Ark. Code Ann. § 24-7-713 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-713
Retirement annuity - Simple cost of living adjustment and monthly benefit stipend - Definition
Status: in_force

(a) (1) July 1 of each year, retirees, survivors, participants in the Teacher Deferred Retirement Option Plan, and annuity beneficiaries who have been receiving monthly benefits for the previous twelve (12) months shall receive a simple cost of living adjustment. (2) The cost of living adjustment under this section is calculated by multiplying one hundred percent (100%) of the member's base retirement annuity times three percent (3%). (3) The redetermined amount shall not be less than the base amount. (4) As used in this section, "base amount" means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section and the benefit stipend under subsection (d) of this section. (5) The redetermined amount under this subsection is not considered a benefit enhancement under the limitations under § 24-1-106 . (b) (1) A member with at least ten (10) years of actual service in the Arkansas Teacher Retirement System is eligible to receive a benefit stipend in addition to his or her monthly retirement benefit. (2) The Board of Trustees of the Arkansas Teacher Retirement System may modify the amount of the benefit stipend from a maximum of seventy-five dollars ($75.00) per month to not less than one dollar ($1.00) per month for eligible benefit participants as a benefit supplement in addition to the cost of living adjustment under subsection (a) of this section. (3) A benefit stipend increase or decrease adopted by the board shall apply to a complete fiscal year and shall remain in effect until adjusted by the board subject to the limitations under subdivision (b)(5) of this section. (4) The board may adjust the benefit stipend amount by resolution at a meeting of the board. (5) The board shall not reduce the benefit stipend unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period exceeds eighteen (18) years; and (B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness. (6) The board may phase in an increase or decrease of the benefit stipend. (7) If a member was eligible for a benefit stipend, the benefit stipend shall be applied to the monthly benefit of the member's designated survivor and option beneficiary. (c) Nothing contained in this section shall require the Arkansas Public Employees' Retirement System to pay any portion of the benefits provided for in this section. (d) (1) The board may remove by board resolution the benefit stipend from the base amount of current retirees and option beneficiaries if the board determines that the removal of the benefit stipend from the base amount is prudent in order to maintain actuarial soundness. (2) The board may phase in the removal of the benefit stipend from the base amount of current retiree and option beneficiaries by board resolution. Amended by Act 2023, No. 107,§ 50, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 49, eff. 7/1/2023. Amended by Act 2019, No. 427,§ 14, eff. 7/1/2019. Amended by Act 2017, No. 782,§ 3, eff. 3/31/2017. Amended by Act 2017, No. 782,§ 2, eff. 3/31/2017. Amended by Act 2017, No. 782,§ 1, eff. 3/31/2017. Amended by Act 2013, No. 603,§ 1, eff. 7/1/2013. Acts 1973, No. 427, § 9; 1975, No. 549, § 8; 1979, No. 776, § 2; 1981, No. 14, § 1; 1983, No. 127, § 2; 1985, No. 162, § 1; A.S.A. 1947, § 70-1443; Acts 1987, No. 802, § 2; 1991, No. 44, § 3; 1999, No. 400, § 1; 1999, No. 1066, § 7; 1999, No. 1590, § 3; 2001, No. 360, § 1; 2001, No. 742, § 2; 2003, No. 347, § 1; 2003, No. 853, § 3; 2007, No. 297, § 1; 2009, No. 468, § 21; 2011, No. 45, §§ 12, 13.

(a) (1) July 1 of each year, retirees, survivors, participants in the Teacher Deferred Retirement Option Plan, and annuity beneficiaries who have been receiving monthly benefits for the previous twelve (12) months shall receive a simple cost of living adjustment. (2) The cost of living adjustment under this section is calculated by multiplying one hundred percent (100%) of the member's base retirement annuity times three percent (3%). (3) The redetermined amount shall not be less than the base amount. (4) As used in this section, "base amount" means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section and the benefit stipend under subsection (d) of this section. (5) The redetermined amount under this subsection is not considered a benefit enhancement under the limitations under § 24-1-106 .

(1) July 1 of each year, retirees, survivors, participants in the Teacher Deferred Retirement Option Plan, and annuity beneficiaries who have been receiving monthly benefits for the previous twelve (12) months shall receive a simple cost of living adjustment.

(2) The cost of living adjustment under this section is calculated by multiplying one hundred percent (100%) of the member's base retirement annuity times three percent (3%).

(3) The redetermined amount shall not be less than the base amount.

(4) As used in this section, "base amount" means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section and the benefit stipend under subsection (d) of this section.

(5) The redetermined amount under this subsection is not considered a benefit enhancement under the limitations under § 24-1-106 .

(b) (1) A member with at least ten (10) years of actual service in the Arkansas Teacher Retirement System is eligible to receive a benefit stipend in addition to his or her monthly retirement benefit. (2) The Board of Trustees of the Arkansas Teacher Retirement System may modify the amount of the benefit stipend from a maximum of seventy-five dollars ($75.00) per month to not less than one dollar ($1.00) per month for eligible benefit participants as a benefit supplement in addition to the cost of living adjustment under subsection (a) of this section. (3) A benefit stipend increase or decrease adopted by the board shall apply to a complete fiscal year and shall remain in effect until adjusted by the board subject to the limitations under subdivision (b)(5) of this section. (4) The board may adjust the benefit stipend amount by resolution at a meeting of the board. (5) The board shall not reduce the benefit stipend unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period exceeds eighteen (18) years; and (B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness. (6) The board may phase in an increase or decrease of the benefit stipend. (7) If a member was eligible for a benefit stipend, the benefit stipend shall be applied to the monthly benefit of the member's designated survivor and option beneficiary.

(1) A member with at least ten (10) years of actual service in the Arkansas Teacher Retirement System is eligible to receive a benefit stipend in addition to his or her monthly retirement benefit.

(2) The Board of Trustees of the Arkansas Teacher Retirement System may modify the amount of the benefit stipend from a maximum of seventy-five dollars ($75.00) per month to not less than one dollar ($1.00) per month for eligible benefit participants as a benefit supplement in addition to the cost of living adjustment under subsection (a) of this section.

(3) A benefit stipend increase or decrease adopted by the board shall apply to a complete fiscal year and shall remain in effect until adjusted by the board subject to the limitations under subdivision (b)(5) of this section.

(4) The board may adjust the benefit stipend amount by resolution at a meeting of the board.

(5) The board shall not reduce the benefit stipend unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period exceeds eighteen (18) years; and (B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness.

(A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period exceeds eighteen (18) years; and

(B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness.

(6) The board may phase in an increase or decrease of the benefit stipend.

(7) If a member was eligible for a benefit stipend, the benefit stipend shall be applied to the monthly benefit of the member's designated survivor and option beneficiary.

(c) Nothing contained in this section shall require the Arkansas Public Employees' Retirement System to pay any portion of the benefits provided for in this section.

(d) (1) The board may remove by board resolution the benefit stipend from the base amount of current retirees and option beneficiaries if the board determines that the removal of the benefit stipend from the base amount is prudent in order to maintain actuarial soundness. (2) The board may phase in the removal of the benefit stipend from the base amount of current retiree and option beneficiaries by board resolution.

(1) The board may remove by board resolution the benefit stipend from the base amount of current retirees and option beneficiaries if the board determines that the removal of the benefit stipend from the base amount is prudent in order to maintain actuarial soundness.

(2) The board may phase in the removal of the benefit stipend from the base amount of current retiree and option beneficiaries by board resolution.

Amended by Act 2023, No. 107,§ 50, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 49, eff. 7/1/2023.

Amended by Act 2019, No. 427,§ 14, eff. 7/1/2019.

Amended by Act 2017, No. 782,§ 3, eff. 3/31/2017.

Amended by Act 2017, No. 782,§ 2, eff. 3/31/2017.

Amended by Act 2017, No. 782,§ 1, eff. 3/31/2017.

Amended by Act 2013, No. 603,§ 1, eff. 7/1/2013.

Acts 1973, No. 427, § 9; 1975, No. 549, § 8; 1979, No. 776, § 2; 1981, No. 14, § 1; 1983, No. 127, § 2; 1985, No. 162, § 1; A.S.A. 1947, § 70-1443; Acts 1987, No. 802, § 2; 1991, No. 44, § 3; 1999, No. 400, § 1; 1999, No. 1066, § 7; 1999, No. 1590, § 3; 2001, No. 360, § 1; 2001, No. 742, § 2; 2003, No. 347, § 1; 2003, No. 853, § 3; 2007, No. 297, § 1; 2009, No. 468, § 21; 2011, No. 45, §§ 12, 13.
Ark. Code Ann. § 24-8-714 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-714
Restrictions on benefits
Status: in_force

(a) The sections of this subchapter are to be complementary, except that no person may take benefits under two (2) or more sections of this subchapter at the same time. (b) Retirement and survivors' benefits shall be measured by the salary payable for the position last held by the retired or deceased judge or justice at the time of retirement. Acts 1999, No. 399, § 1.

(a) The sections of this subchapter are to be complementary, except that no person may take benefits under two (2) or more sections of this subchapter at the same time.

(b) Retirement and survivors' benefits shall be measured by the salary payable for the position last held by the retired or deceased judge or justice at the time of retirement.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-5-134 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-134
Death benefit enhancement
Status: in_force

(a) (1) Beginning on March 1, 2001, the Arkansas State Highway Employees' Retirement System shall pay an amount not to exceed seven thousand five hundred dollars ($7,500) to the named beneficiary of the retiree or a member in the Arkansas State Highway Employees' Deferred Retirement Option Plan immediately following the retiree's death. (2) If there is more than one (1) named beneficiary, the amount shall be divided equally between the named beneficiaries. (3) If there are no designated persons surviving the retiree or plan member, the lump sum shall be paid to the estate. (b) If a retiree or a plan member is entitled to a similar benefit from a reciprocal system, then the Arkansas State Highway Employees' Retirement System shall pay a prorated share based on the number of years in the Arkansas State Highway Employees' Retirement System divided by the total public service time. Acts 2001, No. 482, § 1.

(a) (1) Beginning on March 1, 2001, the Arkansas State Highway Employees' Retirement System shall pay an amount not to exceed seven thousand five hundred dollars ($7,500) to the named beneficiary of the retiree or a member in the Arkansas State Highway Employees' Deferred Retirement Option Plan immediately following the retiree's death. (2) If there is more than one (1) named beneficiary, the amount shall be divided equally between the named beneficiaries. (3) If there are no designated persons surviving the retiree or plan member, the lump sum shall be paid to the estate.

(1) Beginning on March 1, 2001, the Arkansas State Highway Employees' Retirement System shall pay an amount not to exceed seven thousand five hundred dollars ($7,500) to the named beneficiary of the retiree or a member in the Arkansas State Highway Employees' Deferred Retirement Option Plan immediately following the retiree's death.

(2) If there is more than one (1) named beneficiary, the amount shall be divided equally between the named beneficiaries.

(3) If there are no designated persons surviving the retiree or plan member, the lump sum shall be paid to the estate.

(b) If a retiree or a plan member is entitled to a similar benefit from a reciprocal system, then the Arkansas State Highway Employees' Retirement System shall pay a prorated share based on the number of years in the Arkansas State Highway Employees' Retirement System divided by the total public service time.

Acts 2001, No. 482, § 1.
Ark. Code Ann. § 24-12-111 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-111
Moneys added to fund - Refunds
Status: in_force

(a) There shall be added to the fund pension and relief fund for paid nonuniformed employees the following moneys: (1) All moneys given or donated to the fund; and (2) Not less than six percent (6%) of the monthly salary of each employee, to be deducted each month by the city or its proper agency and immediately paid to the board of trustees of the pension and relief fund for paid nonuniformed employees. (b) Employers shall contribute to the fund not less than six percent (6%) of the employee's salary. (c) Both the employees and employers shall contribute to the fund equal amounts of covered payroll. (d) (1) Upon leaving employment with the city, any employee shall be entitled to apply for and receive a refund of the aggregate amount withheld from his or her monthly salary during his or her period of employment with the city and paid into the pension and relief fund for paid nonuniformed employees of the city. (2) Upon receiving a refund of the amounts deducted from his or her monthly salary from the pension and relief fund for paid nonuniformed employees of the city, the employee shall forfeit his or her credited service as a member of the pension and relief fund and shall not be eligible thereafter to receive any benefits under the provisions of this act for his or her service. Acts 1949, No. 147, § 2; 1979, No. 421, § 1; 1983, No. 510, § 1; A.S.A. 1947, § 19-923.

(a) There shall be added to the fund pension and relief fund for paid nonuniformed employees the following moneys: (1) All moneys given or donated to the fund; and (2) Not less than six percent (6%) of the monthly salary of each employee, to be deducted each month by the city or its proper agency and immediately paid to the board of trustees of the pension and relief fund for paid nonuniformed employees.

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

(2) Not less than six percent (6%) of the monthly salary of each employee, to be deducted each month by the city or its proper agency and immediately paid to the board of trustees of the pension and relief fund for paid nonuniformed employees.

(b) Employers shall contribute to the fund not less than six percent (6%) of the employee's salary.

(c) Both the employees and employers shall contribute to the fund equal amounts of covered payroll.

(d) (1) Upon leaving employment with the city, any employee shall be entitled to apply for and receive a refund of the aggregate amount withheld from his or her monthly salary during his or her period of employment with the city and paid into the pension and relief fund for paid nonuniformed employees of the city. (2) Upon receiving a refund of the amounts deducted from his or her monthly salary from the pension and relief fund for paid nonuniformed employees of the city, the employee shall forfeit his or her credited service as a member of the pension and relief fund and shall not be eligible thereafter to receive any benefits under the provisions of this act for his or her service.

(1) Upon leaving employment with the city, any employee shall be entitled to apply for and receive a refund of the aggregate amount withheld from his or her monthly salary during his or her period of employment with the city and paid into the pension and relief fund for paid nonuniformed employees of the city.

(2) Upon receiving a refund of the amounts deducted from his or her monthly salary from the pension and relief fund for paid nonuniformed employees of the city, the employee shall forfeit his or her credited service as a member of the pension and relief fund and shall not be eligible thereafter to receive any benefits under the provisions of this act for his or her service.

Acts 1949, No. 147, § 2; 1979, No. 421, § 1; 1983, No. 510, § 1; A.S.A. 1947, § 19-923.
Ark. Code Ann. § 24-4-732 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-732
Certain employees of state agencies - Early retirement incentives
Status: in_force

(a) In addition to the provisions of § 24-4-601 et seq.: (1) (A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided the member retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer. (B) (i) In addition to the member's regular annuity, the Arkansas Public Employees' Retirement System will pay the cost of the employee's health and basic life insurance which he or she is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the state employee member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the state employee member's annuity, he or she will receive additional service credit equal to ten percent (10%) of his or her existing service credit. (E) (i) A state employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; (2) (A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer. (B) (i) The Arkansas Public Employees' Retirement System will pay the cost of the state employee's health and basic life insurance which the member is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) The payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the state employee member's annuity, his or her highest annual salary will be substituted for the member's final average compensation. (D) If the state employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (E) If the state employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (F) (i) A state employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; (3) Any employee of a state agency who is on April 8, 1987, an active member of the Arkansas Teacher Retirement System and who is not a member of the Arkansas Public Employees' Retirement System but who would otherwise qualify to retire before January 1, 1988, under the requirements of the Early Retirement Incentive Law of 1987, Acts 1987, No. 187, may elect to become a member, and his or her credited service in the Arkansas Teacher Retirement System will be transferred to the Arkansas Public Employees' Retirement System, subject to the following conditions: (A) The employee shall make the election on a form to be furnished by the Arkansas Public Employees' Retirement System, and the transfer shall become effective on the date of retirement; (B) The Arkansas Teacher Retirement System shall certify to the Arkansas Public Employees' Retirement System a record of the employee's service credit in the Arkansas Teacher Retirement System; and (C) (i) The employee shall retire under the noncontributory provisions of § 24-3-216 [repealed], if, at the time of the transfer the member was a noncontributory member of the Arkansas Teacher Retirement System and shall be entitled to a refund of employee contributions made in the Arkansas Teacher Retirement System since January 1, 1978. (ii) If, at the time of the transfer, the member was a contributory member of the Arkansas Teacher Retirement System, then the employee shall retire under the contributory provisions of subdivisions (a)(1) and (2) of this section; (4) (A) The Arkansas Public Employees' Retirement System shall pay monthly benefits to any employee covered by this section who elects to transfer from the Arkansas Teacher Retirement System for purposes of retiring under this section. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer the amount from their benefit account to the proper account designated by the Arkansas Public Employees' Retirement System; and (5) (A) For those state employees who retire pursuant to the provisions of this section, the amount paid by the State Division of the Arkansas Public Employees' Retirement System as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired. (b) (1) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State. (2) For those state-elected constitutional officers and members of the General Assembly who, as members of the State Division of the Arkansas Public Employees' Retirement System, would qualify by meeting all the requirements of this section to retire under the early retirement incentives in this section by January 1, 1988, the time period in which they may elect to retire under this section shall be extended to the last day of their current terms for which they are serving. (3) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based. An elected official opting to retire under subdivision (b)(2) of this section shall have all contributions to the system terminated on December 31, 1987. (c) Any member of the Arkansas Public Employees' Retirement System who qualifies by meeting all the requirements of this section to retire under the early retirement incentives in this section by January 1, 1988, and who suffered from a work-related injury for which benefits were paid under compensation laws after July 1, 1986, and before October 1, 1986, and whose final annuity 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 by paying to the system prior to December 31, 1987, the amount of money both he or she and his or her employer would have contributed on his or her behalf plus interest at the rate of six percent (6%) per annum calculated from the date the contributions would have been made until the date he or she makes payment to the system. Acts 1987, No. 187, §§ 1, 8, 9; 1987, No. 808, § 1; 1987 (1st Ex. Sess.), No. 17, § 1; 2001, No. 151, § 43.

(a) In addition to the provisions of § 24-4-601 et seq.: (1) (A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided the member retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer. (B) (i) In addition to the member's regular annuity, the Arkansas Public Employees' Retirement System will pay the cost of the employee's health and basic life insurance which he or she is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the state employee member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the state employee member's annuity, he or she will receive additional service credit equal to ten percent (10%) of his or her existing service credit. (E) (i) A state employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; (2) (A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer. (B) (i) The Arkansas Public Employees' Retirement System will pay the cost of the state employee's health and basic life insurance which the member is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) The payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the state employee member's annuity, his or her highest annual salary will be substituted for the member's final average compensation. (D) If the state employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (E) If the state employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (F) (i) A state employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; (3) Any employee of a state agency who is on April 8, 1987, an active member of the Arkansas Teacher Retirement System and who is not a member of the Arkansas Public Employees' Retirement System but who would otherwise qualify to retire before January 1, 1988, under the requirements of the Early Retirement Incentive Law of 1987, Acts 1987, No. 187, may elect to become a member, and his or her credited service in the Arkansas Teacher Retirement System will be transferred to the Arkansas Public Employees' Retirement System, subject to the following conditions: (A) The employee shall make the election on a form to be furnished by the Arkansas Public Employees' Retirement System, and the transfer shall become effective on the date of retirement; (B) The Arkansas Teacher Retirement System shall certify to the Arkansas Public Employees' Retirement System a record of the employee's service credit in the Arkansas Teacher Retirement System; and (C) (i) The employee shall retire under the noncontributory provisions of § 24-3-216 [repealed], if, at the time of the transfer the member was a noncontributory member of the Arkansas Teacher Retirement System and shall be entitled to a refund of employee contributions made in the Arkansas Teacher Retirement System since January 1, 1978. (ii) If, at the time of the transfer, the member was a contributory member of the Arkansas Teacher Retirement System, then the employee shall retire under the contributory provisions of subdivisions (a)(1) and (2) of this section; (4) (A) The Arkansas Public Employees' Retirement System shall pay monthly benefits to any employee covered by this section who elects to transfer from the Arkansas Teacher Retirement System for purposes of retiring under this section. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer the amount from their benefit account to the proper account designated by the Arkansas Public Employees' Retirement System; and (5) (A) For those state employees who retire pursuant to the provisions of this section, the amount paid by the State Division of the Arkansas Public Employees' Retirement System as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.

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

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

(B) (i) In addition to the member's regular annuity, the Arkansas Public Employees' Retirement System will pay the cost of the employee's health and basic life insurance which he or she is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant's death.

(i) In addition to the member's regular annuity, the Arkansas Public Employees' Retirement System will pay the cost of the employee's health and basic life insurance which he or she is eligible to continue as a retirant with the State Employees Group Insurance Plan.

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

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

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

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

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

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

(2) (A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer. (B) (i) The Arkansas Public Employees' Retirement System will pay the cost of the state employee's health and basic life insurance which the member is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) The payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age. (C) For the purpose of computing the state employee member's annuity, his or her highest annual salary will be substituted for the member's final average compensation. (D) If the state employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (E) If the state employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, then the member's annuity will not be reduced because of early retirement. (F) (i) A state employee member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System;

(A) A state employee who is an active member of the Arkansas Public Employees' Retirement System on March 12, 1987, and who has credit in the Arkansas Public Employees' Retirement System for three (3) consecutive actual years of service with the State of Arkansas immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained fifty-five (55) years of age or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the state is the employer.

(B) (i) The Arkansas Public Employees' Retirement System will pay the cost of the state employee's health and basic life insurance which the member is eligible to continue as a retirant with the State Employees Group Insurance Plan. (ii) The payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained sixty-five (65) years of age.

(i) The Arkansas Public Employees' Retirement System will pay the cost of the state employee's health and basic life insurance which the member is eligible to continue as a retirant with the State Employees Group Insurance Plan.

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

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

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

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

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

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

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

(3) Any employee of a state agency who is on April 8, 1987, an active member of the Arkansas Teacher Retirement System and who is not a member of the Arkansas Public Employees' Retirement System but who would otherwise qualify to retire before January 1, 1988, under the requirements of the Early Retirement Incentive Law of 1987, Acts 1987, No. 187, may elect to become a member, and his or her credited service in the Arkansas Teacher Retirement System will be transferred to the Arkansas Public Employees' Retirement System, subject to the following conditions: (A) The employee shall make the election on a form to be furnished by the Arkansas Public Employees' Retirement System, and the transfer shall become effective on the date of retirement; (B) The Arkansas Teacher Retirement System shall certify to the Arkansas Public Employees' Retirement System a record of the employee's service credit in the Arkansas Teacher Retirement System; and (C) (i) The employee shall retire under the noncontributory provisions of § 24-3-216 [repealed], if, at the time of the transfer the member was a noncontributory member of the Arkansas Teacher Retirement System and shall be entitled to a refund of employee contributions made in the Arkansas Teacher Retirement System since January 1, 1978. (ii) If, at the time of the transfer, the member was a contributory member of the Arkansas Teacher Retirement System, then the employee shall retire under the contributory provisions of subdivisions (a)(1) and (2) of this section;

(A) The employee shall make the election on a form to be furnished by the Arkansas Public Employees' Retirement System, and the transfer shall become effective on the date of retirement;

(B) The Arkansas Teacher Retirement System shall certify to the Arkansas Public Employees' Retirement System a record of the employee's service credit in the Arkansas Teacher Retirement System; and

(C) (i) The employee shall retire under the noncontributory provisions of § 24-3-216 [repealed], if, at the time of the transfer the member was a noncontributory member of the Arkansas Teacher Retirement System and shall be entitled to a refund of employee contributions made in the Arkansas Teacher Retirement System since January 1, 1978. (ii) If, at the time of the transfer, the member was a contributory member of the Arkansas Teacher Retirement System, then the employee shall retire under the contributory provisions of subdivisions (a)(1) and (2) of this section;

(i) The employee shall retire under the noncontributory provisions of § 24-3-216 [repealed], if, at the time of the transfer the member was a noncontributory member of the Arkansas Teacher Retirement System and shall be entitled to a refund of employee contributions made in the Arkansas Teacher Retirement System since January 1, 1978.

(ii) If, at the time of the transfer, the member was a contributory member of the Arkansas Teacher Retirement System, then the employee shall retire under the contributory provisions of subdivisions (a)(1) and (2) of this section;

(4) (A) The Arkansas Public Employees' Retirement System shall pay monthly benefits to any employee covered by this section who elects to transfer from the Arkansas Teacher Retirement System for purposes of retiring under this section. (B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer the amount from their benefit account to the proper account designated by the Arkansas Public Employees' Retirement System; and

(A) The Arkansas Public Employees' Retirement System shall pay monthly benefits to any employee covered by this section who elects to transfer from the Arkansas Teacher Retirement System for purposes of retiring under this section.

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

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

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

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

(b) (1) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State. (2) For those state-elected constitutional officers and members of the General Assembly who, as members of the State Division of the Arkansas Public Employees' Retirement System, would qualify by meeting all the requirements of this section to retire under the early retirement incentives in this section by January 1, 1988, the time period in which they may elect to retire under this section shall be extended to the last day of their current terms for which they are serving. (3) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based. An elected official opting to retire under subdivision (b)(2) of this section shall have all contributions to the system terminated on December 31, 1987.

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

(2) For those state-elected constitutional officers and members of the General Assembly who, as members of the State Division of the Arkansas Public Employees' Retirement System, would qualify by meeting all the requirements of this section to retire under the early retirement incentives in this section by January 1, 1988, the time period in which they may elect to retire under this section shall be extended to the last day of their current terms for which they are serving.

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

(c) Any member of the Arkansas Public Employees' Retirement System who qualifies by meeting all the requirements of this section to retire under the early retirement incentives in this section by January 1, 1988, and who suffered from a work-related injury for which benefits were paid under compensation laws after July 1, 1986, and before October 1, 1986, and whose final annuity 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 by paying to the system prior to December 31, 1987, the amount of money both he or she and his or her employer would have contributed on his or her behalf plus interest at the rate of six percent (6%) per annum calculated from the date the contributions would have been made until the date he or she makes payment to the system.

Acts 1987, No. 187, §§ 1, 8, 9; 1987, No. 808, § 1; 1987 (1st Ex. Sess.), No. 17, § 1; 2001, No. 151, § 43.
Ark. Code Ann. § 24-1-206 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-206
Agents
Status: in_force

(a) For the purpose of entering into agreements with the Arkansas Public Employees' Retirement System, the following named officers are authorized and empowered to make the agreement on behalf of their agency or political subdivision: (1) (A) (i) The board of control of each state institution or agency having a board or the administrative head of each state department. (ii) The board of control shall have authority to designate an agent to represent the agency over which it has control. (B) In the case of state agencies which do not have a board of control, the chief administrative officer shall act as the contracting officer for the agency; (2) The county judge of each county entering into an agreement with the system shall make and enter of record a county court order approving the agreement with the system and shall designate the county clerk as the agent of the county to deal with the system; (3) The city council of each municipality is authorized to approve the agreement with the system and shall adopt an ordinance designating the city clerk or recorder to represent the municipality; and (4) The board of directors of each school district shall have authority to approve the agreement with the system and shall designate the county school supervisor or the local superintendent of each school district to deal with the system. (b) In complying with the provisions of this subchapter, each political subdivision which qualifies to participate in the Social Security plan shall be required as a part of its agreement with the system to designate an agent to represent the political subdivision in all matters affecting the administration of the plan. (c) All agents provided for under the provisions of this subchapter who represent the state or a local subdivision in connection with the enforcement of this subchapter shall receive no additional remuneration or emolument of their offices in connection with the administration of this subchapter. Acts 1951, No. 248, §§ 7, 9, 10; A.S.A. 1947, §§ 12-2407, 12-2409, 12-2410; Acts 2005, No. 100, § 1.

(a) For the purpose of entering into agreements with the Arkansas Public Employees' Retirement System, the following named officers are authorized and empowered to make the agreement on behalf of their agency or political subdivision: (1) (A) (i) The board of control of each state institution or agency having a board or the administrative head of each state department. (ii) The board of control shall have authority to designate an agent to represent the agency over which it has control. (B) In the case of state agencies which do not have a board of control, the chief administrative officer shall act as the contracting officer for the agency; (2) The county judge of each county entering into an agreement with the system shall make and enter of record a county court order approving the agreement with the system and shall designate the county clerk as the agent of the county to deal with the system; (3) The city council of each municipality is authorized to approve the agreement with the system and shall adopt an ordinance designating the city clerk or recorder to represent the municipality; and (4) The board of directors of each school district shall have authority to approve the agreement with the system and shall designate the county school supervisor or the local superintendent of each school district to deal with the system.

(1) (A) (i) The board of control of each state institution or agency having a board or the administrative head of each state department. (ii) The board of control shall have authority to designate an agent to represent the agency over which it has control. (B) In the case of state agencies which do not have a board of control, the chief administrative officer shall act as the contracting officer for the agency;

(A) (i) The board of control of each state institution or agency having a board or the administrative head of each state department. (ii) The board of control shall have authority to designate an agent to represent the agency over which it has control.

(i) The board of control of each state institution or agency having a board or the administrative head of each state department.

(ii) The board of control shall have authority to designate an agent to represent the agency over which it has control.

(B) In the case of state agencies which do not have a board of control, the chief administrative officer shall act as the contracting officer for the agency;

(2) The county judge of each county entering into an agreement with the system shall make and enter of record a county court order approving the agreement with the system and shall designate the county clerk as the agent of the county to deal with the system;

(3) The city council of each municipality is authorized to approve the agreement with the system and shall adopt an ordinance designating the city clerk or recorder to represent the municipality; and

(4) The board of directors of each school district shall have authority to approve the agreement with the system and shall designate the county school supervisor or the local superintendent of each school district to deal with the system.

(b) In complying with the provisions of this subchapter, each political subdivision which qualifies to participate in the Social Security plan shall be required as a part of its agreement with the system to designate an agent to represent the political subdivision in all matters affecting the administration of the plan.

(c) All agents provided for under the provisions of this subchapter who represent the state or a local subdivision in connection with the enforcement of this subchapter shall receive no additional remuneration or emolument of their offices in connection with the administration of this subchapter.

Acts 1951, No. 248, §§ 7, 9, 10; A.S.A. 1947, §§ 12-2407, 12-2409, 12-2410; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-11-826 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-826
Additional benefits for certain firefighters hired prior to January 1, 1983 - Definition
Status: in_force

(a) (1) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-812 - 24-11-815 , 24-11-818 , and 24-11-820 , for those firefighters hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member of a firemen's relief and pension fund 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 he or she 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 no longer applies to benefits payable on April 30, 1991, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987. (2) However, in no case shall the benefit payment exceed one hundred percent (100%) of final salary. (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 that are received for a regularly scheduled workweek and does 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 remuneration. (2) (A) The term "salary" may include the payments to those firefighters under this section for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement if 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. (B) The board of trustees of a firemen's relief and pension fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund. Amended by Act 2015, No. 1165,§ 7, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 32, eff. 2/6/2013. Acts 1987, No. 878, § 1; 1991, No. 844, § 2; 1993, No. 546, § 4.

(a) (1) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-812 - 24-11-815 , 24-11-818 , and 24-11-820 , for those firefighters hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member of a firemen's relief and pension fund 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 he or she 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 no longer applies to benefits payable on April 30, 1991, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987. (2) However, in no case shall the benefit payment exceed one hundred percent (100%) of final salary.

(1) Beginning July 1, 1987, in addition to the monthly pension benefits as set forth in §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-812 - 24-11-815 , 24-11-818 , and 24-11-820 , for those firefighters hired prior to January 1, 1983, and who continue to work beyond their twenty-fifth year, the member of a firemen's relief and pension fund 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 he or she 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 no longer applies to benefits payable on April 30, 1991, and thereafter to persons retiring henceforth and to those persons who retired on or after July 1, 1987.

(2) However, in no case shall the benefit payment exceed one hundred percent (100%) of final salary.

(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 that are received for a regularly scheduled workweek and does 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 remuneration. (2) (A) The term "salary" may include the payments to those firefighters under this section for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement if 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. (B) The board of trustees of a firemen's relief and pension fund 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 that are received for a regularly scheduled workweek and does 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 remuneration.

(2) (A) The term "salary" may include the payments to those firefighters under this section for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement if 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. (B) The board of trustees of a firemen's relief and pension fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

(A) The term "salary" may include the payments to those firefighters under this section for unused accrued sick leave not to exceed ninety (90) workdays recorded on the records of the city or town as of the firefighter's date of retirement if 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.

(B) The board of trustees of a firemen's relief and pension fund shall determine the actuarial costs of the payments for the unused accrued sick leave to the fund.

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

Amended by Act 2013, No. 41,§ 32, eff. 2/6/2013.

Acts 1987, No. 878, § 1; 1991, No. 844, § 2; 1993, No. 546, § 4.
Ark. Code Ann. § 24-11-834 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-834
Former military service credit purchase
Status: in_force

(a) An active member of a firemen's relief and pension fund may purchase credited service in the pension fund equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the pension fund, if the member: (1) Received an honorable discharge from the United States Armed Forces; (2) Has at least twenty (20) years of actual service in the pension fund; and (3) (A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased. (B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or by the actuary for the Arkansas Local Police and Fire Retirement System for a pension fund under administration by the system. (b) The board of trustees of the firemen's relief and pension fund shall make the final determination as to the: (1) Length of purchased service credit; (2) Amount of regular interest to be charged; and (3) Manner in which payment is made to the pension fund. (c) Service credit purchased under this section shall be used to determine the member's total credited service under the pension fund but shall not be used to determine his or her final average pay under the pension fund. Amended by Act 2015, No. 1165,§ 9, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 36, eff. 2/6/2013. Acts 2003, No. 602, § 1; 2009, No. 256, § 2.

(a) An active member of a firemen's relief and pension fund may purchase credited service in the pension fund equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the pension fund, if the member: (1) Received an honorable discharge from the United States Armed Forces; (2) Has at least twenty (20) years of actual service in the pension fund; and (3) (A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased. (B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or by the actuary for the Arkansas Local Police and Fire Retirement System for a pension fund under administration by the system.

(1) Received an honorable discharge from the United States Armed Forces;

(2) Has at least twenty (20) years of actual service in the pension fund; and

(3) (A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased. (B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or by the actuary for the Arkansas Local Police and Fire Retirement System for a pension fund under administration by the system.

(A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased.

(B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or by the actuary for the Arkansas Local Police and Fire Retirement System for a pension fund under administration by the system.

(b) The board of trustees of the firemen's relief and pension fund shall make the final determination as to the: (1) Length of purchased service credit; (2) Amount of regular interest to be charged; and (3) Manner in which payment is made to the pension fund.

(1) Length of purchased service credit;

(2) Amount of regular interest to be charged; and

(3) Manner in which payment is made to the pension fund.

(c) Service credit purchased under this section shall be used to determine the member's total credited service under the pension fund but shall not be used to determine his or her final average pay under the pension fund.

Amended by Act 2015, No. 1165,§ 9, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 36, eff. 2/6/2013.

Acts 2003, No. 602, § 1; 2009, No. 256, § 2.
Ark. Code Ann. § 24-5-122 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-122
Early retirement incentives
Status: in_force

(a) (1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112 , shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118 , provided the member is an active member of the system on March 12, 1987, and is vested for a full age and service annuity on March 12, 1987, and has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the member's effective retirement date, and he or she may choose two (2) of the retirement incentives from subdivisions (a)(2)-(5) of this section, provided the member retires during the period between March 12, 1987, and January 1, 1988, inclusive. (2) In addition to the member's regular annuity, the system will pay to the State Employees Group Insurance Plan, or a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, provided that the member was insured by the state group plan at the date of retirement. (3) For the purpose of computing the member's annuity, the highest twelve (12) months' salary for which contributions have been paid to the system will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 . (4) For the purpose of computing the member's annuity, an additional service credit equal to ten percent (10%) shall be added to the member's service credit at the date of retirement, even though the service thus added exceeds the thirty-five (35) years maximum stated in § 24-5-112(b) . (5) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the system. (b) (1) An active member of the system on March 12, 1987, whose benefits are vested and who is entitled to a reduced annuity as provided by § 24-5-114 on July 1, 1987, and who has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the effective retirement date may choose two (2) of the retirement incentives from subdivisions (b)(2)-(6) of this section, provided the member retires during the period July 1, 1987, through January 1, 1988, inclusive. (2) In addition to the member's reduced early annuity, the system will pay to the State Employees Group Insurance Plan, or to a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, until the retired member has attained sixty-five (65) years of age, provided that the member was insured by the state group plan at the date of retirement. (3) For the purpose of computing the member's reduced annuity, the highest twelve (12) months' salary, for which contributions have been paid to the system, will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 . (4) If the member is eligible for an early reduced annuity as provided by § 24-5-114 and is within two (2) years of full annuity age, then the member's annuity will not be reduced because of early retirement. (5) If the member has attained the full benefit age as provided by § 24-5-114 and is within two (2) years of attaining the service requirement for a full annuity, then the member's annuity will not be reduced because of early retirement. (6) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the Arkansas Department of Transportation for salaries. (c) Any employee of the department retired under this law shall not be eligible for subsequent employment as an employee by any state agency whose employees are covered by a state-supported retirement system. (d) (1) For those department employees who retire pursuant to this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (2) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired. (e) No position being vacated as a result of an employee's retiring pursuant to this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State. Amended by Act 2017, No. 707,§ 282, eff. 8/1/2017. Acts 1987, No. 187, §§ 5-9.

(a) (1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112 , shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118 , provided the member is an active member of the system on March 12, 1987, and is vested for a full age and service annuity on March 12, 1987, and has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the member's effective retirement date, and he or she may choose two (2) of the retirement incentives from subdivisions (a)(2)-(5) of this section, provided the member retires during the period between March 12, 1987, and January 1, 1988, inclusive. (2) In addition to the member's regular annuity, the system will pay to the State Employees Group Insurance Plan, or a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, provided that the member was insured by the state group plan at the date of retirement. (3) For the purpose of computing the member's annuity, the highest twelve (12) months' salary for which contributions have been paid to the system will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 . (4) For the purpose of computing the member's annuity, an additional service credit equal to ten percent (10%) shall be added to the member's service credit at the date of retirement, even though the service thus added exceeds the thirty-five (35) years maximum stated in § 24-5-112(b) . (5) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the system.

(1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112 , shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118 , provided the member is an active member of the system on March 12, 1987, and is vested for a full age and service annuity on March 12, 1987, and has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the member's effective retirement date, and he or she may choose two (2) of the retirement incentives from subdivisions (a)(2)-(5) of this section, provided the member retires during the period between March 12, 1987, and January 1, 1988, inclusive.

(2) In addition to the member's regular annuity, the system will pay to the State Employees Group Insurance Plan, or a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, provided that the member was insured by the state group plan at the date of retirement.

(3) For the purpose of computing the member's annuity, the highest twelve (12) months' salary for which contributions have been paid to the system will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 .

(4) For the purpose of computing the member's annuity, an additional service credit equal to ten percent (10%) shall be added to the member's service credit at the date of retirement, even though the service thus added exceeds the thirty-five (35) years maximum stated in § 24-5-112(b) .

(5) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the system.

(A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000).

(B) The retirement bonus shall be paid from funds appropriated to the system.

(b) (1) An active member of the system on March 12, 1987, whose benefits are vested and who is entitled to a reduced annuity as provided by § 24-5-114 on July 1, 1987, and who has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the effective retirement date may choose two (2) of the retirement incentives from subdivisions (b)(2)-(6) of this section, provided the member retires during the period July 1, 1987, through January 1, 1988, inclusive. (2) In addition to the member's reduced early annuity, the system will pay to the State Employees Group Insurance Plan, or to a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, until the retired member has attained sixty-five (65) years of age, provided that the member was insured by the state group plan at the date of retirement. (3) For the purpose of computing the member's reduced annuity, the highest twelve (12) months' salary, for which contributions have been paid to the system, will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 . (4) If the member is eligible for an early reduced annuity as provided by § 24-5-114 and is within two (2) years of full annuity age, then the member's annuity will not be reduced because of early retirement. (5) If the member has attained the full benefit age as provided by § 24-5-114 and is within two (2) years of attaining the service requirement for a full annuity, then the member's annuity will not be reduced because of early retirement. (6) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the Arkansas Department of Transportation for salaries.

(1) An active member of the system on March 12, 1987, whose benefits are vested and who is entitled to a reduced annuity as provided by § 24-5-114 on July 1, 1987, and who has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the effective retirement date may choose two (2) of the retirement incentives from subdivisions (b)(2)-(6) of this section, provided the member retires during the period July 1, 1987, through January 1, 1988, inclusive.

(2) In addition to the member's reduced early annuity, the system will pay to the State Employees Group Insurance Plan, or to a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, until the retired member has attained sixty-five (65) years of age, provided that the member was insured by the state group plan at the date of retirement.

(3) For the purpose of computing the member's reduced annuity, the highest twelve (12) months' salary, for which contributions have been paid to the system, will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 - 24-5-118 .

(4) If the member is eligible for an early reduced annuity as provided by § 24-5-114 and is within two (2) years of full annuity age, then the member's annuity will not be reduced because of early retirement.

(5) If the member has attained the full benefit age as provided by § 24-5-114 and is within two (2) years of attaining the service requirement for a full annuity, then the member's annuity will not be reduced because of early retirement.

(6) (A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000). (B) The retirement bonus shall be paid from funds appropriated to the Arkansas Department of Transportation for salaries.

(A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000).

(B) The retirement bonus shall be paid from funds appropriated to the Arkansas Department of Transportation for salaries.

(c) Any employee of the department retired under this law shall not be eligible for subsequent employment as an employee by any state agency whose employees are covered by a state-supported retirement system.

(d) (1) For those department employees who retire pursuant to this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (2) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.

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

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

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

Amended by Act 2017, No. 707,§ 282, eff. 8/1/2017.

Acts 1987, No. 187, §§ 5-9.
Ark. Code Ann. § 24-5-117 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-117
Benefits - Withdrawal from service
Status: in_force

(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest. (2) (A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board. (B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement. (3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board. (4) A member's interest in the system shall be exempt from attachment and execution. (b) (1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas Department of Transportation, provided that such employee is not a member of a reciprocal system. (2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the system. (c) The payment of the cost of the refunded service shall be based on an actuarial equivalent as prescribed by the board if a member: (1) Is reemployed by a state employer; (2) Has received a refund from the system; and (3) Seeks to reinstate time withdrawn. Amended by Act 2017, No. 707,§ 281, eff. 8/1/2017. Acts 1949, No. 454, § 12; 1969, No. 167, § 9; 1979, No. 126, § 2; A.S.A. 1947, § 76-1912; Acts 1999, No. 33, § 1; 2011, No. 564, § 3.

(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest. (2) (A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board. (B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement. (3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board. (4) A member's interest in the system shall be exempt from attachment and execution.

(1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest.

(2) (A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board. (B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement.

(A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board.

(B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement.

(3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board.

(4) A member's interest in the system shall be exempt from attachment and execution.

(b) (1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas Department of Transportation, provided that such employee is not a member of a reciprocal system. (2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the system.

(1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas Department of Transportation, provided that such employee is not a member of a reciprocal system.

(2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the system.

(c) The payment of the cost of the refunded service shall be based on an actuarial equivalent as prescribed by the board if a member: (1) Is reemployed by a state employer; (2) Has received a refund from the system; and (3) Seeks to reinstate time withdrawn.

(1) Is reemployed by a state employer;

(2) Has received a refund from the system; and

(3) Seeks to reinstate time withdrawn.

Amended by Act 2017, No. 707,§ 281, eff. 8/1/2017.

Acts 1949, No. 454, § 12; 1969, No. 167, § 9; 1979, No. 126, § 2; A.S.A. 1947, § 76-1912; Acts 1999, No. 33, § 1; 2011, No. 564, § 3.
Ark. Code Ann. § 24-7-701 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-701
Voluntary retirement
Status: in_force

(a) (1) (A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System. (B) If a member fails to submit a complete retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the Executive Director of the Arkansas Teacher Retirement System. (2) (A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age. (B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met. (C) (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement. (ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205 . (D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502 . (b) Upon a member's retirement, he or she or she shall receive a life annuity as provided for in § 24-7-705 . (c) The annuity shall begin the first day of the calendar month next following the latest of: (1) One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System; (2) The member's termination of covered employment; (3) The member's attainment of the minimum age; or (4) The member's completion of the minimum years of credited service. (d) If a member has accrued a full year of service credit for a fiscal year, the annuity shall not begin earlier than on July 1 after the fiscal year ends unless the board adopts by rule or resolution an earlier beginning date for all members whose retirement will not result in a reduction of classroom teachers. (e) (1) A member may cancel an application for voluntary retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits. (2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system. Amended by Act 2023, No. 107,§ 32, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 31, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 18, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 17, eff. 7/1/2021. Amended by Act 2019, No. 595,§ 2, eff. 7/1/2019. Amended by Act 2013, No. 720,§ 1, eff. 7/1/2013. Acts 1973, No. 427, § 9; 1979, No. 681, § 5; 1983, No. 17, § 1; A.S.A. 1947, § 80-1443; Acts 1993, No. 1091, § 2; 1995, No. 282, § 1; 1997, No. 992, § 1; 1997, No. 1053, § 5; 2001, No. 461, § 2; 2007, No. 97, § 10; 2009, No. 468, § 15; 2009, No. 743, § 2; 2011, No. 45, §§ 5, 6.

(a) (1) (A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System. (B) If a member fails to submit a complete retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the Executive Director of the Arkansas Teacher Retirement System. (2) (A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age. (B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met. (C) (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement. (ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205 . (D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502 .

(1) (A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System. (B) If a member fails to submit a complete retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the Executive Director of the Arkansas Teacher Retirement System.

(A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.

(B) If a member fails to submit a complete retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the Executive Director of the Arkansas Teacher Retirement System.

(2) (A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age. (B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met. (C) (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement. (ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205 . (D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502 .

(A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age.

(B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.

(C) (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement. (ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205 .

(i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.

(ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205 .

(D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502 .

(b) Upon a member's retirement, he or she or she shall receive a life annuity as provided for in § 24-7-705 .

(c) The annuity shall begin the first day of the calendar month next following the latest of: (1) One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System; (2) The member's termination of covered employment; (3) The member's attainment of the minimum age; or (4) The member's completion of the minimum years of credited service.

(1) One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System;

(2) The member's termination of covered employment;

(3) The member's attainment of the minimum age; or

(4) The member's completion of the minimum years of credited service.

(d) If a member has accrued a full year of service credit for a fiscal year, the annuity shall not begin earlier than on July 1 after the fiscal year ends unless the board adopts by rule or resolution an earlier beginning date for all members whose retirement will not result in a reduction of classroom teachers.

(e) (1) A member may cancel an application for voluntary retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits. (2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.

(1) A member may cancel an application for voluntary retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits.

(2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.

Amended by Act 2023, No. 107,§ 32, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 31, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 18, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 17, eff. 7/1/2021.

Amended by Act 2019, No. 595,§ 2, eff. 7/1/2019.

Amended by Act 2013, No. 720,§ 1, eff. 7/1/2013.

Acts 1973, No. 427, § 9; 1979, No. 681, § 5; 1983, No. 17, § 1; A.S.A. 1947, § 80-1443; Acts 1993, No. 1091, § 2; 1995, No. 282, § 1; 1997, No. 992, § 1; 1997, No. 1053, § 5; 2001, No. 461, § 2; 2007, No. 97, § 10; 2009, No. 468, § 15; 2009, No. 743, § 2; 2011, No. 45, §§ 5, 6.
Ark. Code Ann. § 24-10-702 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-702
Credited service
Status: in_force

(a) For purposes of this subchapter, "credited service": (1) Includes military service credit under § 24-10-502 ; and (2) Does not include service credit that is purchased under the Arkansas Local Police and Fire Retirement System. (b) An active member in paid service may use up to thirty-six (36) months of actual volunteer service credit with the system to attain eligibility to participate in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-701 . (c) In all cases, the accrual of any additional service credit shall not occur upon the enrollment in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-701 . Amended by Act 2015, No. 829,§ 2, eff. 7/22/2015. Acts 2003, No. 1734, § 1.

(a) For purposes of this subchapter, "credited service": (1) Includes military service credit under § 24-10-502 ; and (2) Does not include service credit that is purchased under the Arkansas Local Police and Fire Retirement System.

(1) Includes military service credit under § 24-10-502 ; and

(2) Does not include service credit that is purchased under the Arkansas Local Police and Fire Retirement System.

(b) An active member in paid service may use up to thirty-six (36) months of actual volunteer service credit with the system to attain eligibility to participate in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-701 .

(c) In all cases, the accrual of any additional service credit shall not occur upon the enrollment in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-701 .

Amended by Act 2015, No. 829,§ 2, eff. 7/22/2015.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-11-406 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-406
Administration of small funds by Arkansas Local Police and Fire Retirement System
Status: in_force

(a) (1) In those local police pension and relief funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer. (2) As used in this section, "member" includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries. (b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System, as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure: (1) (A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designated as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries. (B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll, if any, plus one percent (1%) of annual reserve assets; (2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system and for no other purpose; (3) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system, and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system; (4) (A) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (B) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (C) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (D) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients, the system shall require of the employer, and the employer shall remit, such actuarially computed amounts as are necessary to pay full benefits to current and future eligible recipients; (5) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, fines, fees, state insurance tax turnback, and other revenues as allowed by law for the support of police retirement programs. (B) The revenues shall be deposited locally in an account designated by the employer solely for making payments to the system and shall be used for no other purpose; and (6) (A) All employer contributions for inactive funds shall be made in such amounts, and in such manner, form, and frequency, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require. (B) The pension records of inactive funds, and other materials and reports as may be required by the board to administer the inactive funds, shall be provided to the Arkansas Local Police and Fire Retirement System in such manner as the board shall require. Acts 1937, No. 250, § 4; Pope's Dig., § 9859; Acts 1985, No. 927, § 1; A.S.A. 1947, § 19-1804; Acts 2007, No. 1056, §§ 1, 2.

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

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

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

(b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System, as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure: (1) (A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designated as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries. (B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll, if any, plus one percent (1%) of annual reserve assets; (2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system and for no other purpose; (3) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system, and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system; (4) (A) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (B) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (C) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (D) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients, the system shall require of the employer, and the employer shall remit, such actuarially computed amounts as are necessary to pay full benefits to current and future eligible recipients; (5) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, fines, fees, state insurance tax turnback, and other revenues as allowed by law for the support of police retirement programs. (B) The revenues shall be deposited locally in an account designated by the employer solely for making payments to the system and shall be used for no other purpose; and (6) (A) All employer contributions for inactive funds shall be made in such amounts, and in such manner, form, and frequency, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require. (B) The pension records of inactive funds, and other materials and reports as may be required by the board to administer the inactive funds, shall be provided to the Arkansas Local Police and Fire Retirement System in such manner as the board shall require.

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

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

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

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

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

(4) (A) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612 . (B) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund. (C) No prorating of benefits shall be allowed in inactive funds under the administration of the system. (D) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients, the system shall require of the employer, and the employer shall remit, such actuarially computed amounts as are necessary to pay full benefits to current and future eligible recipients;

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

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

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

(D) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients, the system shall require of the employer, and the employer shall remit, such actuarially computed amounts as are necessary to pay full benefits to current and future eligible recipients;

(5) (A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, fines, fees, state insurance tax turnback, and other revenues as allowed by law for the support of police retirement programs. (B) The revenues shall be deposited locally in an account designated by the employer solely for making payments to the system and shall be used for no other purpose; and

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

(B) The revenues shall be deposited locally in an account designated by the employer solely for making payments to the system and shall be used for no other purpose; and

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

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

(B) The pension records of inactive funds, and other materials and reports as may be required by the board to administer the inactive funds, shall be provided to the Arkansas Local Police and Fire Retirement System in such manner as the board shall require.

Acts 1937, No. 250, § 4; Pope's Dig., § 9859; Acts 1985, No. 927, § 1; A.S.A. 1947, § 19-1804; Acts 2007, No. 1056, §§ 1, 2.
Ark. Code Ann. § 24-7-204 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-204
Tax status of system assets
Status: in_force

The assets of the Arkansas Teacher Retirement System are exempt from taxes by the state, any political subdivision, or an agency thereof. Acts 1973, No. 427, § 10; 1985, No. 486, § 4; A.S.A. 1947, § 80-1444.

The assets of the Arkansas Teacher Retirement System are exempt from taxes by the state, any political subdivision, or an agency thereof.

Acts 1973, No. 427, § 10; 1985, No. 486, § 4; A.S.A. 1947, § 80-1444.
Ark. Code Ann. § 24-7-405 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-405
Retirement fund assets accounts generally
Status: in_force

The assets of the Arkansas Teacher Retirement System shall be recorded in accounts established by the Board of Trustees of the Arkansas Teacher Retirement System, as necessary, to manage the system's fund assets. Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442; Acts 2011, No. 41, § 1.

The assets of the Arkansas Teacher Retirement System shall be recorded in accounts established by the Board of Trustees of the Arkansas Teacher Retirement System, as necessary, to manage the system's fund assets.

Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442; Acts 2011, No. 41, § 1.
Ark. Code Ann. § 24-4-508 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-508
Eligibility for benefits - Retirement generally
Status: in_force

(a) Any member may voluntarily retire upon his or her written application filed with the Board of Trustees of the Arkansas Public Employees' Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of the application, that he or she desires to be retired if that member has: (1) Twenty-eight (28) or more years of credited service regardless of age; (2) Attained or attains sixty (60) years of age and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or (3) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly. (b) (1) Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas system, which service is covered by the retirement system recognized by the University of Arkansas. (2) The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, "final average compensation" means the monthly average of pays to the member during his or her total years of service in the system. (c) (1) An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this section. (2) The determination shall include the member's total years of credited service, the specific factors used to make the determination, the base annuity payable to the member, and the amount of annuity payments, if any, payable under the annuity options of § 24-4-606 . (3) If the member is not eligible for a retirement annuity, the determination shall state the reasons for the determination. (d) A member's retirement election is irrevocable except under circumstances as may be permitted by the board by rule. Amended by Act 2019, No. 315,§ 2856, eff. 7/24/2019. Acts 1957, No. 177, § 10; 1959, No. 42, § 10; 1965, No. 153, § 7; 1969, No. 228, § 1; 1985, No. 938, § 2; A.S.A. 1947, § 12-2510; Acts 1993, No. 1093, § 2; 1997, No. 299, § 15; 1999, No. 104, § 2; 1999, No. 627, § 1; 2001, No. 151, § 23; 2007, No. 176, § 5; 2011, No. 38, § 7.

(a) Any member may voluntarily retire upon his or her written application filed with the Board of Trustees of the Arkansas Public Employees' Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of the application, that he or she desires to be retired if that member has: (1) Twenty-eight (28) or more years of credited service regardless of age; (2) Attained or attains sixty (60) years of age and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or (3) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly.

(1) Twenty-eight (28) or more years of credited service regardless of age;

(2) Attained or attains sixty (60) years of age and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or

(3) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly.

(b) (1) Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas system, which service is covered by the retirement system recognized by the University of Arkansas. (2) The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, "final average compensation" means the monthly average of pays to the member during his or her total years of service in the system.

(1) Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas system, which service is covered by the retirement system recognized by the University of Arkansas.

(2) The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, "final average compensation" means the monthly average of pays to the member during his or her total years of service in the system.

(c) (1) An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this section. (2) The determination shall include the member's total years of credited service, the specific factors used to make the determination, the base annuity payable to the member, and the amount of annuity payments, if any, payable under the annuity options of § 24-4-606 . (3) If the member is not eligible for a retirement annuity, the determination shall state the reasons for the determination.

(1) An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this section.

(2) The determination shall include the member's total years of credited service, the specific factors used to make the determination, the base annuity payable to the member, and the amount of annuity payments, if any, payable under the annuity options of § 24-4-606 .

(3) If the member is not eligible for a retirement annuity, the determination shall state the reasons for the determination.

(d) A member's retirement election is irrevocable except under circumstances as may be permitted by the board by rule.

Amended by Act 2019, No. 315,§ 2856, eff. 7/24/2019.

Acts 1957, No. 177, § 10; 1959, No. 42, § 10; 1965, No. 153, § 7; 1969, No. 228, § 1; 1985, No. 938, § 2; A.S.A. 1947, § 12-2510; Acts 1993, No. 1093, § 2; 1997, No. 299, § 15; 1999, No. 104, § 2; 1999, No. 627, § 1; 2001, No. 151, § 23; 2007, No. 176, § 5; 2011, No. 38, § 7.
Ark. Code Ann. § 24-10-203 — AR Code / Title 24 / Chapter 10 / Subchapter 2 / Section 24-10-203
Proceedings
Status: in_force

(a) (1) (A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System. (B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board. (2) Three (3) trustees, of whom at least one (1) shall be a member trustee and at least one (1) shall be an employer trustee, shall constitute a quorum at any meeting of the board. (3) Unless otherwise expressly provided in this section, a meeting need not be called or held to make any decision on a matter before the board. Each member must be sent, by the Executive Director of the Arkansas Local Police and Fire Retirement System, a copy of the matter to be decided with full information from the files of the board. The concurring decisions of three (3) trustees may decide the issue by signing a document declaring their decision and sending the written instrument to the executive director, but only if no other trustee shall send a dissenting decision to the executive director within fifteen (15) days after the document and information were mailed to him or her. If any trustee is not in agreement with the three (3) trustees, the matter is to be passed on at a regular board meeting or a special meeting called for that purpose. (4) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board. (b) (1) The board shall serve as trustees without compensation for their services as such. (2) However, each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq. (c) Subject to the limitations of this chapter, the board shall formulate and adopt rules for the government of its own proceedings and for the administration of the system. (d) The board shall elect one (1) of its members as chair and one (1) of its members as vice chair. Amended by Act 2019, No. 315,§ 2894, eff. 7/24/2019. Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807; Acts 1995, No. 514, § 3; 1997, No. 250, § 233.

(a) (1) (A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System. (B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board. (2) Three (3) trustees, of whom at least one (1) shall be a member trustee and at least one (1) shall be an employer trustee, shall constitute a quorum at any meeting of the board. (3) Unless otherwise expressly provided in this section, a meeting need not be called or held to make any decision on a matter before the board. Each member must be sent, by the Executive Director of the Arkansas Local Police and Fire Retirement System, a copy of the matter to be decided with full information from the files of the board. The concurring decisions of three (3) trustees may decide the issue by signing a document declaring their decision and sending the written instrument to the executive director, but only if no other trustee shall send a dissenting decision to the executive director within fifteen (15) days after the document and information were mailed to him or her. If any trustee is not in agreement with the three (3) trustees, the matter is to be passed on at a regular board meeting or a special meeting called for that purpose. (4) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board.

(1) (A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System. (B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board.

(A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System.

(B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board.

(2) Three (3) trustees, of whom at least one (1) shall be a member trustee and at least one (1) shall be an employer trustee, shall constitute a quorum at any meeting of the board.

(3) Unless otherwise expressly provided in this section, a meeting need not be called or held to make any decision on a matter before the board. Each member must be sent, by the Executive Director of the Arkansas Local Police and Fire Retirement System, a copy of the matter to be decided with full information from the files of the board. The concurring decisions of three (3) trustees may decide the issue by signing a document declaring their decision and sending the written instrument to the executive director, but only if no other trustee shall send a dissenting decision to the executive director within fifteen (15) days after the document and information were mailed to him or her. If any trustee is not in agreement with the three (3) trustees, the matter is to be passed on at a regular board meeting or a special meeting called for that purpose.

(4) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board.

(b) (1) The board shall serve as trustees without compensation for their services as such. (2) However, each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.

(1) The board shall serve as trustees without compensation for their services as such.

(2) However, each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.

(c) Subject to the limitations of this chapter, the board shall formulate and adopt rules for the government of its own proceedings and for the administration of the system.

(d) The board shall elect one (1) of its members as chair and one (1) of its members as vice chair.

Amended by Act 2019, No. 315,§ 2894, eff. 7/24/2019.

Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807; Acts 1995, No. 514, § 3; 1997, No. 250, § 233.
Ark. Code Ann. § 24-6-228 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-228
Payment of benefits - Survivors and beneficiaries
Status: in_force

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-217 or payable to an eligible survivor under § 24-6-218 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits. (b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-216 is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits. Added by Act 2023, No. 240,§ 1, eff. 8/1/2023.

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-217 or payable to an eligible survivor under § 24-6-218 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.

(b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-216 is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits.

Added by Act 2023, No. 240,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-6-307 — AR Code / Title 24 / Chapter 6 / Subchapter 3 / Section 24-6-307
Death of participant
Status: in_force

If the participant dies during the period of participation in the Arkansas State Police Officers Deferred Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivor. Acts 1995, No. 967, § 1.

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

Acts 1995, No. 967, § 1.
Ark. Code Ann. § 24-7-505 — AR Code / Title 24 / Chapter 7 / Subchapter 5 / Section 24-7-505
Buyout plan for inactive members - Definition
Status: in_force

(a) As used in this section, "buyout plan" means a voluntary program established by the Board of Trustees of the Arkansas Teacher Retirement System to make a one-time lump-sum payment to a member, surviving spouse, or alternate payee in exchange for a member's, surviving spouse's, or alternate payee's cancellation of membership and retirement benefit rights in the Arkansas Teacher Retirement System. (b) (1) The board may adopt rules as necessary to implement this section. (2) A buyout plan established by the board: (A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board; (B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and (C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who: (i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and (ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system. (3) A buyout plan established by the board may be extended, modified, or expanded by board resolution. (c) A member is eligible to participate in a buyout plan if the member is: (1) Eligible for deferred retirement under § 24-7-707 ; and (2) Inactive for a minimum of one (1) year following the last fiscal year that the member rendered actual service to a covered employer and received at least one-fourth (¼) year of service credit. (d) The board may offer a buyout plan to surviving spouses or alternate payees who: (1) Are eligible for a future retirement benefit from the system; and (2) Have not received a retirement benefit from the system. (e) A member who participates in a buyout plan shall receive a one-time lump-sum payment from the system that cancels interest in any retirement benefit and all future rights in the system effective upon tender of payment by the system. (f) A buyout plan may be used to cancel both a member's contributory and noncontributory credited service in the system. (g) A member who receives a buyout of his or her credited service under this section may repurchase his or her previously credited service as contributory service after becoming an active member of the system as if the service had been private school service. Amended by Act 2017, No. 647,§ 1, eff. 3/24/2017. Added by Act 2013, No. 606,§ 1, eff. 8/16/2013.

(a) As used in this section, "buyout plan" means a voluntary program established by the Board of Trustees of the Arkansas Teacher Retirement System to make a one-time lump-sum payment to a member, surviving spouse, or alternate payee in exchange for a member's, surviving spouse's, or alternate payee's cancellation of membership and retirement benefit rights in the Arkansas Teacher Retirement System.

(b) (1) The board may adopt rules as necessary to implement this section. (2) A buyout plan established by the board: (A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board; (B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and (C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who: (i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and (ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system. (3) A buyout plan established by the board may be extended, modified, or expanded by board resolution.

(1) The board may adopt rules as necessary to implement this section.

(2) A buyout plan established by the board: (A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board; (B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and (C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who: (i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and (ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system.

(A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board;

(B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and

(C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who: (i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and (ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system.

(i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and

(ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system.

(3) A buyout plan established by the board may be extended, modified, or expanded by board resolution.

(c) A member is eligible to participate in a buyout plan if the member is: (1) Eligible for deferred retirement under § 24-7-707 ; and (2) Inactive for a minimum of one (1) year following the last fiscal year that the member rendered actual service to a covered employer and received at least one-fourth (¼) year of service credit.

(1) Eligible for deferred retirement under § 24-7-707 ; and

(2) Inactive for a minimum of one (1) year following the last fiscal year that the member rendered actual service to a covered employer and received at least one-fourth (¼) year of service credit.

(d) The board may offer a buyout plan to surviving spouses or alternate payees who: (1) Are eligible for a future retirement benefit from the system; and (2) Have not received a retirement benefit from the system.

(1) Are eligible for a future retirement benefit from the system; and

(2) Have not received a retirement benefit from the system.

(e) A member who participates in a buyout plan shall receive a one-time lump-sum payment from the system that cancels interest in any retirement benefit and all future rights in the system effective upon tender of payment by the system.

(f) A buyout plan may be used to cancel both a member's contributory and noncontributory credited service in the system.

(g) A member who receives a buyout of his or her credited service under this section may repurchase his or her previously credited service as contributory service after becoming an active member of the system as if the service had been private school service.

Amended by Act 2017, No. 647,§ 1, eff. 3/24/2017.

Added by Act 2013, No. 606,§ 1, eff. 8/16/2013.
Ark. Code Ann. § 24-5-123 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-123
Credit for military service
Status: in_force

(a) Any person who is a member of the Arkansas State Highway Employees' Retirement System shall be entitled to purchase creditable service in the system for a period not to exceed three (3) years for active service rendered by the member in the United States Armed Forces, after the member's first employment in a position covered by a state-supported retirement system, excluding active service for the purpose of attending schools or other peacetime training of the member in the military reserve or national guard, if the person: (1) Has ten (10) years of creditable service with this retirement system; (2) Received an honorable discharge from the armed forces; (3) Is not receiving federal military service retirement pay, excluding federal military disability retirement pay; (4) Is not qualified to claim the military service in the system under § 24-2-502 or § 24-5-101 et seq.; and (5) (A) Except as provided in subdivision (a)(5)(B) of this section, contributes to the members' deposit account a sum of money equal to an amount based on an actuarial equivalent as prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (B) Subdivision (a)(5)(A) of this section does not apply if this section conflicts with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4301 et seq., as in effect on February 1, 2011, as it provides for employees who leave employment for active military service. (b) (1) Interest shall be paid at the rate of six percent (6%) per year from December 31, 1987, or six (6) months after the end of the month in which the member first has ten (10) years of creditable service, whichever is later. (2) In no event may payments be extended beyond three (3) years from the date of application. (3) It is further required that all payments must be completed before this military service time can be used to compute annuity benefits at time of retirement. (c) (1) This section shall be supplemental to any other laws relating to the members of the system. Nothing in this section shall be construed to repeal or modify any existing provisions of this system's laws providing for creditable service in the system for military service, nor to diminish the right of any member of this system to obtain creditable service in the system for military service under existing laws. (2) (A) In no event shall any member of this system be entitled to receive in excess of five (5) years of creditable service for military service rendered by the member. (B) No member shall be eligible for creditable service in more than one (1) state-supported retirement system. Acts 1987, No. 455, §§ 1, 2; 2011, No. 564, § 5.

(a) Any person who is a member of the Arkansas State Highway Employees' Retirement System shall be entitled to purchase creditable service in the system for a period not to exceed three (3) years for active service rendered by the member in the United States Armed Forces, after the member's first employment in a position covered by a state-supported retirement system, excluding active service for the purpose of attending schools or other peacetime training of the member in the military reserve or national guard, if the person: (1) Has ten (10) years of creditable service with this retirement system; (2) Received an honorable discharge from the armed forces; (3) Is not receiving federal military service retirement pay, excluding federal military disability retirement pay; (4) Is not qualified to claim the military service in the system under § 24-2-502 or § 24-5-101 et seq.; and (5) (A) Except as provided in subdivision (a)(5)(B) of this section, contributes to the members' deposit account a sum of money equal to an amount based on an actuarial equivalent as prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (B) Subdivision (a)(5)(A) of this section does not apply if this section conflicts with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4301 et seq., as in effect on February 1, 2011, as it provides for employees who leave employment for active military service.

(1) Has ten (10) years of creditable service with this retirement system;

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

(3) Is not receiving federal military service retirement pay, excluding federal military disability retirement pay;

(4) Is not qualified to claim the military service in the system under § 24-2-502 or § 24-5-101 et seq.; and

(5) (A) Except as provided in subdivision (a)(5)(B) of this section, contributes to the members' deposit account a sum of money equal to an amount based on an actuarial equivalent as prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (B) Subdivision (a)(5)(A) of this section does not apply if this section conflicts with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4301 et seq., as in effect on February 1, 2011, as it provides for employees who leave employment for active military service.

(A) Except as provided in subdivision (a)(5)(B) of this section, contributes to the members' deposit account a sum of money equal to an amount based on an actuarial equivalent as prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System.

(B) Subdivision (a)(5)(A) of this section does not apply if this section conflicts with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4301 et seq., as in effect on February 1, 2011, as it provides for employees who leave employment for active military service.

(b) (1) Interest shall be paid at the rate of six percent (6%) per year from December 31, 1987, or six (6) months after the end of the month in which the member first has ten (10) years of creditable service, whichever is later. (2) In no event may payments be extended beyond three (3) years from the date of application. (3) It is further required that all payments must be completed before this military service time can be used to compute annuity benefits at time of retirement.

(1) Interest shall be paid at the rate of six percent (6%) per year from December 31, 1987, or six (6) months after the end of the month in which the member first has ten (10) years of creditable service, whichever is later.

(2) In no event may payments be extended beyond three (3) years from the date of application.

(3) It is further required that all payments must be completed before this military service time can be used to compute annuity benefits at time of retirement.

(c) (1) This section shall be supplemental to any other laws relating to the members of the system. Nothing in this section shall be construed to repeal or modify any existing provisions of this system's laws providing for creditable service in the system for military service, nor to diminish the right of any member of this system to obtain creditable service in the system for military service under existing laws. (2) (A) In no event shall any member of this system be entitled to receive in excess of five (5) years of creditable service for military service rendered by the member. (B) No member shall be eligible for creditable service in more than one (1) state-supported retirement system.

(1) This section shall be supplemental to any other laws relating to the members of the system. Nothing in this section shall be construed to repeal or modify any existing provisions of this system's laws providing for creditable service in the system for military service, nor to diminish the right of any member of this system to obtain creditable service in the system for military service under existing laws.

(2) (A) In no event shall any member of this system be entitled to receive in excess of five (5) years of creditable service for military service rendered by the member. (B) No member shall be eligible for creditable service in more than one (1) state-supported retirement system.

(A) In no event shall any member of this system be entitled to receive in excess of five (5) years of creditable service for military service rendered by the member.

(B) No member shall be eligible for creditable service in more than one (1) state-supported retirement system.

Acts 1987, No. 455, §§ 1, 2; 2011, No. 564, § 5.
Ark. Code Ann. § 24-10-104 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-104
Correction of errors
Status: in_force

(a) Should any change or error in records result in any person receiving from the Arkansas Local Police and Fire Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall correct the error and, as far as is practicable, shall adjust the payment of the benefit in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (b) The board may file an action in a court of competent jurisdiction to recover an overpayment a person has received from the funds of the system. Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808; Acts 2009, No. 258, § 1.

(a) Should any change or error in records result in any person receiving from the Arkansas Local Police and Fire Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall correct the error and, as far as is practicable, shall adjust the payment of the benefit in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid.

(b) The board may file an action in a court of competent jurisdiction to recover an overpayment a person has received from the funds of the system.

Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808; Acts 2009, No. 258, § 1.
Ark. Code Ann. § 24-8-224 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-224
Benefits when serving past mandatory retirement age
Status: in_force

(a) Notwithstanding § 24-8-215 regarding mandatory retirement under the Arkansas Judicial Retirement System for any judge or justice upon reaching seventy (70) years of age or any other law to the contrary, any judge or justice covered under the system who served continuously for at least sixteen (16) years, who is at least eighty (80) years of age, who is not serving on April 19, 1995, and who is ineligible for retirement due to having served beyond the mandatory retirement age shall be entitled to receive retirement benefits under the system. (b) Retirement benefits under this section shall be retroactive to January 1, 1995, or, for judges or justices retiring after 1995, to January 1 of the year of retirement. Acts 1995, No. 1355, § 1.

(a) Notwithstanding § 24-8-215 regarding mandatory retirement under the Arkansas Judicial Retirement System for any judge or justice upon reaching seventy (70) years of age or any other law to the contrary, any judge or justice covered under the system who served continuously for at least sixteen (16) years, who is at least eighty (80) years of age, who is not serving on April 19, 1995, and who is ineligible for retirement due to having served beyond the mandatory retirement age shall be entitled to receive retirement benefits under the system.

(b) Retirement benefits under this section shall be retroactive to January 1, 1995, or, for judges or justices retiring after 1995, to January 1 of the year of retirement.

Acts 1995, No. 1355, § 1.
Ark. Code Ann. § 24-12-115 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-115
Benefits - Temporary total disability retirement - Voluntary retirement
Status: in_force

(a) The board of trustees of the pension and relief fund for paid nonuniformed employees, by a majority vote of the members and with the approval of the physician on the board, shall have the power to retire from service any employee who has become temporarily totally disabled while in the performance of his or her duties when it has been certified to the board in writing by the physician on the board that the employee to be retired because of temporary total disability will be incapacitated, either mentally or physically, from the performance of his or her duties as an employee for a period of three (3) months or more. (b) It shall be mandatory on the board to retire an employee who has performed faithful service as an employee for a period of twenty (20) years at the employee's option or election, to be exercised by making written application therefor, or to retire an employee who has attained the age of sixty (60) and has served as an employee for at least ten (10) years at the employee's option or election, to be exercised by making written application therefor. (c) (1) In cases arising under subsections (a) and (b) of this section, the board shall place an employee so retired upon the pension roll at one-half (½) pay. (2) The minimum monthly pension paid to a retired employee shall not be less than fifty dollars ($50.00) per month regardless of whether the employee's monthly salary shall equal this minimum sum or not. (d) (1) No employee shall be retired because of disability from natural causes unless he or she has served as an employee for a period of five (5) years. (2) No employee shall be retired because of a disability of any nature except upon examination and approval of the physician on the board of trustees. (e) (1) If any employee is retired because of any temporary total disability, it shall be his or her duty to have an examination made of himself or herself by the physician on the board at least one (1) time every thirty (30) days, and if he or she shall have recovered from the disability, it shall be the duty of the board to stop payment of the pension and to place the employee back in service. (2) The time of his or her retirement shall be considered as continuous service in his or her position. (3) An employee receiving the examination shall pay to the physician a fee of five dollars ($5.00) for the examination so made. Acts 1949, No. 147, §§ 9, 10; A.S.A. 1947, §§ 19-930, 19-931.

(a) The board of trustees of the pension and relief fund for paid nonuniformed employees, by a majority vote of the members and with the approval of the physician on the board, shall have the power to retire from service any employee who has become temporarily totally disabled while in the performance of his or her duties when it has been certified to the board in writing by the physician on the board that the employee to be retired because of temporary total disability will be incapacitated, either mentally or physically, from the performance of his or her duties as an employee for a period of three (3) months or more.

(b) It shall be mandatory on the board to retire an employee who has performed faithful service as an employee for a period of twenty (20) years at the employee's option or election, to be exercised by making written application therefor, or to retire an employee who has attained the age of sixty (60) and has served as an employee for at least ten (10) years at the employee's option or election, to be exercised by making written application therefor.

(c) (1) In cases arising under subsections (a) and (b) of this section, the board shall place an employee so retired upon the pension roll at one-half (½) pay. (2) The minimum monthly pension paid to a retired employee shall not be less than fifty dollars ($50.00) per month regardless of whether the employee's monthly salary shall equal this minimum sum or not.

(1) In cases arising under subsections (a) and (b) of this section, the board shall place an employee so retired upon the pension roll at one-half (½) pay.

(2) The minimum monthly pension paid to a retired employee shall not be less than fifty dollars ($50.00) per month regardless of whether the employee's monthly salary shall equal this minimum sum or not.

(d) (1) No employee shall be retired because of disability from natural causes unless he or she has served as an employee for a period of five (5) years. (2) No employee shall be retired because of a disability of any nature except upon examination and approval of the physician on the board of trustees.

(1) No employee shall be retired because of disability from natural causes unless he or she has served as an employee for a period of five (5) years.

(2) No employee shall be retired because of a disability of any nature except upon examination and approval of the physician on the board of trustees.

(e) (1) If any employee is retired because of any temporary total disability, it shall be his or her duty to have an examination made of himself or herself by the physician on the board at least one (1) time every thirty (30) days, and if he or she shall have recovered from the disability, it shall be the duty of the board to stop payment of the pension and to place the employee back in service. (2) The time of his or her retirement shall be considered as continuous service in his or her position. (3) An employee receiving the examination shall pay to the physician a fee of five dollars ($5.00) for the examination so made.

(1) If any employee is retired because of any temporary total disability, it shall be his or her duty to have an examination made of himself or herself by the physician on the board at least one (1) time every thirty (30) days, and if he or she shall have recovered from the disability, it shall be the duty of the board to stop payment of the pension and to place the employee back in service.

(2) The time of his or her retirement shall be considered as continuous service in his or her position.

(3) An employee receiving the examination shall pay to the physician a fee of five dollars ($5.00) for the examination so made.

Acts 1949, No. 147, §§ 9, 10; A.S.A. 1947, §§ 19-930, 19-931.
Ark. Code Ann. § 24-2-803 — AR Code / Title 24 / Chapter 2 / Subchapter 8 / Section 24-2-803
Standard of care - Sole interest and prudent person
Status: in_force

A fiduciary shall discharge his or her duties with respect to a pension benefit plan: (1) Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of: (A) Providing pecuniary benefits to participants and their beneficiaries; and (B) Defraying reasonable expenses of administering the plan; (2) With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims; (3) By diversifying the investments of the pension benefit plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and (4) In accordance with the documents and instruments governing the pension benefit plan insofar as the documents and instruments are consistent with the provisions of this subchapter. Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.

A fiduciary shall discharge his or her duties with respect to a pension benefit plan:

(1) Solely in the pecuniary interest of the participants and beneficiaries and for the exclusive purpose of: (A) Providing pecuniary benefits to participants and their beneficiaries; and (B) Defraying reasonable expenses of administering the plan;

(A) Providing pecuniary benefits to participants and their beneficiaries; and

(B) Defraying reasonable expenses of administering the plan;

(2) With the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims;

(3) By diversifying the investments of the pension benefit plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and

(4) In accordance with the documents and instruments governing the pension benefit plan insofar as the documents and instruments are consistent with the provisions of this subchapter.

Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-4-520 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-520
Termination required for retirement - Definitions
Status: in_force

(a) Except as provided in subsection (c) of this section, a member of the Arkansas Public Employees' Retirement System shall terminate covered employment to be eligible for retirement. (b) (1) A member shall not be terminated from employment for retirement purposes if the person: (A) (i) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement. (ii) (a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or (b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or (B) Is a member with service credit under § 24-4-521 at a rate of two (2) or more years of credited service for each year of actual service and the person returns to employment in a position covered under the system within one (1) year of the person's effective date of retirement. (2) A member participating in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan on January 1, 2009, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement. (3) A member who has retired and commenced receiving benefits in any month between January 2009 and June 2009, inclusive, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement. (c) (1) An elected public official may retire and begin receiving retirement benefits if the elected public official is a member: (A) Whose current service in public office in one (1) form of government is covered by § 24-4-521(b)(5) ; and (B) Who is elected to public office in a different form of government and will begin serving in that public office immediately after the expiration of his or her term of public office described in subdivision (c)(1)(A) of this section. (2) The member shall notify the retirement system of his or her impending service in another form of government at least thirty (30) days prior to the first day of the month in which that service will begin. A completed retirement application shall be submitted at that time. (3) As used in this subsection, "form of government" means city government, county government, or state government. (d) Persons failing to meet termination requirements shall forfeit their benefits until requirements are met. (e) (1) As used in this section, "terminate" means: (A) The member's employment has ended; (B) A complete severance of the employer-employee relationship has occurred; and (C) The member has ceased performing any services for the employer, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself. (2) If the member is an elected public official, "terminate" as used in this section means: (A) The member has resigned, been removed, or otherwise no longer holds the elected position; (B) A complete severance from the elected position has occurred; and (C) The member has ceased performing any services in his or her elected position, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself. (3) As used in this section, "terminate" does not mean: (A) Taking a leave of absence; (B) Performing job duties or services without remuneration; or (C) Receiving or accruing additional employment-related compensation, reimbursements, benefits, or other emoluments. Amended by Act 2023, No. 527,§ 1, eff. 8/1/2023. Amended by Act 2021, No. 20,§ 1, eff. 2/2/2021. Acts 1999, No. 1460, § 1; 2001, No. 154, § 1; 2005, No. 652, § 1; 2009, No. 657, § 1; 2011, No. 40, § 1; 2011, No. 774, § 1.

(a) Except as provided in subsection (c) of this section, a member of the Arkansas Public Employees' Retirement System shall terminate covered employment to be eligible for retirement.

(b) (1) A member shall not be terminated from employment for retirement purposes if the person: (A) (i) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement. (ii) (a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or (b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or (B) Is a member with service credit under § 24-4-521 at a rate of two (2) or more years of credited service for each year of actual service and the person returns to employment in a position covered under the system within one (1) year of the person's effective date of retirement. (2) A member participating in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan on January 1, 2009, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement. (3) A member who has retired and commenced receiving benefits in any month between January 2009 and June 2009, inclusive, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement.

(1) A member shall not be terminated from employment for retirement purposes if the person: (A) (i) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement. (ii) (a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or (b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or (B) Is a member with service credit under § 24-4-521 at a rate of two (2) or more years of credited service for each year of actual service and the person returns to employment in a position covered under the system within one (1) year of the person's effective date of retirement.

(A) (i) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement. (ii) (a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or (b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or

(i) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement.

(ii) (a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or (b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or

(a) Subdivision (b)(1)(A)(i) of this section does not apply to a member of the system who returns to temporary employment with the House of Representatives, the Senate, the Bureau of Legislative Research, Arkansas Legislative Audit, or the Arkansas Code Revision Commission during a regular session, fiscal session, or special session in a session-only position requiring specialized institutional knowledge and experience; or

(b) An essential seasonal staff member as defined under § 24-4-804(c)(2)(B) ; or

(B) Is a member with service credit under § 24-4-521 at a rate of two (2) or more years of credited service for each year of actual service and the person returns to employment in a position covered under the system within one (1) year of the person's effective date of retirement.

(2) A member participating in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan on January 1, 2009, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement.

(3) A member who has retired and commenced receiving benefits in any month between January 2009 and June 2009, inclusive, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement.

(c) (1) An elected public official may retire and begin receiving retirement benefits if the elected public official is a member: (A) Whose current service in public office in one (1) form of government is covered by § 24-4-521(b)(5) ; and (B) Who is elected to public office in a different form of government and will begin serving in that public office immediately after the expiration of his or her term of public office described in subdivision (c)(1)(A) of this section. (2) The member shall notify the retirement system of his or her impending service in another form of government at least thirty (30) days prior to the first day of the month in which that service will begin. A completed retirement application shall be submitted at that time. (3) As used in this subsection, "form of government" means city government, county government, or state government.

(1) An elected public official may retire and begin receiving retirement benefits if the elected public official is a member: (A) Whose current service in public office in one (1) form of government is covered by § 24-4-521(b)(5) ; and (B) Who is elected to public office in a different form of government and will begin serving in that public office immediately after the expiration of his or her term of public office described in subdivision (c)(1)(A) of this section.

(A) Whose current service in public office in one (1) form of government is covered by § 24-4-521(b)(5) ; and

(B) Who is elected to public office in a different form of government and will begin serving in that public office immediately after the expiration of his or her term of public office described in subdivision (c)(1)(A) of this section.

(2) The member shall notify the retirement system of his or her impending service in another form of government at least thirty (30) days prior to the first day of the month in which that service will begin. A completed retirement application shall be submitted at that time.

(3) As used in this subsection, "form of government" means city government, county government, or state government.

(d) Persons failing to meet termination requirements shall forfeit their benefits until requirements are met.

(e) (1) As used in this section, "terminate" means: (A) The member's employment has ended; (B) A complete severance of the employer-employee relationship has occurred; and (C) The member has ceased performing any services for the employer, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself. (2) If the member is an elected public official, "terminate" as used in this section means: (A) The member has resigned, been removed, or otherwise no longer holds the elected position; (B) A complete severance from the elected position has occurred; and (C) The member has ceased performing any services in his or her elected position, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself. (3) As used in this section, "terminate" does not mean: (A) Taking a leave of absence; (B) Performing job duties or services without remuneration; or (C) Receiving or accruing additional employment-related compensation, reimbursements, benefits, or other emoluments.

(1) As used in this section, "terminate" means: (A) The member's employment has ended; (B) A complete severance of the employer-employee relationship has occurred; and (C) The member has ceased performing any services for the employer, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself.

(A) The member's employment has ended;

(B) A complete severance of the employer-employee relationship has occurred; and

(C) The member has ceased performing any services for the employer, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself.

(2) If the member is an elected public official, "terminate" as used in this section means: (A) The member has resigned, been removed, or otherwise no longer holds the elected position; (B) A complete severance from the elected position has occurred; and (C) The member has ceased performing any services in his or her elected position, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself.

(A) The member has resigned, been removed, or otherwise no longer holds the elected position;

(B) A complete severance from the elected position has occurred; and

(C) The member has ceased performing any services in his or her elected position, except for noncompensated functions related to the transfer of the duties or the transfer of the position itself.

(3) As used in this section, "terminate" does not mean: (A) Taking a leave of absence; (B) Performing job duties or services without remuneration; or (C) Receiving or accruing additional employment-related compensation, reimbursements, benefits, or other emoluments.

(A) Taking a leave of absence;

(B) Performing job duties or services without remuneration; or

(C) Receiving or accruing additional employment-related compensation, reimbursements, benefits, or other emoluments.

Amended by Act 2023, No. 527,§ 1, eff. 8/1/2023.

Amended by Act 2021, No. 20,§ 1, eff. 2/2/2021.

Acts 1999, No. 1460, § 1; 2001, No. 154, § 1; 2005, No. 652, § 1; 2009, No. 657, § 1; 2011, No. 40, § 1; 2011, No. 774, § 1.
Ark. Code Ann. § 24-11-208 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-208
Administration of underfunded plans
Status: in_force

(a) The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , may run out of funds before all of the promised benefits have been paid to their members, retirants, and beneficiaries. (b) (1) Annually, in conjunction with the actuarial valuations required by § 24-11-205 , the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date. (2) A plan so identified shall be declared a projected insolvent fund. (c) The Arkansas Fire and Police Pension Review Board shall notify the board of trustees of each projected insolvent fund of its funded status and the options that are available to the fund to protect the benefits of its members, retirants, and beneficiaries. Amended by Act 2013, No. 41,§ 5, eff. 2/6/2013. Acts 1995, No. 1266, § 2.

(a) The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , may run out of funds before all of the promised benefits have been paid to their members, retirants, and beneficiaries.

(b) (1) Annually, in conjunction with the actuarial valuations required by § 24-11-205 , the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date. (2) A plan so identified shall be declared a projected insolvent fund.

(1) Annually, in conjunction with the actuarial valuations required by § 24-11-205 , the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date.

(2) A plan so identified shall be declared a projected insolvent fund.

(c) The Arkansas Fire and Police Pension Review Board shall notify the board of trustees of each projected insolvent fund of its funded status and the options that are available to the fund to protect the benefits of its members, retirants, and beneficiaries.

Amended by Act 2013, No. 41,§ 5, eff. 2/6/2013.

Acts 1995, No. 1266, § 2.
Ark. Code Ann. § 24-11-408 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-408
Treasurer as custodian of fund
Status: in_force

(a) The treasurer shall be the custodian of the pension fund and shall keep his or her books and accounts concerning the funds in such manner as may be prescribed by the board. (b) The books and accounts shall be subject to the inspection of any member of the board. (c) (1) Within ten (10) days after his or her selection, the treasurer shall execute a bond to the board of trustees with good and sufficient securities, in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office and that, on the expiration or retirement of his or her term of 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 in the name of any person or persons injured by the breach. Acts 1937, No. 250, § 17; Pope's Dig., § 9872; A.S.A. 1947, § 19-1817.

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

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

(c) (1) Within ten (10) days after his or her selection, the treasurer shall execute a bond to the board of trustees with good and sufficient securities, in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office and that, on the expiration or retirement of his or her term of 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 in the name of any person or persons injured by the breach.

(1) Within ten (10) days after his or her selection, the treasurer shall execute a bond to the board of trustees with good and sufficient securities, in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office and that, on the expiration or retirement of his or her term of 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 in the name of any person or persons injured by the breach.

Acts 1937, No. 250, § 17; Pope's Dig., § 9872; A.S.A. 1947, § 19-1817.
Ark. Code Ann. § 24-2-605 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-605
Investment authority and limitations - Fidelity bonds
Status: in_force

(a) The boards of trustees of the respective retirement systems shall provide for a blanket fidelity bond of one million dollars ($1,000,000) covering the employees of the systems or such others as may be responsible for administering the funds. (b) The boards may pay the premiums for the bond from funds of the systems. Acts 2001, No. 151, § 8.

(a) The boards of trustees of the respective retirement systems shall provide for a blanket fidelity bond of one million dollars ($1,000,000) covering the employees of the systems or such others as may be responsible for administering the funds.

(b) The boards may pay the premiums for the bond from funds of the systems.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-7-909 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-909
Extension of group insurance coverage by dependents of deceased eligible employee
Status: in_force

Upon the death of an insured eligible employee of an institution of higher education or of an insured eligible employee who is a member of the alternate retirement plan for employees of the Career Education and Workforce Development Board or of a person retired and receiving benefits under the alternate retirement plan, the dependents of the deceased person shall have the same option to extend the group insurance coverage of the dependents under the state group insurance plan as is afforded dependents of other deceased insured employees and retirees. Amended by Act 2021, No. 427,§ 3, eff. 3/23/2021. Amended by Act 2019, No. 84,§ 6, eff. 7/24/2019. Acts 1985 (1st Ex. Sess.), No. 12, § 2; 1985 (1st Ex. Sess.), No. 35, § 2; A.S.A. 1947, § 12-3113.1.

Upon the death of an insured eligible employee of an institution of higher education or of an insured eligible employee who is a member of the alternate retirement plan for employees of the Career Education and Workforce Development Board or of a person retired and receiving benefits under the alternate retirement plan, the dependents of the deceased person shall have the same option to extend the group insurance coverage of the dependents under the state group insurance plan as is afforded dependents of other deceased insured employees and retirees.

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

Amended by Act 2019, No. 84,§ 6, eff. 7/24/2019.

Acts 1985 (1st Ex. Sess.), No. 12, § 2; 1985 (1st Ex. Sess.), No. 35, § 2; A.S.A. 1947, § 12-3113.1.
Ark. Code Ann. § 24-7-604 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-604
Overseas service - Definition
Status: in_force

(a) As used in this section, "overseas service" means service in an American-type overseas school sponsored and approved by either the United States Department of State or the United States Department of Defense, or service rendered in the Peace Corps or AmeriCorps VISTA, Volunteers in Service to America. (b) A member of the Arkansas Teacher Retirement System may receive membership service credit for service in an overseas school subject to the following conditions: (1) To be eligible for overseas service credit, a member must have a minimum of five (5) years of membership service in a position covered by the system; (2) (A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security. (B) The maximum overseas service credited to any member shall be ten (10) years; (3) (A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601 . (B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601 ; (4) (A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits. (B) The employer's cost-of-service credit may be paid either by the employer or by the member. (c) At the member's request, a member's payment under this section shall be refundable if the: (1) Member ceases to be an active member before the overseas service is established as credited service in the system; or (2) Overseas service is not otherwise used to establish the member's eligibility for retirement under the system. Amended by Act 2023, No. 55,§ 4, eff. 7/1/2023. Acts 1973, No. 427, § 5; 1979, No. 681, § 1; 1981, No. 365, §§ 1, 2; 1983, No. 619, §§ 4, 5; 1983, No. 665, §§ 4, 5; 1985, No. 805, § 4; A.S.A. 1947, § 80-1440; Acts 1987, No. 4, § 2; 1989, No. 670, § 1; 1991, No. 43, § 6; 1997, No. 142, § 5; 1997, No. 1053, § 3; 1999, No. 866, § 4; 2011, No. 69, § 17; 2011, No. 974, § 5.

(a) As used in this section, "overseas service" means service in an American-type overseas school sponsored and approved by either the United States Department of State or the United States Department of Defense, or service rendered in the Peace Corps or AmeriCorps VISTA, Volunteers in Service to America.

(b) A member of the Arkansas Teacher Retirement System may receive membership service credit for service in an overseas school subject to the following conditions: (1) To be eligible for overseas service credit, a member must have a minimum of five (5) years of membership service in a position covered by the system; (2) (A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security. (B) The maximum overseas service credited to any member shall be ten (10) years; (3) (A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601 . (B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601 ; (4) (A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits. (B) The employer's cost-of-service credit may be paid either by the employer or by the member.

(1) To be eligible for overseas service credit, a member must have a minimum of five (5) years of membership service in a position covered by the system;

(2) (A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security. (B) The maximum overseas service credited to any member shall be ten (10) years;

(A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security.

(B) The maximum overseas service credited to any member shall be ten (10) years;

(3) (A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601 . (B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601 ;

(A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601 .

(B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601 ;

(4) (A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits. (B) The employer's cost-of-service credit may be paid either by the employer or by the member.

(A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits.

(B) The employer's cost-of-service credit may be paid either by the employer or by the member.

(c) At the member's request, a member's payment under this section shall be refundable if the: (1) Member ceases to be an active member before the overseas service is established as credited service in the system; or (2) Overseas service is not otherwise used to establish the member's eligibility for retirement under the system.

(1) Member ceases to be an active member before the overseas service is established as credited service in the system; or

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

Amended by Act 2023, No. 55,§ 4, eff. 7/1/2023.

Acts 1973, No. 427, § 5; 1979, No. 681, § 1; 1981, No. 365, §§ 1, 2; 1983, No. 619, §§ 4, 5; 1983, No. 665, §§ 4, 5; 1985, No. 805, § 4; A.S.A. 1947, § 80-1440; Acts 1987, No. 4, § 2; 1989, No. 670, § 1; 1991, No. 43, § 6; 1997, No. 142, § 5; 1997, No. 1053, § 3; 1999, No. 866, § 4; 2011, No. 69, § 17; 2011, No. 974, § 5.
Ark. Code Ann. § 24-4-712 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-712
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 8, eff. 3/13/2019. Acts 1973, No. 447, §§ 1-3; 1975, No. 286, § 1; A.S.A. 1947, §§ 12-319 -- 12-321; Acts 2001, No. 151, § 39.

Repealed by Act 2019, No. 448,§ 8, eff. 3/13/2019.

Acts 1973, No. 447, §§ 1-3; 1975, No. 286, § 1; A.S.A. 1947, §§ 12-319 -- 12-321; Acts 2001, No. 151, § 39.