Ark. Code Ann. § 24-5-104 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-104
Board of trustees
Status: in_force

(a) The administration and control of the Arkansas State Highway Employees' Retirement System shall be vested in a board known as the "Board of Trustees of the Arkansas State Highway Employees' Retirement System". (b) (1) The board shall consist of seven (7) members: (A) The Director of State Highways and Transportation; (B) The Treasurer of State; (C) The Secretary of the Department of Finance and Administration; (D) The Chief Engineer - Operations of the Arkansas Department of Transportation; (E) A retiree from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; and (F) Two (2) regularly qualified members of the system. (2) The board shall cause an election to be held by letter ballot in June of each year, after thirty (30) days' written notice to the membership, for the purpose of electing two (2) employee members and one (1) retiree member who shall serve for two (2) years. (3) In case of a vacancy of any employee member of the board, the board shall fill the vacancy until the next regular election, when the vacancy shall be filled by the election procedure specified in subdivision (b)(2) of this section. (c) The officers of the board shall be a chair and a vice chair, who shall be selected annually from their own number by the board, and an executive secretary, who shall be appointed by the board. (d) The duties of the board shall be: (1) To make all rules necessary and proper for carrying out the provisions of this chapter; (2) To provide administrative direction and control of the executive secretary and such clerical staff as may be required; (3) To provide for actuarial valuations if and when the board deems such action necessary; (4) To exercise discretionary power and authority in the investment and disbursement of the funds of the system, subject to the conditions prescribed in this chapter; (5) To designate the necessary medical examiners for disabled members as provided in this chapter; (6) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; (7) (A) To provide a one-million-dollar blanket fidelity bond covering board members and those employees of the department who may be responsible for administering the funds. (B) The premiums for the bond may be paid from the funds appropriated for the administration of the system or may be considered as a cost of administration and borne by the department as provided in § 24-5-105(a) ; and (8) To do any and all things necessary for the proper execution of this chapter. (e) The duties of the executive secretary shall be: (1) To keep all minutes and other records as directed by the board; (2) To set up and maintain separate accounts for each member of the system to show the payroll deductions and to transmit the deductions to the bank designated by the trustees as the depository for the system or to the State Treasury, as appropriate; (3) To prepare and sign, as directed by the board, all vouchers for all valid claims; and (4) To perform such other administrative duties as may be directed by the board for carrying out the provisions of this chapter. Amended by Act 2023, No. 105,§ 1, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2866, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3554, eff. 7/1/2019. Amended by Act 2017, No. 707,§ 275, eff. 8/1/2017. Amended by Act 2017, No. 201,§ 2, eff. 8/1/2017. Amended by Act 2017, No. 201,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 73,§ 2, eff. 2/11/2013. Amended by Act 2013, No. 73,§ 1, eff. 2/11/2013. Acts 1949, No. 454, §§ 3, 6; 1953, No. 403, § 3; 1969, No. 167, § 2; 1981, No. 295, §§ 3, 6; A.S.A. 1947, §§ 76-1903, 76-1906; Acts 1993, No. 615, §§ 1-3; 1997, No. 250, § 229.

(a) The administration and control of the Arkansas State Highway Employees' Retirement System shall be vested in a board known as the "Board of Trustees of the Arkansas State Highway Employees' Retirement System".

(b) (1) The board shall consist of seven (7) members: (A) The Director of State Highways and Transportation; (B) The Treasurer of State; (C) The Secretary of the Department of Finance and Administration; (D) The Chief Engineer - Operations of the Arkansas Department of Transportation; (E) A retiree from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; and (F) Two (2) regularly qualified members of the system. (2) The board shall cause an election to be held by letter ballot in June of each year, after thirty (30) days' written notice to the membership, for the purpose of electing two (2) employee members and one (1) retiree member who shall serve for two (2) years. (3) In case of a vacancy of any employee member of the board, the board shall fill the vacancy until the next regular election, when the vacancy shall be filled by the election procedure specified in subdivision (b)(2) of this section.

(1) The board shall consist of seven (7) members: (A) The Director of State Highways and Transportation; (B) The Treasurer of State; (C) The Secretary of the Department of Finance and Administration; (D) The Chief Engineer - Operations of the Arkansas Department of Transportation; (E) A retiree from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; and (F) Two (2) regularly qualified members of the system.

(A) The Director of State Highways and Transportation;

(B) The Treasurer of State;

(C) The Secretary of the Department of Finance and Administration;

(D) The Chief Engineer - Operations of the Arkansas Department of Transportation;

(E) A retiree from the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation; and

(F) Two (2) regularly qualified members of the system.

(2) The board shall cause an election to be held by letter ballot in June of each year, after thirty (30) days' written notice to the membership, for the purpose of electing two (2) employee members and one (1) retiree member who shall serve for two (2) years.

(3) In case of a vacancy of any employee member of the board, the board shall fill the vacancy until the next regular election, when the vacancy shall be filled by the election procedure specified in subdivision (b)(2) of this section.

(c) The officers of the board shall be a chair and a vice chair, who shall be selected annually from their own number by the board, and an executive secretary, who shall be appointed by the board.

(d) The duties of the board shall be: (1) To make all rules necessary and proper for carrying out the provisions of this chapter; (2) To provide administrative direction and control of the executive secretary and such clerical staff as may be required; (3) To provide for actuarial valuations if and when the board deems such action necessary; (4) To exercise discretionary power and authority in the investment and disbursement of the funds of the system, subject to the conditions prescribed in this chapter; (5) To designate the necessary medical examiners for disabled members as provided in this chapter; (6) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; (7) (A) To provide a one-million-dollar blanket fidelity bond covering board members and those employees of the department who may be responsible for administering the funds. (B) The premiums for the bond may be paid from the funds appropriated for the administration of the system or may be considered as a cost of administration and borne by the department as provided in § 24-5-105(a) ; and (8) To do any and all things necessary for the proper execution of this chapter.

(1) To make all rules necessary and proper for carrying out the provisions of this chapter;

(2) To provide administrative direction and control of the executive secretary and such clerical staff as may be required;

(3) To provide for actuarial valuations if and when the board deems such action necessary;

(4) To exercise discretionary power and authority in the investment and disbursement of the funds of the system, subject to the conditions prescribed in this chapter;

(5) To designate the necessary medical examiners for disabled members as provided in this chapter;

(6) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.;

(7) (A) To provide a one-million-dollar blanket fidelity bond covering board members and those employees of the department who may be responsible for administering the funds. (B) The premiums for the bond may be paid from the funds appropriated for the administration of the system or may be considered as a cost of administration and borne by the department as provided in § 24-5-105(a) ; and

(A) To provide a one-million-dollar blanket fidelity bond covering board members and those employees of the department who may be responsible for administering the funds.

(B) The premiums for the bond may be paid from the funds appropriated for the administration of the system or may be considered as a cost of administration and borne by the department as provided in § 24-5-105(a) ; and

(8) To do any and all things necessary for the proper execution of this chapter.

(e) The duties of the executive secretary shall be: (1) To keep all minutes and other records as directed by the board; (2) To set up and maintain separate accounts for each member of the system to show the payroll deductions and to transmit the deductions to the bank designated by the trustees as the depository for the system or to the State Treasury, as appropriate; (3) To prepare and sign, as directed by the board, all vouchers for all valid claims; and (4) To perform such other administrative duties as may be directed by the board for carrying out the provisions of this chapter.

(1) To keep all minutes and other records as directed by the board;

(2) To set up and maintain separate accounts for each member of the system to show the payroll deductions and to transmit the deductions to the bank designated by the trustees as the depository for the system or to the State Treasury, as appropriate;

(3) To prepare and sign, as directed by the board, all vouchers for all valid claims; and

(4) To perform such other administrative duties as may be directed by the board for carrying out the provisions of this chapter.

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

Amended by Act 2019, No. 315,§ 2866, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3554, eff. 7/1/2019.

Amended by Act 2017, No. 707,§ 275, eff. 8/1/2017.

Amended by Act 2017, No. 201,§ 2, eff. 8/1/2017.

Amended by Act 2017, No. 201,§ 1, eff. 8/1/2017.

Amended by Act 2013, No. 73,§ 2, eff. 2/11/2013.

Amended by Act 2013, No. 73,§ 1, eff. 2/11/2013.

Acts 1949, No. 454, §§ 3, 6; 1953, No. 403, § 3; 1969, No. 167, § 2; 1981, No. 295, §§ 3, 6; A.S.A. 1947, §§ 76-1903, 76-1906; Acts 1993, No. 615, §§ 1-3; 1997, No. 250, § 229.
Ark. Code Ann. § 24-10-304 — AR Code / Title 24 / Chapter 10 / Subchapter 3 / Section 24-10-304
Transfer of municipal police department officers from Arkansas Public Employees' Retirement System
Status: in_force

(a) Any municipal police department whose employees were covered by the Arkansas Public Employees' Retirement System on July 1, 1997, is authorized to transfer those employees hired after July 1, 1997, to the Arkansas Local Police and Fire Retirement System by: (1) Notifying the board of trustees of each of the retirement systems in writing, and accompanied by a resolution of the governing body of the municipality, of the intention to transfer the coverage of the qualifying officers; and (2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer any sums of money paid into the Arkansas Public Employees' Retirement System for the benefit of the officers of the particular department to the Arkansas Local Police and Fire Retirement System for those officers transferred. (b) (1) If any municipal police department elects to transfer retirement benefits under this section, all employees hired after July 1, 1997, must be enrolled in the Arkansas Local Police and Fire Retirement System. (2) Subdivision (b)(1) of this section shall not apply if the employees hired after July 1, 1997: (A) Are members of the Arkansas Public Employees' Retirement System at the time of hiring; and (B) Continue to receive public safety credit from prior and current employment. Acts 2001, No. 1541, § 1; 2007, No. 290, § 1.

(a) Any municipal police department whose employees were covered by the Arkansas Public Employees' Retirement System on July 1, 1997, is authorized to transfer those employees hired after July 1, 1997, to the Arkansas Local Police and Fire Retirement System by: (1) Notifying the board of trustees of each of the retirement systems in writing, and accompanied by a resolution of the governing body of the municipality, of the intention to transfer the coverage of the qualifying officers; and (2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer any sums of money paid into the Arkansas Public Employees' Retirement System for the benefit of the officers of the particular department to the Arkansas Local Police and Fire Retirement System for those officers transferred.

(1) Notifying the board of trustees of each of the retirement systems in writing, and accompanied by a resolution of the governing body of the municipality, of the intention to transfer the coverage of the qualifying officers; and

(2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer any sums of money paid into the Arkansas Public Employees' Retirement System for the benefit of the officers of the particular department to the Arkansas Local Police and Fire Retirement System for those officers transferred.

(b) (1) If any municipal police department elects to transfer retirement benefits under this section, all employees hired after July 1, 1997, must be enrolled in the Arkansas Local Police and Fire Retirement System. (2) Subdivision (b)(1) of this section shall not apply if the employees hired after July 1, 1997: (A) Are members of the Arkansas Public Employees' Retirement System at the time of hiring; and (B) Continue to receive public safety credit from prior and current employment.

(1) If any municipal police department elects to transfer retirement benefits under this section, all employees hired after July 1, 1997, must be enrolled in the Arkansas Local Police and Fire Retirement System.

(2) Subdivision (b)(1) of this section shall not apply if the employees hired after July 1, 1997: (A) Are members of the Arkansas Public Employees' Retirement System at the time of hiring; and (B) Continue to receive public safety credit from prior and current employment.

(A) Are members of the Arkansas Public Employees' Retirement System at the time of hiring; and

(B) Continue to receive public safety credit from prior and current employment.

Acts 2001, No. 1541, § 1; 2007, No. 290, § 1.
Ark. Code Ann. § 24-11-415 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-415
Proceeds derived from sale of confiscated goods
Status: in_force

(a) (1) (A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction. (B) The auction or Internet auction shall be held at least annually or more often if the city determines appropriate. (C) The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund. (2) Subdivision (a)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated goods. (b) (1) Until such time as the policemen's pension and relief fund is actuarially sound as determined by the actuary under contract with the Arkansas Fire and Police Pension Review Board, in all cities and towns all moneys confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city shall be deposited into the city's policemen's pension and relief fund. (2) Subdivision (b)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated moneys. (3) At the time that the policemen's pension and relief fund is actuarially sound, all moneys received under this subsection shall be retained by the city. (c) A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under § 24-11-406 continues to be eligible to collect and deposit these amounts as contributions until the unfunded liability as a result of the consolidation has been fully amortized. Acts 1977, No. 745, § 1; A.S.A. 1947, § 19-1802.2; Acts 2001, No. 1832, § 1; 2003, No. 1349, § 1; 2009, No. 31, § 1; 2009, No. 259, § 3.

(a) (1) (A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction. (B) The auction or Internet auction shall be held at least annually or more often if the city determines appropriate. (C) The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund. (2) Subdivision (a)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated goods.

(1) (A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction. (B) The auction or Internet auction shall be held at least annually or more often if the city determines appropriate. (C) The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund.

(A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction.

(B) The auction or Internet auction shall be held at least annually or more often if the city determines appropriate.

(C) The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund.

(2) Subdivision (a)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated goods.

(b) (1) Until such time as the policemen's pension and relief fund is actuarially sound as determined by the actuary under contract with the Arkansas Fire and Police Pension Review Board, in all cities and towns all moneys confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city shall be deposited into the city's policemen's pension and relief fund. (2) Subdivision (b)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated moneys. (3) At the time that the policemen's pension and relief fund is actuarially sound, all moneys received under this subsection shall be retained by the city.

(1) Until such time as the policemen's pension and relief fund is actuarially sound as determined by the actuary under contract with the Arkansas Fire and Police Pension Review Board, in all cities and towns all moneys confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city shall be deposited into the city's policemen's pension and relief fund.

(2) Subdivision (b)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated moneys.

(3) At the time that the policemen's pension and relief fund is actuarially sound, all moneys received under this subsection shall be retained by the city.

(c) A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under § 24-11-406 continues to be eligible to collect and deposit these amounts as contributions until the unfunded liability as a result of the consolidation has been fully amortized.

Acts 1977, No. 745, § 1; A.S.A. 1947, § 19-1802.2; Acts 2001, No. 1832, § 1; 2003, No. 1349, § 1; 2009, No. 31, § 1; 2009, No. 259, § 3.
Ark. Code Ann. § 24-8-904 — AR Code / Title 24 / Chapter 8 / Subchapter 9 / Section 24-8-904
Reciprocal system
Status: in_force

(a) Court clerks placed in the Arkansas Public Employees' Retirement System under this subchapter shall be covered by the reciprocal provisions of §§ 24-2-401 - 24-2-404 . (b) There is no reciprocal service between the local municipal judge retirement systems and the reciprocal systems listed in § 24-2-401 before January 1, 2005. (c) In establishing eligibility for a benefit from each system, the credited service under all reciprocal systems is totaled, and the credited service is used in determining eligibility for each system benefit. (d) (1) Only the credited service under that system and the benefit formula of that system are used in determining the amount of a benefit from each system. (2) This subchapter is not intended to decrease the benefits earned nor increase the eligibility requirements for members who were participants in a local plan, as authorized by law, prior to January 1, 2005. (3) The benefits earned and those eligibility requirements shall transfer to the Arkansas Public Employees' Retirement System. (e) If a system provides a benefit amount that is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service. Acts 2005, No. 1022, § 17; 2007, No. 177, § 14.

(a) Court clerks placed in the Arkansas Public Employees' Retirement System under this subchapter shall be covered by the reciprocal provisions of §§ 24-2-401 - 24-2-404 .

(b) There is no reciprocal service between the local municipal judge retirement systems and the reciprocal systems listed in § 24-2-401 before January 1, 2005.

(c) In establishing eligibility for a benefit from each system, the credited service under all reciprocal systems is totaled, and the credited service is used in determining eligibility for each system benefit.

(d) (1) Only the credited service under that system and the benefit formula of that system are used in determining the amount of a benefit from each system. (2) This subchapter is not intended to decrease the benefits earned nor increase the eligibility requirements for members who were participants in a local plan, as authorized by law, prior to January 1, 2005. (3) The benefits earned and those eligibility requirements shall transfer to the Arkansas Public Employees' Retirement System.

(1) Only the credited service under that system and the benefit formula of that system are used in determining the amount of a benefit from each system.

(2) This subchapter is not intended to decrease the benefits earned nor increase the eligibility requirements for members who were participants in a local plan, as authorized by law, prior to January 1, 2005.

(3) The benefits earned and those eligibility requirements shall transfer to the Arkansas Public Employees' Retirement System.

(e) If a system provides a benefit amount that is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.

Acts 2005, No. 1022, § 17; 2007, No. 177, § 14.
Ark. Code Ann. § 24-11-426 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-426
Optional vesting rights policy
Status: in_force

(a) (1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund. (2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees. (3) All costs for the actuarial valuation shall be borne by the local funds. (b) (1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees. (2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years. (c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system. (d) This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class. Amended by Act 2013, No. 41,§ 16, eff. 2/6/2013. Acts 1983, No. 646, § 1; A.S.A. 1947, § 19-1830.

(a) (1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund. (2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees. (3) All costs for the actuarial valuation shall be borne by the local funds.

(1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund.

(2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees.

(3) All costs for the actuarial valuation shall be borne by the local funds.

(b) (1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees. (2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.

(1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees.

(2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.

(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system.

(d) This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class.

Amended by Act 2013, No. 41,§ 16, eff. 2/6/2013.

Acts 1983, No. 646, § 1; A.S.A. 1947, § 19-1830.
Ark. Code Ann. § 24-7-409 — AR Code / Title 24 / Chapter 7 / Subchapter 4 / Section 24-7-409
Retirement fund assets accounts - Survivor benefit account
Status: in_force

The survivor benefit account shall be the account from which shall be paid survivor benefits payable as provided in this act. Acts 1973, No. 427, § 8; 1981, No. 365, § 5; A.S.A. 1947, § 80-1442.

The survivor benefit account shall be the account from which shall be paid survivor benefits payable as provided in this act.

Acts 1973, No. 427, § 8; 1981, No. 365, § 5; A.S.A. 1947, § 80-1442.
Ark. Code Ann. § 24-7-727 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-727
Compounded cost of living adjustments
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System may compound the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who have received a monthly retirement benefit for the prior twelve-month period. (2) The amount of the benefit under this section shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year. (3) The simple cost of living adjustment is not payable in the year or years that the board implements the compounded cost of living adjustment. (b) (1) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding June 30 increased by three percent (3%). (2) The redetermined amount shall become the base amount for determining all future cost of living adjustments. (3) (A) The board may reverse a compounding of the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who benefit from the compounding. (B) If a compounding of the cost of living adjustment is reversed the simple cost of living adjustment shall be used for the year that the compounded cost of living adjustment was reversed and future benefits shall be paid based on the simple cost of living adjustment. (C) The future benefits of a member shall not be reduced to recover any additional benefits paid from the date the board uses a compounding cost of living adjustment to the date the board uses a simple cost of living adjustment. (D) If a compounding cost of living adjustment is reversed, the reversal shall be effective at the beginning of the fiscal year. (4) The compounding cost of living adjustment set by the board shall remain in effect until adjusted or reversed by the board. (5) The board may change the compounding of the cost of living adjustment by resolution at a meeting of the board subject to the limitations under subdivision (b)(6) of this section. (6) The board shall not reverse a compounding cost of living adjustment unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines by board resolution that reversal of the compounding cost of living adjustment that occurred in 2009 is prudent to maintain actuarial soundness. (7) A board resolution reversing a compounding cost of living adjustment under subdivision (b)(6) of this section may include a chart or proxy formula to be applied when a member has a change in his or her benefits due to divorce, remarriage, or the death of the member or the member's spouse. (8) (A) The board may phase in the reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section by board resolution. (B) Any reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section shall be applied at the beginning of the fiscal year. (c) The benefit provisions provided in subsections (a) and (b) of this section shall be implemented according to rules of the board as is actuarially appropriate for the Arkansas Teacher Retirement System. (d) Before increasing a benefit under this section, 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. Amended by Act 2023, No. 107,§ 53, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 52, eff. 7/1/2023. Amended by Act 2017, No. 780,§ 2, eff. 3/31/2017. Amended by Act 2017, No. 780,§ 1, eff. 3/31/2017. Amended by Act 2013, No. 967,§ 1, eff. 7/1/2013. Acts 1999, No. 404, § 1; 2009, No. 468, § 25; 2011, No. 45, § 16.

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System may compound the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who have received a monthly retirement benefit for the prior twelve-month period. (2) The amount of the benefit under this section shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year. (3) The simple cost of living adjustment is not payable in the year or years that the board implements the compounded cost of living adjustment.

(1) The Board of Trustees of the Arkansas Teacher Retirement System may compound the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who have received a monthly retirement benefit for the prior twelve-month period.

(2) The amount of the benefit under this section shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.

(3) The simple cost of living adjustment is not payable in the year or years that the board implements the compounded cost of living adjustment.

(b) (1) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding June 30 increased by three percent (3%). (2) The redetermined amount shall become the base amount for determining all future cost of living adjustments. (3) (A) The board may reverse a compounding of the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who benefit from the compounding. (B) If a compounding of the cost of living adjustment is reversed the simple cost of living adjustment shall be used for the year that the compounded cost of living adjustment was reversed and future benefits shall be paid based on the simple cost of living adjustment. (C) The future benefits of a member shall not be reduced to recover any additional benefits paid from the date the board uses a compounding cost of living adjustment to the date the board uses a simple cost of living adjustment. (D) If a compounding cost of living adjustment is reversed, the reversal shall be effective at the beginning of the fiscal year. (4) The compounding cost of living adjustment set by the board shall remain in effect until adjusted or reversed by the board. (5) The board may change the compounding of the cost of living adjustment by resolution at a meeting of the board subject to the limitations under subdivision (b)(6) of this section. (6) The board shall not reverse a compounding cost of living adjustment unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines by board resolution that reversal of the compounding cost of living adjustment that occurred in 2009 is prudent to maintain actuarial soundness. (7) A board resolution reversing a compounding cost of living adjustment under subdivision (b)(6) of this section may include a chart or proxy formula to be applied when a member has a change in his or her benefits due to divorce, remarriage, or the death of the member or the member's spouse. (8) (A) The board may phase in the reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section by board resolution. (B) Any reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section shall be applied at the beginning of the fiscal year.

(1) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding June 30 increased by three percent (3%).

(2) The redetermined amount shall become the base amount for determining all future cost of living adjustments.

(3) (A) The board may reverse a compounding of the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who benefit from the compounding. (B) If a compounding of the cost of living adjustment is reversed the simple cost of living adjustment shall be used for the year that the compounded cost of living adjustment was reversed and future benefits shall be paid based on the simple cost of living adjustment. (C) The future benefits of a member shall not be reduced to recover any additional benefits paid from the date the board uses a compounding cost of living adjustment to the date the board uses a simple cost of living adjustment. (D) If a compounding cost of living adjustment is reversed, the reversal shall be effective at the beginning of the fiscal year.

(A) The board may reverse a compounding of the cost of living adjustment for all retirees and participants in the Teacher Deferred Retirement Option Plan who benefit from the compounding.

(B) If a compounding of the cost of living adjustment is reversed the simple cost of living adjustment shall be used for the year that the compounded cost of living adjustment was reversed and future benefits shall be paid based on the simple cost of living adjustment.

(C) The future benefits of a member shall not be reduced to recover any additional benefits paid from the date the board uses a compounding cost of living adjustment to the date the board uses a simple cost of living adjustment.

(D) If a compounding cost of living adjustment is reversed, the reversal shall be effective at the beginning of the fiscal year.

(4) The compounding cost of living adjustment set by the board shall remain in effect until adjusted or reversed by the board.

(5) The board may change the compounding of the cost of living adjustment by resolution at a meeting of the board subject to the limitations under subdivision (b)(6) of this section.

(6) The board shall not reverse a compounding cost of living adjustment unless the: (A) Arkansas Teacher Retirement System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines by board resolution that reversal of the compounding cost of living adjustment that occurred in 2009 is prudent to maintain actuarial soundness.

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

(B) Board determines by board resolution that reversal of the compounding cost of living adjustment that occurred in 2009 is prudent to maintain actuarial soundness.

(7) A board resolution reversing a compounding cost of living adjustment under subdivision (b)(6) of this section may include a chart or proxy formula to be applied when a member has a change in his or her benefits due to divorce, remarriage, or the death of the member or the member's spouse.

(8) (A) The board may phase in the reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section by board resolution. (B) Any reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section shall be applied at the beginning of the fiscal year.

(A) The board may phase in the reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section by board resolution.

(B) Any reversal of a compounding cost of living adjustment under subdivision (b)(6) of this section shall be applied at the beginning of the fiscal year.

(c) The benefit provisions provided in subsections (a) and (b) of this section shall be implemented according to rules of the board as is actuarially appropriate for the Arkansas Teacher Retirement System.

(d) Before increasing a benefit under this section, 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.

Amended by Act 2023, No. 107,§ 53, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 52, eff. 7/1/2023.

Amended by Act 2017, No. 780,§ 2, eff. 3/31/2017.

Amended by Act 2017, No. 780,§ 1, eff. 3/31/2017.

Amended by Act 2013, No. 967,§ 1, eff. 7/1/2013.

Acts 1999, No. 404, § 1; 2009, No. 468, § 25; 2011, No. 45, § 16.
Ark. Code Ann. § 24-7-1308 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1308
Termination of participation in Teacher Deferred Retirement Option Plan - Distribution options
Status: in_force

(a) (1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system. (2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant: (A) Fails to meet the termination of employment requirement of § 24-7-701 ; and (B) Has not reached normal retirement age. (3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met. (b) (1) When the member's participation in the plan ceases, the member may elect to: (A) Receive the balance in the plan account as a lump sum; (B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or (C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance. (2) The Board of Trustees of the Arkansas Teacher Retirement System shall: (A) Determine factors to be used for the conversion of plan balances to monthly amounts; (B) Set requirements for the member's election under this subsection; and (C) Modify the options under subdivision (b)(1) of this section by rule as necessary. (c) When the member's participation in the plan ceases, the board shall cause the member's plan benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the plan date and had made the same election under § 24-7-706 that was made on or before the plan date. (d) (1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement. (2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution. (e) The system may offset, adjust, or otherwise collect any benefits overpaid to a member under this subchapter. Amended by Act 2021, No. 279,§ 34, eff. 7/1/2021. Acts 1995, No. 1096, § 1; 2007, No. 298, § 4; 2009, No. 470, § 1; 2011, No. 162, § 3.

(a) (1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system. (2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant: (A) Fails to meet the termination of employment requirement of § 24-7-701 ; and (B) Has not reached normal retirement age. (3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.

(1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system.

(2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant: (A) Fails to meet the termination of employment requirement of § 24-7-701 ; and (B) Has not reached normal retirement age.

(A) Fails to meet the termination of employment requirement of § 24-7-701 ; and

(B) Has not reached normal retirement age.

(3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.

(b) (1) When the member's participation in the plan ceases, the member may elect to: (A) Receive the balance in the plan account as a lump sum; (B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or (C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance. (2) The Board of Trustees of the Arkansas Teacher Retirement System shall: (A) Determine factors to be used for the conversion of plan balances to monthly amounts; (B) Set requirements for the member's election under this subsection; and (C) Modify the options under subdivision (b)(1) of this section by rule as necessary.

(1) When the member's participation in the plan ceases, the member may elect to: (A) Receive the balance in the plan account as a lump sum; (B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or (C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.

(A) Receive the balance in the plan account as a lump sum;

(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or

(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.

(2) The Board of Trustees of the Arkansas Teacher Retirement System shall: (A) Determine factors to be used for the conversion of plan balances to monthly amounts; (B) Set requirements for the member's election under this subsection; and (C) Modify the options under subdivision (b)(1) of this section by rule as necessary.

(A) Determine factors to be used for the conversion of plan balances to monthly amounts;

(B) Set requirements for the member's election under this subsection; and

(C) Modify the options under subdivision (b)(1) of this section by rule as necessary.

(c) When the member's participation in the plan ceases, the board shall cause the member's plan benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the plan date and had made the same election under § 24-7-706 that was made on or before the plan date.

(d) (1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement. (2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.

(1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement.

(2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.

(e) The system may offset, adjust, or otherwise collect any benefits overpaid to a member under this subchapter.

Amended by Act 2021, No. 279,§ 34, eff. 7/1/2021.

Acts 1995, No. 1096, § 1; 2007, No. 298, § 4; 2009, No. 470, § 1; 2011, No. 162, § 3.
Ark. Code Ann. § 24-9-204 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-204
Employment of trust administrators
Status: in_force

(a) By board action, the board of trustees may employ a commercial firm normally engaged in providing trust services, if each employee of the trust department who handles the trust funds is covered by a good and sufficient fidelity bond, to act as the agent for the board of the trust for the purpose of maintaining and administering the fund and to provide such assistance or services as the board of the trust may reasonably require in the performance of its duties. (b) The bank or firm so employed shall not have the authority to make any investment decision or any determination as to the eligibility of any person entitled to receive a pension or any other benefit from the fund, nor to make any determination as to the amount of any pension or benefit which any person may be entitled to receive from the fund. Acts 1973, No. 282, § 8; A.S.A. 1947, § 13-2108.

(a) By board action, the board of trustees may employ a commercial firm normally engaged in providing trust services, if each employee of the trust department who handles the trust funds is covered by a good and sufficient fidelity bond, to act as the agent for the board of the trust for the purpose of maintaining and administering the fund and to provide such assistance or services as the board of the trust may reasonably require in the performance of its duties.

(b) The bank or firm so employed shall not have the authority to make any investment decision or any determination as to the eligibility of any person entitled to receive a pension or any other benefit from the fund, nor to make any determination as to the amount of any pension or benefit which any person may be entitled to receive from the fund.

Acts 1973, No. 282, § 8; A.S.A. 1947, § 13-2108.
Ark. Code Ann. § 24-8-309 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-309
Eligibility for benefits - Sixteen years of service as judge and city attorney
Status: in_force

Upon the approval of the governing body of the municipality and of the county quorum court if county funds are used to partially pay the salary of the judge of the municipal court, any judge of a municipal court who has served or who shall serve at least twelve (12) years in office as municipal judge and who has also served four (4) years or more as city attorney in the same city shall, upon attaining sixty-five (65) years of age, receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office. Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917.

Upon the approval of the governing body of the municipality and of the county quorum court if county funds are used to partially pay the salary of the judge of the municipal court, any judge of a municipal court who has served or who shall serve at least twelve (12) years in office as municipal judge and who has also served four (4) years or more as city attorney in the same city shall, upon attaining sixty-five (65) years of age, receive retirement benefits for and during the remainder of his or her natural life in an amount equal to one-half (½) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office.

Acts 1973, No. 432, § 4; 1985, No. 1080, § 1; A.S.A. 1947, § 22-917.
Ark. Code Ann. § 24-8-505 — AR Code / Title 24 / Chapter 8 / Subchapter 5 / Section 24-8-505
Benefits
Status: in_force

Any person participating in a retirement plan authorized under this subchapter on or after July 1, 1999, shall be entitled to a retirement benefit if that person has ten (10) or more years of actual service in a plan covered by this subchapter and is at least sixty (60) years of age. If the person does not have sufficient service to draw the full benefit provided, then a partial benefit not to exceed the full benefit shall be payable when the person has reached the age requirement specified in this subchapter. The partial benefit shall be determined by multiplying the full benefit by the following fraction: (1) The numerator shall be the number of months of actual service under the provisions of this subchapter; and (2) The denominator shall be two hundred forty (240) months. Acts 1999, No. 1066, § 3.

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

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

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

Acts 1999, No. 1066, § 3.
Ark. Code Ann. § 24-10-204 — AR Code / Title 24 / Chapter 10 / Subchapter 2 / Section 24-10-204
Employees
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board. (2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System. (b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board. (c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings. (d) The board shall appoint an investment advisor, as defined in § 24-10-402 . (e) (1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants. (2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor. (f) The executive director shall be: (1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System; (2) The appointing authority in the employment of other professional and clerical employees of the system; and (3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board. (g) (1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state. (2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve. Acts 1981, No. 364, § 7; 1983, No. 676, § 1; A.S.A. 1947, § 12-3807; Acts 1989, No. 152, § 1; 2011, No. 17, § 2.

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board. (2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.

(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.

(2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.

(b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board.

(c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings.

(d) The board shall appoint an investment advisor, as defined in § 24-10-402 .

(e) (1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants. (2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.

(1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants.

(2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.

(f) The executive director shall be: (1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System; (2) The appointing authority in the employment of other professional and clerical employees of the system; and (3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.

(1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System;

(2) The appointing authority in the employment of other professional and clerical employees of the system; and

(3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.

(g) (1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state. (2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.

(1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state.

(2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.

Acts 1981, No. 364, § 7; 1983, No. 676, § 1; A.S.A. 1947, § 12-3807; Acts 1989, No. 152, § 1; 2011, No. 17, § 2.
Ark. Code Ann. § 24-11-425 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-425
Benefits - Death of active or retired member
Status: in_force

(a) (1) (A) If any active police officer or any retired member dies from any cause, leaving a surviving spouse, then the board of trustees shall direct a monthly pension during the surviving spouse's life in an amount equal to the lesser of the: (i) Pension attached to the rank of the deceased police officer at the time of his or her death; or (ii) Monthly pension amount being paid to the deceased police officer at the time of his or her death. (B) In no event shall the benefit of the surviving spouse be less than three hundred fifty dollars ($350) per month. (2) If any active police officer or any retired member dies from any cause and leaves no surviving spouse but has a surviving child or children under the age of eighteen (18) who have not completed high school, then the board shall direct a monthly pension benefit to the surviving child or children under the age of eighteen (18) in an aggregate amount to the children equal to the pension attached to the rank of the deceased police officer at the time of his or her death, but in no event shall the benefits to the surviving children be less than three hundred fifty dollars ($350) per month. However, if any child enrolls in an institution of higher learning after completing high school, then the payment shall continue as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled. (3) (A) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician. (B) The board may first require that a second evaluation be performed by another physician to be named by the board, and they shall review the child's disabled status from time to time, but at least every five (5) years. (4) (A) (i) Beginning July 1, 2007, if a retired member dies from any cause and leaves a surviving former spouse who was receiving a portion of the retired member's retirement benefit and also leaves a surviving spouse entitled to benefits under subdivision (a)(1) of this section, then until the surviving former spouse or surviving spouse dies or remarries, the surviving former spouse shall continue to receive the same benefit he or she was receiving when the retired member died. (ii) Upon the death or remarriage of the surviving former spouse, the monthly pension of the surviving spouse shall be increased to the pension attached to the rank of the deceased police officer at the time of his or her death. (B) A surviving former spouse shall not be entitled to any benefit increases approved by the board for its members. (b) If the police officer leaves no surviving spouse or children but does leave a dependent parent, the board shall pay the dependent parent the sum of one hundred twenty-five dollars ($125) monthly as long as the dependent parent remains unmarried. (c) The minimum benefit provided in this section shall be paid to all qualified survivors regardless of whether they were already receiving benefits or become eligible for the first time after June 17, 1981. (d) (1) If any police officer marries after retirement, that surviving spouse may be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least five (5) years, if the board of trustees for the fund decides to extend this benefit for its members and if the pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members. (2) If any police officer who retired after June 12, 1964, and before June 20, 1964, marries after retirement, that surviving spouse shall be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least two (2) years and if the actuarial soundness of the fund will not be adversely affected. (e) (1) In addition to the monthly pension provided in subsections (a) and (b) of this section, the board shall order and direct the payment of the sum of one hundred twenty-five dollars ($125) per month to each child under eighteen (18) years of age. However, the payment shall continue to each child over eighteen (18) years of age as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled. (2) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician on the board. The board may first require that a second evaluation be performed by another physician to be named by the board, and it shall review the child's disabled status from time to time, but at least every five (5) years. (f) (1) The sum total of the pension to be paid the surviving spouse or the qualifying child of the deceased police officer shall not exceed one-half (½) of the salary attached to the rank the police officer held at the time of his or her death or the monthly pension amount being paid to the deceased police officer at the time of his or death, whichever is greater. (2) However, the limit on the sum total amount under subdivision (f)(1) of this section may be exceeded through benefit increases authorized under § 24-11-102 . (g) (1) If any surviving spouse, surviving former spouse, or child shall marry, he or she shall thereafter receive no further pension under this subchapter except that if he or she is a surviving spouse of a police officer who is killed while in the official performance of his or her duties, then any such surviving spouse's or former spouse's benefits shall continue. (2) Benefits may be restored to a surviving spouse whose benefits had been terminated prior to or after August 1, 1997, upon his or her application to and approval by the board. (h) (1) When entitled to a pension as provided by this subchapter, a surviving spouse, child, or dependent parent shall make application to the board through the secretary of the board on a form to be provided by the board. (2) Accompanying the application shall be proof of the marriage of the decedent to the surviving spouse claimant. (3) Proof of the birth of children shall be shown by the baptismal or board of health certificates. (4) All applications and proof shall be retained in the custody of the board, and due notice of that action shall be registered by the secretary in his or her office. (i) Every member of the department must file with the secretary the names of those persons to whom death benefits are to be paid and the relationship of the beneficiary to the decedent. Acts 1937, No. 250, §§ 8, 13, 19; Pope's Dig., §§ 9863, 9868, 9874; Acts 1953, No. 86, § 2; 1965, No. 413, § 1; 1967, No. 127, § 1; 1981, No. 582, § 1; 1983, No. 44, § 1; 1985, No. 1027, § 1; A.S.A. 1947, §§ 19-1808, 19-1813, 19-1819; Acts 1987, No. 618, § 1; 1993, No. 1197, § 2; 1997, No. 1138, § 1; 1997, No. 1241, § 1; 1999, No. 978, § 1; 1999, No. 1458, §§ 1, 2; 2003, No. 674, § 1; 2007, No. 611, §§ 2, 3; 2009, No. 32, § 1; 2011, No. 556, § 4.

(a) (1) (A) If any active police officer or any retired member dies from any cause, leaving a surviving spouse, then the board of trustees shall direct a monthly pension during the surviving spouse's life in an amount equal to the lesser of the: (i) Pension attached to the rank of the deceased police officer at the time of his or her death; or (ii) Monthly pension amount being paid to the deceased police officer at the time of his or her death. (B) In no event shall the benefit of the surviving spouse be less than three hundred fifty dollars ($350) per month. (2) If any active police officer or any retired member dies from any cause and leaves no surviving spouse but has a surviving child or children under the age of eighteen (18) who have not completed high school, then the board shall direct a monthly pension benefit to the surviving child or children under the age of eighteen (18) in an aggregate amount to the children equal to the pension attached to the rank of the deceased police officer at the time of his or her death, but in no event shall the benefits to the surviving children be less than three hundred fifty dollars ($350) per month. However, if any child enrolls in an institution of higher learning after completing high school, then the payment shall continue as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled. (3) (A) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician. (B) The board may first require that a second evaluation be performed by another physician to be named by the board, and they shall review the child's disabled status from time to time, but at least every five (5) years. (4) (A) (i) Beginning July 1, 2007, if a retired member dies from any cause and leaves a surviving former spouse who was receiving a portion of the retired member's retirement benefit and also leaves a surviving spouse entitled to benefits under subdivision (a)(1) of this section, then until the surviving former spouse or surviving spouse dies or remarries, the surviving former spouse shall continue to receive the same benefit he or she was receiving when the retired member died. (ii) Upon the death or remarriage of the surviving former spouse, the monthly pension of the surviving spouse shall be increased to the pension attached to the rank of the deceased police officer at the time of his or her death. (B) A surviving former spouse shall not be entitled to any benefit increases approved by the board for its members.

(1) (A) If any active police officer or any retired member dies from any cause, leaving a surviving spouse, then the board of trustees shall direct a monthly pension during the surviving spouse's life in an amount equal to the lesser of the: (i) Pension attached to the rank of the deceased police officer at the time of his or her death; or (ii) Monthly pension amount being paid to the deceased police officer at the time of his or her death. (B) In no event shall the benefit of the surviving spouse be less than three hundred fifty dollars ($350) per month.

(A) If any active police officer or any retired member dies from any cause, leaving a surviving spouse, then the board of trustees shall direct a monthly pension during the surviving spouse's life in an amount equal to the lesser of the: (i) Pension attached to the rank of the deceased police officer at the time of his or her death; or (ii) Monthly pension amount being paid to the deceased police officer at the time of his or her death.

(i) Pension attached to the rank of the deceased police officer at the time of his or her death; or

(ii) Monthly pension amount being paid to the deceased police officer at the time of his or her death.

(B) In no event shall the benefit of the surviving spouse be less than three hundred fifty dollars ($350) per month.

(2) If any active police officer or any retired member dies from any cause and leaves no surviving spouse but has a surviving child or children under the age of eighteen (18) who have not completed high school, then the board shall direct a monthly pension benefit to the surviving child or children under the age of eighteen (18) in an aggregate amount to the children equal to the pension attached to the rank of the deceased police officer at the time of his or her death, but in no event shall the benefits to the surviving children be less than three hundred fifty dollars ($350) per month. However, if any child enrolls in an institution of higher learning after completing high school, then the payment shall continue as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled.

(3) (A) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician. (B) The board may first require that a second evaluation be performed by another physician to be named by the board, and they shall review the child's disabled status from time to time, but at least every five (5) years.

(A) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician.

(B) The board may first require that a second evaluation be performed by another physician to be named by the board, and they shall review the child's disabled status from time to time, but at least every five (5) years.

(4) (A) (i) Beginning July 1, 2007, if a retired member dies from any cause and leaves a surviving former spouse who was receiving a portion of the retired member's retirement benefit and also leaves a surviving spouse entitled to benefits under subdivision (a)(1) of this section, then until the surviving former spouse or surviving spouse dies or remarries, the surviving former spouse shall continue to receive the same benefit he or she was receiving when the retired member died. (ii) Upon the death or remarriage of the surviving former spouse, the monthly pension of the surviving spouse shall be increased to the pension attached to the rank of the deceased police officer at the time of his or her death. (B) A surviving former spouse shall not be entitled to any benefit increases approved by the board for its members.

(A) (i) Beginning July 1, 2007, if a retired member dies from any cause and leaves a surviving former spouse who was receiving a portion of the retired member's retirement benefit and also leaves a surviving spouse entitled to benefits under subdivision (a)(1) of this section, then until the surviving former spouse or surviving spouse dies or remarries, the surviving former spouse shall continue to receive the same benefit he or she was receiving when the retired member died. (ii) Upon the death or remarriage of the surviving former spouse, the monthly pension of the surviving spouse shall be increased to the pension attached to the rank of the deceased police officer at the time of his or her death.

(i) Beginning July 1, 2007, if a retired member dies from any cause and leaves a surviving former spouse who was receiving a portion of the retired member's retirement benefit and also leaves a surviving spouse entitled to benefits under subdivision (a)(1) of this section, then until the surviving former spouse or surviving spouse dies or remarries, the surviving former spouse shall continue to receive the same benefit he or she was receiving when the retired member died.

(ii) Upon the death or remarriage of the surviving former spouse, the monthly pension of the surviving spouse shall be increased to the pension attached to the rank of the deceased police officer at the time of his or her death.

(B) A surviving former spouse shall not be entitled to any benefit increases approved by the board for its members.

(b) If the police officer leaves no surviving spouse or children but does leave a dependent parent, the board shall pay the dependent parent the sum of one hundred twenty-five dollars ($125) monthly as long as the dependent parent remains unmarried.

(c) The minimum benefit provided in this section shall be paid to all qualified survivors regardless of whether they were already receiving benefits or become eligible for the first time after June 17, 1981.

(d) (1) If any police officer marries after retirement, that surviving spouse may be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least five (5) years, if the board of trustees for the fund decides to extend this benefit for its members and if the pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members. (2) If any police officer who retired after June 12, 1964, and before June 20, 1964, marries after retirement, that surviving spouse shall be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least two (2) years and if the actuarial soundness of the fund will not be adversely affected.

(1) If any police officer marries after retirement, that surviving spouse may be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least five (5) years, if the board of trustees for the fund decides to extend this benefit for its members and if the pension fund will be actuarially sound as determined by the actuary for the Arkansas Fire and Police Pension Review Board after this benefit increase is extended to members.

(2) If any police officer who retired after June 12, 1964, and before June 20, 1964, marries after retirement, that surviving spouse shall be entitled to a pension under this subchapter if he or she has been married to the police officer for a period of at least two (2) years and if the actuarial soundness of the fund will not be adversely affected.

(e) (1) In addition to the monthly pension provided in subsections (a) and (b) of this section, the board shall order and direct the payment of the sum of one hundred twenty-five dollars ($125) per month to each child under eighteen (18) years of age. However, the payment shall continue to each child over eighteen (18) years of age as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled. (2) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician on the board. The board may first require that a second evaluation be performed by another physician to be named by the board, and it shall review the child's disabled status from time to time, but at least every five (5) years.

(1) In addition to the monthly pension provided in subsections (a) and (b) of this section, the board shall order and direct the payment of the sum of one hundred twenty-five dollars ($125) per month to each child under eighteen (18) years of age. However, the payment shall continue to each child over eighteen (18) years of age as long as the child is a full-time student but not beyond the child's twenty-third birthday unless he or she is a dependent child who is physically or mentally permanently disabled.

(2) The board may continue a benefit for life for a dependent child who is physically or mentally permanently disabled and this fact is certified to the board by a physician on the board. The board may first require that a second evaluation be performed by another physician to be named by the board, and it shall review the child's disabled status from time to time, but at least every five (5) years.

(f) (1) The sum total of the pension to be paid the surviving spouse or the qualifying child of the deceased police officer shall not exceed one-half (½) of the salary attached to the rank the police officer held at the time of his or her death or the monthly pension amount being paid to the deceased police officer at the time of his or death, whichever is greater. (2) However, the limit on the sum total amount under subdivision (f)(1) of this section may be exceeded through benefit increases authorized under § 24-11-102 .

(1) The sum total of the pension to be paid the surviving spouse or the qualifying child of the deceased police officer shall not exceed one-half (½) of the salary attached to the rank the police officer held at the time of his or her death or the monthly pension amount being paid to the deceased police officer at the time of his or death, whichever is greater.

(2) However, the limit on the sum total amount under subdivision (f)(1) of this section may be exceeded through benefit increases authorized under § 24-11-102 .

(g) (1) If any surviving spouse, surviving former spouse, or child shall marry, he or she shall thereafter receive no further pension under this subchapter except that if he or she is a surviving spouse of a police officer who is killed while in the official performance of his or her duties, then any such surviving spouse's or former spouse's benefits shall continue. (2) Benefits may be restored to a surviving spouse whose benefits had been terminated prior to or after August 1, 1997, upon his or her application to and approval by the board.

(1) If any surviving spouse, surviving former spouse, or child shall marry, he or she shall thereafter receive no further pension under this subchapter except that if he or she is a surviving spouse of a police officer who is killed while in the official performance of his or her duties, then any such surviving spouse's or former spouse's benefits shall continue.

(2) Benefits may be restored to a surviving spouse whose benefits had been terminated prior to or after August 1, 1997, upon his or her application to and approval by the board.

(h) (1) When entitled to a pension as provided by this subchapter, a surviving spouse, child, or dependent parent shall make application to the board through the secretary of the board on a form to be provided by the board. (2) Accompanying the application shall be proof of the marriage of the decedent to the surviving spouse claimant. (3) Proof of the birth of children shall be shown by the baptismal or board of health certificates. (4) All applications and proof shall be retained in the custody of the board, and due notice of that action shall be registered by the secretary in his or her office.

(1) When entitled to a pension as provided by this subchapter, a surviving spouse, child, or dependent parent shall make application to the board through the secretary of the board on a form to be provided by the board.

(2) Accompanying the application shall be proof of the marriage of the decedent to the surviving spouse claimant.

(3) Proof of the birth of children shall be shown by the baptismal or board of health certificates.

(4) All applications and proof shall be retained in the custody of the board, and due notice of that action shall be registered by the secretary in his or her office.

(i) Every member of the department must file with the secretary the names of those persons to whom death benefits are to be paid and the relationship of the beneficiary to the decedent.

Acts 1937, No. 250, §§ 8, 13, 19; Pope's Dig., §§ 9863, 9868, 9874; Acts 1953, No. 86, § 2; 1965, No. 413, § 1; 1967, No. 127, § 1; 1981, No. 582, § 1; 1983, No. 44, § 1; 1985, No. 1027, § 1; A.S.A. 1947, §§ 19-1808, 19-1813, 19-1819; Acts 1987, No. 618, § 1; 1993, No. 1197, § 2; 1997, No. 1138, § 1; 1997, No. 1241, § 1; 1999, No. 978, § 1; 1999, No. 1458, §§ 1, 2; 2003, No. 674, § 1; 2007, No. 611, §§ 2, 3; 2009, No. 32, § 1; 2011, No. 556, § 4.
Ark. Code Ann. § 24-7-605 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-605
Service in General Assembly
Status: in_force

(a) (1) (A) (i) Any member of the Senate or House of Representatives of the General Assembly who is a member of the Arkansas Teacher Retirement System shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that a cut in pay is required by the school district during his or her attendance at regular or extraordinary sessions of the General Assembly or during his or her attendance at meetings of regular or special committees of the General Assembly during the interim. (ii) These meetings shall include, but not be limited to, the Legislative Council, the Legislative Joint Auditing Committee, the interim committees, and special legislative committees. (B) The member shall receive credited service and salary upon payment by him or her of the necessary member contribution and upon appropriation from the Public School Fund of the necessary employer contribution for the amount of the salary reduction during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees. (2) The amount of credited salary shall not exceed the contract salary of the member for the school year contract period. (3) (A) Any member of the House of Representatives or the Senate currently serving in the General Assembly or the legislative committees for any year prior to July 6, 1977, not to exceed five (5) years, may make application for and receive credited service and salary in the system for his or her full contract salary as an employee with respect to any reduction therein during attendance at regular or extraordinary sessions of the General Assembly or sessions of legislative committees in which he or she served. (B) This shall be done only if he or she pays to the system the member contribution required by law, and if appropriation is made from the Public School Fund for the necessary employer contribution required by law for that portion of his or her contract salary for any period for which he or she suffered a reduction in pay during legislative service. (b) (1) Any member of the Senate or House of Representatives of the General Assembly who is an employee and is a member of the system shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that either the member or the school district decides it is in the best interest of the school district for the member to take a leave of absence for up to one (1) full calendar year at a time to attend to his or her duties as a General Assembly member. (2) Service and salary shall be credited upon payment by the member of the necessary member contribution and the necessary employer contribution for the amount of the member's contract salary during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees. (3) The amount of credited salary shall not exceed the member's contract salary for the school year contract period. (c) At the member's request, a member's payment under this section shall be refunded if the: (1) Member ceases to be an active member before the General Assembly service is established as credited service in the system; or (2) General Assembly service is not otherwise used to establish the member's eligibility for retirement under the system. Amended by Act 2023, No. 55,§ 5, eff. 7/1/2023. Amended by Act 2019, No. 427,§ 10, eff. 7/1/2019. Acts 1977, No. 351, § 1; 1979, No. 121, § 1; 1979, No. 313, § 1; A.S.A. 1947, §§ 80-1440.1, 80-1440.2; Acts 1989, No. 653, § 5; 1997, No. 1354, § 41.

(a) (1) (A) (i) Any member of the Senate or House of Representatives of the General Assembly who is a member of the Arkansas Teacher Retirement System shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that a cut in pay is required by the school district during his or her attendance at regular or extraordinary sessions of the General Assembly or during his or her attendance at meetings of regular or special committees of the General Assembly during the interim. (ii) These meetings shall include, but not be limited to, the Legislative Council, the Legislative Joint Auditing Committee, the interim committees, and special legislative committees. (B) The member shall receive credited service and salary upon payment by him or her of the necessary member contribution and upon appropriation from the Public School Fund of the necessary employer contribution for the amount of the salary reduction during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees. (2) The amount of credited salary shall not exceed the contract salary of the member for the school year contract period. (3) (A) Any member of the House of Representatives or the Senate currently serving in the General Assembly or the legislative committees for any year prior to July 6, 1977, not to exceed five (5) years, may make application for and receive credited service and salary in the system for his or her full contract salary as an employee with respect to any reduction therein during attendance at regular or extraordinary sessions of the General Assembly or sessions of legislative committees in which he or she served. (B) This shall be done only if he or she pays to the system the member contribution required by law, and if appropriation is made from the Public School Fund for the necessary employer contribution required by law for that portion of his or her contract salary for any period for which he or she suffered a reduction in pay during legislative service.

(1) (A) (i) Any member of the Senate or House of Representatives of the General Assembly who is a member of the Arkansas Teacher Retirement System shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that a cut in pay is required by the school district during his or her attendance at regular or extraordinary sessions of the General Assembly or during his or her attendance at meetings of regular or special committees of the General Assembly during the interim. (ii) These meetings shall include, but not be limited to, the Legislative Council, the Legislative Joint Auditing Committee, the interim committees, and special legislative committees. (B) The member shall receive credited service and salary upon payment by him or her of the necessary member contribution and upon appropriation from the Public School Fund of the necessary employer contribution for the amount of the salary reduction during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees.

(A) (i) Any member of the Senate or House of Representatives of the General Assembly who is a member of the Arkansas Teacher Retirement System shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that a cut in pay is required by the school district during his or her attendance at regular or extraordinary sessions of the General Assembly or during his or her attendance at meetings of regular or special committees of the General Assembly during the interim. (ii) These meetings shall include, but not be limited to, the Legislative Council, the Legislative Joint Auditing Committee, the interim committees, and special legislative committees.

(i) Any member of the Senate or House of Representatives of the General Assembly who is a member of the Arkansas Teacher Retirement System shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that a cut in pay is required by the school district during his or her attendance at regular or extraordinary sessions of the General Assembly or during his or her attendance at meetings of regular or special committees of the General Assembly during the interim.

(ii) These meetings shall include, but not be limited to, the Legislative Council, the Legislative Joint Auditing Committee, the interim committees, and special legislative committees.

(B) The member shall receive credited service and salary upon payment by him or her of the necessary member contribution and upon appropriation from the Public School Fund of the necessary employer contribution for the amount of the salary reduction during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees.

(2) The amount of credited salary shall not exceed the contract salary of the member for the school year contract period.

(3) (A) Any member of the House of Representatives or the Senate currently serving in the General Assembly or the legislative committees for any year prior to July 6, 1977, not to exceed five (5) years, may make application for and receive credited service and salary in the system for his or her full contract salary as an employee with respect to any reduction therein during attendance at regular or extraordinary sessions of the General Assembly or sessions of legislative committees in which he or she served. (B) This shall be done only if he or she pays to the system the member contribution required by law, and if appropriation is made from the Public School Fund for the necessary employer contribution required by law for that portion of his or her contract salary for any period for which he or she suffered a reduction in pay during legislative service.

(A) Any member of the House of Representatives or the Senate currently serving in the General Assembly or the legislative committees for any year prior to July 6, 1977, not to exceed five (5) years, may make application for and receive credited service and salary in the system for his or her full contract salary as an employee with respect to any reduction therein during attendance at regular or extraordinary sessions of the General Assembly or sessions of legislative committees in which he or she served.

(B) This shall be done only if he or she pays to the system the member contribution required by law, and if appropriation is made from the Public School Fund for the necessary employer contribution required by law for that portion of his or her contract salary for any period for which he or she suffered a reduction in pay during legislative service.

(b) (1) Any member of the Senate or House of Representatives of the General Assembly who is an employee and is a member of the system shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that either the member or the school district decides it is in the best interest of the school district for the member to take a leave of absence for up to one (1) full calendar year at a time to attend to his or her duties as a General Assembly member. (2) Service and salary shall be credited upon payment by the member of the necessary member contribution and the necessary employer contribution for the amount of the member's contract salary during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees. (3) The amount of credited salary shall not exceed the member's contract salary for the school year contract period.

(1) Any member of the Senate or House of Representatives of the General Assembly who is an employee and is a member of the system shall be eligible, upon application, to receive credited service and salary in the system for his or her full contract salary in the event that either the member or the school district decides it is in the best interest of the school district for the member to take a leave of absence for up to one (1) full calendar year at a time to attend to his or her duties as a General Assembly member.

(2) Service and salary shall be credited upon payment by the member of the necessary member contribution and the necessary employer contribution for the amount of the member's contract salary during periods of attending regular or extraordinary sessions of the General Assembly or sessions of legislative committees.

(3) The amount of credited salary shall not exceed the member's contract salary for the school year contract period.

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

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

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

Amended by Act 2023, No. 55,§ 5, eff. 7/1/2023.

Amended by Act 2019, No. 427,§ 10, eff. 7/1/2019.

Acts 1977, No. 351, § 1; 1979, No. 121, § 1; 1979, No. 313, § 1; A.S.A. 1947, §§ 80-1440.1, 80-1440.2; Acts 1989, No. 653, § 5; 1997, No. 1354, § 41.
Ark. Code Ann. § 24-4-612 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-612
Increase in benefits
Status: in_force

(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' 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, § 1.

(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' 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, § 1.
Ark. Code Ann. § 24-10-707 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-707
Death of participant
Status: in_force

(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivors or if none, to the participant's estate. (b) A survivor is entitled to the annuity provided under § 24-10-603 based on the service and final average salary at the time the member elected to participate in the plan. Amended by Act 2013, No. 40,§ 16, eff. 2/6/2013. Acts 2003, No. 1734, § 1.

(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivors or if none, to the participant's estate.

(b) A survivor is entitled to the annuity provided under § 24-10-603 based on the service and final average salary at the time the member elected to participate in the plan.

Amended by Act 2013, No. 40,§ 16, eff. 2/6/2013.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-4-617 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-617
Increase in monthly benefit amount - 1997
Status: in_force

On July 1, 1997, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 1997, shall be increased by three percent (3%) of the benefit payable on June 1, 1997. Acts 1997, No. 318, § 3.

On July 1, 1997, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 1997, shall be increased by three percent (3%) of the benefit payable on June 1, 1997.

Acts 1997, No. 318, § 3.
Ark. Code Ann. § 24-6-222 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-222
Refund of contributions
Status: in_force

(a) (1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system. (2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein. (b) (1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214 . (2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of fifty (50) years of age. (c) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board. (2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time. Amended by Act 2019, No. 315,§ 2878, eff. 7/24/2019. Acts 1951, No. 311, § 7; 1953, No. 309, § 3; 1959, No. 484, § 7; 1971, No. 309, § 6; 1977, No. 460, § 2; A.S.A. 1947, § 42-457.

(a) (1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system. (2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein.

(1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system.

(2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein.

(b) (1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214 . (2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of fifty (50) years of age.

(1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214 .

(2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of fifty (50) years of age.

(c) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board. (2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state.

(1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board.

(2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.

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

(d) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.

Amended by Act 2019, No. 315,§ 2878, eff. 7/24/2019.

Acts 1951, No. 311, § 7; 1953, No. 309, § 3; 1959, No. 484, § 7; 1971, No. 309, § 6; 1977, No. 460, § 2; A.S.A. 1947, § 42-457.
Ark. Code Ann. § 24-7-709 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-709
Disposition of retiree contributions - Residue
Status: in_force

(a) (1) If a retiree and his or her option annuitants, if any, die before receiving annuity payments equal to the retiree's residue, then the residue shall be paid to one (1) or more beneficiaries nominated by the retiree in a written designation that is executed and filed with the Arkansas Teacher Retirement System. (2) If a retiree designates more than one (1) beneficiary, the residue shall be divided equally among each designated beneficiary. (3) If a retiree and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retiree, the residue shall be paid to the retiree's estate. (4) If all designated beneficiaries predecease the retiree, the residue shall be paid to the estate of the most recently deceased designated beneficiary. (b) If upon the termination of the option annuity no surviving beneficiary designated by the retiree survives and it is impracticable to make payment to the retiree's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the retiree's estate under § 24-7-734 . Amended by Act 2023, No. 107,§ 44, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 23, eff. 7/1/2021. Acts 1973, No. 427, § 9; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 1; 2007, No. 97, § 15; 2009, No. 468, § 19.

(a) (1) If a retiree and his or her option annuitants, if any, die before receiving annuity payments equal to the retiree's residue, then the residue shall be paid to one (1) or more beneficiaries nominated by the retiree in a written designation that is executed and filed with the Arkansas Teacher Retirement System. (2) If a retiree designates more than one (1) beneficiary, the residue shall be divided equally among each designated beneficiary. (3) If a retiree and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retiree, the residue shall be paid to the retiree's estate. (4) If all designated beneficiaries predecease the retiree, the residue shall be paid to the estate of the most recently deceased designated beneficiary.

(1) If a retiree and his or her option annuitants, if any, die before receiving annuity payments equal to the retiree's residue, then the residue shall be paid to one (1) or more beneficiaries nominated by the retiree in a written designation that is executed and filed with the Arkansas Teacher Retirement System.

(2) If a retiree designates more than one (1) beneficiary, the residue shall be divided equally among each designated beneficiary.

(3) If a retiree and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retiree, the residue shall be paid to the retiree's estate.

(4) If all designated beneficiaries predecease the retiree, the residue shall be paid to the estate of the most recently deceased designated beneficiary.

(b) If upon the termination of the option annuity no surviving beneficiary designated by the retiree survives and it is impracticable to make payment to the retiree's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the retiree's estate under § 24-7-734 .

Amended by Act 2023, No. 107,§ 44, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 23, eff. 7/1/2021.

Acts 1973, No. 427, § 9; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 1; 2007, No. 97, § 15; 2009, No. 468, § 19.
Ark. Code Ann. § 24-8-711 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-711
Eligibility for benefits - Early retirement
Status: in_force

(a) Any member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System who has eight (8) years or more of actual service in the system may elect to retire and receive retirement benefits 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 a member electing to retire before sixty-five (65) years of age with less than twenty (20) years of actual service shall be reduced six percent (6%) for each full year and proportionately for any part of a year that the judge or justice retires before reaching sixty-five (65) years of age. Acts 1999, No. 399, § 1.

(a) Any member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System who has eight (8) years or more of actual service in the system may elect to retire and receive retirement benefits 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 a member electing to retire before sixty-five (65) years of age with less than twenty (20) years of actual service shall be reduced six percent (6%) for each full year and proportionately for any part of a year that the judge or justice retires before reaching sixty-five (65) years of age.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-12-204 — AR Code / Title 24 / Chapter 12 / Subchapter 2 / Section 24-12-204
Construction of subchapter
Status: in_force

This act is cumulative to §§ 24-12-101 - 24-12-118 and shall not repeal those sections. Acts 1999, No. 50, § 4; 1999, No. 332, § 4.

This act is cumulative to §§ 24-12-101 - 24-12-118 and shall not repeal those sections.

Acts 1999, No. 50, § 4; 1999, No. 332, § 4.
Ark. Code Ann. § 24-11-814 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-814
Subjection of fund to legal process
Status: in_force

(a) Either before or after its order of disbursement by the board to disabled members of the fire department, or to the surviving spouse, guardian of any minor children, or dependent parent of the deceased or retired member of the department, no portion of the firemen's relief and pension fund shall be held, seized, taken, subjected to, detained, or levied on by virtue of any attachment, garnishment, execution, injunction, or other order or decree, or any process or proceeding whatever, issued out of or by any court of this state, for the payment or satisfaction, in whole or part, of any debt, damages, claim, demand, or judgment against a member, his or her surviving spouse, the guardian of his or her minor children, or the dependent parent of any deceased member, nor shall the fund or any claim thereto be directly or indirectly assigned or transferred, and any attempt to so assign or transfer shall be void. (b) The fund shall be sacredly held, kept, and distributed for the purpose of pensioning the persons named in this act and for no other purpose whatever. Acts 1921, No. 491, § 18; Pope's Dig., § 7754; A.S.A. 1947, § 19-2226.

(a) Either before or after its order of disbursement by the board to disabled members of the fire department, or to the surviving spouse, guardian of any minor children, or dependent parent of the deceased or retired member of the department, no portion of the firemen's relief and pension fund shall be held, seized, taken, subjected to, detained, or levied on by virtue of any attachment, garnishment, execution, injunction, or other order or decree, or any process or proceeding whatever, issued out of or by any court of this state, for the payment or satisfaction, in whole or part, of any debt, damages, claim, demand, or judgment against a member, his or her surviving spouse, the guardian of his or her minor children, or the dependent parent of any deceased member, nor shall the fund or any claim thereto be directly or indirectly assigned or transferred, and any attempt to so assign or transfer shall be void.

(b) The fund shall be sacredly held, kept, and distributed for the purpose of pensioning the persons named in this act and for no other purpose whatever.

Acts 1921, No. 491, § 18; Pope's Dig., § 7754; A.S.A. 1947, § 19-2226.
Ark. Code Ann. § 24-5-204 — AR Code / Title 24 / Chapter 5 / Subchapter 2 / Section 24-5-204
Rules - Applicability
Status: in_force

(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, in consultation with its actuary, may promulgate rules to lower the required years of service for entry into the Arkansas State Highway Employees' Deferred Retirement Option Plan authorized by this subchapter, subject to any early participation reduction. The reduction will be computed in a manner that is both equitable and actuarially appropriate for the system. (b) This section shall apply only to entry into the plan by a person who has twenty-eight (28) or twenty-nine (29) years of creditable service and whose eligibility for retirement is based on rules adopted pursuant to § 24-5-112(c) . Amended by Act 2019, No. 315,§ 2869, eff. 7/24/2019. Acts 1999, No. 1325, § 6.

(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, in consultation with its actuary, may promulgate rules to lower the required years of service for entry into the Arkansas State Highway Employees' Deferred Retirement Option Plan authorized by this subchapter, subject to any early participation reduction. The reduction will be computed in a manner that is both equitable and actuarially appropriate for the system.

(b) This section shall apply only to entry into the plan by a person who has twenty-eight (28) or twenty-nine (29) years of creditable service and whose eligibility for retirement is based on rules adopted pursuant to § 24-5-112(c) .

Amended by Act 2019, No. 315,§ 2869, eff. 7/24/2019.

Acts 1999, No. 1325, § 6.
Ark. Code Ann. § 24-1-107 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-107
Recognition of federal retirement programs
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall establish policies and promulgate rules to recognize the service credit for members of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System earned in the retirement systems of federal government agencies. (2) A former federal employee who becomes a member of the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System shall receive service credit for the member's service with the federal retirement system as prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) (A) An active member of the Arkansas Public Employees' Retirement System shall receive credit for the member's federal service upon the payment of the employee and employer contributions prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System together with interest from the date the federal service began to the date of payment. (B) (i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the: (a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or (b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system. (2) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall determine what constitutes a year of federal service credit. (3) The member may qualify for age and service retirement in the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System using the federal credited service plus the member's credited service from employment from the state employers to meet the minimum service requirements of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System. (c) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules necessary for the effective administration of this section. (d) The member shall certify in a manner prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System that the member is not eligible to receive a retirement benefit from the federal retirement system in which he or she had previously been a member. Amended by Act 2023, No. 69,§ 1, eff. 7/1/2023. Amended by Act 2023, No. 55,§ 1, eff. 7/1/2023. Acts 2005, No. 2091, § 1; 2011, No. 69, § 1.

(a) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall establish policies and promulgate rules to recognize the service credit for members of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System earned in the retirement systems of federal government agencies. (2) A former federal employee who becomes a member of the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System shall receive service credit for the member's service with the federal retirement system as prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System.

(1) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall establish policies and promulgate rules to recognize the service credit for members of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System earned in the retirement systems of federal government agencies.

(2) A former federal employee who becomes a member of the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System shall receive service credit for the member's service with the federal retirement system as prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System.

(b) (1) (A) An active member of the Arkansas Public Employees' Retirement System shall receive credit for the member's federal service upon the payment of the employee and employer contributions prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System together with interest from the date the federal service began to the date of payment. (B) (i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the: (a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or (b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system. (2) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall determine what constitutes a year of federal service credit. (3) The member may qualify for age and service retirement in the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System using the federal credited service plus the member's credited service from employment from the state employers to meet the minimum service requirements of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System.

(1) (A) An active member of the Arkansas Public Employees' Retirement System shall receive credit for the member's federal service upon the payment of the employee and employer contributions prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System together with interest from the date the federal service began to the date of payment. (B) (i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the: (a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or (b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system.

(A) An active member of the Arkansas Public Employees' Retirement System shall receive credit for the member's federal service upon the payment of the employee and employer contributions prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System together with interest from the date the federal service began to the date of payment.

(B) (i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the: (a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or (b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system.

(i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System.

(ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the: (a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or (b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system.

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

(b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system.

(2) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall determine what constitutes a year of federal service credit.

(3) The member may qualify for age and service retirement in the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System using the federal credited service plus the member's credited service from employment from the state employers to meet the minimum service requirements of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System.

(c) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules necessary for the effective administration of this section.

(d) The member shall certify in a manner prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System that the member is not eligible to receive a retirement benefit from the federal retirement system in which he or she had previously been a member.

Amended by Act 2023, No. 69,§ 1, eff. 7/1/2023.

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

Acts 2005, No. 2091, § 1; 2011, No. 69, § 1.
Ark. Code Ann. § 24-11-205 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-205
Actuarial valuation
Status: in_force

(a) (1) The Executive Director of the Arkansas Fire and Police Pension Review Board shall cause an actuarial valuation of each plan to be made annually to determine how well the plan is meeting the objectives set forth in § 24-11-204 . (2) The actuarial valuation shall be prepared by an actuary under the supervision of the executive director, who shall establish and implement procedures for securing actuarial services. (3) Valuations shall be prepared each year or as required by the Arkansas Fire and Police Pension Review Board for all or certain plans. (4) The executive director shall submit one (1) copy of the actuarial study to the local pension board and a summary of the findings to the Joint Committee on Public Retirement and Social Security Programs. (5) Expenses incurred for performing the actuarial valuations shall be paid from the revenues derived from the premium taxes levied on insurers for the support of fire and police retirement programs. (6) The method and amount of the payment shall be made under § 24-11-203 . (b) The report of each actuarial valuation shall include at least the following: (1) A summary of the plan benefits evaluated; (2) The level normal cost of plan benefits, expressed as a percent of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, computed in accordance with generally accepted actuarial funding methods which produce a normal cost rate at least as high as the entry age normal cost funding method; (3) The accrued liabilities of the plan, which shall be equal to the present value of all future benefits for present plan participants minus the present value of all future normal cost contributions for present plan participants; (4) The contribution required to amortize unfunded accrued liabilities over a period not to exceed thirty (30) years. Unfunded accrued liabilities shall be equal to the accrued liabilities minus the plan's accrued assets, which are the plan's cash and investments; (5) The employer contribution required to provide for the normal cost of the plan plus the amount required to amortize the unfunded accrued liability of the plan; (6) (A) Assumptions of future experiences that are appropriate for the fund in pursuing the general financial objective established by this subchapter. (B) Assumptions shall be made with respect to at least the following: (i) Investment return; (ii) (a) Pay increase assumptions. (b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%). (c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%); (iii) Mortality; (iv) Withdrawal or turnover; (v) Disability; (vi) Retirement ages; and (vii) (a) Change in active employee group size. (b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size; (7) Changes in each assumption since the last actuarial valuation shall be noted; and (8) The actuary shall certify that, in his or her opinion, the assumptions used for the valuation produce results which, in the aggregate, are reasonable. Amended by Act 2015, No. 1165,§ 4, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 4, eff. 2/6/2013. Acts 1979, No. 700, § 3; 1981, No. 286, § 3; 1983, No. 512, § 2; 1985, No. 992, § 1; A.S.A. 1947, § 19-5703; Acts 1989, No. 374, § 1.

(a) (1) The Executive Director of the Arkansas Fire and Police Pension Review Board shall cause an actuarial valuation of each plan to be made annually to determine how well the plan is meeting the objectives set forth in § 24-11-204 . (2) The actuarial valuation shall be prepared by an actuary under the supervision of the executive director, who shall establish and implement procedures for securing actuarial services. (3) Valuations shall be prepared each year or as required by the Arkansas Fire and Police Pension Review Board for all or certain plans. (4) The executive director shall submit one (1) copy of the actuarial study to the local pension board and a summary of the findings to the Joint Committee on Public Retirement and Social Security Programs. (5) Expenses incurred for performing the actuarial valuations shall be paid from the revenues derived from the premium taxes levied on insurers for the support of fire and police retirement programs. (6) The method and amount of the payment shall be made under § 24-11-203 .

(1) The Executive Director of the Arkansas Fire and Police Pension Review Board shall cause an actuarial valuation of each plan to be made annually to determine how well the plan is meeting the objectives set forth in § 24-11-204 .

(2) The actuarial valuation shall be prepared by an actuary under the supervision of the executive director, who shall establish and implement procedures for securing actuarial services.

(3) Valuations shall be prepared each year or as required by the Arkansas Fire and Police Pension Review Board for all or certain plans.

(4) The executive director shall submit one (1) copy of the actuarial study to the local pension board and a summary of the findings to the Joint Committee on Public Retirement and Social Security Programs.

(5) Expenses incurred for performing the actuarial valuations shall be paid from the revenues derived from the premium taxes levied on insurers for the support of fire and police retirement programs.

(6) The method and amount of the payment shall be made under § 24-11-203 .

(b) The report of each actuarial valuation shall include at least the following: (1) A summary of the plan benefits evaluated; (2) The level normal cost of plan benefits, expressed as a percent of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, computed in accordance with generally accepted actuarial funding methods which produce a normal cost rate at least as high as the entry age normal cost funding method; (3) The accrued liabilities of the plan, which shall be equal to the present value of all future benefits for present plan participants minus the present value of all future normal cost contributions for present plan participants; (4) The contribution required to amortize unfunded accrued liabilities over a period not to exceed thirty (30) years. Unfunded accrued liabilities shall be equal to the accrued liabilities minus the plan's accrued assets, which are the plan's cash and investments; (5) The employer contribution required to provide for the normal cost of the plan plus the amount required to amortize the unfunded accrued liability of the plan; (6) (A) Assumptions of future experiences that are appropriate for the fund in pursuing the general financial objective established by this subchapter. (B) Assumptions shall be made with respect to at least the following: (i) Investment return; (ii) (a) Pay increase assumptions. (b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%). (c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%); (iii) Mortality; (iv) Withdrawal or turnover; (v) Disability; (vi) Retirement ages; and (vii) (a) Change in active employee group size. (b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size; (7) Changes in each assumption since the last actuarial valuation shall be noted; and (8) The actuary shall certify that, in his or her opinion, the assumptions used for the valuation produce results which, in the aggregate, are reasonable.

(1) A summary of the plan benefits evaluated;

(2) The level normal cost of plan benefits, expressed as a percent of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, computed in accordance with generally accepted actuarial funding methods which produce a normal cost rate at least as high as the entry age normal cost funding method;

(3) The accrued liabilities of the plan, which shall be equal to the present value of all future benefits for present plan participants minus the present value of all future normal cost contributions for present plan participants;

(4) The contribution required to amortize unfunded accrued liabilities over a period not to exceed thirty (30) years. Unfunded accrued liabilities shall be equal to the accrued liabilities minus the plan's accrued assets, which are the plan's cash and investments;

(5) The employer contribution required to provide for the normal cost of the plan plus the amount required to amortize the unfunded accrued liability of the plan;

(6) (A) Assumptions of future experiences that are appropriate for the fund in pursuing the general financial objective established by this subchapter. (B) Assumptions shall be made with respect to at least the following: (i) Investment return; (ii) (a) Pay increase assumptions. (b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%). (c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%); (iii) Mortality; (iv) Withdrawal or turnover; (v) Disability; (vi) Retirement ages; and (vii) (a) Change in active employee group size. (b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size;

(A) Assumptions of future experiences that are appropriate for the fund in pursuing the general financial objective established by this subchapter.

(B) Assumptions shall be made with respect to at least the following: (i) Investment return; (ii) (a) Pay increase assumptions. (b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%). (c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%); (iii) Mortality; (iv) Withdrawal or turnover; (v) Disability; (vi) Retirement ages; and (vii) (a) Change in active employee group size. (b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size;

(i) Investment return;

(ii) (a) Pay increase assumptions. (b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%). (c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%);

(a) Pay increase assumptions.

(b) If the pay increase assumption is a constant percentage for all active employee ages, the investment return rate percentage shall not exceed the pay increase percentage by more than two percent (2%) annually, compounded annually, and preferably not by more than one and one-half percent (1.5%).

(c) If the pay increase assumptions are the total of a constant percent plus a changing percentage that decreases as age increases, the investment return rate percentage shall not exceed the constant percent of the pay increase assumptions by more than three percent (3%) annually, compounded annually, and preferably not by more than two percent (2%);

(iii) Mortality;

(iv) Withdrawal or turnover;

(v) Disability;

(vi) Retirement ages; and

(vii) (a) Change in active employee group size. (b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size;

(a) Change in active employee group size.

(b) If the entire employee group size is assumed to increase, the increase shall be assumed to occur within the five-year period after the valuation date, and to an eventual active employee group size no more than one hundred fifteen percent (115%) of present size;

(7) Changes in each assumption since the last actuarial valuation shall be noted; and

(8) The actuary shall certify that, in his or her opinion, the assumptions used for the valuation produce results which, in the aggregate, are reasonable.

Amended by Act 2015, No. 1165,§ 4, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 4, eff. 2/6/2013.

Acts 1979, No. 700, § 3; 1981, No. 286, § 3; 1983, No. 512, § 2; 1985, No. 992, § 1; A.S.A. 1947, § 19-5703; Acts 1989, No. 374, § 1.
Ark. Code Ann. § 24-7-1606 — AR Code / Title 24 / Chapter 7 / Subchapter 16 / Section 24-7-1606
Concurrent participation and certain salary credit prohibited
Status: in_force

(a) A benefits-eligible employee shall not participate in an alternate retirement plan and continue to accrue service credit with the Arkansas Teacher Retirement System. (b) If a benefits-eligible employee is first employed by a nonmandatory employer or PSHE employer after July 1, 2011, and is concurrently employed by another retirement system employer, all separate days of service shall count for service credit, but only the highest salary of the concurrent retirement system employer shall count to determine final average salary. Acts 2011, No. 513, § 1.

(a) A benefits-eligible employee shall not participate in an alternate retirement plan and continue to accrue service credit with the Arkansas Teacher Retirement System.

(b) If a benefits-eligible employee is first employed by a nonmandatory employer or PSHE employer after July 1, 2011, and is concurrently employed by another retirement system employer, all separate days of service shall count for service credit, but only the highest salary of the concurrent retirement system employer shall count to determine final average salary.

Acts 2011, No. 513, § 1.
Ark. Code Ann. § 24-4-107 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-107
Proposals to establish or revise
Status: in_force

The Board of Trustees of the Arkansas Public Employees' 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. 1325, § 4.

The Board of Trustees of the Arkansas Public Employees' 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. 1325, § 4.
Ark. Code Ann. § 24-2-806 — AR Code / Title 24 / Chapter 2 / Subchapter 8 / Section 24-2-806
Enforcement
Status: in_force

(a) This subchapter may be enforced by the Attorney General. (b) If the Attorney General has reasonable cause to believe that a person has engaged in or is engaging in a violation of this subchapter, the Attorney General may: (1) Require the person to file on forms the Attorney General prescribes a statement or report in writing, under oath, as to all the facts and circumstances concerning the violation, as well as other data and information the Attorney General deems necessary; (2) Examine under oath any person in connection with the violation; (3) Examine any record, book, document, account, or paper the Attorney General deems necessary; and (4) Pursuant to an order of a circuit court with jurisdiction, impound any record, book, document, account, paper, sample, or material relating to the practice and retain the same in the Attorney General's possession until the completion of all proceedings undertaken under this subchapter or in the court. Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.

(a) This subchapter may be enforced by the Attorney General.

(b) If the Attorney General has reasonable cause to believe that a person has engaged in or is engaging in a violation of this subchapter, the Attorney General may: (1) Require the person to file on forms the Attorney General prescribes a statement or report in writing, under oath, as to all the facts and circumstances concerning the violation, as well as other data and information the Attorney General deems necessary; (2) Examine under oath any person in connection with the violation; (3) Examine any record, book, document, account, or paper the Attorney General deems necessary; and (4) Pursuant to an order of a circuit court with jurisdiction, impound any record, book, document, account, paper, sample, or material relating to the practice and retain the same in the Attorney General's possession until the completion of all proceedings undertaken under this subchapter or in the court.

(1) Require the person to file on forms the Attorney General prescribes a statement or report in writing, under oath, as to all the facts and circumstances concerning the violation, as well as other data and information the Attorney General deems necessary;

(2) Examine under oath any person in connection with the violation;

(3) Examine any record, book, document, account, or paper the Attorney General deems necessary; and

(4) Pursuant to an order of a circuit court with jurisdiction, impound any record, book, document, account, paper, sample, or material relating to the practice and retain the same in the Attorney General's possession until the completion of all proceedings undertaken under this subchapter or in the court.

Added by Act 2023, No. 498,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-4-302 — AR Code / Title 24 / Chapter 4 / Subchapter 3 / Section 24-4-302
County employees included - Exceptions
Status: in_force

All counties in this state shall be subject to the provisions of this act as participating public employers, and all counties shall, from and after July 30, 1959, include their employees, as defined in § 24-4-101(15), (18), and (28) , in the membership of the Arkansas Public Employees' Retirement System, except as follows: (1) Any newly constructed county-owned and -operated hospital which was first placed in use after December 1, 1975, may elect, by at least a two-thirds (2/3) vote of its governing body, to exclude the employees of the hospital from membership in the system, but only if the election was certified to the Board of Trustees of the Arkansas Public Employees' Retirement System prior to July 1, 1976. However, any hospital electing to exclude its employees from membership under the provisions of this subdivision (1) shall require its employees to become members of the system effective July 1, 1978; (2) A hospital which is owned but not operated by a county and which, subsequent to June 30, 1963, becomes operated by a county, may elect, by at least a two-thirds (2/3) vote of its governing body, to exclude its employees of the hospital from membership in the system, but only if the election is certified to the board within a period of one (1) year from and after the date the hospital becomes operated by a county; (3) (A) In the event the governing body of a county-owned and -operated hospital elects to exclude its employees from membership in the system, the employees of the hospital shall thereupon cease to be members of the system. (B) Any balances standing to the credit of the members in the members' deposit account shall be returned to the members. (C) If any hospital elects, after February 1, 1971, and prior to July 1, 1972, to exclude its members from the system, the contributions made to the system by or on behalf of the hospital that are in excess of the amounts determined by actuarial calculations to be necessary to fund the outstanding obligations of the system to employees of the withdrawing hospital shall be returned to the withdrawing hospital; (4) (A) A hospital which, as of June 30, 1988, is owned and operated by a county and which has failed to participate in the system may elect to exclude the employees of the hospital from membership in the system by at least a two-thirds (2/3) vote of its governing body. (B) Neither employees of the hospital nor the hospital itself shall be liable or eligible to pay any past contribution which may have been due the system, but only if the election is certified to the board prior to July 1, 1990; and (5) A nursing home, assisted living facility, or healthcare facility that is: (A) Owned but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from March 25, 2011; and (B) Constructed or acquired by a county after March 25, 2011, but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from the date of the beginning of operations after construction or acquisition. Acts 1957, No. 177, § 6; 1959, No. 42, § 6; 1961, No. 64, § 3; 1963, No. 56, § 1; 1969, No. 476, § 1; 1971, No. 303, § 1; 1975 (Extended Sess., 1976), No. 1187, § 1; A.S.A. 1947, § 12-2506; reen. Acts 1987, No. 998, § 1; 1989, No. 50, § 1; 2001, No. 151, § 17; 2011, No. 737, § 1.

All counties in this state shall be subject to the provisions of this act as participating public employers, and all counties shall, from and after July 30, 1959, include their employees, as defined in § 24-4-101(15), (18), and (28) , in the membership of the Arkansas Public Employees' Retirement System, except as follows:

(1) Any newly constructed county-owned and -operated hospital which was first placed in use after December 1, 1975, may elect, by at least a two-thirds (2/3) vote of its governing body, to exclude the employees of the hospital from membership in the system, but only if the election was certified to the Board of Trustees of the Arkansas Public Employees' Retirement System prior to July 1, 1976. However, any hospital electing to exclude its employees from membership under the provisions of this subdivision (1) shall require its employees to become members of the system effective July 1, 1978;

(2) A hospital which is owned but not operated by a county and which, subsequent to June 30, 1963, becomes operated by a county, may elect, by at least a two-thirds (2/3) vote of its governing body, to exclude its employees of the hospital from membership in the system, but only if the election is certified to the board within a period of one (1) year from and after the date the hospital becomes operated by a county;

(3) (A) In the event the governing body of a county-owned and -operated hospital elects to exclude its employees from membership in the system, the employees of the hospital shall thereupon cease to be members of the system. (B) Any balances standing to the credit of the members in the members' deposit account shall be returned to the members. (C) If any hospital elects, after February 1, 1971, and prior to July 1, 1972, to exclude its members from the system, the contributions made to the system by or on behalf of the hospital that are in excess of the amounts determined by actuarial calculations to be necessary to fund the outstanding obligations of the system to employees of the withdrawing hospital shall be returned to the withdrawing hospital;

(A) In the event the governing body of a county-owned and -operated hospital elects to exclude its employees from membership in the system, the employees of the hospital shall thereupon cease to be members of the system.

(B) Any balances standing to the credit of the members in the members' deposit account shall be returned to the members.

(C) If any hospital elects, after February 1, 1971, and prior to July 1, 1972, to exclude its members from the system, the contributions made to the system by or on behalf of the hospital that are in excess of the amounts determined by actuarial calculations to be necessary to fund the outstanding obligations of the system to employees of the withdrawing hospital shall be returned to the withdrawing hospital;

(4) (A) A hospital which, as of June 30, 1988, is owned and operated by a county and which has failed to participate in the system may elect to exclude the employees of the hospital from membership in the system by at least a two-thirds (2/3) vote of its governing body. (B) Neither employees of the hospital nor the hospital itself shall be liable or eligible to pay any past contribution which may have been due the system, but only if the election is certified to the board prior to July 1, 1990; and

(A) A hospital which, as of June 30, 1988, is owned and operated by a county and which has failed to participate in the system may elect to exclude the employees of the hospital from membership in the system by at least a two-thirds (2/3) vote of its governing body.

(B) Neither employees of the hospital nor the hospital itself shall be liable or eligible to pay any past contribution which may have been due the system, but only if the election is certified to the board prior to July 1, 1990; and

(5) A nursing home, assisted living facility, or healthcare facility that is: (A) Owned but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from March 25, 2011; and (B) Constructed or acquired by a county after March 25, 2011, but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from the date of the beginning of operations after construction or acquisition.

(A) Owned but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from March 25, 2011; and

(B) Constructed or acquired by a county after March 25, 2011, but not operated by a county may elect by a vote of at least two-thirds (2/3) of its governing body to exclude employees of the facility from membership in the system but only if the election is certified to the board within one (1) year from the date of the beginning of operations after construction or acquisition.

Acts 1957, No. 177, § 6; 1959, No. 42, § 6; 1961, No. 64, § 3; 1963, No. 56, § 1; 1969, No. 476, § 1; 1971, No. 303, § 1; 1975 (Extended Sess., 1976), No. 1187, § 1; A.S.A. 1947, § 12-2506; reen. Acts 1987, No. 998, § 1; 1989, No. 50, § 1; 2001, No. 151, § 17; 2011, No. 737, § 1.
Ark. Code Ann. § 24-7-607 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-607
Private school service - Definition
Status: in_force

(a) As used in this section, "private school service" means service rendered in a private school or agency that would have been covered by the Arkansas Teacher Retirement System if the service had been: (1) Rendered in a public school; and (2) The private school or agency: (A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or (B) (i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less. (b) A member purchasing certified private school service shall be eligible, upon application, to purchase private school service for a period not to exceed fifteen (15) years, to be credited as certified service under this subchapter under the following conditions: (1) The private school service credit to be purchased shall be limited to service for which no benefit could be paid by another system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system; (2) (A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account; (3) The private school service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service, exclusive of private school service. (ii) At the member's request, a member's payment for certified private school service credit shall be refunded if the: (a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System; (4) The benefit program to be applied to each year of private school service credit and private educationally related entity service credit being purchased shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt. (c) (1) A member is eligible to purchase noncertified private school service or private education-related entity private school service for a period of five (5) years or less that will be credited as noncertified service under this subchapter when: (A) The member properly submits an application to purchase noncertified private school service or private education-related entity private school service; (B) The noncertified service credit to be purchased is limited to service for which no benefit could be paid by another state-supported pension system or a system with a similar purpose when the contributions of the member were left on deposit with the other system; and (C) (i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased. (ii) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account. (2) The noncertified service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for noncertified private school service credit or noncertified private education-related entity private school service shall be refundable if the: (a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System. (3) The benefit program applied to each year of private school service or private education-related entity private school service credit being purchased shall be the benefit program in effect at the time of retirement. (4) The purchase and application of the noncertified service credit shall be subject to the rules consistent with this subchapter that the Arkansas Teacher Retirement System may adopt. (d) A member may purchase a fraction of a year of private school service to be credited as service under this subchapter in the same manner as provided for private school service under subsection (b) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) of a year of private school service in a fiscal year under § 24-7-601 ; and (2) The fraction of a year of private school service may be credited in keeping with policies as provided by § 24-7-601 . Amended by Act 2023, No. 55,§ 9, eff. 7/1/2023. Amended by Act 2023, No. 55,§ 8, eff. 7/1/2023. Amended by Act 2021, No. 279,§ 12, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2889, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2888, eff. 7/24/2019. Amended by Act 2015, No. 90,§ 1, eff. 2/13/2015. Amended by Act 2013, No. 223,§ 1, eff. 8/16/2013. Acts 1991, No. 388, § 1; 1995, No. 513, § 1; 1995, No. 524, § 2; 1997, No. 142, § 7; 1997, No. 1053, § 4; 1999, No. 110, § 2; 1999, No. 866, § 6; 2001, No. 1534, § 1; 2003, No. 1473, § 59; 2005, No. 385, § 4; 2007, No. 97, § 9; 2009, No. 468, § 12; 2011, No. 69, § 19; 2011, No. 974, § 7.

(a) As used in this section, "private school service" means service rendered in a private school or agency that would have been covered by the Arkansas Teacher Retirement System if the service had been: (1) Rendered in a public school; and (2) The private school or agency: (A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or (B) (i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.

(1) Rendered in a public school; and

(2) The private school or agency: (A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or (B) (i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.

(A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or

(B) (i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System. (ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.

(i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System.

(ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.

(b) A member purchasing certified private school service shall be eligible, upon application, to purchase private school service for a period not to exceed fifteen (15) years, to be credited as certified service under this subchapter under the following conditions: (1) The private school service credit to be purchased shall be limited to service for which no benefit could be paid by another system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system; (2) (A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account; (3) The private school service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service, exclusive of private school service. (ii) At the member's request, a member's payment for certified private school service credit shall be refunded if the: (a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System; (4) The benefit program to be applied to each year of private school service credit and private educationally related entity service credit being purchased shall be the benefit program in effect at the time of retirement; and (5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.

(1) The private school service credit to be purchased shall be limited to service for which no benefit could be paid by another system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system;

(2) (A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased. (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account;

(A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased.

(B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account;

(3) The private school service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service, exclusive of private school service. (ii) At the member's request, a member's payment for certified private school service credit shall be refunded if the: (a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System;

(A) The member payment under this section has been paid in full; and

(B) (i) The member has established five (5) or more years of actual service, exclusive of private school service. (ii) At the member's request, a member's payment for certified private school service credit shall be refunded if the: (a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System;

(i) The member has established five (5) or more years of actual service, exclusive of private school service.

(ii) At the member's request, a member's payment for certified private school service credit shall be refunded if the: (a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System;

(a) Member ceases to be an active member before the certified private school service is established as credited service in the Arkansas Teacher Retirement System; or

(b) Certified private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System;

(4) The benefit program to be applied to each year of private school service credit and private educationally related entity service credit being purchased shall be the benefit program in effect at the time of retirement; and

(5) Any other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.

(c) (1) A member is eligible to purchase noncertified private school service or private education-related entity private school service for a period of five (5) years or less that will be credited as noncertified service under this subchapter when: (A) The member properly submits an application to purchase noncertified private school service or private education-related entity private school service; (B) The noncertified service credit to be purchased is limited to service for which no benefit could be paid by another state-supported pension system or a system with a similar purpose when the contributions of the member were left on deposit with the other system; and (C) (i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased. (ii) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account. (2) The noncertified service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for noncertified private school service credit or noncertified private education-related entity private school service shall be refundable if the: (a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System. (3) The benefit program applied to each year of private school service or private education-related entity private school service credit being purchased shall be the benefit program in effect at the time of retirement. (4) The purchase and application of the noncertified service credit shall be subject to the rules consistent with this subchapter that the Arkansas Teacher Retirement System may adopt.

(1) A member is eligible to purchase noncertified private school service or private education-related entity private school service for a period of five (5) years or less that will be credited as noncertified service under this subchapter when: (A) The member properly submits an application to purchase noncertified private school service or private education-related entity private school service; (B) The noncertified service credit to be purchased is limited to service for which no benefit could be paid by another state-supported pension system or a system with a similar purpose when the contributions of the member were left on deposit with the other system; and (C) (i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased. (ii) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account.

(A) The member properly submits an application to purchase noncertified private school service or private education-related entity private school service;

(B) The noncertified service credit to be purchased is limited to service for which no benefit could be paid by another state-supported pension system or a system with a similar purpose when the contributions of the member were left on deposit with the other system; and

(C) (i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased. (ii) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions credited to the member's deposit account.

(i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased.

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

(2) The noncertified service shall not become credited service under the Arkansas Teacher Retirement System until: (A) The member payment under this section has been paid in full; and (B) (i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for noncertified private school service credit or noncertified private education-related entity private school service shall be refundable if the: (a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System.

(A) The member payment under this section has been paid in full; and

(B) (i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System. (ii) At the member's request, a member's payment for noncertified private school service credit or noncertified private education-related entity private school service shall be refundable if the: (a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System.

(i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System.

(ii) At the member's request, a member's payment for noncertified private school service credit or noncertified private education-related entity private school service shall be refundable if the: (a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or (b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System.

(a) Member ceases to be an active member before the noncertified private school service or private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or

(b) Noncertified private school service or private education-related entity private school service is not otherwise used to establish the member's eligibility for retirement under the Arkansas Teacher Retirement System.

(3) The benefit program applied to each year of private school service or private education-related entity private school service credit being purchased shall be the benefit program in effect at the time of retirement.

(4) The purchase and application of the noncertified service credit shall be subject to the rules consistent with this subchapter that the Arkansas Teacher Retirement System may adopt.

(d) A member may purchase a fraction of a year of private school service to be credited as service under this subchapter in the same manner as provided for private school service under subsection (b) of this section if the service meets the following requirements: (1) The member has not less than one-fourth (¼) of a year of private school service in a fiscal year under § 24-7-601 ; and (2) The fraction of a year of private school service may be credited in keeping with policies as provided by § 24-7-601 .

(1) The member has not less than one-fourth (¼) of a year of private school service in a fiscal year under § 24-7-601 ; and

(2) The fraction of a year of private school service may be credited in keeping with policies as provided by § 24-7-601 .

Amended by Act 2023, No. 55,§ 9, eff. 7/1/2023.

Amended by Act 2023, No. 55,§ 8, eff. 7/1/2023.

Amended by Act 2021, No. 279,§ 12, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2889, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2888, eff. 7/24/2019.

Amended by Act 2015, No. 90,§ 1, eff. 2/13/2015.

Amended by Act 2013, No. 223,§ 1, eff. 8/16/2013.

Acts 1991, No. 388, § 1; 1995, No. 513, § 1; 1995, No. 524, § 2; 1997, No. 142, § 7; 1997, No. 1053, § 4; 1999, No. 110, § 2; 1999, No. 866, § 6; 2001, No. 1534, § 1; 2003, No. 1473, § 59; 2005, No. 385, § 4; 2007, No. 97, § 9; 2009, No. 468, § 12; 2011, No. 69, § 19; 2011, No. 974, § 7.