitlement, nor shall any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the system be liable for the debts or liabilities of the person or persons entitled thereto, or be subject to attachment, garnishment, execution, levy, sale, or judicial proceedings, or be transferable by any means, voluntarily or involuntarily, except as expressly provided for in this subchapter.

(b) Should a member be covered by a group insurance or prepayment plan participated in by the Division of Arkansas State Police and should he or she be permitted to, and elect to, continue the coverage as a retirant, nothing contained in this section shall prevent the Board of Trustees of the State Police Retirement System, upon the member's written request, from deducting from his or her pension the payments required of him or her to continue coverage under the group insurance or prepayment plan.

(c) An exception to the prohibition against subjection of annuity rights to any process of law applies to the following: (1) The State of Arkansas shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary; and (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

(1) The State of Arkansas shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary; and

(2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

Amended by Act 2023, No. 249,§ 2, eff. 7/1/2023.

Acts 1951, No. 311, § 8; 1953, No. 309, § 4; 1959, No. 484, § 8; A.S.A. 1947, § 42-458.
Ark. Code Ann. § 24-7-1003 — AR Code / Title 24 / Chapter 7 / Subchapter 10 / Section 24-7-1003
[Repealed]
Status: repealed

Repealed by Act 2013, No. 337,§ 3, eff. 7/1/2013. Acts 1983, No. 670, §§ 1, 2; A.S.A. 1947, §§ 12-2582, 12-2582.1.

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

Acts 1983, No. 670, §§ 1, 2; A.S.A. 1947, §§ 12-2582, 12-2582.1.
Ark. Code Ann. § 24-10-705 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-705
Method of payment
Status: in_force

At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under § 24-10-603 ; or (3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System. Acts 2003, No. 1734, § 1.

At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive:

(1) A lump-sum payment from the account equal to the payments into the plan account;

(2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under § 24-10-603 ; or

(3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-8-227 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-227
Definition
Status: in_force

Unless the context requires otherwise, any listing of judges or justices in this subchapter and § 24-8-701 et seq. shall include all judges and justices in the Arkansas Judicial Retirement System. Acts 1999, No. 1067, § 3.

Unless the context requires otherwise, any listing of judges or justices in this subchapter and § 24-8-701 et seq. shall include all judges and justices in the Arkansas Judicial Retirement System.

Acts 1999, No. 1067, § 3.
Ark. Code Ann. § 24-1-303 — AR Code / Title 24 / Chapter 1 / Subchapter 3 / Section 24-1-303
Suspension of benefit payments
Status: in_force

(a) A retirement system may suspend benefit payments to a beneficiary if the retirement system: (1) Receives the written notice required under § 24-1-304 from a prosecuting attorney; or (2) Has reasonable cause to believe that the beneficiary will be charged with the unlawful killing of the member or retirant. (b) If benefit payments are suspended under this section, the suspension shall continue until: (1) A final adjudication of the criminal or civil proceeding; or (2) (A) The retirement system receives written confirmation from the prosecuting attorney that the beneficiary will not be charged with the unlawful killing of the member or retirant. (B) The retirement system shall request written confirmation from the prosecuting attorney stating that the beneficiary will not be charged with the unlawful killing of the member or retirant. Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.

(a) A retirement system may suspend benefit payments to a beneficiary if the retirement system: (1) Receives the written notice required under § 24-1-304 from a prosecuting attorney; or (2) Has reasonable cause to believe that the beneficiary will be charged with the unlawful killing of the member or retirant.

(1) Receives the written notice required under § 24-1-304 from a prosecuting attorney; or

(2) Has reasonable cause to believe that the beneficiary will be charged with the unlawful killing of the member or retirant.

(b) If benefit payments are suspended under this section, the suspension shall continue until: (1) A final adjudication of the criminal or civil proceeding; or (2) (A) The retirement system receives written confirmation from the prosecuting attorney that the beneficiary will not be charged with the unlawful killing of the member or retirant. (B) The retirement system shall request written confirmation from the prosecuting attorney stating that the beneficiary will not be charged with the unlawful killing of the member or retirant.

(1) A final adjudication of the criminal or civil proceeding; or

(2) (A) The retirement system receives written confirmation from the prosecuting attorney that the beneficiary will not be charged with the unlawful killing of the member or retirant. (B) The retirement system shall request written confirmation from the prosecuting attorney stating that the beneficiary will not be charged with the unlawful killing of the member or retirant.

(A) The retirement system receives written confirmation from the prosecuting attorney that the beneficiary will not be charged with the unlawful killing of the member or retirant.

(B) The retirement system shall request written confirmation from the prosecuting attorney stating that the beneficiary will not be charged with the unlawful killing of the member or retirant.

Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-11-813 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-813
Clerk's report to pension review board
Status: in_force

It is made the duty of the clerk of each city, town, or fire improvement district in which an organized firemen's relief and pension fund is maintained to file following each fiscal year a report with the Arkansas Fire and Police Pension Review Board of the number of firefighters with their names, dates of appointment, dates of retirement, birth dates, amounts of pensions paid, and other information as required by the Arkansas Fire and Police Pension Review Board. Amended by Act 2013, No. 41,§ 25, eff. 2/6/2013. Acts 1921, No. 491, § 16; 1927, No. 214, § 1; Pope's Dig., §§ 7752, 9879; Acts 1985, No. 754, § 3; A.S.A. 1947, § 19-2224.

It is made the duty of the clerk of each city, town, or fire improvement district in which an organized firemen's relief and pension fund is maintained to file following each fiscal year a report with the Arkansas Fire and Police Pension Review Board of the number of firefighters with their names, dates of appointment, dates of retirement, birth dates, amounts of pensions paid, and other information as required by the Arkansas Fire and Police Pension Review Board.

Amended by Act 2013, No. 41,§ 25, eff. 2/6/2013.

Acts 1921, No. 491, § 16; 1927, No. 214, § 1; Pope's Dig., §§ 7752, 9879; Acts 1985, No. 754, § 3; A.S.A. 1947, § 19-2224.
Ark. Code Ann. § 24-11-201 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-201
Definitions
Status: in_force

As used in this subchapter, unless the context otherwise requires: (1) "Accountant" means an accountant who is authorized by Arkansas law to practice public accounting in Arkansas; (2) "Actuary" means an actuary: (A) Who is a member of the American Academy of Actuaries or who meets other criteria for qualification which may be established by the General Assembly; and (B) Who is experienced in retirement plan financing; and (3) "Plan" means any Arkansas municipal policemen's pension and relief fund or any Arkansas municipal firemen's relief and pension fund, including relief and pension funds of volunteer fire departments. Acts 1979, No. 700, § 1; 1981, No. 286, § 1; A.S.A. 1947, § 19-5701.

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

(1) "Accountant" means an accountant who is authorized by Arkansas law to practice public accounting in Arkansas;

(2) "Actuary" means an actuary: (A) Who is a member of the American Academy of Actuaries or who meets other criteria for qualification which may be established by the General Assembly; and (B) Who is experienced in retirement plan financing; and

(A) Who is a member of the American Academy of Actuaries or who meets other criteria for qualification which may be established by the General Assembly; and

(B) Who is experienced in retirement plan financing; and

(3) "Plan" means any Arkansas municipal policemen's pension and relief fund or any Arkansas municipal firemen's relief and pension fund, including relief and pension funds of volunteer fire departments.

Acts 1979, No. 700, § 1; 1981, No. 286, § 1; A.S.A. 1947, § 19-5701.
Ark. Code Ann. § 24-7-201 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-201
Title
Status: in_force

This act, which establishes the Arkansas Teacher Retirement System, may be cited as the "Arkansas Teacher Retirement System Act". Acts 1973, No. 427, § 1; 1975, No. 549, § 1; A.S.A. 1947, § 80-1436.

This act, which establishes the Arkansas Teacher Retirement System, may be cited as the "Arkansas Teacher Retirement System Act".

Acts 1973, No. 427, § 1; 1975, No. 549, § 1; A.S.A. 1947, § 80-1436.
Ark. Code Ann. § 24-4-605 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-605
Proration of public employer share of annuity reserve
Status: in_force

In the event a member retires with credited service arising from his or her employment by the state, a county, and a municipality, the public employer share of his or her annuity reserve shall be prorated between the state division, county division, and municipal division in accordance with the portions of his or her credited service acquired under each division. Acts 1957, No. 177, § 11; 1961, No. 64, § 5; A.S.A. 1947, § 12-2511.

In the event a member retires with credited service arising from his or her employment by the state, a county, and a municipality, the public employer share of his or her annuity reserve shall be prorated between the state division, county division, and municipal division in accordance with the portions of his or her credited service acquired under each division.

Acts 1957, No. 177, § 11; 1961, No. 64, § 5; A.S.A. 1947, § 12-2511.
Ark. Code Ann. § 24-11-832 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-832
Applicability of section 24-11-820
Status: in_force

The provisions of § 24-11-820(b)(1) and (2) extending the survivorship benefits for children of deceased firefighters through their college years shall apply retroactively to any situation involving a surviving child that began on or after January 1, 1996. Acts 1997, No. 536, § 2; 2005, No. 1921, § 2.

The provisions of § 24-11-820(b)(1) and (2) extending the survivorship benefits for children of deceased firefighters through their college years shall apply retroactively to any situation involving a surviving child that began on or after January 1, 1996.

Acts 1997, No. 536, § 2; 2005, No. 1921, § 2.
Ark. Code Ann. § 24-12-107 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-107
Treasurer as custodian of fund
Status: in_force

(a) The treasurer shall be custodian of the pension and relief fund for paid nonuniformed employees and shall keep his or her books and accounts concerning the fund in such manner as may be prescribed by the board of trustees of the pension and relief fund for paid nonuniformed employees. (b) The books and accounts shall be subject to the inspection of any member of the board or of any of the paid nonuniformed employees. (c) (1) Within ten (10) days after assuming his or her duties under this act, the treasurer shall execute a bond to the board with good and sufficient securities and in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office. He or she shall surrender and deliver to his or her successor all unexpended moneys and all property which may have come into his or her hands as treasurer of the fund. (2) The bond shall be filed in the office of the board of trustees and in case of a breach of the bond, suit may be brought on the bond in the name of the board or of any person or persons injured by the breach. Acts 1949, No. 147, § 17; A.S.A. 1947, § 19-938.

(a) The treasurer shall be custodian of the pension and relief fund for paid nonuniformed employees and shall keep his or her books and accounts concerning the fund in such manner as may be prescribed by the board of trustees of the pension and relief fund for paid nonuniformed employees.

(b) The books and accounts shall be subject to the inspection of any member of the board or of any of the paid nonuniformed employees.

(c) (1) Within ten (10) days after assuming his or her duties under this act, the treasurer shall execute a bond to the board with good and sufficient securities and in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office. He or she shall surrender and deliver to his or her successor all unexpended moneys and all property which may have come into his or her hands as treasurer of the fund. (2) The bond shall be filed in the office of the board of trustees and in case of a breach of the bond, suit may be brought on the bond in the name of the board or of any person or persons injured by the breach.

(1) Within ten (10) days after assuming his or her duties under this act, the treasurer shall execute a bond to the board with good and sufficient securities and in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office. He or she shall surrender and deliver to his or her successor all unexpended moneys and all property which may have come into his or her hands as treasurer of the fund.

(2) The bond shall be filed in the office of the board of trustees and in case of a breach of the bond, suit may be brought on the bond in the name of the board or of any person or persons injured by the breach.

Acts 1949, No. 147, § 17; A.S.A. 1947, § 19-938.
Ark. Code Ann. § 24-4-622 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-622
Monthly benefit increase
Status: in_force

(a) On July 1, 2007, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2007, shall be increased by one percent (1%) of the benefit payable on June 1, 2007. (b) The increase in benefits under subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase. Acts 2007, No. 1568, § 1.

(a) On July 1, 2007, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2007, shall be increased by one percent (1%) of the benefit payable on June 1, 2007.

(b) The increase in benefits under subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase.

Acts 2007, No. 1568, § 1.
Ark. Code Ann. § 24-7-733 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-733
Limitation on benefits
Status: in_force

(a) (1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A) . (2) The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b) , applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d) , and benefits shall be paid in a manner that protects the tax-qualified status of the system. (b) For purposes of determining compliance with the Internal Revenue Code, 26 U.S.C. § 415 , "compensation" is defined as set forth in United States Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2) , as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code, 26 U.S.C. § 132(f)(4) , as it existed on January 1, 2011. Amended by Act 2023, No. 107,§ 56, eff. 7/1/2023. Amended by Act 2015, No. 301,§ 9, eff. 3/4/2015. Acts 2001, No. 155, § 4; 2005, No. 71, § 4; 2009, No. 1202, § 1; 2011, No. 45, § 18.

(a) (1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A) . (2) The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b) , applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d) , and benefits shall be paid in a manner that protects the tax-qualified status of the system.

(1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A) .

(2) The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b) , applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d) , and benefits shall be paid in a manner that protects the tax-qualified status of the system.

(b) For purposes of determining compliance with the Internal Revenue Code, 26 U.S.C. § 415 , "compensation" is defined as set forth in United States Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2) , as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code, 26 U.S.C. § 132(f)(4) , as it existed on January 1, 2011.

Amended by Act 2023, No. 107,§ 56, eff. 7/1/2023.

Amended by Act 2015, No. 301,§ 9, eff. 3/4/2015.

Acts 2001, No. 155, § 4; 2005, No. 71, § 4; 2009, No. 1202, § 1; 2011, No. 45, § 18.
Ark. Code Ann. § 24-4-1002 — AR Code / Title 24 / Chapter 4 / Subchapter 10 / Section 24-4-1002
Benefit provisions - Subjection of annuity rights to process of law
Status: in_force

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of § 24-4-101 et seq., and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter. (b) An exception to the prohibition against the subjection of annuity rights to any process of law applies to the following: (1) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary; and (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support. Amended by Act 2023, No. 248,§ 9, eff. 7/1/2023. Acts 2001, No. 151, § 53.

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of § 24-4-101 et seq., and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter.

(b) An exception to the prohibition against the subjection of annuity rights to any process of law applies to the following: (1) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary; and (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

(1) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary; and

(2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

Amended by Act 2023, No. 248,§ 9, eff. 7/1/2023.

Acts 2001, No. 151, § 53.
Ark. Code Ann. § 24-2-606 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-606
Investment authority and limitations - Custodianship of assets
Status: in_force

(a) The Treasurer of State shall be the legal custodian of the securities of the respective retirement systems. However, the systems may deposit with the Treasurer of State, in lieu of securities, safekeeping receipts or evidence of federal bookkeeping entries. (b) The financial institution or depository issuing the safekeeping receipts, unless issued by an agency of the federal government, shall have on file with the Treasurer of State a letter of the issuer's bonding or insurance company, stating the amount of insurance currently in force covering loss or theft of the securities. (c) In addition, the boards of trustees of the respective retirement systems, if deemed necessary to facilitate particular investment transactions, the settlement of security transactions, redemption of particular securities, or collection of investment income, may select and designate such banks, trust companies, or central depositories as may be appropriate to act as legal custodian of their securities. Acts 2001, No. 151, § 8.

(a) The Treasurer of State shall be the legal custodian of the securities of the respective retirement systems. However, the systems may deposit with the Treasurer of State, in lieu of securities, safekeeping receipts or evidence of federal bookkeeping entries.

(b) The financial institution or depository issuing the safekeeping receipts, unless issued by an agency of the federal government, shall have on file with the Treasurer of State a letter of the issuer's bonding or insurance company, stating the amount of insurance currently in force covering loss or theft of the securities.

(c) In addition, the boards of trustees of the respective retirement systems, if deemed necessary to facilitate particular investment transactions, the settlement of security transactions, redemption of particular securities, or collection of investment income, may select and designate such banks, trust companies, or central depositories as may be appropriate to act as legal custodian of their securities.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-8-305 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-305
Entitlement to benefits generally
Status: in_force

(a) Any judge, licensed to practice law, of a municipal court established in any county and any clerk of such a municipal court appointed by the judges thereof shall be entitled to the benefits prescribed in this subchapter for such judges and clerks. (b) Any judge of a municipal court who is not licensed to practice law shall be entitled to the benefits prescribed in § 24-8-310 . Acts 1973, No. 432, § 1; 1981, No. 410, § 1; A.S.A. 1947, § 22-914.

(a) Any judge, licensed to practice law, of a municipal court established in any county and any clerk of such a municipal court appointed by the judges thereof shall be entitled to the benefits prescribed in this subchapter for such judges and clerks.

(b) Any judge of a municipal court who is not licensed to practice law shall be entitled to the benefits prescribed in § 24-8-310 .

Acts 1973, No. 432, § 1; 1981, No. 410, § 1; A.S.A. 1947, § 22-914.
Ark. Code Ann. § 24-2-404 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-404
Disbursement of annuities
Status: in_force

(a) The boards of trustees of the reciprocal systems may enter into an agreement whereby the reciprocal system from which a member retires shall be the disbursing system for his or her annuities payable, as provided in this subchapter, by the other reciprocal systems. (b) The agreement shall provide, but shall not be limited to, the manner and frequency with which the disbursing system shall be reimbursed for the annuities payable by the other reciprocal systems. (c) Except for provisions of this section regarding the deferred retirement option plan under § 24-7-1301 et seq. for the Arkansas Teacher Retirement System, the provisions of this section shall not apply to retirants in the Arkansas Teacher Retirement System. Acts 1965, No. 488, § 5; 1967, No. 310, § 2; 1969, No. 81, §§ 2, 3; 1973, No. 586, § 7; 1975, No. 611, § 5; A.S.A. 1947, § 12-2541; Acts 1997, No. 927, § 3.

(a) The boards of trustees of the reciprocal systems may enter into an agreement whereby the reciprocal system from which a member retires shall be the disbursing system for his or her annuities payable, as provided in this subchapter, by the other reciprocal systems.

(b) The agreement shall provide, but shall not be limited to, the manner and frequency with which the disbursing system shall be reimbursed for the annuities payable by the other reciprocal systems.

(c) Except for provisions of this section regarding the deferred retirement option plan under § 24-7-1301 et seq. for the Arkansas Teacher Retirement System, the provisions of this section shall not apply to retirants in the Arkansas Teacher Retirement System.

Acts 1965, No. 488, § 5; 1967, No. 310, § 2; 1969, No. 81, §§ 2, 3; 1973, No. 586, § 7; 1975, No. 611, § 5; A.S.A. 1947, § 12-2541; Acts 1997, No. 927, § 3.
Ark. Code Ann. § 24-6-215 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-215
Benefits - Death of retirant
Status: in_force

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System. (b) If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death. Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1959, No. 484, § 5; 1971, No. 130, §§ 1, 2; A.S.A. 1947, § 42-455.

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System.

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

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

(d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death.

Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1959, No. 484, § 5; 1971, No. 130, §§ 1, 2; A.S.A. 1947, § 42-455.
Ark. Code Ann. § 24-4-110 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-110
Failure to terminate - Commencement of annuity payments - Election to retire
Status: in_force

A retirant shall not begin receiving annuity payments until all requirements for terminating qualified employment are satisfied. Added by Act 2013, No. 332,§ 6, eff. 3/14/2013.

A retirant shall not begin receiving annuity payments until all requirements for terminating qualified employment are satisfied.

Added by Act 2013, No. 332,§ 6, eff. 3/14/2013.
Ark. Code Ann. § 24-6-502 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-502
Election to participate in Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan
Status: in_force

In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if: (1) The state police officer: (A) Is a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq.; (B) Has at least twenty-eight (28) years of actual service as a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq., including service credit a member earns after April 3, 1997, as a member of the plan under § 24-6-401 et seq., and the member's service credit from a reciprocal retirement system under § 24-2-401 et seq.; and (C) Is eligible to receive a service retirement pension; and (2) The Board of Trustees of the State Police Retirement System approves the participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan. Amended by Act 2021, No. 415,§ 8, eff. 7/28/2021. Amended by Act 2021, No. 280,§ 1, eff. 7/1/2021. Acts 2009, No. 1242, § 4.

In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if:

(1) The state police officer: (A) Is a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq.; (B) Has at least twenty-eight (28) years of actual service as a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq., including service credit a member earns after April 3, 1997, as a member of the plan under § 24-6-401 et seq., and the member's service credit from a reciprocal retirement system under § 24-2-401 et seq.; and (C) Is eligible to receive a service retirement pension; and

(A) Is a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq.;

(B) Has at least twenty-eight (28) years of actual service as a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq., including service credit a member earns after April 3, 1997, as a member of the plan under § 24-6-401 et seq., and the member's service credit from a reciprocal retirement system under § 24-2-401 et seq.; and

(C) Is eligible to receive a service retirement pension; and

(2) The Board of Trustees of the State Police Retirement System approves the participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan.

Amended by Act 2021, No. 415,§ 8, eff. 7/28/2021.

Amended by Act 2021, No. 280,§ 1, eff. 7/1/2021.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-5-137 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-137
Compliance with Internal Revenue Code section 415
Status: in_force

(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans. (b) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules to implement the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, including, to the extent necessary, the payment of any benefit limited by the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, under an arrangement described in the Internal Revenue Code, 26 U.S. Code § 415(m), as it existed on January 1, 2011. Acts 2011, No. 16, § 2.

(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans.

(b) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules to implement the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, including, to the extent necessary, the payment of any benefit limited by the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, under an arrangement described in the Internal Revenue Code, 26 U.S. Code § 415(m), as it existed on January 1, 2011.

Acts 2011, No. 16, § 2.
Ark. Code Ann. § 24-4-611 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-611
Minimum monthly benefit - Lump-sum payment of reserve value
Status: in_force

(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150). (b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity. (c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid. Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023. Acts 1989, No. 547, § 1.

(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).

(b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.

(1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150).

(2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.

(3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.

(c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid.

Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023.

Acts 1989, No. 547, § 1.
Ark. Code Ann. § 24-7-403 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-403
Restrictions on use of assets
Status: in_force

(a) All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or construct a building to be used for the permanent offices of the system upon approval of the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) Except as to the rights of a member, retiree, or beneficiary, a trustee, officer, or employee of the board shall not have any direct or indirect interest in the gains or profits of any investment made by the board. (2) A trustee, officer, or employee of the board shall not directly or indirectly use the assets of the system in any manner for himself or herself or as an agent. (3) A trustee, officer, or employee of the board shall not in any manner become an endorser, surety, or obligor for moneys loaned by or borrowed from the board. (4) A trustee, officer, or employee of the board may make such current and necessary payments as are authorized by the board. Amended by Act 2023, No. 107,§ 24, eff. 7/1/2023. Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 1989, No. 652, § 2.

(a) All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or construct a building to be used for the permanent offices of the system upon approval of the Board of Trustees of the Arkansas Teacher Retirement System.

(b) (1) Except as to the rights of a member, retiree, or beneficiary, a trustee, officer, or employee of the board shall not have any direct or indirect interest in the gains or profits of any investment made by the board. (2) A trustee, officer, or employee of the board shall not directly or indirectly use the assets of the system in any manner for himself or herself or as an agent. (3) A trustee, officer, or employee of the board shall not in any manner become an endorser, surety, or obligor for moneys loaned by or borrowed from the board. (4) A trustee, officer, or employee of the board may make such current and necessary payments as are authorized by the board.

(1) Except as to the rights of a member, retiree, or beneficiary, a trustee, officer, or employee of the board shall not have any direct or indirect interest in the gains or profits of any investment made by the board.

(2) A trustee, officer, or employee of the board shall not directly or indirectly use the assets of the system in any manner for himself or herself or as an agent.

(3) A trustee, officer, or employee of the board shall not in any manner become an endorser, surety, or obligor for moneys loaned by or borrowed from the board.

(4) A trustee, officer, or employee of the board may make such current and necessary payments as are authorized by the board.

Amended by Act 2023, No. 107,§ 24, eff. 7/1/2023.

Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 1989, No. 652, § 2.
Ark. Code Ann. § 24-8-228 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-228
Proposals to establish or revise benefits
Status: in_force

(a) The Board of Trustees of the Arkansas Judicial Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier or any benefit. (b) An individual who received a refund of contributions from the Arkansas Judicial Retirement System after January 1, 1998, may repay the contributions to the system no later than six (6) months after July 1, 1999. Acts 1999, No. 1325, § 1.

(a) The Board of Trustees of the Arkansas Judicial Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier or any benefit.

(b) An individual who received a refund of contributions from the Arkansas Judicial Retirement System after January 1, 1998, may repay the contributions to the system no later than six (6) months after July 1, 1999.

Acts 1999, No. 1325, § 1.