Ark. Code Ann. § 24-5-116 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-116
Benefits - Death of member or retirant
Status: in_force

(a) (1) In the case of death of a member prior to retirement, the member's accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the estate of the person having the deferred benefits if a beneficiary has not been designated or is deceased. (2) (A) (i) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the member's estate if there is no designated beneficiary, is eligible to receive the member's accumulated contributions and life insurance proceeds. (ii) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the estate if there is no designated beneficiary, is not eligible to receive any additional benefits described in this section other than the benefits set forth in subdivision (a)(2)(A)(i) of this section. (B) (i) A member may change his or her designated beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (ii) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance in the manner prescribed by the board. (3) Unless otherwise elected in accordance with subdivision (a)(4) of this section, the surviving spouse of a member with five (5) or more years of creditable service who was married to the member at least one (1) year immediately preceding the member's death may elect an annuity that is computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (A) An Option A annuity provided for in § 24-5-118(1) ; (B) An Option B annuity provided for in § 24-5-118(2) with payments to begin when the deceased member would have reached age and service requirements for eligibility to retire; or (C) (i) A one-time lump-sum payment of all the member's accumulated contributions. (ii) A person reimbursed under subdivision (a)(3)(C)(i) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary. (4) (A) A member with five (5) or more years of creditable service may designate a beneficiary other than the member's current spouse. (B) A member's non-spousal beneficiary may elect an annuity computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (i) An Option A annuity provided for in § 24-5-118(1) ; or (ii) (a) A one-time lump-sum payment of all the member's accumulated contributions. (b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary. (b) (1) If a retired member with a straight life annuity dies before he or she has been paid benefits equivalent to his or her contributions to the Arkansas State Highway Employees' Retirement System, the difference between the benefits received and his or her contributions while an active member of the system, together with any other balance to his or her credit in the system, shall be paid to his or her designated beneficiary. (2) In the event there is no designated beneficiary, refund of the unpaid balance shall be paid to his or her estate. (3) (A) Payment of the refund shall be made in full or in installments, as determined by the board. (B) The benefits may be paid directly to a curator or guardian, to an administrator or to an executor authorized to receive such payments, wherever such representative may be, without the appointment of a representative in this state. (4) For retired members who elected one (1) of the annuity options in § 24-5-118 , the available death benefits are as described in that section. (c) (1) The system shall provide life insurance in the amount of fifteen thousand dollars ($15,000) for the benefit of each of its actively employed members. (2) The insurance shall remain in force during the life of each member until his or her retirement and shall be paid for by the system. (3) The system may offer a similar or lesser amount of life insurance coverage on the lives of the member's spouse and his or her dependents with the member bearing the costs of any additional coverage. (d) The effective date of the benefits provided for in this section shall in no event be prior to the first day following the member's death. Amended by Act 2023, No. 105,§ 2, eff. 7/1/2023. Acts 1949, No. 454, § 12; 1979, No. 821, § 3; A.S.A. 1947, § 76-1912; Acts 1997, No. 1089, § 1.

(a) (1) In the case of death of a member prior to retirement, the member's accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the estate of the person having the deferred benefits if a beneficiary has not been designated or is deceased. (2) (A) (i) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the member's estate if there is no designated beneficiary, is eligible to receive the member's accumulated contributions and life insurance proceeds. (ii) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the estate if there is no designated beneficiary, is not eligible to receive any additional benefits described in this section other than the benefits set forth in subdivision (a)(2)(A)(i) of this section. (B) (i) A member may change his or her designated beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (ii) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance in the manner prescribed by the board. (3) Unless otherwise elected in accordance with subdivision (a)(4) of this section, the surviving spouse of a member with five (5) or more years of creditable service who was married to the member at least one (1) year immediately preceding the member's death may elect an annuity that is computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (A) An Option A annuity provided for in § 24-5-118(1) ; (B) An Option B annuity provided for in § 24-5-118(2) with payments to begin when the deceased member would have reached age and service requirements for eligibility to retire; or (C) (i) A one-time lump-sum payment of all the member's accumulated contributions. (ii) A person reimbursed under subdivision (a)(3)(C)(i) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary. (4) (A) A member with five (5) or more years of creditable service may designate a beneficiary other than the member's current spouse. (B) A member's non-spousal beneficiary may elect an annuity computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (i) An Option A annuity provided for in § 24-5-118(1) ; or (ii) (a) A one-time lump-sum payment of all the member's accumulated contributions. (b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(1) In the case of death of a member prior to retirement, the member's accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the estate of the person having the deferred benefits if a beneficiary has not been designated or is deceased.

(2) (A) (i) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the member's estate if there is no designated beneficiary, is eligible to receive the member's accumulated contributions and life insurance proceeds. (ii) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the estate if there is no designated beneficiary, is not eligible to receive any additional benefits described in this section other than the benefits set forth in subdivision (a)(2)(A)(i) of this section. (B) (i) A member may change his or her designated beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (ii) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance in the manner prescribed by the board.

(A) (i) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the member's estate if there is no designated beneficiary, is eligible to receive the member's accumulated contributions and life insurance proceeds. (ii) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the estate if there is no designated beneficiary, is not eligible to receive any additional benefits described in this section other than the benefits set forth in subdivision (a)(2)(A)(i) of this section.

(i) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the member's estate if there is no designated beneficiary, is eligible to receive the member's accumulated contributions and life insurance proceeds.

(ii) The designated beneficiary of a member who has not completed five (5) years of creditable service at the time of the member's death, or the estate if there is no designated beneficiary, is not eligible to receive any additional benefits described in this section other than the benefits set forth in subdivision (a)(2)(A)(i) of this section.

(B) (i) A member may change his or her designated beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System. (ii) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance in the manner prescribed by the board.

(i) A member may change his or her designated beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System.

(ii) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance in the manner prescribed by the board.

(3) Unless otherwise elected in accordance with subdivision (a)(4) of this section, the surviving spouse of a member with five (5) or more years of creditable service who was married to the member at least one (1) year immediately preceding the member's death may elect an annuity that is computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (A) An Option A annuity provided for in § 24-5-118(1) ; (B) An Option B annuity provided for in § 24-5-118(2) with payments to begin when the deceased member would have reached age and service requirements for eligibility to retire; or (C) (i) A one-time lump-sum payment of all the member's accumulated contributions. (ii) A person reimbursed under subdivision (a)(3)(C)(i) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(A) An Option A annuity provided for in § 24-5-118(1) ;

(B) An Option B annuity provided for in § 24-5-118(2) with payments to begin when the deceased member would have reached age and service requirements for eligibility to retire; or

(C) (i) A one-time lump-sum payment of all the member's accumulated contributions. (ii) A person reimbursed under subdivision (a)(3)(C)(i) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(i) A one-time lump-sum payment of all the member's accumulated contributions.

(ii) A person reimbursed under subdivision (a)(3)(C)(i) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(4) (A) A member with five (5) or more years of creditable service may designate a beneficiary other than the member's current spouse. (B) A member's non-spousal beneficiary may elect an annuity computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (i) An Option A annuity provided for in § 24-5-118(1) ; or (ii) (a) A one-time lump-sum payment of all the member's accumulated contributions. (b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(A) A member with five (5) or more years of creditable service may designate a beneficiary other than the member's current spouse.

(B) A member's non-spousal beneficiary may elect an annuity computed in the same manner in all respects as if the member had retired on the date of his or her death with entitlement to an annuity provided for in § 24-5-115 and the member elected: (i) An Option A annuity provided for in § 24-5-118(1) ; or (ii) (a) A one-time lump-sum payment of all the member's accumulated contributions. (b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(i) An Option A annuity provided for in § 24-5-118(1) ; or

(ii) (a) A one-time lump-sum payment of all the member's accumulated contributions. (b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(a) A one-time lump-sum payment of all the member's accumulated contributions.

(b) A person reimbursed under subdivision (a)(4)(B)(ii) (a) of this section shall have no legal claim to any contributions made by the state with a view to the retirement of the member or member's beneficiary.

(b) (1) If a retired member with a straight life annuity dies before he or she has been paid benefits equivalent to his or her contributions to the Arkansas State Highway Employees' Retirement System, the difference between the benefits received and his or her contributions while an active member of the system, together with any other balance to his or her credit in the system, shall be paid to his or her designated beneficiary. (2) In the event there is no designated beneficiary, refund of the unpaid balance shall be paid to his or her estate. (3) (A) Payment of the refund shall be made in full or in installments, as determined by the board. (B) The benefits may be paid directly to a curator or guardian, to an administrator or to an executor authorized to receive such payments, wherever such representative may be, without the appointment of a representative in this state. (4) For retired members who elected one (1) of the annuity options in § 24-5-118 , the available death benefits are as described in that section.

(1) If a retired member with a straight life annuity dies before he or she has been paid benefits equivalent to his or her contributions to the Arkansas State Highway Employees' Retirement System, the difference between the benefits received and his or her contributions while an active member of the system, together with any other balance to his or her credit in the system, shall be paid to his or her designated beneficiary.

(2) In the event there is no designated beneficiary, refund of the unpaid balance shall be paid to his or her estate.

(3) (A) Payment of the refund shall be made in full or in installments, as determined by the board. (B) The benefits may be paid directly to a curator or guardian, to an administrator or to an executor authorized to receive such payments, wherever such representative may be, without the appointment of a representative in this state.

(A) Payment of the refund shall be made in full or in installments, as determined by the board.

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

(4) For retired members who elected one (1) of the annuity options in § 24-5-118 , the available death benefits are as described in that section.

(c) (1) The system shall provide life insurance in the amount of fifteen thousand dollars ($15,000) for the benefit of each of its actively employed members. (2) The insurance shall remain in force during the life of each member until his or her retirement and shall be paid for by the system. (3) The system may offer a similar or lesser amount of life insurance coverage on the lives of the member's spouse and his or her dependents with the member bearing the costs of any additional coverage.

(1) The system shall provide life insurance in the amount of fifteen thousand dollars ($15,000) for the benefit of each of its actively employed members.

(2) The insurance shall remain in force during the life of each member until his or her retirement and shall be paid for by the system.

(3) The system may offer a similar or lesser amount of life insurance coverage on the lives of the member's spouse and his or her dependents with the member bearing the costs of any additional coverage.

(d) The effective date of the benefits provided for in this section shall in no event be prior to the first day following the member's death.

Amended by Act 2023, No. 105,§ 2, eff. 7/1/2023.

Acts 1949, No. 454, § 12; 1979, No. 821, § 3; A.S.A. 1947, § 76-1912; Acts 1997, No. 1089, § 1.
Ark. Code Ann. § 24-2-804 — AR Code / Title 24 / Chapter 2 / Subchapter 8 / Section 24-2-804
Consideration of nonpecuniary factors prohibited
Status: in_force

(a) A fiduciary's evaluation of an investment, or evaluation or exercise of any right appurtenant to an investment, shall take into account only pecuniary factors. (b) A fiduciary shall not promote a nonpecuniary benefit or any other nonpecuniary goals. (c) (1) An environmental, social, corporate governance, or other similarly oriented consideration is a pecuniary factor only if it presents an economic risk or opportunity that a qualified investment professional would treat as a material economic consideration under generally accepted investment theories. (2) The weight given to any factor listed in subdivision (c)(1) of this section should reflect solely a prudent assessment of its impact on financial risk and financial return. (3) A fiduciary considering an environmental, social, corporate governance, or other similarly oriented factor as a pecuniary factor is also required to examine the level of diversification, degree of liquidity, and the potential financial risk and financial return in comparison with other available alternative investments that would play a similar role in the pension benefit plan portfolio. (4) Any pecuniary consideration of an environmental, social, or governance factor must include an evaluation of whether a greater return can be achieved through investments that rank poorly on that factor. Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.

(a) A fiduciary's evaluation of an investment, or evaluation or exercise of any right appurtenant to an investment, shall take into account only pecuniary factors.

(b) A fiduciary shall not promote a nonpecuniary benefit or any other nonpecuniary goals.

(c) (1) An environmental, social, corporate governance, or other similarly oriented consideration is a pecuniary factor only if it presents an economic risk or opportunity that a qualified investment professional would treat as a material economic consideration under generally accepted investment theories. (2) The weight given to any factor listed in subdivision (c)(1) of this section should reflect solely a prudent assessment of its impact on financial risk and financial return. (3) A fiduciary considering an environmental, social, corporate governance, or other similarly oriented factor as a pecuniary factor is also required to examine the level of diversification, degree of liquidity, and the potential financial risk and financial return in comparison with other available alternative investments that would play a similar role in the pension benefit plan portfolio. (4) Any pecuniary consideration of an environmental, social, or governance factor must include an evaluation of whether a greater return can be achieved through investments that rank poorly on that factor.

(1) An environmental, social, corporate governance, or other similarly oriented consideration is a pecuniary factor only if it presents an economic risk or opportunity that a qualified investment professional would treat as a material economic consideration under generally accepted investment theories.

(2) The weight given to any factor listed in subdivision (c)(1) of this section should reflect solely a prudent assessment of its impact on financial risk and financial return.

(3) A fiduciary considering an environmental, social, corporate governance, or other similarly oriented factor as a pecuniary factor is also required to examine the level of diversification, degree of liquidity, and the potential financial risk and financial return in comparison with other available alternative investments that would play a similar role in the pension benefit plan portfolio.

(4) Any pecuniary consideration of an environmental, social, or governance factor must include an evaluation of whether a greater return can be achieved through investments that rank poorly on that factor.

Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-10-409 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-409
Proration of state revenues between political subdivision and its relief fund
Status: in_force

(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-816 , 24-11-818 - 24-11-820 , 26-57-601 - 26-57-605 , and 26-57-607 or any other state funds designated for support of fire and police retirement programs in political subdivisions. (b) (1) (A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System. (B) However, the amount allocated: (i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8) ; and (ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7) . (2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section. (c) If there is a mixture of employees acquiring paid service and employees acquiring volunteer service, one (1) paid service employee shall be equal to five (5) volunteer service employees for prorating purposes. (d) Each political subdivision without a relief fund in effect July 1, 1981, which subsequently covers its fire or police department under the system shall also receive insurance revenues. (e) (1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political subdivisions shall be applied to the employer contribution required to support this system. (2) If there is any money remaining after the subsidy account balance has been exhausted, as calculated by the actuary for the Arkansas Fire and Police Pension Review Board, the governing body of the political subdivision may transfer any or all of the excess moneys to the governing body's policemen's pension and relief fund or firemen's relief and pension fund, or both, with the prior written approval of the board. Acts 1981, No. 364, § 6; 1985, No. 755, § 1; A.S.A. 1947, § 12-3806; Acts 1989, No. 459, § 1; 1989, No. 587, § 1; 2003, No. 1797, § 4; 2005, No. 248, § 1; 2011, No. 556, § 1.

(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-816 , 24-11-818 - 24-11-820 , 26-57-601 - 26-57-605 , and 26-57-607 or any other state funds designated for support of fire and police retirement programs in political subdivisions.

(b) (1) (A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System. (B) However, the amount allocated: (i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8) ; and (ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7) . (2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section.

(1) (A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System. (B) However, the amount allocated: (i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8) ; and (ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7) .

(A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System.

(B) However, the amount allocated: (i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8) ; and (ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7) .

(i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8) ; and

(ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7) .

(2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section.

(c) If there is a mixture of employees acquiring paid service and employees acquiring volunteer service, one (1) paid service employee shall be equal to five (5) volunteer service employees for prorating purposes.

(d) Each political subdivision without a relief fund in effect July 1, 1981, which subsequently covers its fire or police department under the system shall also receive insurance revenues.

(e) (1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political subdivisions shall be applied to the employer contribution required to support this system. (2) If there is any money remaining after the subsidy account balance has been exhausted, as calculated by the actuary for the Arkansas Fire and Police Pension Review Board, the governing body of the political subdivision may transfer any or all of the excess moneys to the governing body's policemen's pension and relief fund or firemen's relief and pension fund, or both, with the prior written approval of the board.

(1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political subdivisions shall be applied to the employer contribution required to support this system.

(2) If there is any money remaining after the subsidy account balance has been exhausted, as calculated by the actuary for the Arkansas Fire and Police Pension Review Board, the governing body of the political subdivision may transfer any or all of the excess moneys to the governing body's policemen's pension and relief fund or firemen's relief and pension fund, or both, with the prior written approval of the board.

Acts 1981, No. 364, § 6; 1985, No. 755, § 1; A.S.A. 1947, § 12-3806; Acts 1989, No. 459, § 1; 1989, No. 587, § 1; 2003, No. 1797, § 4; 2005, No. 248, § 1; 2011, No. 556, § 1.
Ark. Code Ann. § 24-5-119 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-119
Redetermination of benefits
Status: in_force

(a) Beginning with the July 1 which is at least twelve (12) full months after the effective date of each benefit, the amount of each benefit shall be redetermined, and the redetermined amount shall be payable for the ensuing year. (b) (1) The redetermined amount shall be the amount of the benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (2) However, the redetermined amount of the benefit to be paid shall not be less than the redetermined amount of the benefit paid in the preceding year. Amended by Act 2017, No. 610,§ 1, eff. 7/1/2017. Acts 1975, No. 599, § 4; 1979, No. 821, § 2; 1983, No. 479, § 2; 1985, No. 611, § 2; A.S.A. 1947, §§ 76-1912.4, 76-1912.6; Acts 1987, No. 809, § 4; 1995, No. 407, §§ 1, 4; 1999, No. 335, § 1.

(a) Beginning with the July 1 which is at least twelve (12) full months after the effective date of each benefit, the amount of each benefit shall be redetermined, and the redetermined amount shall be payable for the ensuing year.

(b) (1) The redetermined amount shall be the amount of the benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (2) However, the redetermined amount of the benefit to be paid shall not be less than the redetermined amount of the benefit paid in the preceding year.

(1) The redetermined amount shall be the amount of the benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated.

(2) However, the redetermined amount of the benefit to be paid shall not be less than the redetermined amount of the benefit paid in the preceding year.

Amended by Act 2017, No. 610,§ 1, eff. 7/1/2017.

Acts 1975, No. 599, § 4; 1979, No. 821, § 2; 1983, No. 479, § 2; 1985, No. 611, § 2; A.S.A. 1947, §§ 76-1912.4, 76-1912.6; Acts 1987, No. 809, § 4; 1995, No. 407, §§ 1, 4; 1999, No. 335, § 1.
Ark. Code Ann. § 24-6-104 — AR Code / Title 24 / Chapter 6 / Subchapter 1 / Section 24-6-104
Credit for service in National Guard and armed forces reserve - Definition
Status: in_force

(a) As used in this section, "armed forces reserve" means one (1) of the reserve components of the United States Armed Forces. (b) (1) A member of the State Police Retirement System may purchase credited service in the system for a period not to exceed five (5) years for compensated service rendered by the member in the National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the State Police Retirement System; (B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and (C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary. (2) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions. (c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the National Guard or in the armed forces reserve. (d) The service in the National Guard or in the armed forces reserve shall not become credited service under this system until the member: (1) Pays for the year of service in the National Guard or in the armed forces reserve prior to retirement; and (2) Has established five (5) or more years of actual service in the system. (e) If a member ceases to be an active member before the service in the National Guard or in the armed forces reserve has been established as system-credited service, the member payments contributed under this section are refundable, together with regular interest. (f) (1) This section is supplemental to §§ 24-2-502 and 24-6-210 , and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by §§ 24-2-502 and 24-6-210 . (2) However, a member is not entitled to receive more than five (5) years of credited service rendered by the member under this section. (3) A member is not eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service in the National Guard or in the armed forces reserve. (4) Service credit in the system for active duty military service under §§ 24-2-502 and 24-6-210 and for service in the National Guard or in the armed forces reserve shall not be given for the same period of time. (5) A member's service in the National Guard or in the armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security. Acts 2011, No. 562, § 1.

(a) As used in this section, "armed forces reserve" means one (1) of the reserve components of the United States Armed Forces.

(b) (1) A member of the State Police Retirement System may purchase credited service in the system for a period not to exceed five (5) years for compensated service rendered by the member in the National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the State Police Retirement System; (B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and (C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary. (2) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions.

(1) A member of the State Police Retirement System may purchase credited service in the system for a period not to exceed five (5) years for compensated service rendered by the member in the National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the State Police Retirement System; (B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and (C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary.

(A) Makes an application to the Board of Trustees of the State Police Retirement System;

(B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and

(C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary.

(2) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions.

(c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the National Guard or in the armed forces reserve.

(d) The service in the National Guard or in the armed forces reserve shall not become credited service under this system until the member: (1) Pays for the year of service in the National Guard or in the armed forces reserve prior to retirement; and (2) Has established five (5) or more years of actual service in the system.

(1) Pays for the year of service in the National Guard or in the armed forces reserve prior to retirement; and

(2) Has established five (5) or more years of actual service in the system.

(e) If a member ceases to be an active member before the service in the National Guard or in the armed forces reserve has been established as system-credited service, the member payments contributed under this section are refundable, together with regular interest.

(f) (1) This section is supplemental to §§ 24-2-502 and 24-6-210 , and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by §§ 24-2-502 and 24-6-210 . (2) However, a member is not entitled to receive more than five (5) years of credited service rendered by the member under this section. (3) A member is not eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service in the National Guard or in the armed forces reserve. (4) Service credit in the system for active duty military service under §§ 24-2-502 and 24-6-210 and for service in the National Guard or in the armed forces reserve shall not be given for the same period of time. (5) A member's service in the National Guard or in the armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.

(1) This section is supplemental to §§ 24-2-502 and 24-6-210 , and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by §§ 24-2-502 and 24-6-210 .

(2) However, a member is not entitled to receive more than five (5) years of credited service rendered by the member under this section.

(3) A member is not eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service in the National Guard or in the armed forces reserve.

(4) Service credit in the system for active duty military service under §§ 24-2-502 and 24-6-210 and for service in the National Guard or in the armed forces reserve shall not be given for the same period of time.

(5) A member's service in the National Guard or in the armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.

Acts 2011, No. 562, § 1.
Ark. Code Ann. § 24-8-213 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-213
Credited service - Transfer of fourteen years' service as prosecuting attorney
Status: in_force

Any person who shall have served not less than fourteen (14) years as an elected prosecuting attorney in this state and who holds credited service therefor in the Arkansas Public Employees' Retirement System, as established by § 24-4-103 , upon being elected as a circuit judge, chancery judge, or justice of the Supreme Court, is authorized to transfer his or her credited service in the Arkansas Public Employees' Retirement System to the Arkansas Judicial Retirement System by: (1) Notifying, in writing, the administrative body of each of the retirement plans of his or her intention to so transfer his or her tenure; (2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer to the Arkansas Judicial Retirement System any sums of money paid for his or her retirement to the Arkansas Public Employees' Retirement System by the elected prosecuting attorney; and (3) (A) Paying into the Arkansas Judicial Retirement System an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money transferred from the Arkansas Public Employees' Retirement System as authorized in this section. (B) Upon transferring the credited service from the Arkansas Public Employees' Retirement System, the person shall be given credited service in the Arkansas Judicial Retirement System for an equal number of years of credited service for which he or she has qualified under the Arkansas Public Employees' Retirement System as an elected prosecuting attorney. Acts 1971, No. 358, § 1; A.S.A. 1947, § 22-904.1.

Any person who shall have served not less than fourteen (14) years as an elected prosecuting attorney in this state and who holds credited service therefor in the Arkansas Public Employees' Retirement System, as established by § 24-4-103 , upon being elected as a circuit judge, chancery judge, or justice of the Supreme Court, is authorized to transfer his or her credited service in the Arkansas Public Employees' Retirement System to the Arkansas Judicial Retirement System by:

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

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

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

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

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

Acts 1971, No. 358, § 1; A.S.A. 1947, § 22-904.1.
Ark. Code Ann. § 24-10-302 — AR Code / Title 24 / Chapter 10 / Subchapter 3 / Section 24-10-302
Coverage by employer
Status: in_force

(a) Each political subdivision without a relief fund in effect on the operative date may elect, by a majority vote of its governing body, to become an employer and cover its employees under the Arkansas Local Police and Fire Retirement System, as follows: (1) (A) The clerk or secretary of the political subdivision shall certify, in a manner and form acceptable to the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the determination of the political subdivision to the board within ten (10) days from and after the vote of the governing body. (B) The effective date of the political subdivision's coverage shall be the first day of the calendar month next following receipt by the board of the determination; (2) An employer may cover its employees who are police officers or its employees who are firefighters, or both groups. (b) Each political subdivision with a relief fund in effect on the operative date shall become an employer on the operative date and cover its employees under the system, as follows: (1) An employer with a relief fund covering police officers shall cover its future police officers; and (2) An employer with a relief fund covering firefighters shall cover its future firefighters. (c) After the effective date, a political subdivision shall not commence coverage of its employees who are police officers or firefighters under another plan similar in purpose to this system, except Social Security. (d) (1) In the event an employer has in effect for all or part of its employees a plan similar in purpose to this system, then by agreement with the board, after the board has received the advice of its technical advisors concerning the agreement, that employer may provide for coverage under this system of either part or all of the employee's employment previously covered or coverable by the other plan, but only if the coverage and resulting benefits under this chapter do not duplicate any benefits previously provided by the other plan. (2) In providing for such coverage, an employer and the board shall pursue uniform policies and shall not discriminate in favor of or against any employee or group of employees. (3) Should an employer cover, under the system, its employees who are covered by a relief fund benefit program, the system coverage means the administration of the relief fund and shall not change the relief fund benefit program. (e) In the event an employee has service that is covered by, or is eligible to be covered by, or has resulted in benefit payments from, another retirement system which is supported by state funds or is authorized by the laws of the state, the coverage and benefits of the other retirement system shall not be forfeited or terminated because of other and separate service which is eligible for the system coverage, but only if the coverage under the other plan and the resulting benefits thereunder do not duplicate any benefits or service credit coverage provided by the system. Acts 1981, No. 364, § 3; 1983, No. 655, § 1; 1985, No. 490, § 1; A.S.A. 1947, § 12-3803.

(a) Each political subdivision without a relief fund in effect on the operative date may elect, by a majority vote of its governing body, to become an employer and cover its employees under the Arkansas Local Police and Fire Retirement System, as follows: (1) (A) The clerk or secretary of the political subdivision shall certify, in a manner and form acceptable to the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the determination of the political subdivision to the board within ten (10) days from and after the vote of the governing body. (B) The effective date of the political subdivision's coverage shall be the first day of the calendar month next following receipt by the board of the determination; (2) An employer may cover its employees who are police officers or its employees who are firefighters, or both groups.

(1) (A) The clerk or secretary of the political subdivision shall certify, in a manner and form acceptable to the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the determination of the political subdivision to the board within ten (10) days from and after the vote of the governing body. (B) The effective date of the political subdivision's coverage shall be the first day of the calendar month next following receipt by the board of the determination;

(A) The clerk or secretary of the political subdivision shall certify, in a manner and form acceptable to the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the determination of the political subdivision to the board within ten (10) days from and after the vote of the governing body.

(B) The effective date of the political subdivision's coverage shall be the first day of the calendar month next following receipt by the board of the determination;

(2) An employer may cover its employees who are police officers or its employees who are firefighters, or both groups.

(b) Each political subdivision with a relief fund in effect on the operative date shall become an employer on the operative date and cover its employees under the system, as follows: (1) An employer with a relief fund covering police officers shall cover its future police officers; and (2) An employer with a relief fund covering firefighters shall cover its future firefighters.

(1) An employer with a relief fund covering police officers shall cover its future police officers; and

(2) An employer with a relief fund covering firefighters shall cover its future firefighters.

(c) After the effective date, a political subdivision shall not commence coverage of its employees who are police officers or firefighters under another plan similar in purpose to this system, except Social Security.

(d) (1) In the event an employer has in effect for all or part of its employees a plan similar in purpose to this system, then by agreement with the board, after the board has received the advice of its technical advisors concerning the agreement, that employer may provide for coverage under this system of either part or all of the employee's employment previously covered or coverable by the other plan, but only if the coverage and resulting benefits under this chapter do not duplicate any benefits previously provided by the other plan. (2) In providing for such coverage, an employer and the board shall pursue uniform policies and shall not discriminate in favor of or against any employee or group of employees. (3) Should an employer cover, under the system, its employees who are covered by a relief fund benefit program, the system coverage means the administration of the relief fund and shall not change the relief fund benefit program.

(1) In the event an employer has in effect for all or part of its employees a plan similar in purpose to this system, then by agreement with the board, after the board has received the advice of its technical advisors concerning the agreement, that employer may provide for coverage under this system of either part or all of the employee's employment previously covered or coverable by the other plan, but only if the coverage and resulting benefits under this chapter do not duplicate any benefits previously provided by the other plan.

(2) In providing for such coverage, an employer and the board shall pursue uniform policies and shall not discriminate in favor of or against any employee or group of employees.

(3) Should an employer cover, under the system, its employees who are covered by a relief fund benefit program, the system coverage means the administration of the relief fund and shall not change the relief fund benefit program.

(e) In the event an employee has service that is covered by, or is eligible to be covered by, or has resulted in benefit payments from, another retirement system which is supported by state funds or is authorized by the laws of the state, the coverage and benefits of the other retirement system shall not be forfeited or terminated because of other and separate service which is eligible for the system coverage, but only if the coverage under the other plan and the resulting benefits thereunder do not duplicate any benefits or service credit coverage provided by the system.

Acts 1981, No. 364, § 3; 1983, No. 655, § 1; 1985, No. 490, § 1; A.S.A. 1947, § 12-3803.
Ark. Code Ann. § 24-2-604 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-604
Investment authority and limitations - Conflict of interest
Status: in_force

Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board of any state retirement system shall have any interest, directly or indirectly, in the gains or profits of any investment made by the respective board. Nor shall any retirement system trustee, officer, or employee, directly or indirectly for himself or herself or as an agent, in any manner use the assets of the systems except to make such current and necessary payments as are authorized by the respective boards, nor shall any of them become an endorser or surety or, in any manner, an obligor for moneys loaned by or borrowed from any of the respective systems. Acts 2001, No. 151, § 8.

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

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-4-707 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-707
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 6, eff. 3/13/2019. Acts 1961, No. 193, § 1; A.S.A. 1947, § 12-2510.1; Acts 2001, No. 151, § 37.

Repealed by Act 2019, No. 448,§ 6, eff. 3/13/2019.

Acts 1961, No. 193, § 1; A.S.A. 1947, § 12-2510.1; Acts 2001, No. 151, § 37.
Ark. Code Ann. § 24-4-205 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-205
State as trustee
Status: in_force

The promulgation of this chapter shall constitute an offer by the state to serve as trustee for the funds collected under the provisions of this chapter, as well as a guarantee that the disbursement thereof shall be in accordance with the provisions of this chapter and that none of the funds shall be used for any purpose except the purposes provided for in this act. Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 13.

The promulgation of this chapter shall constitute an offer by the state to serve as trustee for the funds collected under the provisions of this chapter, as well as a guarantee that the disbursement thereof shall be in accordance with the provisions of this chapter and that none of the funds shall be used for any purpose except the purposes provided for in this act.

Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 13.
Ark. Code Ann. § 24-10-709 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-709
Partial-annuity-and-lump-sum option
Status: in_force

(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provided in this subchapter, the member may elect, in a manner prescribed by the Arkansas Local Police and Fire Retirement System, at the time of retirement to participate in the partial-annuity-and-lump-sum option under this section. (b) (1) (A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. (B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits. (2) The member electing to participate in the partial-annuity-and-lump-sum option shall then have the member's annuity reduced by an amount that is an actuarially determined equivalent of the withdrawal amount. (c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall adopt rules under this section governing the application for the partial-annuity-and-lump-sum option and the determination of the actuarially equivalent amount of the withdrawal. Amended by Act 2013, No. 40,§ 17, eff. 2/6/2013. Acts 2003, No. 1734, § 1.

(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provided in this subchapter, the member may elect, in a manner prescribed by the Arkansas Local Police and Fire Retirement System, at the time of retirement to participate in the partial-annuity-and-lump-sum option under this section.

(b) (1) (A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. (B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits. (2) The member electing to participate in the partial-annuity-and-lump-sum option shall then have the member's annuity reduced by an amount that is an actuarially determined equivalent of the withdrawal amount.

(1) (A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. (B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits.

(A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit.

(B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits.

(2) The member electing to participate in the partial-annuity-and-lump-sum option shall then have the member's annuity reduced by an amount that is an actuarially determined equivalent of the withdrawal amount.

(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall adopt rules under this section governing the application for the partial-annuity-and-lump-sum option and the determination of the actuarially equivalent amount of the withdrawal.

Amended by Act 2013, No. 40,§ 17, eff. 2/6/2013.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-7-1502 — AR Code / Title 24 / Chapter 7 / Subchapter 15 / Section 24-7-1502
Benefit generally
Status: in_force

(a) (1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirees of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retiree's years of credited service that is grouped within descending decades as calculated by subtracting the total years of credited service from the date of retirement. (2) A break in credited service is not considered under this subchapter. (3) Teacher Deferred Retirement Option Plan participants shall have the total years of credited service subtracted from the date of entry into the plan. (b) (1) One-half (½) of the annual dollar increase per year of credited service shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees that are eligible to receive this increase. (2) One-half (½) of the annual dollar increase per year of credited service shall be calculated then prorated based on the amount of contributory service credit to total service on the retiree's: (A) Retirement date; or (B) Plan entry date. (3) The amounts under this subsection shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees. (c) The ad hoc benefit is payable to the retirees, survivors, and beneficiaries of retirees of the system beginning on a July 1 that is at least twelve (12) full months after the effective date of a monthly benefit. (d) The ad hoc benefit for a retiree, survivor, and beneficiary of a retiree shall not increase the retiree's current benefit by more than twenty-five percent (25%) of the annuity benefit payable as of the prior June 30. Amended by Act 2023, No. 107,§ 60, eff. 7/1/2023. Acts 2009, No. 1315, § 1.

(a) (1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirees of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retiree's years of credited service that is grouped within descending decades as calculated by subtracting the total years of credited service from the date of retirement. (2) A break in credited service is not considered under this subchapter. (3) Teacher Deferred Retirement Option Plan participants shall have the total years of credited service subtracted from the date of entry into the plan.

(1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirees of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retiree's years of credited service that is grouped within descending decades as calculated by subtracting the total years of credited service from the date of retirement.

(2) A break in credited service is not considered under this subchapter.

(3) Teacher Deferred Retirement Option Plan participants shall have the total years of credited service subtracted from the date of entry into the plan.

(b) (1) One-half (½) of the annual dollar increase per year of credited service shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees that are eligible to receive this increase. (2) One-half (½) of the annual dollar increase per year of credited service shall be calculated then prorated based on the amount of contributory service credit to total service on the retiree's: (A) Retirement date; or (B) Plan entry date. (3) The amounts under this subsection shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees.

(1) One-half (½) of the annual dollar increase per year of credited service shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees that are eligible to receive this increase.

(2) One-half (½) of the annual dollar increase per year of credited service shall be calculated then prorated based on the amount of contributory service credit to total service on the retiree's: (A) Retirement date; or (B) Plan entry date.

(A) Retirement date; or

(B) Plan entry date.

(3) The amounts under this subsection shall be calculated and provided to all retirees, survivors, and beneficiaries of retirees.

(c) The ad hoc benefit is payable to the retirees, survivors, and beneficiaries of retirees of the system beginning on a July 1 that is at least twelve (12) full months after the effective date of a monthly benefit.

(d) The ad hoc benefit for a retiree, survivor, and beneficiary of a retiree shall not increase the retiree's current benefit by more than twenty-five percent (25%) of the annuity benefit payable as of the prior June 30.

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

Acts 2009, No. 1315, § 1.
Ark. Code Ann. § 24-10-107 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-107
Direct deposit of insurance premium tax money in system
Status: in_force

(a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local Police and Fire Retirement System to be deposited directly to the system. (b) The rules and procedures shall be adopted by May 1, 2004. Acts 2003, No. 1737, § 1.

(a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local Police and Fire Retirement System to be deposited directly to the system.

(b) The rules and procedures shall be adopted by May 1, 2004.

Acts 2003, No. 1737, § 1.
Ark. Code Ann. § 24-10-501 — AR Code / Title 24 / Chapter 10 / Subchapter 5 / Section 24-10-501
Paid and volunteer service
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall fix and determine by rules the number of years and months of paid service to be credited to each member for his or her employment as an employee. (2) In no case shall one (1) month of paid service credit be credited for any one (1) calendar month after the operative date for which an employee's pay is less than the minimum amount specified in this chapter, nor shall more than one (1) year of service be credited to any member for all covered employment rendered by him or her in any one (1) calendar year, unless the service credit is volunteer service credited under the employer as provided for in subsection (b) of this section. (b) (1) Each employer shall regularly report to the board the calendar months of covered employment by each of its members that the employer wishes to be credited to the member as volunteer service. (2) The board shall credit the member with the volunteer service. (3) (A) Beginning January 1, 2010, the board may credit a member both with volunteer service and with paid service when the member earns the service credit simultaneously. (B) For purposes of subdivision (b)(3)(A) of this section: (i) A member is limited to earning volunteer service with only one (1) covered employer at a time; and (ii) A member shall not earn volunteer service if the member is entitled to paid service for the same work. (c) (1) Not later than ten (10) calendar days from and after the date an employer covers its employees and before the retirement of a member included in the employees so covered, the employer shall certify to the board the periods of employment of each of its members to be considered for credit as paid service and for credit as volunteer service. (2) Beginning January 1, 2008, employers shall be limited to recognizing a maximum of four (4) years of prior volunteer service credit. (3) No prior service shall be certified under this subsection by an employer for any member unless he or she was employed by the employer within the one-year period immediately preceding the date an employer covers its employees and unless he or she is continuously employed by the employer: (A) From and after that date for one (1) year; (B) Until his or her death; or (C) Until his or her total and permanent disability, whichever is earliest. (4) Beginning January 1, 2012, prior service credit or volunteer service credit shall not be certified under this subsection. (d) Anything contained herein to the contrary notwithstanding, not later than June 30, 1995, an employer with employees who were not accruing service credit because of the age-related limitation on credited service in subsections (a) and (b) of this section in existence prior to July 28, 1995, and who are or would accrue service credit without such limitations on credited service shall certify to the board the period or periods of previous employment of each such employee to be considered for credited service, and such previous employment shall be considered for credited service, provided the employee pays to the Arkansas Local Police and Fire Retirement System by December 31, 1995, the total member contributions he or she would have contributed to the system had such an age-related limitation not been in effect. (e) (1) A member who is hired on or after July 1, 2019, may be covered by only one (1) employer until he or she accrues ten (10) years of actual service credit in the system. (2) After a member accrues ten (10) years of actual service credit in the system, the member may only accrue a maximum of five (5) additional years of the service credit described under subdivision (a)(2) of this section. Amended by Act 2019, No. 178,§ 2, eff. 3/31/2019. Amended by Act 2019, No. 178,§ 1, eff. 3/31/2019. Acts 1981, No. 364, § 4; A.S.A. 1947, § 12-3804; Acts 1995, No. 642, § 2; 1999, No. 902, § 1; 2003, No. 479, § 1; 2003, No. 1367, § 1; 2007, No. 610, § 2; 2009, No. 1278, § 1; 2011, No. 979, § 2.

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall fix and determine by rules the number of years and months of paid service to be credited to each member for his or her employment as an employee. (2) In no case shall one (1) month of paid service credit be credited for any one (1) calendar month after the operative date for which an employee's pay is less than the minimum amount specified in this chapter, nor shall more than one (1) year of service be credited to any member for all covered employment rendered by him or her in any one (1) calendar year, unless the service credit is volunteer service credited under the employer as provided for in subsection (b) of this section.

(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall fix and determine by rules the number of years and months of paid service to be credited to each member for his or her employment as an employee.

(2) In no case shall one (1) month of paid service credit be credited for any one (1) calendar month after the operative date for which an employee's pay is less than the minimum amount specified in this chapter, nor shall more than one (1) year of service be credited to any member for all covered employment rendered by him or her in any one (1) calendar year, unless the service credit is volunteer service credited under the employer as provided for in subsection (b) of this section.

(b) (1) Each employer shall regularly report to the board the calendar months of covered employment by each of its members that the employer wishes to be credited to the member as volunteer service. (2) The board shall credit the member with the volunteer service. (3) (A) Beginning January 1, 2010, the board may credit a member both with volunteer service and with paid service when the member earns the service credit simultaneously. (B) For purposes of subdivision (b)(3)(A) of this section: (i) A member is limited to earning volunteer service with only one (1) covered employer at a time; and (ii) A member shall not earn volunteer service if the member is entitled to paid service for the same work.

(1) Each employer shall regularly report to the board the calendar months of covered employment by each of its members that the employer wishes to be credited to the member as volunteer service.

(2) The board shall credit the member with the volunteer service.

(3) (A) Beginning January 1, 2010, the board may credit a member both with volunteer service and with paid service when the member earns the service credit simultaneously. (B) For purposes of subdivision (b)(3)(A) of this section: (i) A member is limited to earning volunteer service with only one (1) covered employer at a time; and (ii) A member shall not earn volunteer service if the member is entitled to paid service for the same work.

(A) Beginning January 1, 2010, the board may credit a member both with volunteer service and with paid service when the member earns the service credit simultaneously.

(B) For purposes of subdivision (b)(3)(A) of this section: (i) A member is limited to earning volunteer service with only one (1) covered employer at a time; and (ii) A member shall not earn volunteer service if the member is entitled to paid service for the same work.

(i) A member is limited to earning volunteer service with only one (1) covered employer at a time; and

(ii) A member shall not earn volunteer service if the member is entitled to paid service for the same work.

(c) (1) Not later than ten (10) calendar days from and after the date an employer covers its employees and before the retirement of a member included in the employees so covered, the employer shall certify to the board the periods of employment of each of its members to be considered for credit as paid service and for credit as volunteer service. (2) Beginning January 1, 2008, employers shall be limited to recognizing a maximum of four (4) years of prior volunteer service credit. (3) No prior service shall be certified under this subsection by an employer for any member unless he or she was employed by the employer within the one-year period immediately preceding the date an employer covers its employees and unless he or she is continuously employed by the employer: (A) From and after that date for one (1) year; (B) Until his or her death; or (C) Until his or her total and permanent disability, whichever is earliest. (4) Beginning January 1, 2012, prior service credit or volunteer service credit shall not be certified under this subsection.

(1) Not later than ten (10) calendar days from and after the date an employer covers its employees and before the retirement of a member included in the employees so covered, the employer shall certify to the board the periods of employment of each of its members to be considered for credit as paid service and for credit as volunteer service.

(2) Beginning January 1, 2008, employers shall be limited to recognizing a maximum of four (4) years of prior volunteer service credit.

(3) No prior service shall be certified under this subsection by an employer for any member unless he or she was employed by the employer within the one-year period immediately preceding the date an employer covers its employees and unless he or she is continuously employed by the employer: (A) From and after that date for one (1) year; (B) Until his or her death; or (C) Until his or her total and permanent disability, whichever is earliest.

(A) From and after that date for one (1) year;

(B) Until his or her death; or

(C) Until his or her total and permanent disability, whichever is earliest.

(4) Beginning January 1, 2012, prior service credit or volunteer service credit shall not be certified under this subsection.

(d) Anything contained herein to the contrary notwithstanding, not later than June 30, 1995, an employer with employees who were not accruing service credit because of the age-related limitation on credited service in subsections (a) and (b) of this section in existence prior to July 28, 1995, and who are or would accrue service credit without such limitations on credited service shall certify to the board the period or periods of previous employment of each such employee to be considered for credited service, and such previous employment shall be considered for credited service, provided the employee pays to the Arkansas Local Police and Fire Retirement System by December 31, 1995, the total member contributions he or she would have contributed to the system had such an age-related limitation not been in effect.

(e) (1) A member who is hired on or after July 1, 2019, may be covered by only one (1) employer until he or she accrues ten (10) years of actual service credit in the system. (2) After a member accrues ten (10) years of actual service credit in the system, the member may only accrue a maximum of five (5) additional years of the service credit described under subdivision (a)(2) of this section.

(1) A member who is hired on or after July 1, 2019, may be covered by only one (1) employer until he or she accrues ten (10) years of actual service credit in the system.

(2) After a member accrues ten (10) years of actual service credit in the system, the member may only accrue a maximum of five (5) additional years of the service credit described under subdivision (a)(2) of this section.

Amended by Act 2019, No. 178,§ 2, eff. 3/31/2019.

Amended by Act 2019, No. 178,§ 1, eff. 3/31/2019.

Acts 1981, No. 364, § 4; A.S.A. 1947, § 12-3804; Acts 1995, No. 642, § 2; 1999, No. 902, § 1; 2003, No. 479, § 1; 2003, No. 1367, § 1; 2007, No. 610, § 2; 2009, No. 1278, § 1; 2011, No. 979, § 2.
Ark. Code Ann. § 24-4-729 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-729
Conservation district employees
Status: in_force

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by this chapter, all employees of conservation districts organized and operating under the provisions of this chapter. (b) (1) (A) The effective date of membership of the employees in the system shall be July 1, 1973. (B) The employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter. (2) Every such employee shall become a member of the system as a condition of continuing or obtaining employment with any conservation district. (c) Any employee included within the membership of the system pursuant to this section shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district organized and operating under this chapter, if the employee was so employed on July 1, 1957, and on July 1, 1973. (d) (1) (A) Any employee included within the membership of the system by this section who is an employee of a conservation district on July 1, 1973, may apply for and receive current service credit for service rendered as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district from July 1, 1957, to July 1, 1973. (B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, and five percent (5%) for the employee and seven percent (7%) for the employer from July 1, 1969, to July 1, 1973, that would have been paid had the employee been a member of the system during that time. (2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1974. (e) Each conservation district shall pay into the fund such sums of money as are necessary to match the contributions of its employees in the same form and manner as other public employers and shall be subject to all the provisions of this chapter, to the same extent as other public employers. Acts 1973, No. 666, §§ 7-11; A.S.A. 1947, §§ 12-2575 -- 12-2575.4; Acts 2001, No. 151, § 42.

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by this chapter, all employees of conservation districts organized and operating under the provisions of this chapter.

(b) (1) (A) The effective date of membership of the employees in the system shall be July 1, 1973. (B) The employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter. (2) Every such employee shall become a member of the system as a condition of continuing or obtaining employment with any conservation district.

(1) (A) The effective date of membership of the employees in the system shall be July 1, 1973. (B) The employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter.

(A) The effective date of membership of the employees in the system shall be July 1, 1973.

(B) The employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter.

(2) Every such employee shall become a member of the system as a condition of continuing or obtaining employment with any conservation district.

(c) Any employee included within the membership of the system pursuant to this section shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district organized and operating under this chapter, if the employee was so employed on July 1, 1957, and on July 1, 1973.

(d) (1) (A) Any employee included within the membership of the system by this section who is an employee of a conservation district on July 1, 1973, may apply for and receive current service credit for service rendered as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district from July 1, 1957, to July 1, 1973. (B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, and five percent (5%) for the employee and seven percent (7%) for the employer from July 1, 1969, to July 1, 1973, that would have been paid had the employee been a member of the system during that time. (2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1974.

(1) (A) Any employee included within the membership of the system by this section who is an employee of a conservation district on July 1, 1973, may apply for and receive current service credit for service rendered as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district from July 1, 1957, to July 1, 1973. (B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, and five percent (5%) for the employee and seven percent (7%) for the employer from July 1, 1969, to July 1, 1973, that would have been paid had the employee been a member of the system during that time.

(A) Any employee included within the membership of the system by this section who is an employee of a conservation district on July 1, 1973, may apply for and receive current service credit for service rendered as an employee of a public employer, as defined in § 24-4-101 , or as an employee of a conservation district from July 1, 1957, to July 1, 1973.

(B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, and five percent (5%) for the employee and seven percent (7%) for the employer from July 1, 1969, to July 1, 1973, that would have been paid had the employee been a member of the system during that time.

(2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1974.

(e) Each conservation district shall pay into the fund such sums of money as are necessary to match the contributions of its employees in the same form and manner as other public employers and shall be subject to all the provisions of this chapter, to the same extent as other public employers.

Acts 1973, No. 666, §§ 7-11; A.S.A. 1947, §§ 12-2575 -- 12-2575.4; Acts 2001, No. 151, § 42.
Ark. Code Ann. § 24-7-907 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-907
Participation in plan
Status: in_force

Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows: (1) All staff members shall participate in either the Arkansas Teacher Retirement System or an alternate retirement plan or may participate in both, but participation in both shall be limited to the circumstances described in subdivision (2) of this section; (2) Any staff member who has become fully vested in the retirement system may: (A) Continue as an active member of the retirement system; (B) Discontinue contributing to the retirement system, thus becoming an inactive member of the retirement system, and participate instead in an alternate retirement plan. Under those circumstances, the staff member would be both an inactive member of the retirement system and an active member of the alternate retirement plan; or (C) Participate in an alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled; (3) Any staff member who has participated in the retirement system for a period which is insufficient to allow for full vesting of that staff member's retirement system benefits may: (A) Continue as an active member of the retirement system; (B) Discontinue membership in the retirement system and transfer from the retirement system into his or her account with the alternate retirement plan, i.e., roll over all contributions which the staff member has previously made to the retirement system; or (C) Participate in the alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled; (4) (A) No staff member may participate in an alternate retirement plan without giving prior written notice of his or her election to participate in the alternate retirement plan. (B) The notice of election shall be in writing on a form established by the Department of Career Education and filed with both the Commissioner of the Division of Higher Education and the retirement system. (C) New staff members shall make the election within ninety (90) days after the date of their employment; (5) (A) Effective July 1, 2001, a staff member who elected to participate in an alternate retirement plan may elect to become a member of the retirement system. (B) Service credit forfeited while a member of an alternate retirement plan cannot be established in the retirement system. (C) The election to withdraw from the alternate retirement plan and become a member of the retirement system shall be made by December 31, 2001, and notice of the election shall be made in writing to the commissioner and the retirement system by December 31, 2001. Amended by Act 2023, No. 786,§ 53, eff. 4/12/2023. Amended by Act 2019, No. 910,§ 2378, eff. 7/1/2019. Amended by Act 2013, No. 140,§ 9, eff. 8/16/2013. Acts 1983, No. 480, § 4; 1985, No. 250, § 1; A.S.A. 1947, § 80-1469; Acts 1993, No. 979, § 1; 1995, No. 332, § 2; 1997, No. 944, § 2; 1999, No. 908, § 2; 2001, No. 1784, § 2.

Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows:

(1) All staff members shall participate in either the Arkansas Teacher Retirement System or an alternate retirement plan or may participate in both, but participation in both shall be limited to the circumstances described in subdivision (2) of this section;

(2) Any staff member who has become fully vested in the retirement system may: (A) Continue as an active member of the retirement system; (B) Discontinue contributing to the retirement system, thus becoming an inactive member of the retirement system, and participate instead in an alternate retirement plan. Under those circumstances, the staff member would be both an inactive member of the retirement system and an active member of the alternate retirement plan; or (C) Participate in an alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled;

(A) Continue as an active member of the retirement system;

(B) Discontinue contributing to the retirement system, thus becoming an inactive member of the retirement system, and participate instead in an alternate retirement plan. Under those circumstances, the staff member would be both an inactive member of the retirement system and an active member of the alternate retirement plan; or

(C) Participate in an alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled;

(3) Any staff member who has participated in the retirement system for a period which is insufficient to allow for full vesting of that staff member's retirement system benefits may: (A) Continue as an active member of the retirement system; (B) Discontinue membership in the retirement system and transfer from the retirement system into his or her account with the alternate retirement plan, i.e., roll over all contributions which the staff member has previously made to the retirement system; or (C) Participate in the alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled;

(A) Continue as an active member of the retirement system;

(B) Discontinue membership in the retirement system and transfer from the retirement system into his or her account with the alternate retirement plan, i.e., roll over all contributions which the staff member has previously made to the retirement system; or

(C) Participate in the alternate retirement plan and receive all accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 and have the member's credited service under the retirement system cancelled;

(4) (A) No staff member may participate in an alternate retirement plan without giving prior written notice of his or her election to participate in the alternate retirement plan. (B) The notice of election shall be in writing on a form established by the Department of Career Education and filed with both the Commissioner of the Division of Higher Education and the retirement system. (C) New staff members shall make the election within ninety (90) days after the date of their employment;

(A) No staff member may participate in an alternate retirement plan without giving prior written notice of his or her election to participate in the alternate retirement plan.

(B) The notice of election shall be in writing on a form established by the Department of Career Education and filed with both the Commissioner of the Division of Higher Education and the retirement system.

(C) New staff members shall make the election within ninety (90) days after the date of their employment;

(5) (A) Effective July 1, 2001, a staff member who elected to participate in an alternate retirement plan may elect to become a member of the retirement system. (B) Service credit forfeited while a member of an alternate retirement plan cannot be established in the retirement system. (C) The election to withdraw from the alternate retirement plan and become a member of the retirement system shall be made by December 31, 2001, and notice of the election shall be made in writing to the commissioner and the retirement system by December 31, 2001.

(A) Effective July 1, 2001, a staff member who elected to participate in an alternate retirement plan may elect to become a member of the retirement system.

(B) Service credit forfeited while a member of an alternate retirement plan cannot be established in the retirement system.

(C) The election to withdraw from the alternate retirement plan and become a member of the retirement system shall be made by December 31, 2001, and notice of the election shall be made in writing to the commissioner and the retirement system by December 31, 2001.

Amended by Act 2023, No. 786,§ 53, eff. 4/12/2023.

Amended by Act 2019, No. 910,§ 2378, eff. 7/1/2019.

Amended by Act 2013, No. 140,§ 9, eff. 8/16/2013.

Acts 1983, No. 480, § 4; 1985, No. 250, § 1; A.S.A. 1947, § 80-1469; Acts 1993, No. 979, § 1; 1995, No. 332, § 2; 1997, No. 944, § 2; 1999, No. 908, § 2; 2001, No. 1784, § 2.
Ark. Code Ann. § 24-11-816 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-816
Membership - Contributions
Status: in_force

(a) (1) Within sixty (60) days from July 1, 1975, each full-paid firefighter and each part-paid firefighter whose salary is fifty dollars ($50.00) or more per month, each part-paid firefighter whose salary is less than fifty dollars ($50.00) per month, and each active volunteer firefighter employed in the fire department of any city or town in this state, who desires that he or she and his or her beneficiaries participate in the firemen's relief and pension fund of the city or town, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , shall file a statement with the secretary of the board of trustees of the firemen's relief and pension fund of the city or town. This statement, in writing under oath, shall state that he or she desires that he or she and his or her beneficiaries participate in the benefits from the fund. (2) The statement shall include the name and age of those persons immediately dependent upon him or her and shall authorize the governing body of the city to deduct from his or her salary such percentage, not less than six percent (6%) thereof, as may be approved for deduction by the local firemen's pension board. (3) The statement of an active volunteer fire fighter shall include a promise and an obligation to pay to the board of trustees of the firemen's relief and pension fund the sum of twelve dollars ($12.00) per year. (4) Any municipality or fire protection district in which a firemen's relief and pension fund is established shall contribute to the firemen's relief and pension fund an amount: (A) Not less than six percent (6%) of the firefighter's salary; or (B) Equal to the contribution paid by any volunteer firefighters who are members of the fund. (b) (1) In the event a former member again becomes an employee of the same fire department where previously employed, the firefighter shall again become a member of the system and the credited service forfeited by him or her shall be restored to his or her credit if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment. (2) (A) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no event less than six percent (6%). (B) The repayment shall be made according to such rules as the board shall adopt from time to time. (3) Any employee who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system. (c) (1) Any firefighter who fails or refuses to make and file the statement required by this section to allow deductions from his or her salary or to pay the amount required by this section shall forfeit his or her right to participate in the benefits provided by the firemen's relief and pension fund of the city or town. (2) This section shall not apply to any firefighter heretofore retired who has a vested right to participate in the fund because he or she has completed the required length of service or because of physical or mental disability incurred in the performance of his or her duty, nor shall this section apply to any firefighter who has a vested right to participate in the fund because he or she has completed the required length of service and who has elected to continue in active service. (d) (1) If any firefighter shall elect not to participate in the fund, his or her salary shall not be liable for any deductions nor shall he or she be required to pay as provided in this section. (2) In the event of the resignation or discharge from the fire department of any member, all moneys deducted from the salary of the person or voluntarily paid by the person shall immediately be returned to him or her without interest. However, there shall be deducted from the refund the amount which has been expended by the board, as authorized under § 24-11-803(c) , for the purchase of group insurance and payment of premiums thereon for the benefit of the firefighter. (e) (1) All moneys provided for the fund by this section shall be paid to and received by the treasurer of the city or town for the sole use and benefit of the fund, and the fund shall be used for no other purpose. (2) The additional duties thus imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer. (f) (1) The funds provided for by this section shall be supplemental to and in addition to any fund provided for by any laws in effect at the time of the passage of this section, shall become a part of the firemen's relief and pension fund, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , and shall be administered by the board created by those sections, in the same manner as the funds provided therein. (2) It is the specific intention of this section not to repeal §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , but rather to provide additional money for the firemen's relief and pension fund, as created under Acts 1921, No. 491. Amended by Act 2019, No. 315,§ 2902, eff. 7/24/2019. Acts 1951, No. 82, §§ 1-5; 1975, No. 450, § 3; 1981, No. 486, § 1; 1983, No. 586, § 1; 1985, No. 244, § 1; A.S.A. 1947, §§ 19-2221.1 -- 19-2221.5; Acts 1987, No. 389, §§ 2-4.

(a) (1) Within sixty (60) days from July 1, 1975, each full-paid firefighter and each part-paid firefighter whose salary is fifty dollars ($50.00) or more per month, each part-paid firefighter whose salary is less than fifty dollars ($50.00) per month, and each active volunteer firefighter employed in the fire department of any city or town in this state, who desires that he or she and his or her beneficiaries participate in the firemen's relief and pension fund of the city or town, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , shall file a statement with the secretary of the board of trustees of the firemen's relief and pension fund of the city or town. This statement, in writing under oath, shall state that he or she desires that he or she and his or her beneficiaries participate in the benefits from the fund. (2) The statement shall include the name and age of those persons immediately dependent upon him or her and shall authorize the governing body of the city to deduct from his or her salary such percentage, not less than six percent (6%) thereof, as may be approved for deduction by the local firemen's pension board. (3) The statement of an active volunteer fire fighter shall include a promise and an obligation to pay to the board of trustees of the firemen's relief and pension fund the sum of twelve dollars ($12.00) per year. (4) Any municipality or fire protection district in which a firemen's relief and pension fund is established shall contribute to the firemen's relief and pension fund an amount: (A) Not less than six percent (6%) of the firefighter's salary; or (B) Equal to the contribution paid by any volunteer firefighters who are members of the fund.

(1) Within sixty (60) days from July 1, 1975, each full-paid firefighter and each part-paid firefighter whose salary is fifty dollars ($50.00) or more per month, each part-paid firefighter whose salary is less than fifty dollars ($50.00) per month, and each active volunteer firefighter employed in the fire department of any city or town in this state, who desires that he or she and his or her beneficiaries participate in the firemen's relief and pension fund of the city or town, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , shall file a statement with the secretary of the board of trustees of the firemen's relief and pension fund of the city or town. This statement, in writing under oath, shall state that he or she desires that he or she and his or her beneficiaries participate in the benefits from the fund.

(2) The statement shall include the name and age of those persons immediately dependent upon him or her and shall authorize the governing body of the city to deduct from his or her salary such percentage, not less than six percent (6%) thereof, as may be approved for deduction by the local firemen's pension board.

(3) The statement of an active volunteer fire fighter shall include a promise and an obligation to pay to the board of trustees of the firemen's relief and pension fund the sum of twelve dollars ($12.00) per year.

(4) Any municipality or fire protection district in which a firemen's relief and pension fund is established shall contribute to the firemen's relief and pension fund an amount: (A) Not less than six percent (6%) of the firefighter's salary; or (B) Equal to the contribution paid by any volunteer firefighters who are members of the fund.

(A) Not less than six percent (6%) of the firefighter's salary; or

(B) Equal to the contribution paid by any volunteer firefighters who are members of the fund.

(b) (1) In the event a former member again becomes an employee of the same fire department where previously employed, the firefighter shall again become a member of the system and the credited service forfeited by him or her shall be restored to his or her credit if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment. (2) (A) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no event less than six percent (6%). (B) The repayment shall be made according to such rules as the board shall adopt from time to time. (3) Any employee who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.

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

(2) (A) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no event less than six percent (6%). (B) The repayment shall be made according to such rules as the board shall adopt from time to time.

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

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

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

(c) (1) Any firefighter who fails or refuses to make and file the statement required by this section to allow deductions from his or her salary or to pay the amount required by this section shall forfeit his or her right to participate in the benefits provided by the firemen's relief and pension fund of the city or town. (2) This section shall not apply to any firefighter heretofore retired who has a vested right to participate in the fund because he or she has completed the required length of service or because of physical or mental disability incurred in the performance of his or her duty, nor shall this section apply to any firefighter who has a vested right to participate in the fund because he or she has completed the required length of service and who has elected to continue in active service.

(1) Any firefighter who fails or refuses to make and file the statement required by this section to allow deductions from his or her salary or to pay the amount required by this section shall forfeit his or her right to participate in the benefits provided by the firemen's relief and pension fund of the city or town.

(2) This section shall not apply to any firefighter heretofore retired who has a vested right to participate in the fund because he or she has completed the required length of service or because of physical or mental disability incurred in the performance of his or her duty, nor shall this section apply to any firefighter who has a vested right to participate in the fund because he or she has completed the required length of service and who has elected to continue in active service.

(d) (1) If any firefighter shall elect not to participate in the fund, his or her salary shall not be liable for any deductions nor shall he or she be required to pay as provided in this section. (2) In the event of the resignation or discharge from the fire department of any member, all moneys deducted from the salary of the person or voluntarily paid by the person shall immediately be returned to him or her without interest. However, there shall be deducted from the refund the amount which has been expended by the board, as authorized under § 24-11-803(c) , for the purchase of group insurance and payment of premiums thereon for the benefit of the firefighter.

(1) If any firefighter shall elect not to participate in the fund, his or her salary shall not be liable for any deductions nor shall he or she be required to pay as provided in this section.

(2) In the event of the resignation or discharge from the fire department of any member, all moneys deducted from the salary of the person or voluntarily paid by the person shall immediately be returned to him or her without interest. However, there shall be deducted from the refund the amount which has been expended by the board, as authorized under § 24-11-803(c) , for the purchase of group insurance and payment of premiums thereon for the benefit of the firefighter.

(e) (1) All moneys provided for the fund by this section shall be paid to and received by the treasurer of the city or town for the sole use and benefit of the fund, and the fund shall be used for no other purpose. (2) The additional duties thus imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.

(1) All moneys provided for the fund by this section shall be paid to and received by the treasurer of the city or town for the sole use and benefit of the fund, and the fund shall be used for no other purpose.

(2) The additional duties thus imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.

(f) (1) The funds provided for by this section shall be supplemental to and in addition to any fund provided for by any laws in effect at the time of the passage of this section, shall become a part of the firemen's relief and pension fund, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , and shall be administered by the board created by those sections, in the same manner as the funds provided therein. (2) It is the specific intention of this section not to repeal §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , but rather to provide additional money for the firemen's relief and pension fund, as created under Acts 1921, No. 491.

(1) The funds provided for by this section shall be supplemental to and in addition to any fund provided for by any laws in effect at the time of the passage of this section, shall become a part of the firemen's relief and pension fund, as created under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , and shall be administered by the board created by those sections, in the same manner as the funds provided therein.

(2) It is the specific intention of this section not to repeal §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , but rather to provide additional money for the firemen's relief and pension fund, as created under Acts 1921, No. 491.

Amended by Act 2019, No. 315,§ 2902, eff. 7/24/2019.

Acts 1951, No. 82, §§ 1-5; 1975, No. 450, § 3; 1981, No. 486, § 1; 1983, No. 586, § 1; 1985, No. 244, § 1; A.S.A. 1947, §§ 19-2221.1 -- 19-2221.5; Acts 1987, No. 389, §§ 2-4.
Ark. Code Ann. § 24-8-209 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-209
Contributions - Members - Refund
Status: in_force

(a) (1) The contribution of each member of the Arkansas Judicial Retirement System shall be six percent (6%) of each member's annual salary. (2) A judge or justice who forfeits his or her rights to retirement benefits under § 24-8-215(c) is not required to continue to pay contributions to the system. (b) (1) In the event a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to a refund of all contributions paid by him or her into the system. (2) (A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system. (B) A judge or justice who forfeited his or her rights to retirement benefits under § 24-8-215(c) is not entitled to any interest accumulated from his or her contributions to the system. (c) (1) For purposes of deferring federal and state income tax and pursuant to the provisions of the Internal Revenue Code, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the state shall pick up the members' contributions to the judicial retirement fund as required by this section and payable on or after January 1, 1997. (2) Member contributions picked up by the state shall be paid from the same source of funds used for the payment of salary to a member. A deduction shall be made from each member's salary, equal to the amount of the member's contribution picked up by the employer. For all other purposes, member contributions picked up by the state shall be considered member contributions. (3) The provisions of subdivisions (c)(1) and (2) of this section providing for the state to pay the member's contributions for tax deferral under the Internal Revenue Code, § 26-51-414(h) , shall be effective from and retroactive to January 1, 1997. Amended by Act 2023, No. 134,§ 1, eff. 7/1/2023. Acts 1983, No. 616, § 5; 1985, No. 233, § 1; A.S.A. 1947, § 22-908.1; Acts 1997, No. 236, § 1.

(a) (1) The contribution of each member of the Arkansas Judicial Retirement System shall be six percent (6%) of each member's annual salary. (2) A judge or justice who forfeits his or her rights to retirement benefits under § 24-8-215(c) is not required to continue to pay contributions to the system.

(1) The contribution of each member of the Arkansas Judicial Retirement System shall be six percent (6%) of each member's annual salary.

(2) A judge or justice who forfeits his or her rights to retirement benefits under § 24-8-215(c) is not required to continue to pay contributions to the system.

(b) (1) In the event a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to a refund of all contributions paid by him or her into the system. (2) (A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system. (B) A judge or justice who forfeited his or her rights to retirement benefits under § 24-8-215(c) is not entitled to any interest accumulated from his or her contributions to the system.

(1) In the event a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to a refund of all contributions paid by him or her into the system.

(2) (A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system. (B) A judge or justice who forfeited his or her rights to retirement benefits under § 24-8-215(c) is not entitled to any interest accumulated from his or her contributions to the system.

(A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system.

(B) A judge or justice who forfeited his or her rights to retirement benefits under § 24-8-215(c) is not entitled to any interest accumulated from his or her contributions to the system.

(c) (1) For purposes of deferring federal and state income tax and pursuant to the provisions of the Internal Revenue Code, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the state shall pick up the members' contributions to the judicial retirement fund as required by this section and payable on or after January 1, 1997. (2) Member contributions picked up by the state shall be paid from the same source of funds used for the payment of salary to a member. A deduction shall be made from each member's salary, equal to the amount of the member's contribution picked up by the employer. For all other purposes, member contributions picked up by the state shall be considered member contributions. (3) The provisions of subdivisions (c)(1) and (2) of this section providing for the state to pay the member's contributions for tax deferral under the Internal Revenue Code, § 26-51-414(h) , shall be effective from and retroactive to January 1, 1997.

(1) For purposes of deferring federal and state income tax and pursuant to the provisions of the Internal Revenue Code, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the state shall pick up the members' contributions to the judicial retirement fund as required by this section and payable on or after January 1, 1997.

(2) Member contributions picked up by the state shall be paid from the same source of funds used for the payment of salary to a member. A deduction shall be made from each member's salary, equal to the amount of the member's contribution picked up by the employer. For all other purposes, member contributions picked up by the state shall be considered member contributions.

(3) The provisions of subdivisions (c)(1) and (2) of this section providing for the state to pay the member's contributions for tax deferral under the Internal Revenue Code, § 26-51-414(h) , shall be effective from and retroactive to January 1, 1997.

Amended by Act 2023, No. 134,§ 1, eff. 7/1/2023.

Acts 1983, No. 616, § 5; 1985, No. 233, § 1; A.S.A. 1947, § 22-908.1; Acts 1997, No. 236, § 1.
Ark. Code Ann. § 24-8-318 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-318
Additional funding sources for retirement benefits
Status: in_force

(a) In addition to the funds for the municipal court judges and clerk retirement fund provided for by § 16-10-308(a) -(d), if the city council or quorum court determines by actuarial valuation that funding is inadequate to meet the financial objective of paying for current and any projected retirement funding obligations, a municipality or county may also add to retirement funding by city ordinance or county ordinance any or all of the following moneys: (1) (A) Up to five percent (5%) of all fines and forfeitures collected by the district court or by the city or county for violations of municipal ordinances, county ordinances, or state laws. (B) This five percent (5%) shall not be taken from: (i) Court costs collected; and (ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities; (2) An annual contribution from the city's general fund in an amount recommended by actuarial valuation to meet its projected financial obligation; and (3) A one-time or occasional lump-sum payment from the city's general fund in an amount determined by the city's governing body, along with any payments or contributions from the county when the city and county share expenses and costs of a countywide court. (b) All ordinances passed pursuant to this section shall remain in full force and effect. Acts 1997, No. 571, § 2; 2003, No. 1765, § 31; 2005, No. 1920, § 1; 2007, No. 177, § 11.

(a) In addition to the funds for the municipal court judges and clerk retirement fund provided for by § 16-10-308(a) -(d), if the city council or quorum court determines by actuarial valuation that funding is inadequate to meet the financial objective of paying for current and any projected retirement funding obligations, a municipality or county may also add to retirement funding by city ordinance or county ordinance any or all of the following moneys: (1) (A) Up to five percent (5%) of all fines and forfeitures collected by the district court or by the city or county for violations of municipal ordinances, county ordinances, or state laws. (B) This five percent (5%) shall not be taken from: (i) Court costs collected; and (ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities; (2) An annual contribution from the city's general fund in an amount recommended by actuarial valuation to meet its projected financial obligation; and (3) A one-time or occasional lump-sum payment from the city's general fund in an amount determined by the city's governing body, along with any payments or contributions from the county when the city and county share expenses and costs of a countywide court.

(1) (A) Up to five percent (5%) of all fines and forfeitures collected by the district court or by the city or county for violations of municipal ordinances, county ordinances, or state laws. (B) This five percent (5%) shall not be taken from: (i) Court costs collected; and (ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities;

(A) Up to five percent (5%) of all fines and forfeitures collected by the district court or by the city or county for violations of municipal ordinances, county ordinances, or state laws.

(B) This five percent (5%) shall not be taken from: (i) Court costs collected; and (ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities;

(i) Court costs collected; and

(ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities;

(2) An annual contribution from the city's general fund in an amount recommended by actuarial valuation to meet its projected financial obligation; and

(3) A one-time or occasional lump-sum payment from the city's general fund in an amount determined by the city's governing body, along with any payments or contributions from the county when the city and county share expenses and costs of a countywide court.

(b) All ordinances passed pursuant to this section shall remain in full force and effect.

Acts 1997, No. 571, § 2; 2003, No. 1765, § 31; 2005, No. 1920, § 1; 2007, No. 177, § 11.
Ark. Code Ann. § 24-7-507 — AR Code / Title 24 / Chapter 7 / Subchapter 5 / Section 24-7-507
Youth participants - Summer work programs
Status: in_force

(a) At the request of the Arkansas Teacher Retirement System, a covered employer shall provide the system with a memorandum of understanding, partnership agreement, or another similar document related to the covered employer's actions as a pass-through fiscal agent for participants described in § 24-7-202(18)(B) . (b) A covered employer who acts as a pass-through fiscal agent shall not be required to report participants described in § 24-7-202(18)(B) as "employees" for purposes of the system. (c) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the implementation of this section. Added by Act 2021, No. 691,§ 2, eff. 7/28/2021.

(a) At the request of the Arkansas Teacher Retirement System, a covered employer shall provide the system with a memorandum of understanding, partnership agreement, or another similar document related to the covered employer's actions as a pass-through fiscal agent for participants described in § 24-7-202(18)(B) .

(b) A covered employer who acts as a pass-through fiscal agent shall not be required to report participants described in § 24-7-202(18)(B) as "employees" for purposes of the system.

(c) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the implementation of this section.

Added by Act 2021, No. 691,§ 2, eff. 7/28/2021.
Ark. Code Ann. § 24-4-103 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-103
Creation of retirement system
Status: in_force

(a) There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the "Arkansas Public Employees' Retirement System". (b) All business of the system shall be transacted through a board of trustees as provided for in this act. Acts 1957, No. 177, § 2; 1959, No. 42, § 2; A.S.A. 1947, § 12-2502.

(a) There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the "Arkansas Public Employees' Retirement System".

(b) All business of the system shall be transacted through a board of trustees as provided for in this act.

Acts 1957, No. 177, § 2; 1959, No. 42, § 2; A.S.A. 1947, § 12-2502.
Ark. Code Ann. § 24-6-225 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-225
Applicability of benefit provisions
Status: in_force

(a) (1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the State Police Retirement System before January 1, 1978, and who is employed before April 3, 1997, in a position covered by the system and who thereby becomes a member. (2) (A) (i) Each other person who was a member before January 1, 1978, but who was not actively employed in a position covered by the system on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the person first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the system which require member contributions. The election must be in writing and received by the governing body of the system before the later of January 1, 1986, and six (6) months after he or she first becomes so employed after January 1, 1978. (ii) If the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the system to the dates of actual payment. (B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this subchapter for all credited service of the person rendered before and after January 1, 1978. (ii) Benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the system benefit provisions at the time of retirement which require member contributions. Acts 2001, No. 151, § 62.

(a) (1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the State Police Retirement System before January 1, 1978, and who is employed before April 3, 1997, in a position covered by the system and who thereby becomes a member. (2) (A) (i) Each other person who was a member before January 1, 1978, but who was not actively employed in a position covered by the system on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the person first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the system which require member contributions. The election must be in writing and received by the governing body of the system before the later of January 1, 1986, and six (6) months after he or she first becomes so employed after January 1, 1978. (ii) If the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the system to the dates of actual payment. (B) (i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this subchapter for all credited service of the person rendered before and after January 1, 1978. (ii) Benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the system benefit provisions at the time of retirement which require member contributions.

(1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the State Police Retirement System before January 1, 1978, and who is employed before April 3, 1997, in a position covered by the system and who thereby becomes a member.

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

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

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

(ii) If the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the system to the dates of actual payment.

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

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

(ii) Benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the system benefit provisions at the time of retirement which require member contributions.

Acts 2001, No. 151, § 62.
Ark. Code Ann. § 24-4-748 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-748
Dual full-time employment
Status: in_force

(a) A person who was included in the Arkansas Public Employees' Retirement System for service at full-time employment while at the same time employed full time in another position covered under a municipal police pension and relief fund and whose disqualification from the system was due to dual coverage as a member of a municipal police pension and relief fund may receive service credit as a result of the dual coverage if: (1) After the initial full-time employment when service credit was lost, the person again becomes a member of the system; (2) The person applies to receive the lost service credit within five (5) years after the reemployment under the system; and (3) (A) The member pays or causes to be paid: (i) The employee contributions at the rate of compensation that would have been paid as a system member during that time; (ii) Employer contributions based on the normal employer cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had the person been a member during that time; and (iii) (a) Regular interest on the employee and employer contributions. (b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system. (B) The member may purchase all of the service or any portion thereof in multiples of one (1) year. (b) A person who elects to restore credited service under this section shall be limited to receiving credited service in the system for up to five (5) years of the initial dual full-time employment. (c) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate any necessary forms for application to restore the service and reasonable rules to implement this section. Amended by Act 2019, No. 315,§ 2863, eff. 7/24/2019. Acts 2001, No. 1614, § 1.

(a) A person who was included in the Arkansas Public Employees' Retirement System for service at full-time employment while at the same time employed full time in another position covered under a municipal police pension and relief fund and whose disqualification from the system was due to dual coverage as a member of a municipal police pension and relief fund may receive service credit as a result of the dual coverage if: (1) After the initial full-time employment when service credit was lost, the person again becomes a member of the system; (2) The person applies to receive the lost service credit within five (5) years after the reemployment under the system; and (3) (A) The member pays or causes to be paid: (i) The employee contributions at the rate of compensation that would have been paid as a system member during that time; (ii) Employer contributions based on the normal employer cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had the person been a member during that time; and (iii) (a) Regular interest on the employee and employer contributions. (b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system. (B) The member may purchase all of the service or any portion thereof in multiples of one (1) year.

(1) After the initial full-time employment when service credit was lost, the person again becomes a member of the system;

(2) The person applies to receive the lost service credit within five (5) years after the reemployment under the system; and

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

(A) The member pays or causes to be paid: (i) The employee contributions at the rate of compensation that would have been paid as a system member during that time; (ii) Employer contributions based on the normal employer cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had the person been a member during that time; and (iii) (a) Regular interest on the employee and employer contributions. (b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system.

(i) The employee contributions at the rate of compensation that would have been paid as a system member during that time;

(ii) Employer contributions based on the normal employer cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had the person been a member during that time; and

(iii) (a) Regular interest on the employee and employer contributions. (b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system.

(a) Regular interest on the employee and employer contributions.

(b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system.

(B) The member may purchase all of the service or any portion thereof in multiples of one (1) year.

(b) A person who elects to restore credited service under this section shall be limited to receiving credited service in the system for up to five (5) years of the initial dual full-time employment.

(c) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate any necessary forms for application to restore the service and reasonable rules to implement this section.

Amended by Act 2019, No. 315,§ 2863, eff. 7/24/2019.

Acts 2001, No. 1614, § 1.
Ark. Code Ann. § 24-4-706 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-706
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 5, eff. 3/13/2019. Acts 1971, No. 103, § 5; 1971, No. 305, § 2; 1973, No. 254, § 1; 1973, No. 666, § 1; 1975, No. 907, § 9; 1979, No. 715, § 5; 1981, No. 859, § 7; A.S.A. 1947, § 12-2511.1; Acts 2001, No. 151, § 36; 2003, No. 1473, § 56.

Repealed by Act 2019, No. 448,§ 5, eff. 3/13/2019.

Acts 1971, No. 103, § 5; 1971, No. 305, § 2; 1973, No. 254, § 1; 1973, No. 666, § 1; 1975, No. 907, § 9; 1979, No. 715, § 5; 1981, No. 859, § 7; A.S.A. 1947, § 12-2511.1; Acts 2001, No. 151, § 36; 2003, No. 1473, § 56.
Ark. Code Ann. § 24-11-419 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-419
[Repealed]
Status: repealed

Repealed by Act 2013, No. 41,§ 13, eff. 2/6/2013. Acts 1979, No. 712, §§ 1-3; 1981, No. 429, § 1; 1983, No. 653, § 1; A.S.A. 1947, §§ 19-1825--19-1827.

Repealed by Act 2013, No. 41,§ 13, eff. 2/6/2013.

Acts 1979, No. 712, §§ 1-3; 1981, No. 429, § 1; 1983, No. 653, § 1; A.S.A. 1947, §§ 19-1825--19-1827.
Ark. Code Ann. § 24-10-505 — AR Code / Title 24 / Chapter 10 / Subchapter 5 / Section 24-10-505
Public service with other Arkansas systems
Status: in_force

(a) For the purpose of this section, "related system" means any of four (4) retirement systems: (1) The Arkansas Local Police and Fire Retirement System; (2) The Arkansas Public Employees' Retirement System; (3) The State Police Retirement System; or (4) The Arkansas Teacher Retirement System. (b) The benefit payable by each related system shall be based upon: (1) The service credit with that system; (2) The benefit program the related system had in effect at the time the member terminated service covered by the related system; and (3) The member's service and pay covered by the related system while the service was being rendered. (c) During any period that a person is employed in a position covered by a related system, that employee is ineligible to receive a refund of accumulated contributions from any related system in which that employee has service credits and accumulated contributions standing in his or her account. Accumulated contributions may only be refunded when the employee terminates all employment covered by a related system and does not have, in the aggregate, sufficient years of credited service to be eligible for an age and service benefit from any of the related systems. Acts 1987, No. 357, § 4; 1993, No. 873, § 1; 1997, No. 485, § 8; 1997, No. 1011, § 1; 1997, No. 1024, § 1; 1999, No. 537, § 6; 1999, No. 1070, §§ 1-3.

(a) For the purpose of this section, "related system" means any of four (4) retirement systems: (1) The Arkansas Local Police and Fire Retirement System; (2) The Arkansas Public Employees' Retirement System; (3) The State Police Retirement System; or (4) The Arkansas Teacher Retirement System.

(1) The Arkansas Local Police and Fire Retirement System;

(2) The Arkansas Public Employees' Retirement System;

(3) The State Police Retirement System; or

(4) The Arkansas Teacher Retirement System.

(b) The benefit payable by each related system shall be based upon: (1) The service credit with that system; (2) The benefit program the related system had in effect at the time the member terminated service covered by the related system; and (3) The member's service and pay covered by the related system while the service was being rendered.

(1) The service credit with that system;

(2) The benefit program the related system had in effect at the time the member terminated service covered by the related system; and

(3) The member's service and pay covered by the related system while the service was being rendered.

(c) During any period that a person is employed in a position covered by a related system, that employee is ineligible to receive a refund of accumulated contributions from any related system in which that employee has service credits and accumulated contributions standing in his or her account. Accumulated contributions may only be refunded when the employee terminates all employment covered by a related system and does not have, in the aggregate, sufficient years of credited service to be eligible for an age and service benefit from any of the related systems.

Acts 1987, No. 357, § 4; 1993, No. 873, § 1; 1997, No. 485, § 8; 1997, No. 1011, § 1; 1997, No. 1024, § 1; 1999, No. 537, § 6; 1999, No. 1070, §§ 1-3.
Ark. Code Ann. § 24-8-401 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-401
Board of trustees
Status: in_force

(a) (1) In cities in a county having a population of one hundred fifty thousand (150,000) or more, in which county there are two (2) or more municipal courts with a judge of a municipal court licensed to practice law, there is created a board of trustees which shall consist of the mayor, city clerk, city treasurer, city health officer, and municipal judges of the city. (2) In counties having a population of at least one hundred fifty thousand (150,000) and at least one (1) county municipal court, there is hereby created a board of trustees which shall consist of the county judge, county clerk, county treasurer, and the judge of the county municipal court. (b) (1) The board shall receive and administer the funds collected under the provisions of this subchapter and shall have the power to make necessary rules therefor. (2) (A) The board shall have the authority to invest such funds as are not necessary for the immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities. (B) Subject to subdivision (b)(2)(C) of this section, a city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer, or the county judge and the county treasurer, respectively. (C) The investments and reinvestments shall only be made in accordance with the prudent investor rule as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (D) A city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written investment policy, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (E) The investment policy shall not limit the investments to interest-bearing bonds. (F) A city, mayor, or city treasurer, or county, county judge, or county treasurer, respectively, who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (G) By accepting the delegation of a trust function from a city or county, an agent submits to the jurisdiction of the courts of this state. (c) (1) The city treasurer or county treasurer, as the case may be, shall be the treasurer of the board and, at the direction of the board, shall deposit the funds paid into the board in some suitable depository. He or she shall draw and sign all necessary checks at the direction of the board. (2) He or she shall execute a bond in a sum fixed by the board to guarantee his or her good faith in the handling of any funds coming into his or her hands under the provisions of this subchapter. (d) The city clerk or county clerk, as the case may be, shall be the secretary of the board. (e) The board shall constitute one (1) of its members as chair, who shall serve for a period of two (2) years. (f) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board. (g) (1) The city clerk or county clerk, as the case may be, shall receive the sum of ten dollars ($10.00) for each and every meeting attended, but he or she shall not be paid more than fifty dollars ($50.00) in any one (1) year. (2) All other members shall serve without pay. Acts 1965, No. 19, §§ 1, 7; A.S.A. 1947, §§ 22-941, 22-947; Acts 1993, No. 585, § 1; 1995, No. 514, § 2; 1999, No. 48, § 1; 1999, No. 331, § 1.

(a) (1) In cities in a county having a population of one hundred fifty thousand (150,000) or more, in which county there are two (2) or more municipal courts with a judge of a municipal court licensed to practice law, there is created a board of trustees which shall consist of the mayor, city clerk, city treasurer, city health officer, and municipal judges of the city. (2) In counties having a population of at least one hundred fifty thousand (150,000) and at least one (1) county municipal court, there is hereby created a board of trustees which shall consist of the county judge, county clerk, county treasurer, and the judge of the county municipal court.

(1) In cities in a county having a population of one hundred fifty thousand (150,000) or more, in which county there are two (2) or more municipal courts with a judge of a municipal court licensed to practice law, there is created a board of trustees which shall consist of the mayor, city clerk, city treasurer, city health officer, and municipal judges of the city.

(2) In counties having a population of at least one hundred fifty thousand (150,000) and at least one (1) county municipal court, there is hereby created a board of trustees which shall consist of the county judge, county clerk, county treasurer, and the judge of the county municipal court.

(b) (1) The board shall receive and administer the funds collected under the provisions of this subchapter and shall have the power to make necessary rules therefor. (2) (A) The board shall have the authority to invest such funds as are not necessary for the immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities. (B) Subject to subdivision (b)(2)(C) of this section, a city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer, or the county judge and the county treasurer, respectively. (C) The investments and reinvestments shall only be made in accordance with the prudent investor rule as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (D) A city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written investment policy, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (E) The investment policy shall not limit the investments to interest-bearing bonds. (F) A city, mayor, or city treasurer, or county, county judge, or county treasurer, respectively, who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (G) By accepting the delegation of a trust function from a city or county, an agent submits to the jurisdiction of the courts of this state.

(1) The board shall receive and administer the funds collected under the provisions of this subchapter and shall have the power to make necessary rules therefor.

(2) (A) The board shall have the authority to invest such funds as are not necessary for the immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities. (B) Subject to subdivision (b)(2)(C) of this section, a city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer, or the county judge and the county treasurer, respectively. (C) The investments and reinvestments shall only be made in accordance with the prudent investor rule as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (D) A city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written investment policy, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (E) The investment policy shall not limit the investments to interest-bearing bonds. (F) A city, mayor, or city treasurer, or county, county judge, or county treasurer, respectively, who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (G) By accepting the delegation of a trust function from a city or county, an agent submits to the jurisdiction of the courts of this state.

(A) The board shall have the authority to invest such funds as are not necessary for the immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities.

(B) Subject to subdivision (b)(2)(C) of this section, a city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer, or the county judge and the county treasurer, respectively.

(C) The investments and reinvestments shall only be made in accordance with the prudent investor rule as set forth in §§ 24-3-417 - 24-3-426 [repealed].

(D) A city or county having municipal judges' and clerks' pension plans with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written investment policy, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed].

(E) The investment policy shall not limit the investments to interest-bearing bonds.

(F) A city, mayor, or city treasurer, or county, county judge, or county treasurer, respectively, who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.

(G) By accepting the delegation of a trust function from a city or county, an agent submits to the jurisdiction of the courts of this state.

(c) (1) The city treasurer or county treasurer, as the case may be, shall be the treasurer of the board and, at the direction of the board, shall deposit the funds paid into the board in some suitable depository. He or she shall draw and sign all necessary checks at the direction of the board. (2) He or she shall execute a bond in a sum fixed by the board to guarantee his or her good faith in the handling of any funds coming into his or her hands under the provisions of this subchapter.

(1) The city treasurer or county treasurer, as the case may be, shall be the treasurer of the board and, at the direction of the board, shall deposit the funds paid into the board in some suitable depository. He or she shall draw and sign all necessary checks at the direction of the board.

(2) He or she shall execute a bond in a sum fixed by the board to guarantee his or her good faith in the handling of any funds coming into his or her hands under the provisions of this subchapter.

(d) The city clerk or county clerk, as the case may be, shall be the secretary of the board.

(e) The board shall constitute one (1) of its members as chair, who shall serve for a period of two (2) years.

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

(g) (1) The city clerk or county clerk, as the case may be, shall receive the sum of ten dollars ($10.00) for each and every meeting attended, but he or she shall not be paid more than fifty dollars ($50.00) in any one (1) year. (2) All other members shall serve without pay.

(1) The city clerk or county clerk, as the case may be, shall receive the sum of ten dollars ($10.00) for each and every meeting attended, but he or she shall not be paid more than fifty dollars ($50.00) in any one (1) year.

(2) All other members shall serve without pay.

Acts 1965, No. 19, §§ 1, 7; A.S.A. 1947, §§ 22-941, 22-947; Acts 1993, No. 585, § 1; 1995, No. 514, § 2; 1999, No. 48, § 1; 1999, No. 331, § 1.
Ark. Code Ann. § 24-5-126 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-126
Increase in benefits
Status: in_force

(a) Effective July 1, 1991, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1991 shall be increased by four percent (4%) above the annuity such retiree or beneficiary received for June 1991. (b) The increase in benefits as provided in this section shall be added to the base annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1991, and for all years thereafter. Acts 1991, No. 380, § 3.

(a) Effective July 1, 1991, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1991 shall be increased by four percent (4%) above the annuity such retiree or beneficiary received for June 1991.

(b) The increase in benefits as provided in this section shall be added to the base annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1991, and for all years thereafter.

Acts 1991, No. 380, § 3.
Ark. Code Ann. § 24-11-821 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-821
[Repealed]
Status: repealed

Repealed by Act 2013, No. 41,§ 29, eff. 2/6/2013. Acts 1921, No. 491, § 10; Pope's Dig., § 7746; A.S.A. 1947, § 19-2210.

Repealed by Act 2013, No. 41,§ 29, eff. 2/6/2013.

Acts 1921, No. 491, § 10; Pope's Dig., § 7746; A.S.A. 1947, § 19-2210.
Ark. Code Ann. § 24-7-103 — AR Code / Title 24 / Chapter 7 / Subchapter 1 / Section 24-7-103
Payment of employer contribution rate
Status: in_force

Local school districts shall pay the teacher retirement employer contribution rate for any eligible employee in accordance with rules established by the Board of Trustees of the Arkansas Teacher Retirement System. Amended by Act 2019, No. 315,§ 2881, eff. 7/24/2019. Acts 1995, No. 1194, § 13.

Local school districts shall pay the teacher retirement employer contribution rate for any eligible employee in accordance with rules established by the Board of Trustees of the Arkansas Teacher Retirement System.

Amended by Act 2019, No. 315,§ 2881, eff. 7/24/2019.

Acts 1995, No. 1194, § 13.
Ark. Code Ann. § 24-7-905 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-905
Methods of providing benefits - Agent for service of process
Status: in_force

(a) An alternate retirement plan may be a separate system or fund or may be one which participates in a larger system or fund with respect to some or all of the benefits provided thereunder. (b) The benefits to be provided for or on behalf of staff members under an alternate retirement plan may be provided through insurance policies or annuity contracts, both fixed and variable in nature, or a combination thereof, as specified in the plan. Those insurance policies and annuity contracts may be obtained from any insurance company authorized to do business in this state or from any nonprofit companies organized and operated exclusively for the purpose of aiding and strengthening educational or scientific institutions by issuing insurance or annuity contracts only to or for the benefit of such institutions or individuals engaged in their services. (c) In any action brought by a staff member on a policy or contract, any school, school official, or any member of the Career Education and Workforce Development Board shall be deemed to be the agent of the nonprofit company or insurance company only for the purpose of service of process on the contract or policy, and for no other purpose. Amended by Act 2019, No. 84,§ 3, eff. 7/24/2019. Acts 1983, No. 480, § 3; A.S.A. 1947, § 80-1468.

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

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

(c) In any action brought by a staff member on a policy or contract, any school, school official, or any member of the Career Education and Workforce Development Board shall be deemed to be the agent of the nonprofit company or insurance company only for the purpose of service of process on the contract or policy, and for no other purpose.

Amended by Act 2019, No. 84,§ 3, eff. 7/24/2019.

Acts 1983, No. 480, § 3; A.S.A. 1947, § 80-1468.
Ark. Code Ann. § 24-11-411 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-411
Payments
Status: in_force

(a) Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof. (b) Except as provided in subsection (c) of this section, no warrant shall be drawn except by order of the board, and interest accruing from the fund while on deposit or otherwise shall constitute a part of the fund. (c) In a policemen's pension and relief fund in which the board has employed a trustee or custodian under § 24-11-410(c) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board. Acts 1937, No. 250, § 6; Pope's Dig., § 9861; A.S.A. 1947, § 19-1806; Acts 2009, No. 1201, § 3.

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

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

(c) In a policemen's pension and relief fund in which the board has employed a trustee or custodian under § 24-11-410(c) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board.

Acts 1937, No. 250, § 6; Pope's Dig., § 9861; A.S.A. 1947, § 19-1806; Acts 2009, No. 1201, § 3.
Ark. Code Ann. § 24-5-101 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-101
Definitions
Status: in_force

As used in this chapter: (1) "Accumulated contribution" means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highway Employees' Retirement System may have authorized to be credited to the member's account; (2) "Actuarial equivalent" means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time; (3) (A) "Average compensation" means the average of the highest annual compensation paid to the member during any period of sixty (60) consecutive months of creditable service with the Arkansas Department of Transportation or its predecessor, the Arkansas State Highway and Transportation Department. (B) For an active member on June 30, 2021, "average compensation" shall not be less than the average of the highest annual compensation paid to the member during any period of the thirty-six (36) consecutive months of creditable service calculated as of June 30, 2021; (4) "Board" means the Board of Trustees of the Arkansas State Highway Employees' Retirement System; (5) (A) "Creditable service" means the current service of the member plus the portion of prior service time for which contributions have been made or elected to be made by the member. (B) Retirement benefits shall be computed upon the creditable service of the member. (C) The board shall determine by appropriate rules how much service in any fiscal year is the equivalent of a year of creditable service; (6) "Current service" means service as an employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation after the date of establishment of the system and may include the period of time during which the employee's service may have been interrupted by service in the United States Armed Forces. The annual earnings for a military service period shall be computed in the manner set forth for prior service in subdivision (12) of this section; (7) (A) "Employee" means any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose compensation is, or was, payable on an hourly, biweekly, monthly, annual, or other basis by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, including any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose salary is paid or reimbursed, in whole or in part, from federal or other funds. (B) "Employee" does not include persons who are employees of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation on or after July 1, 1997, and who are eligible for benefits under, or who are earning a retirement benefit from, another state-supported retirement system; (8) "Employer" means the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; (9) "Lump-sum service" means that, upon termination of employment with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for whatever reason, all lump-sum payments of leave, salary, or other compensation shall not be considered for purposes of computing average earnings and time of service for the system; (10) "Member" means any person who has, by due process, had issued to him or her a certificate of membership in the system; (11) "Prior service" means all service as an employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation before the date of establishment of the system; (12) (A) "Prior service earnings" means the authenticated record filed with and approved by the board setting forth the salary received by the member for each fiscal year, or portion thereof, of his or her prior service as an employee, beginning with his or her last year of prior service and continuing in reverse chronological order. (B) Prior service earnings records may include the period of time during which the employee's service may have been interrupted for service in the United States Armed Forces, in which case the annual earnings for the military service period of the member shall be computed upon the average of his or her last twelve (12) months' compensation from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation before his or her entry into the United States Armed Forces and the first twelve (12) months' compensation after reemployment by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; (13) "Prorate" means the amount obligated in § 24-5-125 using a ratio of the years of service credit with the system divided by the sum of all years of service credit with the reciprocal systems enumerated in § 24-2-401 ; (14) "Salary" or "compensation" means the total remuneration earned by an employee for services rendered during any consecutive twelve (12) months or fraction thereof; and (15) "System" means the Arkansas State Highway Employees' Retirement System. Amended by Act 2021, No. 149,§ 1, eff. 7/1/2021. Amended by Act 2017, No. 707,§ 273, eff. 8/1/2017. Amended by Act 2017, No. 707,§ 272, eff. 8/1/2017. Amended by Act 2017, No. 707,§ 271, eff. 8/1/2017. Amended by Act 2017, No. 707,§ 270, eff. 8/1/2017. Amended by Act 2017, No. 707,§ 269, eff. 8/1/2017. Amended by Act 2013, No. 310,§ 1, eff. 3/11/2013. Amended by Act 2013, No. 309,§ 1, eff. 8/16/2013. Acts 1949, No. 454, § 1; 1953, No. 403, §§ 1, 2; 1969, No. 167, § 1; 1979, No. 126, § 1; 1981, No. 295, §§ 1, 2; 1983, No. 464, § 1; A.S.A. 1947, § 76-1901; Acts 1993, No. 930, § 1; 1997, No. 349, § 1; 1997, No. 955, § 1; 2011, No. 18, § 1; 2011, No. 564, § 1.

As used in this chapter:

(1) "Accumulated contribution" means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highway Employees' Retirement System may have authorized to be credited to the member's account;

(2) "Actuarial equivalent" means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;

(3) (A) "Average compensation" means the average of the highest annual compensation paid to the member during any period of sixty (60) consecutive months of creditable service with the Arkansas Department of Transportation or its predecessor, the Arkansas State Highway and Transportation Department. (B) For an active member on June 30, 2021, "average compensation" shall not be less than the average of the highest annual compensation paid to the member during any period of the thirty-six (36) consecutive months of creditable service calculated as of June 30, 2021;

(A) "Average compensation" means the average of the highest annual compensation paid to the member during any period of sixty (60) consecutive months of creditable service with the Arkansas Department of Transportation or its predecessor, the Arkansas State Highway and Transportation Department.

(B) For an active member on June 30, 2021, "average compensation" shall not be less than the average of the highest annual compensation paid to the member during any period of the thirty-six (36) consecutive months of creditable service calculated as of June 30, 2021;

(4) "Board" means the Board of Trustees of the Arkansas State Highway Employees' Retirement System;

(5) (A) "Creditable service" means the current service of the member plus the portion of prior service time for which contributions have been made or elected to be made by the member. (B) Retirement benefits shall be computed upon the creditable service of the member. (C) The board shall determine by appropriate rules how much service in any fiscal year is the equivalent of a year of creditable service;

(A) "Creditable service" means the current service of the member plus the portion of prior service time for which contributions have been made or elected to be made by the member.

(B) Retirement benefits shall be computed upon the creditable service of the member.

(C) The board shall determine by appropriate rules how much service in any fiscal year is the equivalent of a year of creditable service;

(6) "Current service" means service as an employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation after the date of establishment of the system and may include the period of time during which the employee's service may have been interrupted by service in the United States Armed Forces. The annual earnings for a military service period shall be computed in the manner set forth for prior service in subdivision (12) of this section;

(7) (A) "Employee" means any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose compensation is, or was, payable on an hourly, biweekly, monthly, annual, or other basis by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, including any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose salary is paid or reimbursed, in whole or in part, from federal or other funds. (B) "Employee" does not include persons who are employees of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation on or after July 1, 1997, and who are eligible for benefits under, or who are earning a retirement benefit from, another state-supported retirement system;

(A) "Employee" means any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose compensation is, or was, payable on an hourly, biweekly, monthly, annual, or other basis by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, including any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation whose salary is paid or reimbursed, in whole or in part, from federal or other funds.

(B) "Employee" does not include persons who are employees of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation on or after July 1, 1997, and who are eligible for benefits under, or who are earning a retirement benefit from, another state-supported retirement system;

(8) "Employer" means the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation;

(9) "Lump-sum service" means that, upon termination of employment with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for whatever reason, all lump-sum payments of leave, salary, or other compensation shall not be considered for purposes of computing average earnings and time of service for the system;

(10) "Member" means any person who has, by due process, had issued to him or her a certificate of membership in the system;

(11) "Prior service" means all service as an employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation before the date of establishment of the system;

(12) (A) "Prior service earnings" means the authenticated record filed with and approved by the board setting forth the salary received by the member for each fiscal year, or portion thereof, of his or her prior service as an employee, beginning with his or her last year of prior service and continuing in reverse chronological order. (B) Prior service earnings records may include the period of time during which the employee's service may have been interrupted for service in the United States Armed Forces, in which case the annual earnings for the military service period of the member shall be computed upon the average of his or her last twelve (12) months' compensation from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation before his or her entry into the United States Armed Forces and the first twelve (12) months' compensation after reemployment by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation;

(A) "Prior service earnings" means the authenticated record filed with and approved by the board setting forth the salary received by the member for each fiscal year, or portion thereof, of his or her prior service as an employee, beginning with his or her last year of prior service and continuing in reverse chronological order.

(B) Prior service earnings records may include the period of time during which the employee's service may have been interrupted for service in the United States Armed Forces, in which case the annual earnings for the military service period of the member shall be computed upon the average of his or her last twelve (12) months' compensation from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation before his or her entry into the United States Armed Forces and the first twelve (12) months' compensation after reemployment by the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation;

(13) "Prorate" means the amount obligated in § 24-5-125 using a ratio of the years of service credit with the system divided by the sum of all years of service credit with the reciprocal systems enumerated in § 24-2-401 ;

(14) "Salary" or "compensation" means the total remuneration earned by an employee for services rendered during any consecutive twelve (12) months or fraction thereof; and

(15) "System" means the Arkansas State Highway Employees' Retirement System.

Amended by Act 2021, No. 149,§ 1, eff. 7/1/2021.

Amended by Act 2017, No. 707,§ 273, eff. 8/1/2017.

Amended by Act 2017, No. 707,§ 272, eff. 8/1/2017.

Amended by Act 2017, No. 707,§ 271, eff. 8/1/2017.

Amended by Act 2017, No. 707,§ 270, eff. 8/1/2017.

Amended by Act 2017, No. 707,§ 269, eff. 8/1/2017.

Amended by Act 2013, No. 310,§ 1, eff. 3/11/2013.

Amended by Act 2013, No. 309,§ 1, eff. 8/16/2013.

Acts 1949, No. 454, § 1; 1953, No. 403, §§ 1, 2; 1969, No. 167, § 1; 1979, No. 126, § 1; 1981, No. 295, §§ 1, 2; 1983, No. 464, § 1; A.S.A. 1947, § 76-1901; Acts 1993, No. 930, § 1; 1997, No. 349, § 1; 1997, No. 955, § 1; 2011, No. 18, § 1; 2011, No. 564, § 1.
Ark. Code Ann. § 24-7-1607 — AR Code / Title 24 / Chapter 7 / Subchapter 16 / Section 24-7-1607
Duties and responsibilities of board
Status: in_force

The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary to carry out this subchapter. Acts 2011, No. 513, § 1.

The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary to carry out this subchapter.

Acts 2011, No. 513, § 1.
Ark. Code Ann. § 24-11-802 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-802
Board of trustees - Proceedings
Status: in_force

(a) Meetings of the board of trustees may be called by the chair or by a majority of the members in a manner established by the board. (b) The board shall issue orders signed by the chair and secretary to the persons entitled thereto for the amount of money ordered paid to the persons from the fund by the board. The order shall state for what purpose the payment is made. (c) The board shall keep a record of its proceedings. The record shall be a public record. (d) (1) At each meeting, the board shall send to the treasurer of the city or town a written or printed list of all persons entitled to payment from the fund provided for in this subchapter. (2) This list shall state the amount of the payment and for what granted and shall be certified to and signed by the chair and secretary of the board and attested under oath. (e) (1) The treasurer of the city or town shall thereupon enter a copy of the list upon the book to be kept for that purpose. The book shall be known as "The Firemen's Relief and Pension Fund Book". (2) The board shall direct payment of the amounts named therein to the persons entitled thereto out of those funds. (f) A majority of all the members of the board shall constitute a quorum and shall have the power to transact business. (g) (1) Money belonging to the fund shall not be disbursed for any purpose without a vote of a majority of all the members of the board of trustees, which shall be taken by the "yeas" and "nays". (2) The vote of each member so voting shall be entered upon the proceedings of the board. Amended by Act 2013, No. 41,§ 22, eff. 2/6/2013. Acts 1921, No. 491, § 3; Pope's Dig., § 7739; Acts 1981, No. 57, § 1; A.S.A. 1947, § 19-2203; Acts 1993, No. 201, § 1; 1995, No. 514, §§ 4-6.

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

(b) The board shall issue orders signed by the chair and secretary to the persons entitled thereto for the amount of money ordered paid to the persons from the fund by the board. The order shall state for what purpose the payment is made.

(c) The board shall keep a record of its proceedings. The record shall be a public record.

(d) (1) At each meeting, the board shall send to the treasurer of the city or town a written or printed list of all persons entitled to payment from the fund provided for in this subchapter. (2) This list shall state the amount of the payment and for what granted and shall be certified to and signed by the chair and secretary of the board and attested under oath.

(1) At each meeting, the board shall send to the treasurer of the city or town a written or printed list of all persons entitled to payment from the fund provided for in this subchapter.

(2) This list shall state the amount of the payment and for what granted and shall be certified to and signed by the chair and secretary of the board and attested under oath.

(e) (1) The treasurer of the city or town shall thereupon enter a copy of the list upon the book to be kept for that purpose. The book shall be known as "The Firemen's Relief and Pension Fund Book". (2) The board shall direct payment of the amounts named therein to the persons entitled thereto out of those funds.

(1) The treasurer of the city or town shall thereupon enter a copy of the list upon the book to be kept for that purpose. The book shall be known as "The Firemen's Relief and Pension Fund Book".

(2) The board shall direct payment of the amounts named therein to the persons entitled thereto out of those funds.

(f) A majority of all the members of the board shall constitute a quorum and shall have the power to transact business.

(g) (1) Money belonging to the fund shall not be disbursed for any purpose without a vote of a majority of all the members of the board of trustees, which shall be taken by the "yeas" and "nays". (2) The vote of each member so voting shall be entered upon the proceedings of the board.

(1) Money belonging to the fund shall not be disbursed for any purpose without a vote of a majority of all the members of the board of trustees, which shall be taken by the "yeas" and "nays".

(2) The vote of each member so voting shall be entered upon the proceedings of the board.

Amended by Act 2013, No. 41,§ 22, eff. 2/6/2013.

Acts 1921, No. 491, § 3; Pope's Dig., § 7739; Acts 1981, No. 57, § 1; A.S.A. 1947, § 19-2203; Acts 1993, No. 201, § 1; 1995, No. 514, §§ 4-6.
Ark. Code Ann. § 24-4-607 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-607
Redetermination of benefits
Status: in_force

(a) Each July 1 the Arkansas Public Employees' Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%). (c) (1) If a person is first hired by a system-covered employer on or after July 1, 2022, and retires under the eligibility requirements of the system, the monthly benefit for the person shall be redetermined in accordance with subdivision (c)(2) of this section. (2) (A) The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (B) The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year. Amended by Act 2021, No. 366,§ 1, eff. 7/28/2021. Acts 1973, No. 666, § 5; 1979, No. 715, § 1; A.S.A. 1947, § 12-2511.6; Acts 1987, No. 477, § 1; 1991, No. 432, § 2; 1997, No. 299, § 19; 1999, No. 39, § 2.

(a) Each July 1 the Arkansas Public Employees' Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months.

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

(c) (1) If a person is first hired by a system-covered employer on or after July 1, 2022, and retires under the eligibility requirements of the system, the monthly benefit for the person shall be redetermined in accordance with subdivision (c)(2) of this section. (2) (A) The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (B) The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year.

(1) If a person is first hired by a system-covered employer on or after July 1, 2022, and retires under the eligibility requirements of the system, the monthly benefit for the person shall be redetermined in accordance with subdivision (c)(2) of this section.

(2) (A) The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (B) The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year.

(A) The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated.

(B) The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year.

Amended by Act 2021, No. 366,§ 1, eff. 7/28/2021.

Acts 1973, No. 666, § 5; 1979, No. 715, § 1; A.S.A. 1947, § 12-2511.6; Acts 1987, No. 477, § 1; 1991, No. 432, § 2; 1997, No. 299, § 19; 1999, No. 39, § 2.
Ark. Code Ann. § 24-5-136 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-136
Operation of system as qualified trust
Status: in_force

(a) The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall operate the Arkansas State Highway Employees' Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2007, and applicable United States Treasury regulations as they existed on January 1, 2007, to permit the system to be operated as a qualified trust under 26 U.S.C. § 401(a) of the Internal Revenue Code, as it existed on January 1, 2007. (b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules consistent with subsection (a) of this section. (c) Any rule promulgated under this section that is found to be in conflict with an applicable provision of Arkansas law is void. Acts 2007, No. 399, § 1.

(a) The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall operate the Arkansas State Highway Employees' Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2007, and applicable United States Treasury regulations as they existed on January 1, 2007, to permit the system to be operated as a qualified trust under 26 U.S.C. § 401(a) of the Internal Revenue Code, as it existed on January 1, 2007.

(b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules consistent with subsection (a) of this section.

(c) Any rule promulgated under this section that is found to be in conflict with an applicable provision of Arkansas law is void.

Acts 2007, No. 399, § 1.
Ark. Code Ann. § 24-7-1504 — AR Code / Title 24 / Chapter 7 / Subchapter 15 / Section 24-7-1504
Promulgation of rules - Duty of board
Status: in_force

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter. (b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system. (d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase. (e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one (1:1) formula basis for each decade when the reduction is actuarially feasible to implement. (f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retiree's benefits when calculating any future additional benefit increases. Amended by Act 2023, No. 107,§ 60, eff. 7/1/2023. Amended by Act 2019, No. 427,§ 22, eff. 7/1/2019. Acts 2009, No. 1315, § 1.

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter.

(b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.

(c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system.

(d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase.

(e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one (1:1) formula basis for each decade when the reduction is actuarially feasible to implement.

(f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retiree's benefits when calculating any future additional benefit increases.

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

Amended by Act 2019, No. 427,§ 22, eff. 7/1/2019.

Acts 2009, No. 1315, § 1.