Ark. Code Ann. § 24-12-105 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-105
Board of trustees
Status: in_force

(a) (1) The board of trustees of the pension and relief fund for paid nonuniformed employees shall consist of five (5) members and shall be composed of the mayor, the head of the street department, the city treasurer, who shall be the treasurer of the fund and the general manager of the waterworks, or the superintendent, in the event there is no general manager, who shall be secretary of the board and who shall serve for a period of two (2) years or until his or her successor shall be elected and qualified. (2) The mayor shall be chair of the board, and the first four (4) members shall elect one (1) other member, who shall be a reputable physician and who shall represent the board of trustees in the examination of any member of the departments upon the claim of disability. (3) The physician member of the board so selected shall serve for a period of two (2) years or until his or her successor is elected and qualified. (b) The board shall have the absolute control and management of the funds provided for in this act and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired paid nonuniformed employees, their surviving spouses, and minor children under the age of sixteen (16), or surviving parent solely dependent upon the employee for support. (c) (1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for relief or pensions under this act. (2) The board's decisions upon all applications, insofar as matters involving the exercise of discretionary powers are involved, shall be final and conclusive and not subject to review or reversal except by the board. (d) The board shall cause to be kept a record of all its meetings and proceedings. Amended by Act 2019, No. 315,§ 2904, eff. 7/24/2019. Acts 1949, No. 147, §§ 3, 4; A.S.A. 1947, §§ 19-924, 19-925.

(a) (1) The board of trustees of the pension and relief fund for paid nonuniformed employees shall consist of five (5) members and shall be composed of the mayor, the head of the street department, the city treasurer, who shall be the treasurer of the fund and the general manager of the waterworks, or the superintendent, in the event there is no general manager, who shall be secretary of the board and who shall serve for a period of two (2) years or until his or her successor shall be elected and qualified. (2) The mayor shall be chair of the board, and the first four (4) members shall elect one (1) other member, who shall be a reputable physician and who shall represent the board of trustees in the examination of any member of the departments upon the claim of disability. (3) The physician member of the board so selected shall serve for a period of two (2) years or until his or her successor is elected and qualified.

(1) The board of trustees of the pension and relief fund for paid nonuniformed employees shall consist of five (5) members and shall be composed of the mayor, the head of the street department, the city treasurer, who shall be the treasurer of the fund and the general manager of the waterworks, or the superintendent, in the event there is no general manager, who shall be secretary of the board and who shall serve for a period of two (2) years or until his or her successor shall be elected and qualified.

(2) The mayor shall be chair of the board, and the first four (4) members shall elect one (1) other member, who shall be a reputable physician and who shall represent the board of trustees in the examination of any member of the departments upon the claim of disability.

(3) The physician member of the board so selected shall serve for a period of two (2) years or until his or her successor is elected and qualified.

(b) The board shall have the absolute control and management of the funds provided for in this act and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired paid nonuniformed employees, their surviving spouses, and minor children under the age of sixteen (16), or surviving parent solely dependent upon the employee for support.

(c) (1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for relief or pensions under this act. (2) The board's decisions upon all applications, insofar as matters involving the exercise of discretionary powers are involved, shall be final and conclusive and not subject to review or reversal except by the board.

(1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for relief or pensions under this act.

(2) The board's decisions upon all applications, insofar as matters involving the exercise of discretionary powers are involved, shall be final and conclusive and not subject to review or reversal except by the board.

(d) The board shall cause to be kept a record of all its meetings and proceedings.

Amended by Act 2019, No. 315,§ 2904, eff. 7/24/2019.

Acts 1949, No. 147, §§ 3, 4; A.S.A. 1947, §§ 19-924, 19-925.
Ark. Code Ann. § 24-7-714 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-714
Increase in monthly benefits - Acts 1979, No. 655, and Acts 1981, No. 885
Status: in_force

(a) The monthly retirement benefit payable to retirees and beneficiaries of the Arkansas Teacher Retirement System who were retired on or before July 1, 1978, and who were receiving benefits on July 1, 1979, shall be increased as follows: (1) For all benefits to retirees and beneficiaries of the system whose total credited service is before July 1, 1961, a monthly benefit increase equal to one dollar ($1.00) per each year of credited service; (2) For all benefits to retirees and beneficiaries of the system which are based in whole or in part upon credited service rendered after July 1, 1961, a monthly benefit increase equal to seventy-five cents (75¢) per each year of credited service; (3) For benefit increases authorized by subdivisions (a)(1) and (2) of this section, fractional years of service shall be disregarded, and the increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity; and (4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in subdivisions (a)(1) and (2) of this section shall be based upon the member's total credited service. The benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities. (b) For retirements effective after July 1, 1978, for which a monthly benefit is payable for the month of July 1981 or later, calculations shall be made as provided in subdivisions (b)(1) and (2) of this section. If the monthly benefit calculated using subdivision (b)(1) of this section is more than the monthly benefit calculated using subdivision (b)(2) of this section, then the difference shall be paid to the retiree as a monthly benefit increase, subject to the provisions of subdivisions (b)(3)-(6) of this section, as follows: (1) Calculate the monthly annuity payable to the member under § 24-7-705 , based on the provisions of § 24-7-705 , his or her salary record, and his or her service record, all as of July 1, 1978, and add seventy-five cents (75¢) for each year of the member's credited service rendered before July 1, 1978; (2) Calculate the monthly annuity payable to the member under the provisions of § 24-7-705 in effect at the time of the member's retirement; (3) For benefit increases authorized by this subsection, fractional years of service shall be disregarded. The increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity; (4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in this subsection shall be based upon the member's total credited service, and the benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities; (5) Any benefit increase created by this subsection shall be effective at retirement but not for any month before July 1981; and (6) If there is any change in § 24-7-705 after the member's retirement, the amount under subdivision (b)(2) of this section shall be recalculated using the changed provisions, and the benefit increase provided by this subsection shall be changed correspondingly. Amended by Act 2023, No. 107,§ 51, eff. 7/1/2023. Acts 1979, No. 655 and Acts 1981, No. 885.Acts 1979, No. 655, § 1; 1981, No. 885, § 1; A.S.A. 1947, § 12-2511.20.

(a) The monthly retirement benefit payable to retirees and beneficiaries of the Arkansas Teacher Retirement System who were retired on or before July 1, 1978, and who were receiving benefits on July 1, 1979, shall be increased as follows: (1) For all benefits to retirees and beneficiaries of the system whose total credited service is before July 1, 1961, a monthly benefit increase equal to one dollar ($1.00) per each year of credited service; (2) For all benefits to retirees and beneficiaries of the system which are based in whole or in part upon credited service rendered after July 1, 1961, a monthly benefit increase equal to seventy-five cents (75¢) per each year of credited service; (3) For benefit increases authorized by subdivisions (a)(1) and (2) of this section, fractional years of service shall be disregarded, and the increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity; and (4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in subdivisions (a)(1) and (2) of this section shall be based upon the member's total credited service. The benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities.

(1) For all benefits to retirees and beneficiaries of the system whose total credited service is before July 1, 1961, a monthly benefit increase equal to one dollar ($1.00) per each year of credited service;

(2) For all benefits to retirees and beneficiaries of the system which are based in whole or in part upon credited service rendered after July 1, 1961, a monthly benefit increase equal to seventy-five cents (75¢) per each year of credited service;

(3) For benefit increases authorized by subdivisions (a)(1) and (2) of this section, fractional years of service shall be disregarded, and the increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity; and

(4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in subdivisions (a)(1) and (2) of this section shall be based upon the member's total credited service. The benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities.

(b) For retirements effective after July 1, 1978, for which a monthly benefit is payable for the month of July 1981 or later, calculations shall be made as provided in subdivisions (b)(1) and (2) of this section. If the monthly benefit calculated using subdivision (b)(1) of this section is more than the monthly benefit calculated using subdivision (b)(2) of this section, then the difference shall be paid to the retiree as a monthly benefit increase, subject to the provisions of subdivisions (b)(3)-(6) of this section, as follows: (1) Calculate the monthly annuity payable to the member under § 24-7-705 , based on the provisions of § 24-7-705 , his or her salary record, and his or her service record, all as of July 1, 1978, and add seventy-five cents (75¢) for each year of the member's credited service rendered before July 1, 1978; (2) Calculate the monthly annuity payable to the member under the provisions of § 24-7-705 in effect at the time of the member's retirement; (3) For benefit increases authorized by this subsection, fractional years of service shall be disregarded. The increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity; (4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in this subsection shall be based upon the member's total credited service, and the benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities; (5) Any benefit increase created by this subsection shall be effective at retirement but not for any month before July 1981; and (6) If there is any change in § 24-7-705 after the member's retirement, the amount under subdivision (b)(2) of this section shall be recalculated using the changed provisions, and the benefit increase provided by this subsection shall be changed correspondingly.

(1) Calculate the monthly annuity payable to the member under § 24-7-705 , based on the provisions of § 24-7-705 , his or her salary record, and his or her service record, all as of July 1, 1978, and add seventy-five cents (75¢) for each year of the member's credited service rendered before July 1, 1978;

(2) Calculate the monthly annuity payable to the member under the provisions of § 24-7-705 in effect at the time of the member's retirement;

(3) For benefit increases authorized by this subsection, fractional years of service shall be disregarded. The increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retiree's base annuity;

(4) In the event that there is more than one (1) beneficiary or survivor of a member or retiree receiving benefits, the increases in this subsection shall be based upon the member's total credited service, and the benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities;

(5) Any benefit increase created by this subsection shall be effective at retirement but not for any month before July 1981; and

(6) If there is any change in § 24-7-705 after the member's retirement, the amount under subdivision (b)(2) of this section shall be recalculated using the changed provisions, and the benefit increase provided by this subsection shall be changed correspondingly.

Amended by Act 2023, No. 107,§ 51, eff. 7/1/2023.

Acts 1979, No. 655 and Acts 1981, No. 885.Acts 1979, No. 655, § 1; 1981, No. 885, § 1; A.S.A. 1947, § 12-2511.20.
Ark. Code Ann. § 24-8-411 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-411
Funds closed
Status: in_force

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004. Acts 2003, No. 1374, § 3.

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004.

(b) There will be no new members in these funds after December 31, 2004.

Acts 2003, No. 1374, § 3.
Ark. Code Ann. § 24-1-101 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-101
Assets and income for retirement systems
Status: in_force

All assets and income of any state-supported retirement system administered by an agency of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses, including the acquisition of a building for the permanent offices of the state-supported retirement systems, and shall not be encumbered for or diverted to any other purposes. Acts 1995, No. 613, § 1.

All assets and income of any state-supported retirement system administered by an agency of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses, including the acquisition of a building for the permanent offices of the state-supported retirement systems, and shall not be encumbered for or diverted to any other purposes.

Acts 1995, No. 613, § 1.
Ark. Code Ann. § 24-10-618 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-618
Limitation on benefits granted by Acts 1997, No. 765
Status: in_force

No benefit enhancement provided for by § 24-10-610 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-610 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 765, § 2.

No benefit enhancement provided for by § 24-10-610 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-610 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 765, § 2.
Ark. Code Ann. § 24-11-811 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-811
Appropriations of insurance premium tax - Planned community property owners' associations
Status: in_force

(a) As used in this section, "planned community property owners' association" means an incorporated nonprofit organization operating under recorded land agreements through which each lot owner in a planned unit or other described land area is automatically a member and each lot is automatically subject to a charge for a proportionate share of the expenses for the organization's activities, such as maintaining common properties, and which acts as the directing or governing body of a real estate development developed by a single developer, containing not fewer than five thousand (5,000) acres, which has been or is being developed under a comprehensive plan for a community containing streets and other public services, parks, and other recreational facilities for common use by the residents thereof; which has been subdivided into sufficient lots for residential use to accommodate a projected population of no fewer than one thousand (1,000) persons; which is not incorporated as a city or town; and for which a statement of record has been filed with the Secretary of Housing and Urban Development under the Interstate Land Sales Full Disclosure Act, 15 U.S.C. § 1701 et seq. (b) Any planned community property owners' association with a firemen's relief and pension fund established prior to July 1, 1981, under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , shall participate in the distribution of insurance premium tax revenues to the same extent as fire departments and fire protection districts under §§ 24-11-809 , 24-11-810 , 24-10-401 - 24-10-409 , and any other laws providing for the distribution of insurance premium tax moneys to fire departments or fire protection districts. Acts 1983, No. 406, §§ 1, 2; A.S.A. 1947, §§ 19-2234, 19-2235.

(a) As used in this section, "planned community property owners' association" means an incorporated nonprofit organization operating under recorded land agreements through which each lot owner in a planned unit or other described land area is automatically a member and each lot is automatically subject to a charge for a proportionate share of the expenses for the organization's activities, such as maintaining common properties, and which acts as the directing or governing body of a real estate development developed by a single developer, containing not fewer than five thousand (5,000) acres, which has been or is being developed under a comprehensive plan for a community containing streets and other public services, parks, and other recreational facilities for common use by the residents thereof; which has been subdivided into sufficient lots for residential use to accommodate a projected population of no fewer than one thousand (1,000) persons; which is not incorporated as a city or town; and for which a statement of record has been filed with the Secretary of Housing and Urban Development under the Interstate Land Sales Full Disclosure Act, 15 U.S.C. § 1701 et seq.

(b) Any planned community property owners' association with a firemen's relief and pension fund established prior to July 1, 1981, under §§ 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , shall participate in the distribution of insurance premium tax revenues to the same extent as fire departments and fire protection districts under §§ 24-11-809 , 24-11-810 , 24-10-401 - 24-10-409 , and any other laws providing for the distribution of insurance premium tax moneys to fire departments or fire protection districts.

Acts 1983, No. 406, §§ 1, 2; A.S.A. 1947, §§ 19-2234, 19-2235.
Ark. Code Ann. § 24-6-506 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-506
Method of collection
Status: in_force

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant: (1) A lump-sum payment from the plan account equal to the payments to the plan account; (2) A true annuity based upon the plan account of the participant; or (3) Any other method of payment if approved by the Board of Trustees of the State Police Retirement System. Acts 2009, No. 1242, § 4.

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant:

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

(2) A true annuity based upon the plan account of the participant; or

(3) Any other method of payment if approved by the Board of Trustees of the State Police Retirement System.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-10-101 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-101
Purpose
Status: in_force

The purpose of this chapter, which creates and establishes the Arkansas Local Police and Fire Retirement System, is to establish a benefit program for future police officers and firefighters in Arkansas and to establish a statewide retirement system which will have the advantages of pooled administration while preserving local rights and local contribution rates. Acts 1981, No. 364, § 1; A.S.A. 1947, § 12-3801.

The purpose of this chapter, which creates and establishes the Arkansas Local Police and Fire Retirement System, is to establish a benefit program for future police officers and firefighters in Arkansas and to establish a statewide retirement system which will have the advantages of pooled administration while preserving local rights and local contribution rates.

Acts 1981, No. 364, § 1; A.S.A. 1947, § 12-3801.
Ark. Code Ann. § 24-9-206 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-206
Certificates of deposit
Status: in_force

When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met: (1) The certificate of deposit must be issued in the name of the trust; (2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and (3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank. Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.

When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:

(1) The certificate of deposit must be issued in the name of the trust;

(2) The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and

(3) Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank.

Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.
Ark. Code Ann. § 24-10-106 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-106
Limitation on benefit enhancement of Acts 1997, No. 769
Status: in_force

No benefit enhancement provided for by § 24-10-102(21) shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-102(21) shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 769, § 2.

No benefit enhancement provided for by § 24-10-102(21) shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-102(21) shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 769, § 2.
Ark. Code Ann. § 24-10-610 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-610
Limitations on death and disability annuities
Status: in_force

If a death annuity is payable on behalf of a member who dies in employer service before retirement, or for the portion of a disability annuity payable before a disability retirant's attainment of age fifty-five (55), the total amount of the system annuities based on paid service shall not exceed one hundred percent (100%) of the amount of his or her final average pay at the time of death or disability. Amended by Act 2013, No. 40,§ 11, eff. 2/6/2013. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1993, No. 1202, § 1; 1995, No. 643, § 2; 1997, No. 765, § 1.

If a death annuity is payable on behalf of a member who dies in employer service before retirement, or for the portion of a disability annuity payable before a disability retirant's attainment of age fifty-five (55), the total amount of the system annuities based on paid service shall not exceed one hundred percent (100%) of the amount of his or her final average pay at the time of death or disability.

Amended by Act 2013, No. 40,§ 11, eff. 2/6/2013.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1993, No. 1202, § 1; 1995, No. 643, § 2; 1997, No. 765, § 1.
Ark. Code Ann. § 24-9-201 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-201
Legislative intent
Status: in_force

Authorized investments of moneys by the governing bodies of the various trust funds within this state are now provided by law. It is not the intent of this subchapter to change or prescribe the allowable investments in certificates of deposit, registered securities, or negotiable securities. Acts 1973, No. 282, § 3; A.S.A. 1947, § 13-2103.

Authorized investments of moneys by the governing bodies of the various trust funds within this state are now provided by law. It is not the intent of this subchapter to change or prescribe the allowable investments in certificates of deposit, registered securities, or negotiable securities.

Acts 1973, No. 282, § 3; A.S.A. 1947, § 13-2103.
Ark. Code Ann. § 24-8-709 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-709
Actual service requirement
Status: in_force

Benefits and eligibility for benefits under this subchapter shall be based on actual service in the Arkansas Judicial Retirement System. Laws allowing the purchase of credited service or providing free credited service shall not apply to this subchapter. However, the provisions of § 24-2-401 et seq. may be used to meet the service requirements of this subchapter. Acts 1999, No. 399, § 1; 1999, No. 1067, § 4.

Benefits and eligibility for benefits under this subchapter shall be based on actual service in the Arkansas Judicial Retirement System. Laws allowing the purchase of credited service or providing free credited service shall not apply to this subchapter. However, the provisions of § 24-2-401 et seq. may be used to meet the service requirements of this subchapter.

Acts 1999, No. 399, § 1; 1999, No. 1067, § 4.
Ark. Code Ann. § 24-7-1315 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1315
Duty of board of trustees
Status: in_force

The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan. Acts 1999, No. 1590, § 2.

The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.

Acts 1999, No. 1590, § 2.
Ark. Code Ann. § 24-11-213 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-213
Allocation of insurance premium tax - Apportionments
Status: in_force

(a) (1) (A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809 . (B) The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund". (C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a "fire portion" and a "police portion". (2) The remaining revenues collected under §§ 23-60-102 , 24-11-301 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues. (3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215 . (b) The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions: (1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214 ; and (2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214 : (A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund; and (B) A change in the legal description of a city, town, or fire protection district, which shall be reported to the board annually by December 14. (c) (1) The portion of revenues that may be distributed to the Firemen's and Police Officers' Pension and Relief Fund under this section shall be: (A) Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System; (B) One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and (C) Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under § 24-11-214 . (2) The remaining portion of revenues shall be distributed to the General Revenue Fund Account of the State Apportionment Fund. (3) The portion of revenues distributed in accordance with subdivision (c)(1) of this section is subject to the requirements of § 24-11-215 . (d) The amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the fire portion and the amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the police portion shall be kept separate. Amended by Act 2023, No. 39,§ 1, eff. 8/1/2023. Amended by Act 2019, No. 465,§ 2, eff. 5/1/2019. Amended by Act 2013, No. 1134,§ 3, eff. 8/16/2013. Acts 2003, No. 1797, § 1; 2011, No. 979, § 4.

(a) (1) (A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809 . (B) The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund". (C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a "fire portion" and a "police portion". (2) The remaining revenues collected under §§ 23-60-102 , 24-11-301 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues. (3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215 .

(1) (A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809 . (B) The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund". (C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a "fire portion" and a "police portion".

(A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809 .

(B) The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".

(C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a "fire portion" and a "police portion".

(2) The remaining revenues collected under §§ 23-60-102 , 24-11-301 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues.

(3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215 .

(b) The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions: (1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214 ; and (2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214 : (A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund; and (B) A change in the legal description of a city, town, or fire protection district, which shall be reported to the board annually by December 14.

(1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214 ; and

(2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214 : (A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund; and (B) A change in the legal description of a city, town, or fire protection district, which shall be reported to the board annually by December 14.

(A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund; and

(B) A change in the legal description of a city, town, or fire protection district, which shall be reported to the board annually by December 14.

(c) (1) The portion of revenues that may be distributed to the Firemen's and Police Officers' Pension and Relief Fund under this section shall be: (A) Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System; (B) One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and (C) Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under § 24-11-214 . (2) The remaining portion of revenues shall be distributed to the General Revenue Fund Account of the State Apportionment Fund. (3) The portion of revenues distributed in accordance with subdivision (c)(1) of this section is subject to the requirements of § 24-11-215 .

(1) The portion of revenues that may be distributed to the Firemen's and Police Officers' Pension and Relief Fund under this section shall be: (A) Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System; (B) One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and (C) Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under § 24-11-214 .

(A) Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System;

(B) One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and

(C) Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under § 24-11-214 .

(2) The remaining portion of revenues shall be distributed to the General Revenue Fund Account of the State Apportionment Fund.

(3) The portion of revenues distributed in accordance with subdivision (c)(1) of this section is subject to the requirements of § 24-11-215 .

(d) The amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the fire portion and the amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the police portion shall be kept separate.

Amended by Act 2023, No. 39,§ 1, eff. 8/1/2023.

Amended by Act 2019, No. 465,§ 2, eff. 5/1/2019.

Amended by Act 2013, No. 1134,§ 3, eff. 8/16/2013.

Acts 2003, No. 1797, § 1; 2011, No. 979, § 4.
Ark. Code Ann. § 24-4-1101 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1101
Membership
Status: in_force

(a) A public employee, as defined in § 24-4-101(18) , first hired on or after July 1, 2005, is subject to the benefit provisions of this subchapter. (b) (1) (A) A public employee who remains an active member of the Arkansas Public Employees' Retirement System may elect coverage under the benefit provisions of this subchapter. (B) If the member elects contributory coverage, the effective date of the member's contributory coverage shall be: (i) The first payroll period that is paid and reported in the next month after the contributory election; and (ii) Prospective only. (2) A conversion or purchase of noncontributory service into contributory service under this subchapter is not allowed. (3) The election shall be made as directed by the Board of Trustees of the Arkansas Public Employees' Retirement System and is irrevocable. (c) Noncontributory members who terminate covered service for a period of more than six (6) months and subsequently return to covered service will be subject to the provisions of this subchapter. Amended by Act 2013, No. 332,§ 12, eff. 3/14/2013. Acts 2005, No. 2084, § 4; 2009, No. 742, § 2; 2011, No. 140, § 2.

(a) A public employee, as defined in § 24-4-101(18) , first hired on or after July 1, 2005, is subject to the benefit provisions of this subchapter.

(b) (1) (A) A public employee who remains an active member of the Arkansas Public Employees' Retirement System may elect coverage under the benefit provisions of this subchapter. (B) If the member elects contributory coverage, the effective date of the member's contributory coverage shall be: (i) The first payroll period that is paid and reported in the next month after the contributory election; and (ii) Prospective only. (2) A conversion or purchase of noncontributory service into contributory service under this subchapter is not allowed. (3) The election shall be made as directed by the Board of Trustees of the Arkansas Public Employees' Retirement System and is irrevocable.

(1) (A) A public employee who remains an active member of the Arkansas Public Employees' Retirement System may elect coverage under the benefit provisions of this subchapter. (B) If the member elects contributory coverage, the effective date of the member's contributory coverage shall be: (i) The first payroll period that is paid and reported in the next month after the contributory election; and (ii) Prospective only.

(A) A public employee who remains an active member of the Arkansas Public Employees' Retirement System may elect coverage under the benefit provisions of this subchapter.

(B) If the member elects contributory coverage, the effective date of the member's contributory coverage shall be: (i) The first payroll period that is paid and reported in the next month after the contributory election; and (ii) Prospective only.

(i) The first payroll period that is paid and reported in the next month after the contributory election; and

(ii) Prospective only.

(2) A conversion or purchase of noncontributory service into contributory service under this subchapter is not allowed.

(3) The election shall be made as directed by the Board of Trustees of the Arkansas Public Employees' Retirement System and is irrevocable.

(c) Noncontributory members who terminate covered service for a period of more than six (6) months and subsequently return to covered service will be subject to the provisions of this subchapter.

Amended by Act 2013, No. 332,§ 12, eff. 3/14/2013.

Acts 2005, No. 2084, § 4; 2009, No. 742, § 2; 2011, No. 140, § 2.
Ark. Code Ann. § 24-10-103 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-103
Tax exemption
Status: in_force

(a) The benefits payable by, and the assets of, the Arkansas Local Police and Fire Retirement System are exempt from taxes by the state or any political subdivision or agency thereof. (b) The system shall be treated in the same manner as the Civil Service Retirement System for purposes of federal taxation. Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808.

(a) The benefits payable by, and the assets of, the Arkansas Local Police and Fire Retirement System are exempt from taxes by the state or any political subdivision or agency thereof.

(b) The system shall be treated in the same manner as the Civil Service Retirement System for purposes of federal taxation.

Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808.
Ark. Code Ann. § 24-7-208 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-208
Benefit enhancements - Restrictions
Status: in_force

(a) No benefit enhancement provided for by this chapter shall be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) No benefit enhancement provided for by this chapter shall be implemented by the system if the system has unfunded actuarial accrued liabilities being amortized over a period exceeding eighteen (18) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Amended by Act 2021, No. 279,§ 5, eff. 7/1/2021. Amended by Act 2019, No. 427,§ 6, eff. 7/1/2019. Acts 1997, No. 1137, § 5.

(a) No benefit enhancement provided for by this chapter shall be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.

(b) No benefit enhancement provided for by this chapter shall be implemented by the system if the system has unfunded actuarial accrued liabilities being amortized over a period exceeding eighteen (18) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Amended by Act 2021, No. 279,§ 5, eff. 7/1/2021.

Amended by Act 2019, No. 427,§ 6, eff. 7/1/2019.

Acts 1997, No. 1137, § 5.
Ark. Code Ann. § 24-11-105 — AR Code / Title 24 / Chapter 11 / Subchapter 1 / Section 24-11-105
Survivor benefits for spouses who remarry
Status: in_force

The board of trustees of the local firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund may elect to continue paying survivor benefits to spouses who remarry after they begin receiving benefits under the plan. However, before the election is effective, the election shall be approved by a majority vote of the governing body of the political subdivision, if any, after the plan meets the requirements for benefit increases under § 24-11-102 . Acts 2003, No. 1736, § 1.

The board of trustees of the local firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund may elect to continue paying survivor benefits to spouses who remarry after they begin receiving benefits under the plan. However, before the election is effective, the election shall be approved by a majority vote of the governing body of the political subdivision, if any, after the plan meets the requirements for benefit increases under § 24-11-102 .

Acts 2003, No. 1736, § 1.
Ark. Code Ann. § 24-8-205 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-205
Trust fund
Status: in_force

(a) In addition to the Judges Retirement Fund in the State Treasury, a bank trust fund or funds may be established and maintained in a federally insured depository institution designated by the Board of Trustees of the Arkansas Judicial Retirement System. (b) The board shall be the trustee of the funds, subject to the other provisions of this section, and may employ professional investment counsel in either an advisory capacity only or as a money manager with authority to execute transactions. (c) The funds of the system shall be invested and reinvested in accordance with the following procedure: (1) From time to time, the board shall formulate the policy to be followed in future investment activity; (2) If the board employs investment counsel with authority to execute transactions, the counsel or money manager shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this section and in accordance with the current investment policy filed with the board; (3) At least semiannually, the investment counsel shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys; (4) At each regular meeting, the board shall examine each written report received from the investment counsel since the last regular meeting; (5) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; and (6) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments. (d) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Amended by Act 2017, No. 769,§ 1, eff. 8/1/2017. Acts 1983, No. 922, § 7; 1985, No. 1008, § 1; A.S.A. 1947, § 22-960.

(a) In addition to the Judges Retirement Fund in the State Treasury, a bank trust fund or funds may be established and maintained in a federally insured depository institution designated by the Board of Trustees of the Arkansas Judicial Retirement System.

(b) The board shall be the trustee of the funds, subject to the other provisions of this section, and may employ professional investment counsel in either an advisory capacity only or as a money manager with authority to execute transactions.

(c) The funds of the system shall be invested and reinvested in accordance with the following procedure: (1) From time to time, the board shall formulate the policy to be followed in future investment activity; (2) If the board employs investment counsel with authority to execute transactions, the counsel or money manager shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this section and in accordance with the current investment policy filed with the board; (3) At least semiannually, the investment counsel shall file with the board a written report setting forth, for the period since its last report, all investments purchased and sold, all receipts and disbursements, and any other transactions concerning system moneys; (4) At each regular meeting, the board shall examine each written report received from the investment counsel since the last regular meeting; (5) Anything in this section to the contrary notwithstanding, from time to time the board may direct a specific investment activity and shall be fully responsible for the direction; and (6) Anything in this section to the contrary notwithstanding, investment activity shall be subject to the terms, conditions, limitations, and restrictions imposed by law upon state public employee retirement plans in the making and disposing of their investments.

(1) From time to time, the board shall formulate the policy to be followed in future investment activity;

(2) If the board employs investment counsel with authority to execute transactions, the counsel or money manager shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the system pursuant to the provisions of this section and in accordance with the current investment policy filed with the board;

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

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

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

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

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

Amended by Act 2017, No. 769,§ 1, eff. 8/1/2017.

Acts 1983, No. 922, § 7; 1985, No. 1008, § 1; A.S.A. 1947, § 22-960.
Ark. Code Ann. § 24-10-620 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-620
Limitations on benefits
Status: in_force

(a) (1) Notwithstanding any language to the contrary under this chapter, benefits attributable to employer contributions and paid under the Arkansas Local Police and Fire Retirement System shall not exceed the limitations of the Internal Revenue Code of 1986, 26 U.S.C. § 415 , as it existed on January 1, 2011, that are applicable to government retirement plans for employees of police and fire departments, including without limitation the dollar limitations in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011. (2) If the dollar amount referenced in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011, is increased pursuant to regulations issued under that section, the increase shall be effective as of January 1 of the calendar year for which the regulations were effective. (b) The annual benefits, as may be increased in subsequent years, that are paid to a retirant of the system shall not exceed the limitations under the Internal Revenue Code of 1986, 26 U.S.C. § 415(b) , as it existed on January 1, 2011, applicable to the annuity effective date under that section. (c) For purposes of determining compliance with the Internal Revenue Code of 1986, 26 U.S.C. § 415 , as it existed on January 1, 2011, "compensation" is defined as set forth in United States Department of the Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2) , as it existed on January 1, 2011. Acts 2011, No. 17, § 6.

(a) (1) Notwithstanding any language to the contrary under this chapter, benefits attributable to employer contributions and paid under the Arkansas Local Police and Fire Retirement System shall not exceed the limitations of the Internal Revenue Code of 1986, 26 U.S.C. § 415 , as it existed on January 1, 2011, that are applicable to government retirement plans for employees of police and fire departments, including without limitation the dollar limitations in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011. (2) If the dollar amount referenced in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011, is increased pursuant to regulations issued under that section, the increase shall be effective as of January 1 of the calendar year for which the regulations were effective.

(1) Notwithstanding any language to the contrary under this chapter, benefits attributable to employer contributions and paid under the Arkansas Local Police and Fire Retirement System shall not exceed the limitations of the Internal Revenue Code of 1986, 26 U.S.C. § 415 , as it existed on January 1, 2011, that are applicable to government retirement plans for employees of police and fire departments, including without limitation the dollar limitations in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011.

(2) If the dollar amount referenced in the Internal Revenue Code of 1986, 26 U.S.C. § 415(b)(1)(A) , as it existed on January 1, 2011, is increased pursuant to regulations issued under that section, the increase shall be effective as of January 1 of the calendar year for which the regulations were effective.

(b) The annual benefits, as may be increased in subsequent years, that are paid to a retirant of the system shall not exceed the limitations under the Internal Revenue Code of 1986, 26 U.S.C. § 415(b) , as it existed on January 1, 2011, applicable to the annuity effective date under that section.

(c) For purposes of determining compliance with the Internal Revenue Code of 1986, 26 U.S.C. § 415 , as it existed on January 1, 2011, "compensation" is defined as set forth in United States Department of the Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2) , as it existed on January 1, 2011.

Acts 2011, No. 17, § 6.
Ark. Code Ann. § 24-4-1103 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1103
Benefits generally
Status: in_force

(a) (1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service for each year of contributory service rendered prior to July 1, 2007. (2) For each year of contributory service in the Arkansas Public Employees' Retirement System rendered after June 30, 2007, the member shall receive two percent (2%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service. (3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation. (b) Any member may voluntarily retire upon filing a written application with the Board of Trustees of the Arkansas Public Employees' Retirement System not less than thirty (30) days nor more than ninety (90) days before the date the member desires to be retired if that member has: (1) Twenty-eight (28) or more years of credited service regardless of age; or (2) (A) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service. (B) However, a member of the General Assembly must have ten (10) or more years of actual service if the member only has service as a member of the General Assembly. (c) No temporary annuity will be provided to members covered by this subchapter. (d) The maximum benefit payable upon retirement shall be one hundred percent (100%) of the member's final average compensation without regard to any postretirement increases enacted by the General Assembly. Acts 2005, No. 2084, § 4; Acts 2007, No. 220, § 2; 2009, No. 1200, § 2.

(a) (1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service for each year of contributory service rendered prior to July 1, 2007. (2) For each year of contributory service in the Arkansas Public Employees' Retirement System rendered after June 30, 2007, the member shall receive two percent (2%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service. (3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation.

(1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service for each year of contributory service rendered prior to July 1, 2007.

(2) For each year of contributory service in the Arkansas Public Employees' Retirement System rendered after June 30, 2007, the member shall receive two percent (2%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service.

(3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation.

(b) Any member may voluntarily retire upon filing a written application with the Board of Trustees of the Arkansas Public Employees' Retirement System not less than thirty (30) days nor more than ninety (90) days before the date the member desires to be retired if that member has: (1) Twenty-eight (28) or more years of credited service regardless of age; or (2) (A) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service. (B) However, a member of the General Assembly must have ten (10) or more years of actual service if the member only has service as a member of the General Assembly.

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

(2) (A) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service. (B) However, a member of the General Assembly must have ten (10) or more years of actual service if the member only has service as a member of the General Assembly.

(A) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service.

(B) However, a member of the General Assembly must have ten (10) or more years of actual service if the member only has service as a member of the General Assembly.

(c) No temporary annuity will be provided to members covered by this subchapter.

(d) The maximum benefit payable upon retirement shall be one hundred percent (100%) of the member's final average compensation without regard to any postretirement increases enacted by the General Assembly.

Acts 2005, No. 2084, § 4; Acts 2007, No. 220, § 2; 2009, No. 1200, § 2.
Ark. Code Ann. § 24-4-501 — AR Code / Title 24 / Chapter 4 / Subchapter 5 / Section 24-4-501
Prior service credit generally - Straight life annuity
Status: in_force

(a) (1) Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in § 24-4-101 , in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security. (2) Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems. (b) Any active member of the Arkansas Public Employees' Retirement System who would otherwise be eligible for free prior service credit under the provisions of this chapter because of employment with a public employer or with the public schools but who was drafted and was serving in the military on active duty on a date which would have made the member eligible for the free prior service had the member been an employee on that date shall receive, upon application and submission of proper proof to the board, free prior service credit for employment prior to July 1, 1957, in the case of a state, municipal, or school employee, or prior to July 1, 1959, in the case of a county employee, if the following conditions are met: (1) The member was an employee of a public employer immediately preceding his or her involuntary service in the armed forces; and (2) The member was reemployed as an employee within six (6) months of his or her discharge from the United States Armed Forces. (c) For the purposes of this subsection, prior service credit eligibility dates are: (1) July 1, 1957, for state employees; (2) July 1, 1959, for county employees; (3) October 1, 1957, and October 1, 1965, for school employees; (4) July 1, 1957, and January 1, 1963, for colleges and universities; or (5) The date the employer begins participation in the Arkansas Public Employees' Retirement System, for municipalities. Acts 1961, No. 119, §§ 1, 2; A.S.A. 1947, §§ 12-2522, 12-2523; Acts 1987, No. 32, § 1; 2001, No. 151, § 21.

(a) (1) Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in § 24-4-101 , in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security. (2) Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems.

(1) Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in § 24-4-101 , in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security.

(2) Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems.

(b) Any active member of the Arkansas Public Employees' Retirement System who would otherwise be eligible for free prior service credit under the provisions of this chapter because of employment with a public employer or with the public schools but who was drafted and was serving in the military on active duty on a date which would have made the member eligible for the free prior service had the member been an employee on that date shall receive, upon application and submission of proper proof to the board, free prior service credit for employment prior to July 1, 1957, in the case of a state, municipal, or school employee, or prior to July 1, 1959, in the case of a county employee, if the following conditions are met: (1) The member was an employee of a public employer immediately preceding his or her involuntary service in the armed forces; and (2) The member was reemployed as an employee within six (6) months of his or her discharge from the United States Armed Forces.

(1) The member was an employee of a public employer immediately preceding his or her involuntary service in the armed forces; and

(2) The member was reemployed as an employee within six (6) months of his or her discharge from the United States Armed Forces.

(c) For the purposes of this subsection, prior service credit eligibility dates are: (1) July 1, 1957, for state employees; (2) July 1, 1959, for county employees; (3) October 1, 1957, and October 1, 1965, for school employees; (4) July 1, 1957, and January 1, 1963, for colleges and universities; or (5) The date the employer begins participation in the Arkansas Public Employees' Retirement System, for municipalities.

(1) July 1, 1957, for state employees;

(2) July 1, 1959, for county employees;

(3) October 1, 1957, and October 1, 1965, for school employees;

(4) July 1, 1957, and January 1, 1963, for colleges and universities; or

(5) The date the employer begins participation in the Arkansas Public Employees' Retirement System, for municipalities.

Acts 1961, No. 119, §§ 1, 2; A.S.A. 1947, §§ 12-2522, 12-2523; Acts 1987, No. 32, § 1; 2001, No. 151, § 21.
Ark. Code Ann. § 24-10-403 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-403
Asset accounts
Status: in_force

All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely: (1) The members' deposit account; (2) The employer accumulation account; (3) The retirement reserve account; and (4) The income-expense account. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.

All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely:

(1) The members' deposit account;

(2) The employer accumulation account;

(3) The retirement reserve account; and

(4) The income-expense account.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Ark. Code Ann. § 24-2-205 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-205
Purchase of obligations not cancellation - Trust
Status: in_force

(a) All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans. (b) No purchase or receipt of obligations by a board of trustees shall ever be construed as a cancellation of the obligations so purchased or received. Acts 1963, No. 509, § 5; A.S.A. 1947, § 12-2534.

(a) All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans.

(b) No purchase or receipt of obligations by a board of trustees shall ever be construed as a cancellation of the obligations so purchased or received.

Acts 1963, No. 509, § 5; A.S.A. 1947, § 12-2534.
Ark. Code Ann. § 24-1-304 — AR Code / Title 24 / Chapter 1 / Subchapter 3 / Section 24-1-304
Notice to retirement system
Status: in_force

(a) A prosecuting attorney shall send written notice by certified mail, return receipt requested, to the executive director or executive secretary of the applicable retirement system when a beneficiary: (1) Is charged with an offense described under § 24-1-302 ; or (2) (A) Will not be charged with an offense described under § 24-1-302 . (B) If the prosecuting attorney receives a request under § 24-1-303 from a retirement system and a decision on whether the beneficiary will be or will not be charged with an offense described under § 24-1-302 has not been made, the prosecuting attorney shall notify the retirement system that a decision is pending. (b) The clerk of the court in which the proceeding against the beneficiary is being conducted shall send written notice by certified mail, return receipt requested, to the executive director or executive secretary of the applicable retirement system when: (1) A beneficiary is convicted of an offense described under § 24-1-302 ; (2) A beneficiary appeals his or her conviction for an offense described under § 24-1-302 ; and (3) The appellate court issues a final ruling upholding or reversing the conviction of the beneficiary for an offense described under § 24-1-302 . (c) A written notice required under this section shall include any information that the applicable retirement system determines necessary for the retirement system to identify the account of the member or retirant and implement this subchapter. Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.

(a) A prosecuting attorney shall send written notice by certified mail, return receipt requested, to the executive director or executive secretary of the applicable retirement system when a beneficiary: (1) Is charged with an offense described under § 24-1-302 ; or (2) (A) Will not be charged with an offense described under § 24-1-302 . (B) If the prosecuting attorney receives a request under § 24-1-303 from a retirement system and a decision on whether the beneficiary will be or will not be charged with an offense described under § 24-1-302 has not been made, the prosecuting attorney shall notify the retirement system that a decision is pending.

(1) Is charged with an offense described under § 24-1-302 ; or

(2) (A) Will not be charged with an offense described under § 24-1-302 . (B) If the prosecuting attorney receives a request under § 24-1-303 from a retirement system and a decision on whether the beneficiary will be or will not be charged with an offense described under § 24-1-302 has not been made, the prosecuting attorney shall notify the retirement system that a decision is pending.

(A) Will not be charged with an offense described under § 24-1-302 .

(B) If the prosecuting attorney receives a request under § 24-1-303 from a retirement system and a decision on whether the beneficiary will be or will not be charged with an offense described under § 24-1-302 has not been made, the prosecuting attorney shall notify the retirement system that a decision is pending.

(b) The clerk of the court in which the proceeding against the beneficiary is being conducted shall send written notice by certified mail, return receipt requested, to the executive director or executive secretary of the applicable retirement system when: (1) A beneficiary is convicted of an offense described under § 24-1-302 ; (2) A beneficiary appeals his or her conviction for an offense described under § 24-1-302 ; and (3) The appellate court issues a final ruling upholding or reversing the conviction of the beneficiary for an offense described under § 24-1-302 .

(1) A beneficiary is convicted of an offense described under § 24-1-302 ;

(2) A beneficiary appeals his or her conviction for an offense described under § 24-1-302 ; and

(3) The appellate court issues a final ruling upholding or reversing the conviction of the beneficiary for an offense described under § 24-1-302 .

(c) A written notice required under this section shall include any information that the applicable retirement system determines necessary for the retirement system to identify the account of the member or retirant and implement this subchapter.

Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-10-410 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-410
Delinquent payments
Status: in_force

(a) If any political subdivision fails to make any payment due the Arkansas Local Police and Fire Retirement System for a period of ten (10) days after the payment is due, the political subdivision shall become delinquent, and the delinquency shall be certified by the Board of Trustees of the Arkansas Local Police and Fire Retirement System to the Treasurer of State. (b) Until the delinquency, together with regular interest, is satisfied, the Treasurer of State is authorized and directed to withhold all moneys due the political subdivision by the state. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 1987, No. 271, § 1.

(a) If any political subdivision fails to make any payment due the Arkansas Local Police and Fire Retirement System for a period of ten (10) days after the payment is due, the political subdivision shall become delinquent, and the delinquency shall be certified by the Board of Trustees of the Arkansas Local Police and Fire Retirement System to the Treasurer of State.

(b) Until the delinquency, together with regular interest, is satisfied, the Treasurer of State is authorized and directed to withhold all moneys due the political subdivision by the state.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 1987, No. 271, § 1.
Ark. Code Ann. § 24-10-503 — AR Code / Title 24 / Chapter 10 / Subchapter 5 / Section 24-10-503
[Repealed]
Status: repealed

Repealed by Act 2021, No. 72,§ 2, eff. 4/1/2021. Amended by Act 2013, No. 40,§ 6, eff. 2/6/2013. Acts 1981, No. 364, § 4; A.S.A. 1947, § 12-3804.

Repealed by Act 2021, No. 72,§ 2, eff. 4/1/2021.

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

Acts 1981, No. 364, § 4; A.S.A. 1947, § 12-3804.
Ark. Code Ann. § 24-4-714 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-714
[Repealed]
Status: repealed

Repealed by Act 2019, No. 448,§ 9, eff. 3/13/2019. Acts 1971, No. 103, § 6; 1971, No. 305, § 3; 1973, No. 754, § 1; 1975 (Extended Sess., 1976), No. 1206, § 1; A.S.A. 1947, § 12-2511.2; reen. Acts 1987, No. 1004, § 1; 2001, No. 151, § 40.

Repealed by Act 2019, No. 448,§ 9, eff. 3/13/2019.

Acts 1971, No. 103, § 6; 1971, No. 305, § 3; 1973, No. 754, § 1; 1975 (Extended Sess., 1976), No. 1206, § 1; A.S.A. 1947, § 12-2511.2; reen. Acts 1987, No. 1004, § 1; 2001, No. 151, § 40.
Ark. Code Ann. § 24-10-614 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-614
Payment of reserve value
Status: in_force

(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750). (b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.

(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).

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

(c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.
Ark. Code Ann. § 24-10-406 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-406
Retirement reserve account
Status: in_force

The retirement reserve account, as created by this section, shall be the fund into which shall be made transfers as provided in this chapter and from which shall be paid to retirants and beneficiaries the annuities provided by the Arkansas Local Police and Fire Retirement System. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.

The retirement reserve account, as created by this section, shall be the fund into which shall be made transfers as provided in this chapter and from which shall be paid to retirants and beneficiaries the annuities provided by the Arkansas Local Police and Fire Retirement System.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Ark. Code Ann. § 24-8-406 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-406
Eligibility for benefits for any judge of municipal court or county municipal court prior to 1995 - Eligibility for benefits for county municipal judge after 1995
Status: in_force

(a) (1) Any judge of a municipal court or county municipal court prior to January 1, 1995, to which this subchapter applies who shall attain fifty (50) years of age and who shall have served at least sixteen (16) years in office as municipal judge, or at least sixteen (16) years combined service as municipal judge and deputy prosecuting attorney, shall be eligible to receive retirement benefits provided by this subchapter. (2) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office. (3) Any county municipal judge who retires under this subchapter effective before January 1, 1995, shall be entitled to continue to participate in and be covered by the county health insurance program. (b) (1) On and after January 1, 1995, any judge of a county municipal court to which this subchapter applies who shall attain sixty-five (65) years of age and who shall have served at least ten (10) years in office as municipal judge, or who shall have served at least twenty (20) years in office as municipal judge, whatever his or her age, shall be eligible to receive retirement benefits provided by this subchapter. (2) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office. Acts 1965, No. 19, § 3; 1969, No. 102, § 2; A.S.A. 1947, § 22-943; Acts 1993, No. 586, § 2; 1995, No. 793, § 2.

(a) (1) Any judge of a municipal court or county municipal court prior to January 1, 1995, to which this subchapter applies who shall attain fifty (50) years of age and who shall have served at least sixteen (16) years in office as municipal judge, or at least sixteen (16) years combined service as municipal judge and deputy prosecuting attorney, shall be eligible to receive retirement benefits provided by this subchapter. (2) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office. (3) Any county municipal judge who retires under this subchapter effective before January 1, 1995, shall be entitled to continue to participate in and be covered by the county health insurance program.

(1) Any judge of a municipal court or county municipal court prior to January 1, 1995, to which this subchapter applies who shall attain fifty (50) years of age and who shall have served at least sixteen (16) years in office as municipal judge, or at least sixteen (16) years combined service as municipal judge and deputy prosecuting attorney, shall be eligible to receive retirement benefits provided by this subchapter.

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

(3) Any county municipal judge who retires under this subchapter effective before January 1, 1995, shall be entitled to continue to participate in and be covered by the county health insurance program.

(b) (1) On and after January 1, 1995, any judge of a county municipal court to which this subchapter applies who shall attain sixty-five (65) years of age and who shall have served at least ten (10) years in office as municipal judge, or who shall have served at least twenty (20) years in office as municipal judge, whatever his or her age, shall be eligible to receive retirement benefits provided by this subchapter. (2) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office.

(1) On and after January 1, 1995, any judge of a county municipal court to which this subchapter applies who shall attain sixty-five (65) years of age and who shall have served at least ten (10) years in office as municipal judge, or who shall have served at least twenty (20) years in office as municipal judge, whatever his or her age, shall be eligible to receive retirement benefits provided by this subchapter.

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

Acts 1965, No. 19, § 3; 1969, No. 102, § 2; A.S.A. 1947, § 22-943; Acts 1993, No. 586, § 2; 1995, No. 793, § 2.
Ark. Code Ann. § 24-10-202 — AR Code / Title 24 / Chapter 10 / Subchapter 2 / Section 24-10-202
Vacancies
Status: in_force

(a) In the event any member trustee ceases to be a member of the Arkansas Local Police and Fire Retirement System, or if any employer trustee ceases to be an appointed or elected official of an employer or becomes a member of the system, or if the citizen trustee becomes a member of the system or an elected or appointed official of an employer, or if any trustee fails to attend three (3) consecutive meetings of the Board of Trustees of the Arkansas Local Police and Fire Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, he or she shall be considered as having resigned from the board, and the board by resolution shall declare his or her office of trustee vacated. (b) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (c) From the time a vacancy in the office of trustee occurs and the board has begun the steps to see that the vacancy will be filled, and before the time the vacancy is filled, the trustees in office by majority vote may elect a person to fill temporarily the vacancy for the interim period but in no event for a period longer than one (1) year. Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807.

(a) In the event any member trustee ceases to be a member of the Arkansas Local Police and Fire Retirement System, or if any employer trustee ceases to be an appointed or elected official of an employer or becomes a member of the system, or if the citizen trustee becomes a member of the system or an elected or appointed official of an employer, or if any trustee fails to attend three (3) consecutive meetings of the Board of Trustees of the Arkansas Local Police and Fire Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, he or she shall be considered as having resigned from the board, and the board by resolution shall declare his or her office of trustee vacated.

(b) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(c) From the time a vacancy in the office of trustee occurs and the board has begun the steps to see that the vacancy will be filled, and before the time the vacancy is filled, the trustees in office by majority vote may elect a person to fill temporarily the vacancy for the interim period but in no event for a period longer than one (1) year.

Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807.
Ark. Code Ann. § 24-1-105 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-105
Liabilities exceeding thirty-year amortization period - Legislated benefit enhancement prohibited
Status: in_force

When any retirement system on or after March 14, 1995, has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years, that system shall not have a legislated benefit enhancement until the unfunded actuarial accrued liability is reduced to a level less than the standards set by this subchapter. Acts 1995, No. 613, § 2.

When any retirement system on or after March 14, 1995, has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years, that system shall not have a legislated benefit enhancement until the unfunded actuarial accrued liability is reduced to a level less than the standards set by this subchapter.

Acts 1995, No. 613, § 2.
Ark. Code Ann. § 24-7-1305 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1305
Benefits
Status: in_force

The member's Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to limitations. Acts 1995, No. 1096, § 1; 2003, No. 659, § 1.

The member's Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to limitations.

Acts 1995, No. 1096, § 1; 2003, No. 659, § 1.
Ark. Code Ann. § 24-4-108 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-108
Implementation of contributory component
Status: in_force

(a) (1) It shall be considered sound public policy to encourage public employees in the State of Arkansas to participate in the development and growth of their individual retirement benefits. (2) In order that the Arkansas Public Employees' Retirement System continues to maintain a strong funded status while ensuring that benefits provided to the annuitants and beneficiaries of the system maintain a constant purchasing power, it is incumbent upon the Board of Trustees of the Arkansas Public Employees' Retirement System to consider reintroducing employee contributions as a required provision of the plan structure. (b) (1) In accordance with the rules of the board, there shall be an annual review of the actuarial valuation of the plan as provided by its actuary. (2) During each annual review, the board shall consider the actuarial appropriateness of establishing a contributory component within the system. (3) Issues to be considered are to include, but not be limited to: (A) Mitigating additional increases in the employer contribution rate; (B) The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h) , as in effect on January 1, 2003; (C) The establishment of a time horizon in which current system members may elect contributory status; and (D) The extent of benefit portability. (c) (1) Beginning July 1, 2005, the board shall implement and establish a contributory plan for members of the system. (2) The board shall develop policies and rules from its annual review of the contributory component of the system and, as a minimum, the board's rules shall provide for: (A) The member contribution rate; (B) The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit; (C) The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and (D) Any other contributory qualifications or requirements necessary to implement the contributory plan for the system. Amended by Act 2019, No. 315,§ 2853, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2852, eff. 7/24/2019. Acts 2003, No. 339, § 1.

(a) (1) It shall be considered sound public policy to encourage public employees in the State of Arkansas to participate in the development and growth of their individual retirement benefits. (2) In order that the Arkansas Public Employees' Retirement System continues to maintain a strong funded status while ensuring that benefits provided to the annuitants and beneficiaries of the system maintain a constant purchasing power, it is incumbent upon the Board of Trustees of the Arkansas Public Employees' Retirement System to consider reintroducing employee contributions as a required provision of the plan structure.

(1) It shall be considered sound public policy to encourage public employees in the State of Arkansas to participate in the development and growth of their individual retirement benefits.

(2) In order that the Arkansas Public Employees' Retirement System continues to maintain a strong funded status while ensuring that benefits provided to the annuitants and beneficiaries of the system maintain a constant purchasing power, it is incumbent upon the Board of Trustees of the Arkansas Public Employees' Retirement System to consider reintroducing employee contributions as a required provision of the plan structure.

(b) (1) In accordance with the rules of the board, there shall be an annual review of the actuarial valuation of the plan as provided by its actuary. (2) During each annual review, the board shall consider the actuarial appropriateness of establishing a contributory component within the system. (3) Issues to be considered are to include, but not be limited to: (A) Mitigating additional increases in the employer contribution rate; (B) The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h) , as in effect on January 1, 2003; (C) The establishment of a time horizon in which current system members may elect contributory status; and (D) The extent of benefit portability.

(1) In accordance with the rules of the board, there shall be an annual review of the actuarial valuation of the plan as provided by its actuary.

(2) During each annual review, the board shall consider the actuarial appropriateness of establishing a contributory component within the system.

(3) Issues to be considered are to include, but not be limited to: (A) Mitigating additional increases in the employer contribution rate; (B) The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h) , as in effect on January 1, 2003; (C) The establishment of a time horizon in which current system members may elect contributory status; and (D) The extent of benefit portability.

(A) Mitigating additional increases in the employer contribution rate;

(B) The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h) , as in effect on January 1, 2003;

(C) The establishment of a time horizon in which current system members may elect contributory status; and

(D) The extent of benefit portability.

(c) (1) Beginning July 1, 2005, the board shall implement and establish a contributory plan for members of the system. (2) The board shall develop policies and rules from its annual review of the contributory component of the system and, as a minimum, the board's rules shall provide for: (A) The member contribution rate; (B) The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit; (C) The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and (D) Any other contributory qualifications or requirements necessary to implement the contributory plan for the system.

(1) Beginning July 1, 2005, the board shall implement and establish a contributory plan for members of the system.

(2) The board shall develop policies and rules from its annual review of the contributory component of the system and, as a minimum, the board's rules shall provide for: (A) The member contribution rate; (B) The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit; (C) The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and (D) Any other contributory qualifications or requirements necessary to implement the contributory plan for the system.

(A) The member contribution rate;

(B) The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit;

(C) The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and

(D) Any other contributory qualifications or requirements necessary to implement the contributory plan for the system.

Amended by Act 2019, No. 315,§ 2853, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2852, eff. 7/24/2019.

Acts 2003, No. 339, § 1.
Ark. Code Ann. § 24-7-612 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-612
Service credit purchase
Status: in_force

(a) A member who purchases service credit in the Arkansas Teacher Retirement System shall pay the actuarial equivalent of both the employee and employer contributions, as calculated by the system. (b) (1) If a member has an existing service purchase account with the system before July 1, 2011, the member shall pay the balance of the account to the system according to the payment schedule agreed upon by the member and the system. (2) The member shall agree to a reasonable payment schedule with the system on or before June 30, 2012, or the member payments, if any, shall be returned to the member by the system without interest on the member payments as allowed by law. (3) The service purchase account shall be closed after the system has returned the member payments. (c) Beginning July 1, 2011, service purchase accounts shall not be created for the purchase of service credit in the system. (d) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules regarding service purchase accounts consistent with this section. (e) All payments for service credit purchases shall be received by the system before the member's first annuity installment or T-DROP deposit occurs. Amended by Act 2021, No. 279,§ 16, eff. 7/1/2021. Acts 2011, No. 69, § 13.

(a) A member who purchases service credit in the Arkansas Teacher Retirement System shall pay the actuarial equivalent of both the employee and employer contributions, as calculated by the system.

(b) (1) If a member has an existing service purchase account with the system before July 1, 2011, the member shall pay the balance of the account to the system according to the payment schedule agreed upon by the member and the system. (2) The member shall agree to a reasonable payment schedule with the system on or before June 30, 2012, or the member payments, if any, shall be returned to the member by the system without interest on the member payments as allowed by law. (3) The service purchase account shall be closed after the system has returned the member payments.

(1) If a member has an existing service purchase account with the system before July 1, 2011, the member shall pay the balance of the account to the system according to the payment schedule agreed upon by the member and the system.

(2) The member shall agree to a reasonable payment schedule with the system on or before June 30, 2012, or the member payments, if any, shall be returned to the member by the system without interest on the member payments as allowed by law.

(3) The service purchase account shall be closed after the system has returned the member payments.

(c) Beginning July 1, 2011, service purchase accounts shall not be created for the purchase of service credit in the system.

(d) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules regarding service purchase accounts consistent with this section.

(e) All payments for service credit purchases shall be received by the system before the member's first annuity installment or T-DROP deposit occurs.

Amended by Act 2021, No. 279,§ 16, eff. 7/1/2021.

Acts 2011, No. 69, § 13.
Ark. Code Ann. § 24-7-738 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-738
Return to regular covered employment for service credit after disability retirement - Alternate option to return to disability retirement - Incentive to work
Status: in_force

(a) If a member who has been on disability retirement with the Arkansas Teacher Retirement System returns to regular, covered employment and then returns to disability retirement with the system, the disability retirement benefit shall be the higher of the: (1) Amount that the member would have received if he or she did not return to regular, covered employment; or (2) Recomputed benefit using the additional salary and additional service credit earned by the member under the covered employment. (b) (1) A member who returns to covered employment under this section after disability retirement shall not receive a disability retirement benefit from the system in any month that the member is paid a salary from a covered employer for a work period that is concurrent with the receipt of the disability retirement. (2) Any disability retirement benefit erroneously paid to the member or retiree for a month in which the member receives salary from a covered employer may be recovered by the system as an overpayment as allowed by law. Amended by Act 2023, No. 107,§ 58, eff. 7/1/2023. Added by Act 2017, No. 549,§ 8, eff. 3/21/2017.

(a) If a member who has been on disability retirement with the Arkansas Teacher Retirement System returns to regular, covered employment and then returns to disability retirement with the system, the disability retirement benefit shall be the higher of the: (1) Amount that the member would have received if he or she did not return to regular, covered employment; or (2) Recomputed benefit using the additional salary and additional service credit earned by the member under the covered employment.

(1) Amount that the member would have received if he or she did not return to regular, covered employment; or

(2) Recomputed benefit using the additional salary and additional service credit earned by the member under the covered employment.

(b) (1) A member who returns to covered employment under this section after disability retirement shall not receive a disability retirement benefit from the system in any month that the member is paid a salary from a covered employer for a work period that is concurrent with the receipt of the disability retirement. (2) Any disability retirement benefit erroneously paid to the member or retiree for a month in which the member receives salary from a covered employer may be recovered by the system as an overpayment as allowed by law.

(1) A member who returns to covered employment under this section after disability retirement shall not receive a disability retirement benefit from the system in any month that the member is paid a salary from a covered employer for a work period that is concurrent with the receipt of the disability retirement.

(2) Any disability retirement benefit erroneously paid to the member or retiree for a month in which the member receives salary from a covered employer may be recovered by the system as an overpayment as allowed by law.

Amended by Act 2023, No. 107,§ 58, eff. 7/1/2023.

Added by Act 2017, No. 549,§ 8, eff. 3/21/2017.
Ark. Code Ann. § 24-8-216 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-216
Eligibility for benefits - Early retirement
Status: in_force

(a) Any judge of a circuit or chancery court who has fourteen (14) years or more of credited service in the Arkansas Judicial Retirement System, established by Acts 1953, No. 365, may elect to retire and receive retirement benefits under the provisions of Acts 1953, No. 365, at any time after reaching sixty-two (62) years of age and before reaching sixty-five (65) years of age. (b) The retirement benefits of any circuit or chancery judge electing to retire before sixty-five (65) years of age shall be reduced six percent (6%) for each full year and proportionately for any part of a year that the judge retires before reaching sixty-five (65) years of age. Acts 1979, No. 648, § 1; A.S.A. 1947, § 22-902.3.

(a) Any judge of a circuit or chancery court who has fourteen (14) years or more of credited service in the Arkansas Judicial Retirement System, established by Acts 1953, No. 365, may elect to retire and receive retirement benefits under the provisions of Acts 1953, No. 365, at any time after reaching sixty-two (62) years of age and before reaching sixty-five (65) years of age.

(b) The retirement benefits of any circuit or chancery judge electing to retire before sixty-five (65) years of age shall be reduced six percent (6%) for each full year and proportionately for any part of a year that the judge retires before reaching sixty-five (65) years of age.

Acts 1979, No. 648, § 1; A.S.A. 1947, § 22-902.3.
Ark. Code Ann. § 24-1-301 — AR Code / Title 24 / Chapter 1 / Subchapter 3 / Section 24-1-301
Definitions
Status: in_force

As used in this subchapter: (1) "Beneficiary" means an individual who receives or is designated by a member or retirant to receive a plan benefit under a retirement system; and (2) "Retirement system" means: (A) The Arkansas Teacher Retirement System, established by the Arkansas Teacher Retirement System Act, § 24-7-201 et seq.; (B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ; (C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ; (D) The State Police Retirement System, established by § 24-6-203 ; (E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.; (F) An alternate retirement plan for: (i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; and (ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; (G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.; and (H) A firemen's relief and pension fund or a policemen's pension and relief fund provided for under § 24-11-101 et seq. Amended by Act 2019, No. 910,§ 2358, eff. 7/1/2019. Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.

As used in this subchapter:

(1) "Beneficiary" means an individual who receives or is designated by a member or retirant to receive a plan benefit under a retirement system; and

(2) "Retirement system" means: (A) The Arkansas Teacher Retirement System, established by the Arkansas Teacher Retirement System Act, § 24-7-201 et seq.; (B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ; (C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ; (D) The State Police Retirement System, established by § 24-6-203 ; (E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.; (F) An alternate retirement plan for: (i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; and (ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; (G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.; and (H) A firemen's relief and pension fund or a policemen's pension and relief fund provided for under § 24-11-101 et seq.

(A) The Arkansas Teacher Retirement System, established by the Arkansas Teacher Retirement System Act, § 24-7-201 et seq.;

(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103 ;

(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103 ;

(D) The State Police Retirement System, established by § 24-6-203 ;

(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;

(F) An alternate retirement plan for: (i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; and (ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.;

(i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; and

(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.;

(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.; and

(H) A firemen's relief and pension fund or a policemen's pension and relief fund provided for under § 24-11-101 et seq.

Amended by Act 2019, No. 910,§ 2358, eff. 7/1/2019.

Added by Act 2017, No. 756,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-5-102 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-102
Penalty
Status: in_force

Any person who knowingly makes any false statement or who falsifies any record or records in an attempt to defraud the Arkansas State Highway Employees' Retirement System as a result of such an act shall be guilty of a Class A misdemeanor. Acts 1949, No. 454, § 6; 1981, No. 295, § 6; A.S.A. 1947, § 76-1906; Acts 2005, No. 1994, § 363.

Any person who knowingly makes any false statement or who falsifies any record or records in an attempt to defraud the Arkansas State Highway Employees' Retirement System as a result of such an act shall be guilty of a Class A misdemeanor.

Acts 1949, No. 454, § 6; 1981, No. 295, § 6; A.S.A. 1947, § 76-1906; Acts 2005, No. 1994, § 363.
Ark. Code Ann. § 24-8-204 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-204
Administration
Status: in_force

(a) (1) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the executive director and administrative staff of the Arkansas Judicial Retirement System. (2) All administrative records of the Arkansas Judicial Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System. (b) (1) The Board of Trustees of the Arkansas Judicial Retirement System shall continue to exercise the powers, functions, and duties previously exercised. (2) Nothing in this section shall be construed to diminish or otherwise alter the powers, functions, and duties of the board. (c) All costs of administering the Arkansas Judicial Retirement System shall be paid from the Judges Retirement Fund, but no payment for such expenses shall be made unless authorized by the board. Acts 1983, No. 922, §§ 4, 6, 11; A.S.A. 1947, §§ 22-958, 22-959, 22-963.

(a) (1) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the executive director and administrative staff of the Arkansas Judicial Retirement System. (2) All administrative records of the Arkansas Judicial Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System.

(1) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the executive director and administrative staff of the Arkansas Judicial Retirement System.

(2) All administrative records of the Arkansas Judicial Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System.

(b) (1) The Board of Trustees of the Arkansas Judicial Retirement System shall continue to exercise the powers, functions, and duties previously exercised. (2) Nothing in this section shall be construed to diminish or otherwise alter the powers, functions, and duties of the board.

(1) The Board of Trustees of the Arkansas Judicial Retirement System shall continue to exercise the powers, functions, and duties previously exercised.

(2) Nothing in this section shall be construed to diminish or otherwise alter the powers, functions, and duties of the board.

(c) All costs of administering the Arkansas Judicial Retirement System shall be paid from the Judges Retirement Fund, but no payment for such expenses shall be made unless authorized by the board.

Acts 1983, No. 922, §§ 4, 6, 11; A.S.A. 1947, §§ 22-958, 22-959, 22-963.
Ark. Code Ann. § 24-1-103 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-103
Change of contribution rate
Status: in_force

No contribution rate of any state-supported retirement system in effect on March 14, 1995, shall be changed except by a vote of the General Assembly. Acts 1995, No. 613, § 2.

No contribution rate of any state-supported retirement system in effect on March 14, 1995, shall be changed except by a vote of the General Assembly.

Acts 1995, No. 613, § 2.
Ark. Code Ann. § 24-6-413 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-413
Benefit provisions - Subjection of annuity rights to process of law
Status: in_force

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of this subchapter, and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter. (b) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary. Acts 1997, No. 1071, § 1.

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

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

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-10-617 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-617
Survivor health benefits
Status: in_force

(a) When a municipal employee who is vested in a municipal retirement system under the Arkansas Local Police and Fire Retirement System, § 24-10-101 et seq., or under a local policemen's pension and relief fund, § 24-11-401 et seq., or under a firemen's relief and pension fund, § 24-11-801 et seq., is killed or dies in the course of his or her employment and is survived by a spouse, or has surviving dependents actively drawing a benefit from those municipal retirement systems, then the surviving spouse or surviving dependents may continue to participate in the municipality's healthcare plan as long as the surviving spouse or surviving dependents pay both employer and employee contributions to the healthcare plan. (b) However, a surviving spouse or surviving dependent may qualify to continue on the healthcare plan only so long as they remain an eligible beneficiary under the retirement system. Acts 1997, No. 695, § 1.

(a) When a municipal employee who is vested in a municipal retirement system under the Arkansas Local Police and Fire Retirement System, § 24-10-101 et seq., or under a local policemen's pension and relief fund, § 24-11-401 et seq., or under a firemen's relief and pension fund, § 24-11-801 et seq., is killed or dies in the course of his or her employment and is survived by a spouse, or has surviving dependents actively drawing a benefit from those municipal retirement systems, then the surviving spouse or surviving dependents may continue to participate in the municipality's healthcare plan as long as the surviving spouse or surviving dependents pay both employer and employee contributions to the healthcare plan.

(b) However, a surviving spouse or surviving dependent may qualify to continue on the healthcare plan only so long as they remain an eligible beneficiary under the retirement system.

Acts 1997, No. 695, § 1.
Ark. Code Ann. § 24-4-201 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-201
Arkansas Public Employees' Retirement System Fund - Creation - System accounts
Status: in_force

(a) (1) There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the "Arkansas Public Employees' Retirement System Fund". (2) This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law. (b) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System. (2) The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time. Amended by Act 2019, No. 910,§ 3551, eff. 7/1/2019. Acts 1957, No. 177, § 4; 1959, No. 42, § 4; 1961, No. 64, § 2; 1981, No. 859, § 16; A.S.A. 1947, § 12-2504; Acts 1997, No. 299, § 8; 1999, No. 308, § 1; 2001, No. 67, § 2; 2001, No. 151, § 11.

(a) (1) There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the "Arkansas Public Employees' Retirement System Fund". (2) This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.

(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the "Arkansas Public Employees' Retirement System Fund".

(2) This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.

(b) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System. (2) The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time.

(1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System.

(2) The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time.

Amended by Act 2019, No. 910,§ 3551, eff. 7/1/2019.

Acts 1957, No. 177, § 4; 1959, No. 42, § 4; 1961, No. 64, § 2; 1981, No. 859, § 16; A.S.A. 1947, § 12-2504; Acts 1997, No. 299, § 8; 1999, No. 308, § 1; 2001, No. 67, § 2; 2001, No. 151, § 11.
Ark. Code Ann. § 24-5-115 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-115
Benefits generally
Status: in_force

(a) (1) Members retired for the reasons set forth in §§ 24-5-112 - 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101 , limited to the amount upon which contributions, including supplemental contributions under the provisions of § 24-5-108(b) , have been made, multiplied by the number of years of creditable service in the Arkansas State Highway Employees' Retirement System. (2) Payments shall be made in equal monthly installments. (b) (1) In the event a member has not completed payment of his or her service contributions as provided for in § 24-5-108(b) and is current in his or her service contributions at the time of retirement, the Board of Trustees of the Arkansas State Highway Employees' Retirement System is authorized to deduct from each monthly annuity payment an amount equal to one-twelfth (1/12) of the unpaid balance of the service contributions. (2) The deductions shall continue until all service contributions have been paid in full. Acts 1949, No. 454, § 12; 1969, No. 167, § 8; A.S.A. 1947, § 76-1912; Acts 1991, No. 41, § 1; 1991, No. 246, § 1; 1997, No. 386, § 1; 2001, No. 539, § 1.

(a) (1) Members retired for the reasons set forth in §§ 24-5-112 - 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101 , limited to the amount upon which contributions, including supplemental contributions under the provisions of § 24-5-108(b) , have been made, multiplied by the number of years of creditable service in the Arkansas State Highway Employees' Retirement System. (2) Payments shall be made in equal monthly installments.

(1) Members retired for the reasons set forth in §§ 24-5-112 - 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101 , limited to the amount upon which contributions, including supplemental contributions under the provisions of § 24-5-108(b) , have been made, multiplied by the number of years of creditable service in the Arkansas State Highway Employees' Retirement System.

(2) Payments shall be made in equal monthly installments.

(b) (1) In the event a member has not completed payment of his or her service contributions as provided for in § 24-5-108(b) and is current in his or her service contributions at the time of retirement, the Board of Trustees of the Arkansas State Highway Employees' Retirement System is authorized to deduct from each monthly annuity payment an amount equal to one-twelfth (1/12) of the unpaid balance of the service contributions. (2) The deductions shall continue until all service contributions have been paid in full.

(1) In the event a member has not completed payment of his or her service contributions as provided for in § 24-5-108(b) and is current in his or her service contributions at the time of retirement, the Board of Trustees of the Arkansas State Highway Employees' Retirement System is authorized to deduct from each monthly annuity payment an amount equal to one-twelfth (1/12) of the unpaid balance of the service contributions.

(2) The deductions shall continue until all service contributions have been paid in full.

Acts 1949, No. 454, § 12; 1969, No. 167, § 8; A.S.A. 1947, § 76-1912; Acts 1991, No. 41, § 1; 1991, No. 246, § 1; 1997, No. 386, § 1; 2001, No. 539, § 1.
Ark. Code Ann. § 24-7-736 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-736
Calculation of final average salary - Definition
Status: in_force

(a) Compensation in excess of the limitations set forth in the Internal Revenue Code of 1986, 26 U.S.C. § 401(a)(17) , as it existed on January 1, 2011, shall not be used for purposes of calculating final average salary on which benefits under the Arkansas Teacher Retirement System shall be based. (b) (1) The limitation on compensation for an eligible employee shall not be less than the amount that was allowed to be taken into account under the system as in effect on July 1, 1993. (2) As used in subdivision (b)(1) of this section, "eligible employee" means an individual who was a member of the system before the first plan year beginning after December 31, 1995. (c) (1) (A) The Board of Trustees of the Arkansas Teacher Retirement System shall set the applicable number of years to be used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years. (B) Before reducing the applicable number of years to be used in computing the final average salary, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Interim Committee on Public Retirement and Social Security Programs for review by the Joint Interim Committee on Public Retirement and Social Security Programs. (2) (A) Full and partial service years that are recorded as service credit shall be used in the calculation of the final average salary in accordance with rules promulgated by the board. (B) If the member does not have full service years for the total years of service used in the calculation of final average salary, then the board may establish by rule a fair base salary for a member's final average salary for purposes of comparison under subdivision (c)(4) of this section. (3) If a member has less than the minimum number of years of credited service required for the final average salary formula, the final average salary of the member shall be the total salary paid to the member for his or her years of credited service divided by the member's total credited years of service. (4) (A) If a member has at least the minimum number of years of credited service required for the final average salary formula, the applicable number of highest service year salaries shall be ranked from lowest to highest. (B) The lowest service year salary in the ranking shall be the base salary. (C) The next-highest-ranked service year salary shall be compared to the base salary. (D) (i) The next-highest service year salary in the calculation of final average salary that is less than eight (8) years from the base salary year shall not exceed the base salary value plus the anti-spiking amount unless the next-highest year's value is less than or equal to the anti-spiking percentage of the base salary. (ii) Subdivision (c)(4)(D)(i) of this section shall not apply to a partial service year or a fiscal year immediately following a partial service year. (E) After comparison of the base salary to the next-highest service year salary to meet the requirements of subdivision (c)(4)(D) of this section, any required reduction to the next-highest service year salary shall be made. (F) The next-highest service year salary, with any required reduction, becomes the new base salary to compare to the next succeeding highest service year salary in the ranking until all service year salaries in the ranking have been compared. (G) The total value of the base salaries shall then be divided by the applicable number of years to be used in computing final average salary. (d) The system may settle any dispute concerning an employee's salary for purposes of the system. (e) The board may adjust the final average salary calculated in accordance with subsection (c) of this section by board resolution provided that: (1) The anti-spiking percentage under subdivision (c)(4)(D) of this section is set no lower than one hundred five percent (105%) per year and no higher than one hundred twenty percent (120%) per year; and (2) The anti-spiking amount permitted under subdivision (c)(4)(D) of this section is set no lower than one thousand two hundred fifty dollars ($1,250) per year and no higher than five thousand dollars ($5,000) per year. Amended by Act 2023, No. 104,§ 3, eff. 7/1/2023. Amended by Act 2023, No. 104,§ 2, eff. 7/1/2023. Amended by Act 2023, No. 104,§ 1, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 31, eff. 7/1/2021. Amended by Act 2019, No. 427,§ 19, eff. 7/1/2019. Amended by Act 2019, No. 427,§ 18, eff. 7/1/2019. Amended by Act 2017, No. 611,§ 2, eff. 3/23/2017. Amended by Act 2017, No. 611,§ 1, eff. 3/23/2017. Acts 2011, No. 225, § 2.

(a) Compensation in excess of the limitations set forth in the Internal Revenue Code of 1986, 26 U.S.C. § 401(a)(17) , as it existed on January 1, 2011, shall not be used for purposes of calculating final average salary on which benefits under the Arkansas Teacher Retirement System shall be based.

(b) (1) The limitation on compensation for an eligible employee shall not be less than the amount that was allowed to be taken into account under the system as in effect on July 1, 1993. (2) As used in subdivision (b)(1) of this section, "eligible employee" means an individual who was a member of the system before the first plan year beginning after December 31, 1995.

(1) The limitation on compensation for an eligible employee shall not be less than the amount that was allowed to be taken into account under the system as in effect on July 1, 1993.

(2) As used in subdivision (b)(1) of this section, "eligible employee" means an individual who was a member of the system before the first plan year beginning after December 31, 1995.

(c) (1) (A) The Board of Trustees of the Arkansas Teacher Retirement System shall set the applicable number of years to be used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years. (B) Before reducing the applicable number of years to be used in computing the final average salary, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Interim Committee on Public Retirement and Social Security Programs for review by the Joint Interim Committee on Public Retirement and Social Security Programs. (2) (A) Full and partial service years that are recorded as service credit shall be used in the calculation of the final average salary in accordance with rules promulgated by the board. (B) If the member does not have full service years for the total years of service used in the calculation of final average salary, then the board may establish by rule a fair base salary for a member's final average salary for purposes of comparison under subdivision (c)(4) of this section. (3) If a member has less than the minimum number of years of credited service required for the final average salary formula, the final average salary of the member shall be the total salary paid to the member for his or her years of credited service divided by the member's total credited years of service. (4) (A) If a member has at least the minimum number of years of credited service required for the final average salary formula, the applicable number of highest service year salaries shall be ranked from lowest to highest. (B) The lowest service year salary in the ranking shall be the base salary. (C) The next-highest-ranked service year salary shall be compared to the base salary. (D) (i) The next-highest service year salary in the calculation of final average salary that is less than eight (8) years from the base salary year shall not exceed the base salary value plus the anti-spiking amount unless the next-highest year's value is less than or equal to the anti-spiking percentage of the base salary. (ii) Subdivision (c)(4)(D)(i) of this section shall not apply to a partial service year or a fiscal year immediately following a partial service year. (E) After comparison of the base salary to the next-highest service year salary to meet the requirements of subdivision (c)(4)(D) of this section, any required reduction to the next-highest service year salary shall be made. (F) The next-highest service year salary, with any required reduction, becomes the new base salary to compare to the next succeeding highest service year salary in the ranking until all service year salaries in the ranking have been compared. (G) The total value of the base salaries shall then be divided by the applicable number of years to be used in computing final average salary.

(1) (A) The Board of Trustees of the Arkansas Teacher Retirement System shall set the applicable number of years to be used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years. (B) Before reducing the applicable number of years to be used in computing the final average salary, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Interim Committee on Public Retirement and Social Security Programs for review by the Joint Interim Committee on Public Retirement and Social Security Programs.

(A) The Board of Trustees of the Arkansas Teacher Retirement System shall set the applicable number of years to be used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years.

(B) Before reducing the applicable number of years to be used in computing the final average salary, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Interim Committee on Public Retirement and Social Security Programs for review by the Joint Interim Committee on Public Retirement and Social Security Programs.

(2) (A) Full and partial service years that are recorded as service credit shall be used in the calculation of the final average salary in accordance with rules promulgated by the board. (B) If the member does not have full service years for the total years of service used in the calculation of final average salary, then the board may establish by rule a fair base salary for a member's final average salary for purposes of comparison under subdivision (c)(4) of this section.

(A) Full and partial service years that are recorded as service credit shall be used in the calculation of the final average salary in accordance with rules promulgated by the board.

(B) If the member does not have full service years for the total years of service used in the calculation of final average salary, then the board may establish by rule a fair base salary for a member's final average salary for purposes of comparison under subdivision (c)(4) of this section.

(3) If a member has less than the minimum number of years of credited service required for the final average salary formula, the final average salary of the member shall be the total salary paid to the member for his or her years of credited service divided by the member's total credited years of service.

(4) (A) If a member has at least the minimum number of years of credited service required for the final average salary formula, the applicable number of highest service year salaries shall be ranked from lowest to highest. (B) The lowest service year salary in the ranking shall be the base salary. (C) The next-highest-ranked service year salary shall be compared to the base salary. (D) (i) The next-highest service year salary in the calculation of final average salary that is less than eight (8) years from the base salary year shall not exceed the base salary value plus the anti-spiking amount unless the next-highest year's value is less than or equal to the anti-spiking percentage of the base salary. (ii) Subdivision (c)(4)(D)(i) of this section shall not apply to a partial service year or a fiscal year immediately following a partial service year. (E) After comparison of the base salary to the next-highest service year salary to meet the requirements of subdivision (c)(4)(D) of this section, any required reduction to the next-highest service year salary shall be made. (F) The next-highest service year salary, with any required reduction, becomes the new base salary to compare to the next succeeding highest service year salary in the ranking until all service year salaries in the ranking have been compared. (G) The total value of the base salaries shall then be divided by the applicable number of years to be used in computing final average salary.

(A) If a member has at least the minimum number of years of credited service required for the final average salary formula, the applicable number of highest service year salaries shall be ranked from lowest to highest.

(B) The lowest service year salary in the ranking shall be the base salary.

(C) The next-highest-ranked service year salary shall be compared to the base salary.

(D) (i) The next-highest service year salary in the calculation of final average salary that is less than eight (8) years from the base salary year shall not exceed the base salary value plus the anti-spiking amount unless the next-highest year's value is less than or equal to the anti-spiking percentage of the base salary. (ii) Subdivision (c)(4)(D)(i) of this section shall not apply to a partial service year or a fiscal year immediately following a partial service year.

(i) The next-highest service year salary in the calculation of final average salary that is less than eight (8) years from the base salary year shall not exceed the base salary value plus the anti-spiking amount unless the next-highest year's value is less than or equal to the anti-spiking percentage of the base salary.

(ii) Subdivision (c)(4)(D)(i) of this section shall not apply to a partial service year or a fiscal year immediately following a partial service year.

(E) After comparison of the base salary to the next-highest service year salary to meet the requirements of subdivision (c)(4)(D) of this section, any required reduction to the next-highest service year salary shall be made.

(F) The next-highest service year salary, with any required reduction, becomes the new base salary to compare to the next succeeding highest service year salary in the ranking until all service year salaries in the ranking have been compared.

(G) The total value of the base salaries shall then be divided by the applicable number of years to be used in computing final average salary.

(d) The system may settle any dispute concerning an employee's salary for purposes of the system.

(e) The board may adjust the final average salary calculated in accordance with subsection (c) of this section by board resolution provided that: (1) The anti-spiking percentage under subdivision (c)(4)(D) of this section is set no lower than one hundred five percent (105%) per year and no higher than one hundred twenty percent (120%) per year; and (2) The anti-spiking amount permitted under subdivision (c)(4)(D) of this section is set no lower than one thousand two hundred fifty dollars ($1,250) per year and no higher than five thousand dollars ($5,000) per year.

(1) The anti-spiking percentage under subdivision (c)(4)(D) of this section is set no lower than one hundred five percent (105%) per year and no higher than one hundred twenty percent (120%) per year; and

(2) The anti-spiking amount permitted under subdivision (c)(4)(D) of this section is set no lower than one thousand two hundred fifty dollars ($1,250) per year and no higher than five thousand dollars ($5,000) per year.

Amended by Act 2023, No. 104,§ 3, eff. 7/1/2023.

Amended by Act 2023, No. 104,§ 2, eff. 7/1/2023.

Amended by Act 2023, No. 104,§ 1, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 31, eff. 7/1/2021.

Amended by Act 2019, No. 427,§ 19, eff. 7/1/2019.

Amended by Act 2019, No. 427,§ 18, eff. 7/1/2019.

Amended by Act 2017, No. 611,§ 2, eff. 3/23/2017.

Amended by Act 2017, No. 611,§ 1, eff. 3/23/2017.

Acts 2011, No. 225, § 2.
Ark. Code Ann. § 24-8-313 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-313
Vote to pay benefits to certain clerks and spouses of judges
Status: in_force

(a) Upon a three-fourths (¾) vote of the board of trustees established under § 24-8-302 , the fund established under § 24-8-301 et seq. may pay retirement benefits due the following persons: (1) Former municipal court clerks who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund; and (2) The surviving spouse of a municipal judge who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund. (b) This section shall not repeal existing laws of this state relating to the retirement of municipal court judges and municipal court clerks but shall be cumulative to those laws. It shall in no manner affect the right or status of persons receiving or eligible to receive retirement benefits under § 24-8-301 et seq. or under retirement laws effective prior to March 23, 1973. (c) In case the fund established by § 24-8-301 et seq. should ever be or become deficient to pay retirement benefits due any person or persons under § 24-8-301 et seq. and those benefits due under this section, the treasurer of the board of trustees shall verify the deficiency, which shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge and the clerk is paid partially by the county until such time as the fund accumulates funds sufficient to pay benefits. Acts 1987, No. 641, §§ 1-3.

(a) Upon a three-fourths (¾) vote of the board of trustees established under § 24-8-302 , the fund established under § 24-8-301 et seq. may pay retirement benefits due the following persons: (1) Former municipal court clerks who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund; and (2) The surviving spouse of a municipal judge who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund.

(1) Former municipal court clerks who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund; and

(2) The surviving spouse of a municipal judge who retired under retirement laws effective prior to March 23, 1973, and whose retirement benefits were paid from the city general fund.

(b) This section shall not repeal existing laws of this state relating to the retirement of municipal court judges and municipal court clerks but shall be cumulative to those laws. It shall in no manner affect the right or status of persons receiving or eligible to receive retirement benefits under § 24-8-301 et seq. or under retirement laws effective prior to March 23, 1973.

(c) In case the fund established by § 24-8-301 et seq. should ever be or become deficient to pay retirement benefits due any person or persons under § 24-8-301 et seq. and those benefits due under this section, the treasurer of the board of trustees shall verify the deficiency, which shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge and the clerk is paid partially by the county until such time as the fund accumulates funds sufficient to pay benefits.

Acts 1987, No. 641, §§ 1-3.
Ark. Code Ann. § 24-11-809 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-809
Apportionment of insurance premium tax generally
Status: in_force

(a) (1) There is apportioned and set aside for the use and benefit of duly constituted firemen's relief and pension funds and for the administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board the annual taxes of two and one-half percent (2.5%) on all foreign and alien premiums collected by all property and casualty insurance companies, corporations, or associations incorporated under the laws of any state or nation and doing business in the State of Arkansas after all cancellations and dividends to policyholders are deducted as provided by §§ 23-60-102 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 upon real and personal property insured against the perils of fire and extended coverage, tornado, windstorm, cyclone, and hail, except upon growing crops, and located in or at cities, towns, and fire protection districts in the State of Arkansas coming within the provisions of this act. (2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-301 . The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund". (b) In the case of multiperil policies with a single premium for both the property and casualty coverages, the portion of the taxable premium shall be as follows: (1) In the case of commercial multiperil policies, seventy percent (70%); (2) In the case of homeowners' policies, forty-five percent (45%); (3) In the case of automobile physical damage policies, nine percent (9%); and (4) In the case of inland marine policies, fifteen percent (15%). (c) All additional revenues collected as a result of the levy of the insurance premium tax on domestic insurers, other than for premiums or copayments for life, disability, legal, wet marine, and foreign trade, and health maintenance organization insurance or contracts shall be special revenues and shall be apportioned and remitted to the Firemen's and Police Officers' Pension and Relief Fund. Amended by Act 2013, No. 41,§ 24, eff. 2/6/2013. Acts 1921, No. 491, § 12; Pope's Dig., § 7748; Acts 1949, No. 488, § 1; 1965, No. 431, § 3; 1968 (1st Ex. Sess.), No. 24, § 4; 1981, No. 595, § 2; 1985, No. 754, § 1; 1985, No. 992, § 4; A.S.A. 1947, § 19-2212; Acts 1995, No. 1266, § 6; 1997, No. 119, § 2; 1997, No. 1077, § 1; 1999, No. 1570, § 3; 2001, No. 1540, § 2; 2001, No. 1543, § 6; 2001, No. 1701, § 5; 2003, No. 1473, § 62; 2003, No. 1797, § 3.

(a) (1) There is apportioned and set aside for the use and benefit of duly constituted firemen's relief and pension funds and for the administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board the annual taxes of two and one-half percent (2.5%) on all foreign and alien premiums collected by all property and casualty insurance companies, corporations, or associations incorporated under the laws of any state or nation and doing business in the State of Arkansas after all cancellations and dividends to policyholders are deducted as provided by §§ 23-60-102 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 upon real and personal property insured against the perils of fire and extended coverage, tornado, windstorm, cyclone, and hail, except upon growing crops, and located in or at cities, towns, and fire protection districts in the State of Arkansas coming within the provisions of this act. (2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-301 . The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".

(1) There is apportioned and set aside for the use and benefit of duly constituted firemen's relief and pension funds and for the administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board the annual taxes of two and one-half percent (2.5%) on all foreign and alien premiums collected by all property and casualty insurance companies, corporations, or associations incorporated under the laws of any state or nation and doing business in the State of Arkansas after all cancellations and dividends to policyholders are deducted as provided by §§ 23-60-102 , 24-11-809 , 26-57-601 - 26-57-605 , and 26-57-607 upon real and personal property insured against the perils of fire and extended coverage, tornado, windstorm, cyclone, and hail, except upon growing crops, and located in or at cities, towns, and fire protection districts in the State of Arkansas coming within the provisions of this act.

(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-301 . The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".

(b) In the case of multiperil policies with a single premium for both the property and casualty coverages, the portion of the taxable premium shall be as follows: (1) In the case of commercial multiperil policies, seventy percent (70%); (2) In the case of homeowners' policies, forty-five percent (45%); (3) In the case of automobile physical damage policies, nine percent (9%); and (4) In the case of inland marine policies, fifteen percent (15%).

(1) In the case of commercial multiperil policies, seventy percent (70%);

(2) In the case of homeowners' policies, forty-five percent (45%);

(3) In the case of automobile physical damage policies, nine percent (9%); and

(4) In the case of inland marine policies, fifteen percent (15%).

(c) All additional revenues collected as a result of the levy of the insurance premium tax on domestic insurers, other than for premiums or copayments for life, disability, legal, wet marine, and foreign trade, and health maintenance organization insurance or contracts shall be special revenues and shall be apportioned and remitted to the Firemen's and Police Officers' Pension and Relief Fund.

Amended by Act 2013, No. 41,§ 24, eff. 2/6/2013.

Acts 1921, No. 491, § 12; Pope's Dig., § 7748; Acts 1949, No. 488, § 1; 1965, No. 431, § 3; 1968 (1st Ex. Sess.), No. 24, § 4; 1981, No. 595, § 2; 1985, No. 754, § 1; 1985, No. 992, § 4; A.S.A. 1947, § 19-2212; Acts 1995, No. 1266, § 6; 1997, No. 119, § 2; 1997, No. 1077, § 1; 1999, No. 1570, § 3; 2001, No. 1540, § 2; 2001, No. 1543, § 6; 2001, No. 1701, § 5; 2003, No. 1473, § 62; 2003, No. 1797, § 3.
Ark. Code Ann. § 24-11-803 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-803
Board of trustees - Powers
Status: in_force

(a) In addition to the other powers granted in this subchapter, the board of trustees of a firemen's relief and pension fund shall have the power to: (1) (A) Compel witnesses to attend and testify before it upon all matters connected with the operation of this act and in the same manner as provided by law for the taking of testimony before a notary public. (B) The chair or any member of the board may administer oaths to the witnesses; (2) (A) Provide for the payment from the fund of all its necessary expenses. (B) However, no compensation shall be paid to any member of the board for any duties performed under this act; and (3) Make all rules needful for compliance with the provisions of this act. (b) The board shall have the power to accept and disburse according to the provisions of this act any and all sums which may come into its hands through appropriation, gift, or devise. (c) Members of the board of trustees of the firemen's relief and pension fund of incorporated cities and towns in Arkansas shall have the power, in their discretion, to expend moneys from the firemen's relief and pension fund for the purpose of paying premiums and purchasing group insurance covering the members of the fire departments of the cities and towns against accidental injury or death occurring within the line of duty of the firefighters. Amended by Act 2013, No. 41,§ 23, eff. 2/6/2013. Acts 1921, No. 491, §§ 11, 14; Pope's Dig., §§ 7747, 7750; Acts 1947, No. 187, § 1; A.S.A. 1947, §§ 19-2211, 19-2222, 19-2229.

(a) In addition to the other powers granted in this subchapter, the board of trustees of a firemen's relief and pension fund shall have the power to: (1) (A) Compel witnesses to attend and testify before it upon all matters connected with the operation of this act and in the same manner as provided by law for the taking of testimony before a notary public. (B) The chair or any member of the board may administer oaths to the witnesses; (2) (A) Provide for the payment from the fund of all its necessary expenses. (B) However, no compensation shall be paid to any member of the board for any duties performed under this act; and (3) Make all rules needful for compliance with the provisions of this act.

(1) (A) Compel witnesses to attend and testify before it upon all matters connected with the operation of this act and in the same manner as provided by law for the taking of testimony before a notary public. (B) The chair or any member of the board may administer oaths to the witnesses;

(A) Compel witnesses to attend and testify before it upon all matters connected with the operation of this act and in the same manner as provided by law for the taking of testimony before a notary public.

(B) The chair or any member of the board may administer oaths to the witnesses;

(2) (A) Provide for the payment from the fund of all its necessary expenses. (B) However, no compensation shall be paid to any member of the board for any duties performed under this act; and

(A) Provide for the payment from the fund of all its necessary expenses.

(B) However, no compensation shall be paid to any member of the board for any duties performed under this act; and

(3) Make all rules needful for compliance with the provisions of this act.

(b) The board shall have the power to accept and disburse according to the provisions of this act any and all sums which may come into its hands through appropriation, gift, or devise.

(c) Members of the board of trustees of the firemen's relief and pension fund of incorporated cities and towns in Arkansas shall have the power, in their discretion, to expend moneys from the firemen's relief and pension fund for the purpose of paying premiums and purchasing group insurance covering the members of the fire departments of the cities and towns against accidental injury or death occurring within the line of duty of the firefighters.

Amended by Act 2013, No. 41,§ 23, eff. 2/6/2013.

Acts 1921, No. 491, §§ 11, 14; Pope's Dig., §§ 7747, 7750; Acts 1947, No. 187, § 1; A.S.A. 1947, §§ 19-2211, 19-2222, 19-2229.
Ark. Code Ann. § 24-7-1311 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1311
Term of participation in Teacher Deferred Retirement Option Plan
Status: in_force

(a) The Arkansas Teacher Retirement System's monthly deposit into the member's Teacher Deferred Retirement Option Plan shall not exceed one (1) plan term of ten (10) consecutive years, beginning with the member's plan date. (b) Once a member participates in the plan, the member shall no longer accrue service credit under any state-supported retirement system, even if the member returns to work. Acts 1995, No. 1096, § 1; 2007, No. 298, § 6; 2011, No. 45, § 21.

(a) The Arkansas Teacher Retirement System's monthly deposit into the member's Teacher Deferred Retirement Option Plan shall not exceed one (1) plan term of ten (10) consecutive years, beginning with the member's plan date.

(b) Once a member participates in the plan, the member shall no longer accrue service credit under any state-supported retirement system, even if the member returns to work.

Acts 1995, No. 1096, § 1; 2007, No. 298, § 6; 2011, No. 45, § 21.
Ark. Code Ann. § 24-7-725 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-725
Limitation on benefit enhancement of section 24-7-702
Status: in_force

(a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization. (b) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Amended by Act 2019, No. 427,§ 17, eff. 7/1/2019. Acts 1997, No. 1074, § 2.

(a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization.

(b) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Amended by Act 2019, No. 427,§ 17, eff. 7/1/2019.

Acts 1997, No. 1074, § 2.
Ark. Code Ann. § 24-2-613 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-613
Duties at inception of trusteeship
Status: in_force

(a) Within a reasonable time after accepting a trusteeship or receiving trust assets, trustees shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of this subchapter. (b) (1) Trustees shall develop an investment policy. This policy shall be a written statement of goals for the fund and rules to be followed to achieve those goals. (2) Trustees shall measure performance of the fund and shall measure each manager's performance against benchmarks jointly agreed upon by the trustees and managers. Acts 2001, No. 151, § 8.

(a) Within a reasonable time after accepting a trusteeship or receiving trust assets, trustees shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of this subchapter.

(b) (1) Trustees shall develop an investment policy. This policy shall be a written statement of goals for the fund and rules to be followed to achieve those goals. (2) Trustees shall measure performance of the fund and shall measure each manager's performance against benchmarks jointly agreed upon by the trustees and managers.

(1) Trustees shall develop an investment policy. This policy shall be a written statement of goals for the fund and rules to be followed to achieve those goals.

(2) Trustees shall measure performance of the fund and shall measure each manager's performance against benchmarks jointly agreed upon by the trustees and managers.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-2-703 — AR Code / Title 24 / Chapter 2 / Subchapter 7 / Section 24-2-703
Tax exemptions
Status: in_force

(a) The assets of the Arkansas Public Employees' Retirement System, the State Police Retirement System, the Arkansas Judicial Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Teacher Retirement System are exempt from taxes by the state or any political subdivision or agency thereof. (b) (1) It is the purpose of this section to provide equitable tax treatment to persons receiving benefits from alternate publicly supported retirement or annuity plans of the state's colleges and universities and the Division of Higher Education. (2) It is not the intent of this section to reduce the income tax exemption provided by law to any person in regard to retirement or survivor benefits. Amended by Act 2019, No. 910,§ 2364, eff. 7/1/2019. Acts 2001, No. 151, § 8.

(a) The assets of the Arkansas Public Employees' Retirement System, the State Police Retirement System, the Arkansas Judicial Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Teacher Retirement System are exempt from taxes by the state or any political subdivision or agency thereof.

(b) (1) It is the purpose of this section to provide equitable tax treatment to persons receiving benefits from alternate publicly supported retirement or annuity plans of the state's colleges and universities and the Division of Higher Education. (2) It is not the intent of this section to reduce the income tax exemption provided by law to any person in regard to retirement or survivor benefits.

(1) It is the purpose of this section to provide equitable tax treatment to persons receiving benefits from alternate publicly supported retirement or annuity plans of the state's colleges and universities and the Division of Higher Education.

(2) It is not the intent of this section to reduce the income tax exemption provided by law to any person in regard to retirement or survivor benefits.

Amended by Act 2019, No. 910,§ 2364, eff. 7/1/2019.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-4-613 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-613
Benefits for contributory members
Status: in_force

(a) All contributory members of the Arkansas Public Employees' Retirement System who are retired as of August 13, 1993, or who retire after August 13, 1993, shall receive benefits at least equal to the amount of benefits they would have received had they retired as noncontributory members of the system. (b) The provisions of this section are retroactive to January 1, 1993. Acts 1993, No. 722, §§ 1, 2.

(a) All contributory members of the Arkansas Public Employees' Retirement System who are retired as of August 13, 1993, or who retire after August 13, 1993, shall receive benefits at least equal to the amount of benefits they would have received had they retired as noncontributory members of the system.

(b) The provisions of this section are retroactive to January 1, 1993.

Acts 1993, No. 722, §§ 1, 2.
Ark. Code Ann. § 24-12-125 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-125
Treasurers of cities of the first class
Status: in_force

(a) Upon approval of the governing body of any city of the first class, any person who has served as city treasurer of the city for a period of fifteen (15) years and who shall retire from office or be succeeded by another city treasurer shall, upon reaching sixty (60) years of age, receive for the remainder of his or her life the retirement pay provided for in this section. (b) (1) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service. (2) Upon approval by the governing body of the city, the retirement pay shall be paid by the city from its general fund account. Acts 1971, No. 349, §§ 1, 2; 1973, No. 119, § 1; A.S.A. 1947, §§ 19-1036, 19-1037.

(a) Upon approval of the governing body of any city of the first class, any person who has served as city treasurer of the city for a period of fifteen (15) years and who shall retire from office or be succeeded by another city treasurer shall, upon reaching sixty (60) years of age, receive for the remainder of his or her life the retirement pay provided for in this section.

(b) (1) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service. (2) Upon approval by the governing body of the city, the retirement pay shall be paid by the city from its general fund account.

(1) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service.

(2) Upon approval by the governing body of the city, the retirement pay shall be paid by the city from its general fund account.

Acts 1971, No. 349, §§ 1, 2; 1973, No. 119, § 1; A.S.A. 1947, §§ 19-1036, 19-1037.
Ark. Code Ann. § 24-7-1301 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1301
Election to participate - Conditions
Status: in_force

(a) In lieu of terminating employment and accepting a service retirement benefit pursuant to § 24-7-101 et seq., any person who is a member of the Arkansas Teacher Retirement System and who meets the conditions specified in subsection (b) of this section may elect to participate in the Teacher Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter. (b) The condition required for participation in the plan is that the member must have at least thirty (30) years of service credit in the system. (c) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary for the orderly administration of the plan, including without limitation the rules for eligibility for continuance of deposits for part-time employment. Acts 1995, No. 1096, § 1; 2011, No. 162, § 1.

(a) In lieu of terminating employment and accepting a service retirement benefit pursuant to § 24-7-101 et seq., any person who is a member of the Arkansas Teacher Retirement System and who meets the conditions specified in subsection (b) of this section may elect to participate in the Teacher Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter.

(b) The condition required for participation in the plan is that the member must have at least thirty (30) years of service credit in the system.

(c) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary for the orderly administration of the plan, including without limitation the rules for eligibility for continuance of deposits for part-time employment.

Acts 1995, No. 1096, § 1; 2011, No. 162, § 1.
Ark. Code Ann. § 24-2-704 — AR Code / Title 24 / Chapter 2 / Subchapter 7 / Section 24-2-704
Retirement in event of government reorganization
Status: in_force

(a) In the event of any structural reorganization of state government operations, all current employees, appointees, trustees, and commissioners of any affected agency, board, or commission shall remain associated with the state-supported retirement system that existed for them as of the date immediately prior to the reorganization. (b) (1) Member employers and employees of any state-supported retirement system shall remain covered by their respective systems. (2) The transition of any state agency or other political subdivision of the state from one state-supported retirement system to another shall be accomplished through enabling legislation in the Eighty-fifth General Assembly. (3) In the event of a retirement coverage transition, there shall be no transfer of service from one retirement system to another. Instead, the provisions of §§ 24-2-402 - 24-2-405 , 24-2-407 , and 24-2-408 shall be in full force and effect. Acts 2003, No. 751, § 1.

(a) In the event of any structural reorganization of state government operations, all current employees, appointees, trustees, and commissioners of any affected agency, board, or commission shall remain associated with the state-supported retirement system that existed for them as of the date immediately prior to the reorganization.

(b) (1) Member employers and employees of any state-supported retirement system shall remain covered by their respective systems. (2) The transition of any state agency or other political subdivision of the state from one state-supported retirement system to another shall be accomplished through enabling legislation in the Eighty-fifth General Assembly. (3) In the event of a retirement coverage transition, there shall be no transfer of service from one retirement system to another. Instead, the provisions of §§ 24-2-402 - 24-2-405 , 24-2-407 , and 24-2-408 shall be in full force and effect.

(1) Member employers and employees of any state-supported retirement system shall remain covered by their respective systems.

(2) The transition of any state agency or other political subdivision of the state from one state-supported retirement system to another shall be accomplished through enabling legislation in the Eighty-fifth General Assembly.

(3) In the event of a retirement coverage transition, there shall be no transfer of service from one retirement system to another. Instead, the provisions of §§ 24-2-402 - 24-2-405 , 24-2-407 , and 24-2-408 shall be in full force and effect.

Acts 2003, No. 751, § 1.
Ark. Code Ann. § 24-11-416 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-416
Proration where fund insufficient
Status: in_force

If at any time there should not be sufficient money in the fund to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them. Acts 1937, No. 250, § 11; Pope's Dig., § 9866; A.S.A. 1947, § 19-1811.

If at any time there should not be sufficient money in the fund to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them.

Acts 1937, No. 250, § 11; Pope's Dig., § 9866; A.S.A. 1947, § 19-1811.
Ark. Code Ann. § 24-4-620 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-620
Partial annuity withdrawal provision
Status: in_force

(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program. (b) A member electing to participate shall be eligible to receive, at the time of retirement, 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. The lump sum shall not exceed an amount equal to sixty (60) months of benefits. (c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System. Amended by Act 2019, No. 315,§ 2860, eff. 7/24/2019. Acts 2001, No. 357, § 1.

(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program.

(b) A member electing to participate shall be eligible to receive, at the time of retirement, 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. The lump sum shall not exceed an amount equal to sixty (60) months of benefits.

(c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.

Amended by Act 2019, No. 315,§ 2860, eff. 7/24/2019.

Acts 2001, No. 357, § 1.
Ark. Code Ann. § 24-8-222 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-222
Credited service - Transfer of service as juvenile judge
Status: in_force

(a) Any member of the Arkansas Judicial Retirement System who has credit in the Arkansas Public Employees' Retirement System for service as a juvenile judge is authorized to transfer that credit to the Arkansas Judicial Retirement System by: (1) Notifying in writing the administrative body of each of the retirement systems of the intention to 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 all contributions paid by and on behalf of the former juvenile judge, together with six percent (6%) interest compounded from the date of payment; and (3) Paying into the Arkansas Judicial Retirement System the total contributions which would have been paid, based on the member's current salary, for an equal amount of tenure as a member of this system, less the amount of money transferred from the Arkansas Public Employees' Retirement System. (b) Upon transferring his or her credited service, the member shall be credited in the Arkansas Judicial Retirement System with the same amount of time with which he or she had been previously credited in the Arkansas Public Employees' Retirement System for service as a juvenile judge. Acts 1987, No. 198, § 1.

(a) Any member of the Arkansas Judicial Retirement System who has credit in the Arkansas Public Employees' Retirement System for service as a juvenile judge is authorized to transfer that credit to the Arkansas Judicial Retirement System by: (1) Notifying in writing the administrative body of each of the retirement systems of the intention to 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 all contributions paid by and on behalf of the former juvenile judge, together with six percent (6%) interest compounded from the date of payment; and (3) Paying into the Arkansas Judicial Retirement System the total contributions which would have been paid, based on the member's current salary, for an equal amount of tenure as a member of this system, less the amount of money transferred from the Arkansas Public Employees' Retirement System.

(1) Notifying in writing the administrative body of each of the retirement systems of the intention to 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 all contributions paid by and on behalf of the former juvenile judge, together with six percent (6%) interest compounded from the date of payment; and

(3) Paying into the Arkansas Judicial Retirement System the total contributions which would have been paid, based on the member's current salary, for an equal amount of tenure as a member of this system, less the amount of money transferred from the Arkansas Public Employees' Retirement System.

(b) Upon transferring his or her credited service, the member shall be credited in the Arkansas Judicial Retirement System with the same amount of time with which he or she had been previously credited in the Arkansas Public Employees' Retirement System for service as a juvenile judge.

Acts 1987, No. 198, § 1.
Ark. Code Ann. § 24-10-605 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-605
Compulsory retirement
Status: in_force

(a) A member's employer shall determine the compulsory separation age for its employees. (b) Upon his or her separation from his or her last covered employment, a member with five (5) or more years of credited service in force who has attained his or her normal retirement age shall receive an annuity provided for in § 24-10-602 and shall have the right to elect an option provided for in § 24-10-603 . (c) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual credited service in order to be eligible under this section. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 6, eff. 4/11/2013. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1997, No. 1136, § 2.

(a) A member's employer shall determine the compulsory separation age for its employees.

(b) Upon his or her separation from his or her last covered employment, a member with five (5) or more years of credited service in force who has attained his or her normal retirement age shall receive an annuity provided for in § 24-10-602 and shall have the right to elect an option provided for in § 24-10-603 .

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

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

Amended by Act 2013, No. 1065,§ 6, eff. 4/11/2013.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1997, No. 1136, § 2.
Ark. Code Ann. § 24-6-224 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-224
Increase in benefits
Status: in_force

(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the State Police Retirement System who retired June 1, 1991, or before, shall be increased by four percent (4%) of the benefit payable on June 1, 1991. (b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase in subsection (a) of this section shall be added to the base annuity of the retirant or beneficiary. Acts 1991, No. 380, § 2.

(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the State Police Retirement System who retired June 1, 1991, or before, shall be increased by four percent (4%) of the benefit payable on June 1, 1991.

(b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase in subsection (a) of this section shall be added to the base annuity of the retirant or beneficiary.

Acts 1991, No. 380, § 2.
Ark. Code Ann. § 24-10-606 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-606
Early retirement
Status: in_force

(a) An active member in covered employment who has not attained his or her normal retirement age may retire with an early annuity as provided in this section upon his or her proper application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member has: (1) Attained age fifty (50) and has twenty (20) years of credited service in force; or (2) Twenty-five (25) years of actual credited paid service in the Arkansas Local Police and Fire Retirement System at any age. (b) He or she shall have the right to elect an option provided for in § 24-10-603 . (c) (1) Upon early retirement, a member shall receive a certain percent of an annuity for life as provided for in § 24-10-602 . (2) The percent shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which his or her age at early retirement is less than his or her normal retirement age. Amended by Act 2013, No. 40,§ 9, eff. 2/6/2013. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 2009, No. 1317, § 1.

(a) An active member in covered employment who has not attained his or her normal retirement age may retire with an early annuity as provided in this section upon his or her proper application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member has: (1) Attained age fifty (50) and has twenty (20) years of credited service in force; or (2) Twenty-five (25) years of actual credited paid service in the Arkansas Local Police and Fire Retirement System at any age.

(1) Attained age fifty (50) and has twenty (20) years of credited service in force; or

(2) Twenty-five (25) years of actual credited paid service in the Arkansas Local Police and Fire Retirement System at any age.

(b) He or she shall have the right to elect an option provided for in § 24-10-603 .

(c) (1) Upon early retirement, a member shall receive a certain percent of an annuity for life as provided for in § 24-10-602 . (2) The percent shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which his or her age at early retirement is less than his or her normal retirement age.

(1) Upon early retirement, a member shall receive a certain percent of an annuity for life as provided for in § 24-10-602 .

(2) The percent shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which his or her age at early retirement is less than his or her normal retirement age.

Amended by Act 2013, No. 40,§ 9, eff. 2/6/2013.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 2009, No. 1317, § 1.
Ark. Code Ann. § 24-6-504 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-504
Employer contributions
Status: in_force

When an employee who is a member of the State Police Retirement System's Tier Two Benefit Plan begins participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan: (1) The employer contributions shall continue to be paid; (2) State contributions for the employee shall be credited to the State Police Retirement System; and (3) Seventy-two percent (72%) of the monthly retirement benefits that would have been payable had the employee elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan account. Acts 2009, No. 1242, § 4.

When an employee who is a member of the State Police Retirement System's Tier Two Benefit Plan begins participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:

(1) The employer contributions shall continue to be paid;

(2) State contributions for the employee shall be credited to the State Police Retirement System; and

(3) Seventy-two percent (72%) of the monthly retirement benefits that would have been payable had the employee elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan account.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-7-408 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-408
Retirement fund assets accounts - Retirement reserve account
Status: in_force

(a) The retirement reserve account shall be the account from which shall be paid all annuities and benefits in lieu of annuities payable as provided in this act to retirees who retired on account of superannuation or disability and to beneficiaries of such retirees. (b) If a disability retiree returns to teaching service: (1) The amount of his or her accumulated contributions at the time of his or her disability retirement shall be transferred from the retirement reserve account to the members' deposit account; and (2) The remainder of his or her annuity reserve at the time of return shall be transferred from the retirement reserve account to the employer accumulation account. Amended by Act 2023, No. 107,§ 25, eff. 7/1/2023. Acts 1973, No. 427, § 8; 1979, No. 681, § 3; A.S.A. 1947, § 80-1442.

(a) The retirement reserve account shall be the account from which shall be paid all annuities and benefits in lieu of annuities payable as provided in this act to retirees who retired on account of superannuation or disability and to beneficiaries of such retirees.

(b) If a disability retiree returns to teaching service: (1) The amount of his or her accumulated contributions at the time of his or her disability retirement shall be transferred from the retirement reserve account to the members' deposit account; and (2) The remainder of his or her annuity reserve at the time of return shall be transferred from the retirement reserve account to the employer accumulation account.

(1) The amount of his or her accumulated contributions at the time of his or her disability retirement shall be transferred from the retirement reserve account to the members' deposit account; and

(2) The remainder of his or her annuity reserve at the time of return shall be transferred from the retirement reserve account to the employer accumulation account.

Amended by Act 2023, No. 107,§ 25, eff. 7/1/2023.

Acts 1973, No. 427, § 8; 1979, No. 681, § 3; A.S.A. 1947, § 80-1442.
Ark. Code Ann. § 24-11-433 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-433
Police pension funds - Partial disability pensions
Status: in_force

(a) (1) If a member of a police department of a city of the first class with a population in excess of one hundred seventy thousand (170,000) persons as determined by the 1990 population totals as published by the United States Bureau of the Census becomes physically or mentally permanently partially disabled and this fact is certified by a physician named by the local board of trustees, the member of the police department shall be entitled to retire and receive a pension as provided in this section. (2) A member of the police department shall not be retired for disability for natural causes unless he or she has served at least five (5) years. (b) (1) The physician's certification shall state whether the disability is total or partial. (2) In the event such disability is partial, the physician shall state the extent of such partial disability, apportioned to the body as a whole, in percentage terms. (3) (A) If the disability injury or disease occurred while not actually performing work in gainful employment for the police department and the physician certifies that such disability is total, the monthly benefit shall be equal to the benefit paid to normal service retirants. (B) If the physician certifies that such disability is partial, the monthly benefits shall be equal to the benefit paid to normal service retirants multiplied by the percentage the member is disabled, as certified by the physician. (4) (A) If, however, a police officer is injured in the line of duty and the physician certifies that such disability is total, the monthly disability benefit shall either be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater. (B) If the physician certifies that such disability is partial, the monthly benefit shall be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater, multiplied by the percentage the member is disabled, as certified by the physician. (c) The local board of trustees shall determine whether the disability occurred in the line of duty and may require any medical evidence, official reports, expert testimony, or other information to be supplied by the police officer in addition to the required physician's examination. (d) The additional benefits provided in this section shall be effective for all qualifying applications first received by the local board of trustees on or after January 1, 1987. (e) For purposes of this section, "injured in the line of duty" means to have sustained a disabling injury or disease while the member of the police department is conducting official police department operations or training to become a police officer. Amended by Act 2013, No. 41,§ 17, eff. 2/6/2013. Acts 1991, No. 1168, § 1.

(a) (1) If a member of a police department of a city of the first class with a population in excess of one hundred seventy thousand (170,000) persons as determined by the 1990 population totals as published by the United States Bureau of the Census becomes physically or mentally permanently partially disabled and this fact is certified by a physician named by the local board of trustees, the member of the police department shall be entitled to retire and receive a pension as provided in this section. (2) A member of the police department shall not be retired for disability for natural causes unless he or she has served at least five (5) years.

(1) If a member of a police department of a city of the first class with a population in excess of one hundred seventy thousand (170,000) persons as determined by the 1990 population totals as published by the United States Bureau of the Census becomes physically or mentally permanently partially disabled and this fact is certified by a physician named by the local board of trustees, the member of the police department shall be entitled to retire and receive a pension as provided in this section.

(2) A member of the police department shall not be retired for disability for natural causes unless he or she has served at least five (5) years.

(b) (1) The physician's certification shall state whether the disability is total or partial. (2) In the event such disability is partial, the physician shall state the extent of such partial disability, apportioned to the body as a whole, in percentage terms. (3) (A) If the disability injury or disease occurred while not actually performing work in gainful employment for the police department and the physician certifies that such disability is total, the monthly benefit shall be equal to the benefit paid to normal service retirants. (B) If the physician certifies that such disability is partial, the monthly benefits shall be equal to the benefit paid to normal service retirants multiplied by the percentage the member is disabled, as certified by the physician. (4) (A) If, however, a police officer is injured in the line of duty and the physician certifies that such disability is total, the monthly disability benefit shall either be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater. (B) If the physician certifies that such disability is partial, the monthly benefit shall be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater, multiplied by the percentage the member is disabled, as certified by the physician.

(1) The physician's certification shall state whether the disability is total or partial.

(2) In the event such disability is partial, the physician shall state the extent of such partial disability, apportioned to the body as a whole, in percentage terms.

(3) (A) If the disability injury or disease occurred while not actually performing work in gainful employment for the police department and the physician certifies that such disability is total, the monthly benefit shall be equal to the benefit paid to normal service retirants. (B) If the physician certifies that such disability is partial, the monthly benefits shall be equal to the benefit paid to normal service retirants multiplied by the percentage the member is disabled, as certified by the physician.

(A) If the disability injury or disease occurred while not actually performing work in gainful employment for the police department and the physician certifies that such disability is total, the monthly benefit shall be equal to the benefit paid to normal service retirants.

(B) If the physician certifies that such disability is partial, the monthly benefits shall be equal to the benefit paid to normal service retirants multiplied by the percentage the member is disabled, as certified by the physician.

(4) (A) If, however, a police officer is injured in the line of duty and the physician certifies that such disability is total, the monthly disability benefit shall either be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater. (B) If the physician certifies that such disability is partial, the monthly benefit shall be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater, multiplied by the percentage the member is disabled, as certified by the physician.

(A) If, however, a police officer is injured in the line of duty and the physician certifies that such disability is total, the monthly disability benefit shall either be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater.

(B) If the physician certifies that such disability is partial, the monthly benefit shall be equal to sixty-five percent (65%) of the salary attached to the rank held by the member in the police department or shall be equal to the benefit paid to normal service retirants, whichever is greater, multiplied by the percentage the member is disabled, as certified by the physician.

(c) The local board of trustees shall determine whether the disability occurred in the line of duty and may require any medical evidence, official reports, expert testimony, or other information to be supplied by the police officer in addition to the required physician's examination.

(d) The additional benefits provided in this section shall be effective for all qualifying applications first received by the local board of trustees on or after January 1, 1987.

(e) For purposes of this section, "injured in the line of duty" means to have sustained a disabling injury or disease while the member of the police department is conducting official police department operations or training to become a police officer.

Amended by Act 2013, No. 41,§ 17, eff. 2/6/2013.

Acts 1991, No. 1168, § 1.
Ark. Code Ann. § 24-2-615 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-615
Impartiality
Status: in_force

If a trust has two (2) or more beneficiaries, the trustees shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. Acts 2001, No. 151, § 8.

If a trust has two (2) or more beneficiaries, the trustees shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-11-403 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-403
Creation of fund - Tax levy
Status: in_force

(a) Annually, a tax not to exceed one (1) mill on the dollar of all taxable property in any cities or towns in this state is levied as a fund for pensioned and superannuated members of the police department, for the surviving spouses and minor children or dependent parents of deceased members of the police department, and to relieve the members in case of temporary disability. (b) This fund shall be known as the "policemen's pension and relief fund" and shall be collected as other taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund, as provided in this section. (c) In those cities which do not have a policemen's pension and relief fund but which cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax, once approved by a majority of those voting on the question, shall be collected annually as other taxes are collected and shall be turned over to each city to be applied to each city's account in that system, in such manner and amounts as determined by the board of trustees of that system. Acts 1937, No. 250, § 1; Pope's Dig., § 9856; Acts 1939, No. 196, § 1; 1945, No. 176, § 1; 1985, No. 900, § 4; A.S.A. 1947, § 19-1801.

(a) Annually, a tax not to exceed one (1) mill on the dollar of all taxable property in any cities or towns in this state is levied as a fund for pensioned and superannuated members of the police department, for the surviving spouses and minor children or dependent parents of deceased members of the police department, and to relieve the members in case of temporary disability.

(b) This fund shall be known as the "policemen's pension and relief fund" and shall be collected as other taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund, as provided in this section.

(c) In those cities which do not have a policemen's pension and relief fund but which cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax, once approved by a majority of those voting on the question, shall be collected annually as other taxes are collected and shall be turned over to each city to be applied to each city's account in that system, in such manner and amounts as determined by the board of trustees of that system.

Acts 1937, No. 250, § 1; Pope's Dig., § 9856; Acts 1939, No. 196, § 1; 1945, No. 176, § 1; 1985, No. 900, § 4; A.S.A. 1947, § 19-1801.