Ark. Code Ann. § 24-5-112 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-112
Eligibility for benefits - Voluntary retirement
Status: in_force

(a) A member may retire voluntarily as follows: (1) At sixty-five (65) years of age, or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees' Retirement System; (2) At sixty-two (62) years of age, with a minimum of fifteen (15) years of creditable service in the system; (3) At sixty (60) years of age, with a minimum of twenty (20) years of creditable service in the system; or (4) Regardless of age, with thirty (30) years of creditable service in the system. (b) (1) Any retired member who has creditable service with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for more than thirty-five (35) years and who is not receiving benefits based on his or her actual creditable service time, on February 27, 1991, shall have his or her annuity adjusted at that time. (2) The adjustment shall be equivalent to the retirant's original annuity, adjusted for actual service time and subsequent cost-of-living and any ad hoc increases. (3) The retirant shall be paid such adjusted annuity for each month thereafter. (c) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, by rule, may reduce the amount of creditable service required to retire voluntarily regardless of age from thirty (30) years of creditable service to an amount of no less than twenty-eight (28) years of creditable service, if the board determines that the change is fair and just to the members of the system and that it is actuarially appropriate. Amended by Act 2019, No. 315,§ 2867, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 279, eff. 8/1/2017. Acts 1949, No. 454, § 11; 1963, No. 494, § 3; 1969, No. 167, § 7; 1985, No. 379, § 1; A.S.A. 1947, § 76-1911; Acts 1991, No. 243, § 1; 1997, No. 347, § 3; 1997, No. 1053, § 14; 1999, No. 1325, § 5.

(a) A member may retire voluntarily as follows: (1) At sixty-five (65) years of age, or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees' Retirement System; (2) At sixty-two (62) years of age, with a minimum of fifteen (15) years of creditable service in the system; (3) At sixty (60) years of age, with a minimum of twenty (20) years of creditable service in the system; or (4) Regardless of age, with thirty (30) years of creditable service in the system.

(1) At sixty-five (65) years of age, or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees' Retirement System;

(2) At sixty-two (62) years of age, with a minimum of fifteen (15) years of creditable service in the system;

(3) At sixty (60) years of age, with a minimum of twenty (20) years of creditable service in the system; or

(4) Regardless of age, with thirty (30) years of creditable service in the system.

(b) (1) Any retired member who has creditable service with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for more than thirty-five (35) years and who is not receiving benefits based on his or her actual creditable service time, on February 27, 1991, shall have his or her annuity adjusted at that time. (2) The adjustment shall be equivalent to the retirant's original annuity, adjusted for actual service time and subsequent cost-of-living and any ad hoc increases. (3) The retirant shall be paid such adjusted annuity for each month thereafter.

(1) Any retired member who has creditable service with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for more than thirty-five (35) years and who is not receiving benefits based on his or her actual creditable service time, on February 27, 1991, shall have his or her annuity adjusted at that time.

(2) The adjustment shall be equivalent to the retirant's original annuity, adjusted for actual service time and subsequent cost-of-living and any ad hoc increases.

(3) The retirant shall be paid such adjusted annuity for each month thereafter.

(c) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, by rule, may reduce the amount of creditable service required to retire voluntarily regardless of age from thirty (30) years of creditable service to an amount of no less than twenty-eight (28) years of creditable service, if the board determines that the change is fair and just to the members of the system and that it is actuarially appropriate.

Amended by Act 2019, No. 315,§ 2867, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 279, eff. 8/1/2017.

Acts 1949, No. 454, § 11; 1963, No. 494, § 3; 1969, No. 167, § 7; 1985, No. 379, § 1; A.S.A. 1947, § 76-1911; Acts 1991, No. 243, § 1; 1997, No. 347, § 3; 1997, No. 1053, § 14; 1999, No. 1325, § 5.
Ark. Code Ann. § 24-1-201 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-201
Declaration of policy
Status: in_force

In order to extend to employees of the State of Arkansas and its political subdivisions and the employees' dependents and survivors the basic protection accorded to others by the federal old age, survivors' and disability insurance, and health insurance coverage embodied in the Social Security Act, 42 U.S.C. § 301 et seq., it is declared to be the policy of the State of Arkansas, subject to the limitations of this subchapter, that steps be taken to provide protection to employees of the state and its political subdivisions in compliance with the provisions of the Social Security Act, 42 U.S.C. § 301 et seq. Acts 1951, No. 248, § 1; A.S.A. 1947, § 12-2401; Acts 2005, No. 100, § 1.

In order to extend to employees of the State of Arkansas and its political subdivisions and the employees' dependents and survivors the basic protection accorded to others by the federal old age, survivors' and disability insurance, and health insurance coverage embodied in the Social Security Act, 42 U.S.C. § 301 et seq., it is declared to be the policy of the State of Arkansas, subject to the limitations of this subchapter, that steps be taken to provide protection to employees of the state and its political subdivisions in compliance with the provisions of the Social Security Act, 42 U.S.C. § 301 et seq.

Acts 1951, No. 248, § 1; A.S.A. 1947, § 12-2401; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-4-109 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-109
Compliance with federal regulation
Status: in_force

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate rules as it deems necessary from time to time in order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter. (b) In meeting its obligation to its members, the board may promulgate rules to: (1) Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code, 26 U.S.C. § 411 ; and (2) Maintain the Arkansas Public Employees' Retirement System's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under the Internal Revenue Code, 26 U.S.C. § 401(a) . Acts 2009, No. 745, § 1.

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate rules as it deems necessary from time to time in order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter.

(b) In meeting its obligation to its members, the board may promulgate rules to: (1) Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code, 26 U.S.C. § 411 ; and (2) Maintain the Arkansas Public Employees' Retirement System's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under the Internal Revenue Code, 26 U.S.C. § 401(a) .

(1) Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code, 26 U.S.C. § 411 ; and

(2) Maintain the Arkansas Public Employees' Retirement System's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under the Internal Revenue Code, 26 U.S.C. § 401(a) .

Acts 2009, No. 745, § 1.
Ark. Code Ann. § 24-7-1316 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1316
Funding objectives of Teacher Deferred Retirement Option Plan - Cost neutrality
Status: in_force

As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost neutral to the Arkansas Teacher Retirement System. Acts 2007, No. 298, § 7.

As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost neutral to the Arkansas Teacher Retirement System.

Acts 2007, No. 298, § 7.
Ark. Code Ann. § 24-8-708 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-708
Contributions - Cessation upon maximum benefit eligibility
Status: in_force

When a judge or justice has sufficient service to receive the maximum benefit under § 24-8-713(a) , no further contribution shall be required. Acts 1999, No. 399, § 1.

When a judge or justice has sufficient service to receive the maximum benefit under § 24-8-713(a) , no further contribution shall be required.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-2-407 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-407
Benefit enhancements - Restrictions
Status: in_force

(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 927, § 4.

(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 927, § 4.
Ark. Code Ann. § 24-8-229 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-229
Effective date of survivor benefits
Status: in_force

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under §§ 24-8-218 and 24-8-219 is the first day of the calendar month next following the month in which the member or retiree died, regardless of when the survivor submits an application for the payment of the benefits. Added by Act 2023, No. 262,§ 1, eff. 8/1/2023.

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under §§ 24-8-218 and 24-8-219 is the first day of the calendar month next following the month in which the member or retiree died, regardless of when the survivor submits an application for the payment of the benefits.

Added by Act 2023, No. 262,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 24-5-107 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-107
Membership
Status: in_force

(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7) , shall become a member of the Arkansas State Highway Employees' Retirement System in the manner and under the conditions provided in this chapter. (b) Membership in the system may be terminated by retirement, disability, superannuation, or death, or by withdrawal, either voluntary or involuntary, from active service in the department. (c) Any member with not less than five (5) years of creditable service whose employment with the department is terminated for any reason may leave his or her contributions in the Arkansas State Highway Employees' Retirement System Fund and thereafter be entitled to retirement benefits as otherwise provided in this chapter. Amended by Act 2017, No. 707,§ 277, eff. 8/1/2017. Acts 1949, No. 454, §§ 7, 8; 1969, No. 167, § 4; A.S.A. 1947, §§ 76-1907, 76-1908; Acts 1997, No. 347, § 1; 1997, No. 1053, § 12.

(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7) , shall become a member of the Arkansas State Highway Employees' Retirement System in the manner and under the conditions provided in this chapter.

(b) Membership in the system may be terminated by retirement, disability, superannuation, or death, or by withdrawal, either voluntary or involuntary, from active service in the department.

(c) Any member with not less than five (5) years of creditable service whose employment with the department is terminated for any reason may leave his or her contributions in the Arkansas State Highway Employees' Retirement System Fund and thereafter be entitled to retirement benefits as otherwise provided in this chapter.

Amended by Act 2017, No. 707,§ 277, eff. 8/1/2017.

Acts 1949, No. 454, §§ 7, 8; 1969, No. 167, § 4; A.S.A. 1947, §§ 76-1907, 76-1908; Acts 1997, No. 347, § 1; 1997, No. 1053, § 12.
Ark. Code Ann. § 24-8-707 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-707
Contributions - State
Status: in_force

(a) The state, as employer, shall make contributions to the Arkansas Judicial Retirement System of twelve percent (12%) of the active member payroll. (b) The Chief Fiscal Officer of the State is authorized and directed to make annual transfers each July 1 to the Judges Retirement Fund from the Constitutional Officers Fund and the State Central Services Fund in an amount determined by computing the dollar amount required based on the actuarially determined employer rate in the most recent annual actuarial valuation and subtracting from that amount the statutory contribution amount specified in subsection (a) of this section, and further, reduced by the amount of the court cost revenue transferred to the Judges Retirement Fund from the State Administration of Justice Fund in accordance with § 16-10-310 . Acts 1999, No. 399, § 1; 2001, No. 763, § 4.

(a) The state, as employer, shall make contributions to the Arkansas Judicial Retirement System of twelve percent (12%) of the active member payroll.

(b) The Chief Fiscal Officer of the State is authorized and directed to make annual transfers each July 1 to the Judges Retirement Fund from the Constitutional Officers Fund and the State Central Services Fund in an amount determined by computing the dollar amount required based on the actuarially determined employer rate in the most recent annual actuarial valuation and subtracting from that amount the statutory contribution amount specified in subsection (a) of this section, and further, reduced by the amount of the court cost revenue transferred to the Judges Retirement Fund from the State Administration of Justice Fund in accordance with § 16-10-310 .

Acts 1999, No. 399, § 1; 2001, No. 763, § 4.
Ark. Code Ann. § 24-6-205 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-205
Correction of errors
Status: in_force

(a) Should any change or error in the records of the State Police Retirement System or the Division of Arkansas State Police result in any person's receiving from the system more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the State Police Retirement System shall correct the error and, as far as is practicable, shall adjust the payment in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (b) The board shall have the right to recover any overpayment any person may have received from funds of the system. Acts 1951, No. 311, § 8; 1959, No. 484, § 8; A.S.A. 1947, § 42-458.

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

(b) The board shall have the right to recover any overpayment any person may have received from funds of the system.

Acts 1951, No. 311, § 8; 1959, No. 484, § 8; A.S.A. 1947, § 42-458.
Ark. Code Ann. § 24-8-207 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-207
Membership generally - Prior service credit
Status: in_force

(a) All chancery judges, circuit judges, judges of the Court of Appeals and justices of the Supreme Court, whether elected or appointed to office, shall participate in the Arkansas Judicial Retirement System. (b) Any active member who did not become a member at the time of his or her initial election or appointment may acquire prior service credit by paying into the system all contributions, together with interest, that would have been paid if he or she had been a member of the system from the time he or she took office until he or she became enrolled. Acts 1953, No. 365, § 5; 1985, No. 232, § 1; A.S.A. 1947, § 22-905.

(a) All chancery judges, circuit judges, judges of the Court of Appeals and justices of the Supreme Court, whether elected or appointed to office, shall participate in the Arkansas Judicial Retirement System.

(b) Any active member who did not become a member at the time of his or her initial election or appointment may acquire prior service credit by paying into the system all contributions, together with interest, that would have been paid if he or she had been a member of the system from the time he or she took office until he or she became enrolled.

Acts 1953, No. 365, § 5; 1985, No. 232, § 1; A.S.A. 1947, § 22-905.
Ark. Code Ann. § 24-7-1001 — AR Code / Title 24 / Chapter 7 / Subchapter 10 / Section 24-7-1001
Membership in Arkansas Public Employees' Retirement System for certain employees of state colleges
Status: in_force

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103 , all employees of Arkansas Tech University, Southern Arkansas University, University of Central Arkansas, and Henderson State University who are not otherwise covered by some other existing public employee retirement plan other than Social Security. (b) (1) (A) The effective date of membership of the employees in the system shall be January 1, 1963. (B) All the employees enrolled in the system shall be subject to the rights, privileges, and limitations of §§ 24-4-101 - 24-4-105 , 24-4-201 , 24-4-202 , 24-4-203 [repealed], 24-4-204 [repealed], 24-4-205 , 24-4-207 - 24-4-209 , 24-4-301 - 24-4-304 , 24-4-401 , 24-4-402 , 24-4-507 , 24-4-508 , 24-4-510 - 24-4-512 , 24-4-513 [repealed], 24-4-601 - 24-4-603 , 24-4-605 , and 24-4-606 . (2) Becoming members of the system shall be a condition of continuing in or obtaining employment, as the case may be. (3) Any employee included within the membership of the system shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or of any state college named in subsection (a) of this section, if so employed by one (1) of the institutions of higher learning on July 1, 1957. (c) (1) Any employee receiving retirement coverage under the provisions of this section who was an employee of one (1) of the institutions of higher learning on January 1, 1963, may apply for and receive current service credit for service rendered as an employee of that institution from July 1, 1957, to July 1, 1963, but only if the employee pays to the system all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer, that would have been paid had the employee been a member of the system during that time. (2) The contributions shall have been paid in full on or before July 1, 1966. (d) Excluded from the provisions of this section are employees classified as student labor, graduate assistants, and seasonal agricultural workers. Amended by Act 2013, No. 337,§ 1, eff. 7/1/2013. Acts 1963, No. 149, §§ 1-3, 5; 1965, No. 397, §§ 1, 2; A.S.A. 1947, §§ 12-2525 -- 12-2527, 12-2529.

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103 , all employees of Arkansas Tech University, Southern Arkansas University, University of Central Arkansas, and Henderson State University who are not otherwise covered by some other existing public employee retirement plan other than Social Security.

(b) (1) (A) The effective date of membership of the employees in the system shall be January 1, 1963. (B) All the employees enrolled in the system shall be subject to the rights, privileges, and limitations of §§ 24-4-101 - 24-4-105 , 24-4-201 , 24-4-202 , 24-4-203 [repealed], 24-4-204 [repealed], 24-4-205 , 24-4-207 - 24-4-209 , 24-4-301 - 24-4-304 , 24-4-401 , 24-4-402 , 24-4-507 , 24-4-508 , 24-4-510 - 24-4-512 , 24-4-513 [repealed], 24-4-601 - 24-4-603 , 24-4-605 , and 24-4-606 . (2) Becoming members of the system shall be a condition of continuing in or obtaining employment, as the case may be. (3) Any employee included within the membership of the system shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or of any state college named in subsection (a) of this section, if so employed by one (1) of the institutions of higher learning on July 1, 1957.

(1) (A) The effective date of membership of the employees in the system shall be January 1, 1963. (B) All the employees enrolled in the system shall be subject to the rights, privileges, and limitations of §§ 24-4-101 - 24-4-105 , 24-4-201 , 24-4-202 , 24-4-203 [repealed], 24-4-204 [repealed], 24-4-205 , 24-4-207 - 24-4-209 , 24-4-301 - 24-4-304 , 24-4-401 , 24-4-402 , 24-4-507 , 24-4-508 , 24-4-510 - 24-4-512 , 24-4-513 [repealed], 24-4-601 - 24-4-603 , 24-4-605 , and 24-4-606 .

(A) The effective date of membership of the employees in the system shall be January 1, 1963.

(B) All the employees enrolled in the system shall be subject to the rights, privileges, and limitations of §§ 24-4-101 - 24-4-105 , 24-4-201 , 24-4-202 , 24-4-203 [repealed], 24-4-204 [repealed], 24-4-205 , 24-4-207 - 24-4-209 , 24-4-301 - 24-4-304 , 24-4-401 , 24-4-402 , 24-4-507 , 24-4-508 , 24-4-510 - 24-4-512 , 24-4-513 [repealed], 24-4-601 - 24-4-603 , 24-4-605 , and 24-4-606 .

(2) Becoming members of the system shall be a condition of continuing in or obtaining employment, as the case may be.

(3) Any employee included within the membership of the system shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or of any state college named in subsection (a) of this section, if so employed by one (1) of the institutions of higher learning on July 1, 1957.

(c) (1) Any employee receiving retirement coverage under the provisions of this section who was an employee of one (1) of the institutions of higher learning on January 1, 1963, may apply for and receive current service credit for service rendered as an employee of that institution from July 1, 1957, to July 1, 1963, but only if the employee pays to the system all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer, that would have been paid had the employee been a member of the system during that time. (2) The contributions shall have been paid in full on or before July 1, 1966.

(1) Any employee receiving retirement coverage under the provisions of this section who was an employee of one (1) of the institutions of higher learning on January 1, 1963, may apply for and receive current service credit for service rendered as an employee of that institution from July 1, 1957, to July 1, 1963, but only if the employee pays to the system all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer, that would have been paid had the employee been a member of the system during that time.

(2) The contributions shall have been paid in full on or before July 1, 1966.

(d) Excluded from the provisions of this section are employees classified as student labor, graduate assistants, and seasonal agricultural workers.

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

Acts 1963, No. 149, §§ 1-3, 5; 1965, No. 397, §§ 1, 2; A.S.A. 1947, §§ 12-2525 -- 12-2527, 12-2529.
Ark. Code Ann. § 24-4-742 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-742
Credit for service with various local units of government
Status: in_force

(a) Any full-time employee of a public facilities board, rural waterworks facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government enrolled in the Arkansas Public Employees' Retirement System pursuant to this act who is a full-time employee of a participating public facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government in this state on the date his or her employer became, or becomes, a public employer in the system may apply for and receive current service credit for service rendered as a full-time employee of the public facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government. (b) The employee shall receive credit only if the employee or employer pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system. (c) The employer's contributions and employees' contributions, if applicable, shall be transmitted to the system in the form and manner, together with the supporting data, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall prescribe from time to time. (d) The governing body of any public facilities board, rural waterworks facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government electing to include the full-time employees of the board within the membership of the system may pay the employer contributions and employee contributions, if applicable, on behalf of employees for services rendered. Acts 1995, No. 398, § 5; 1995, No. 1292, § 5; 1997, No. 299, § 23; 2001, No. 151, § 46.

(a) Any full-time employee of a public facilities board, rural waterworks facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government enrolled in the Arkansas Public Employees' Retirement System pursuant to this act who is a full-time employee of a participating public facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government in this state on the date his or her employer became, or becomes, a public employer in the system may apply for and receive current service credit for service rendered as a full-time employee of the public facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government.

(b) The employee shall receive credit only if the employee or employer pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system.

(c) The employer's contributions and employees' contributions, if applicable, shall be transmitted to the system in the form and manner, together with the supporting data, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall prescribe from time to time.

(d) The governing body of any public facilities board, rural waterworks facilities board, regional solid waste management board, joint county and municipal sanitation authority, regional water distribution board, public rehabilitation services corporation, or other local unit of government electing to include the full-time employees of the board within the membership of the system may pay the employer contributions and employee contributions, if applicable, on behalf of employees for services rendered.

Acts 1995, No. 398, § 5; 1995, No. 1292, § 5; 1997, No. 299, § 23; 2001, No. 151, § 46.
Ark. Code Ann. § 24-1-204 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-204
Agreements with United States Government and other states
Status: in_force

(a) The Arkansas Public Employees' Retirement System is authorized to enter, on behalf of the state, into a Section 218 agreement consistent with the terms and provisions of this subchapter, with the Commissioner of Social Security for the purpose of extending the benefits of the federal old age, survivors' and disability insurance, and health insurance coverage to employees of the state, or any political subdivision of the state, with respect to services specified in the Section 218 agreement which constitute employment as defined in § 24-1-202 . This Section 218 agreement may contain provisions relating to coverage, benefits, effective date, modification of the Section 218 agreement, administration, and such other matters as the system and the commissioner shall agree upon, but except as may be otherwise required by or under the Social Security Act, 42 U.S.C. § 301 et seq., as to the services to be covered, the Section 218 agreement shall provide in effect that: (1) Benefits will be provided for employees whose services are covered by the Section 218 agreement, as well as for their dependents and survivors, on the same basis as though the services constituted employment within the meaning of Title II of the Social Security Act, 42 U.S.C. § 301 et seq.; (2) The employer shall pay to the Internal Revenue Service, at such time or times as may be prescribed under the Social Security Act, 42 U.S.C. § 301 et seq., contributions with respect to wages, as defined in § 24-1-202 , equal to the sum of the taxes levied by that Social Security Act; (3) All services which constitute employment as defined in § 24-1-202 and are performed in the employ of the state by employees shall be covered by the Section 218 agreement; and (4) All services shall be covered by the Section 218 agreement which: (A) Constitute employment as defined in § 24-1-202 ; (B) Are performed in the employ of a political subdivision; and (C) Are covered by a plan which is in conformity with the terms of the Section 218 agreement and has been approved by the system under § 24-1-205 . (b) The system is authorized to enter on behalf of the state into an agreement with the appropriate agency or agencies of any other state and with the Commissioner of Social Security, whereby the benefits of the federal old age, survivors' and disability insurance, and health insurance coverage shall be extended to employees of any instrumentality jointly created by this state and any other state or states. To the extent practicable, the agreement shall be consistent with the terms and provisions of subsection (a) of this section and other provisions of this subchapter. Acts 1951, No. 248, § 3; 1953, No. 410, § 1; A.S.A. 1947, § 12-2403; Acts 2005, No. 100, § 1.

(a) The Arkansas Public Employees' Retirement System is authorized to enter, on behalf of the state, into a Section 218 agreement consistent with the terms and provisions of this subchapter, with the Commissioner of Social Security for the purpose of extending the benefits of the federal old age, survivors' and disability insurance, and health insurance coverage to employees of the state, or any political subdivision of the state, with respect to services specified in the Section 218 agreement which constitute employment as defined in § 24-1-202 . This Section 218 agreement may contain provisions relating to coverage, benefits, effective date, modification of the Section 218 agreement, administration, and such other matters as the system and the commissioner shall agree upon, but except as may be otherwise required by or under the Social Security Act, 42 U.S.C. § 301 et seq., as to the services to be covered, the Section 218 agreement shall provide in effect that: (1) Benefits will be provided for employees whose services are covered by the Section 218 agreement, as well as for their dependents and survivors, on the same basis as though the services constituted employment within the meaning of Title II of the Social Security Act, 42 U.S.C. § 301 et seq.; (2) The employer shall pay to the Internal Revenue Service, at such time or times as may be prescribed under the Social Security Act, 42 U.S.C. § 301 et seq., contributions with respect to wages, as defined in § 24-1-202 , equal to the sum of the taxes levied by that Social Security Act; (3) All services which constitute employment as defined in § 24-1-202 and are performed in the employ of the state by employees shall be covered by the Section 218 agreement; and (4) All services shall be covered by the Section 218 agreement which: (A) Constitute employment as defined in § 24-1-202 ; (B) Are performed in the employ of a political subdivision; and (C) Are covered by a plan which is in conformity with the terms of the Section 218 agreement and has been approved by the system under § 24-1-205 .

(1) Benefits will be provided for employees whose services are covered by the Section 218 agreement, as well as for their dependents and survivors, on the same basis as though the services constituted employment within the meaning of Title II of the Social Security Act, 42 U.S.C. § 301 et seq.;

(2) The employer shall pay to the Internal Revenue Service, at such time or times as may be prescribed under the Social Security Act, 42 U.S.C. § 301 et seq., contributions with respect to wages, as defined in § 24-1-202 , equal to the sum of the taxes levied by that Social Security Act;

(3) All services which constitute employment as defined in § 24-1-202 and are performed in the employ of the state by employees shall be covered by the Section 218 agreement; and

(4) All services shall be covered by the Section 218 agreement which: (A) Constitute employment as defined in § 24-1-202 ; (B) Are performed in the employ of a political subdivision; and (C) Are covered by a plan which is in conformity with the terms of the Section 218 agreement and has been approved by the system under § 24-1-205 .

(A) Constitute employment as defined in § 24-1-202 ;

(B) Are performed in the employ of a political subdivision; and

(C) Are covered by a plan which is in conformity with the terms of the Section 218 agreement and has been approved by the system under § 24-1-205 .

(b) The system is authorized to enter on behalf of the state into an agreement with the appropriate agency or agencies of any other state and with the Commissioner of Social Security, whereby the benefits of the federal old age, survivors' and disability insurance, and health insurance coverage shall be extended to employees of any instrumentality jointly created by this state and any other state or states. To the extent practicable, the agreement shall be consistent with the terms and provisions of subsection (a) of this section and other provisions of this subchapter.

Acts 1951, No. 248, § 3; 1953, No. 410, § 1; A.S.A. 1947, § 12-2403; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-7-731 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-731
Forfeitures
Status: in_force

Notwithstanding the provisions of this subchapter, any forfeitures arising from severance of employment, death, or for any other reason shall not be applied to increase the benefit any member would otherwise receive under the Arkansas Teacher Retirement System at any time prior to the termination of the system or the complete discontinuance of employer contributions thereunder. Acts 2001, No. 155, § 4.

Notwithstanding the provisions of this subchapter, any forfeitures arising from severance of employment, death, or for any other reason shall not be applied to increase the benefit any member would otherwise receive under the Arkansas Teacher Retirement System at any time prior to the termination of the system or the complete discontinuance of employer contributions thereunder.

Acts 2001, No. 155, § 4.
Ark. Code Ann. § 24-7-1304 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1304
Election of annuity options
Status: in_force

(a) A member who elects participation in the Teacher Deferred Retirement Option Plan may elect one (1) of the annuity options provided in § 24-7-706 . (b) The election will be made at the time the member separates from service and is granted a monthly retirement benefit, and will be deemed to apply to the member's plan benefit as well as to the member's monthly retirement benefit from the Arkansas Teacher Retirement System at the time it becomes payable. Acts 1995, No. 1096, § 1; 1997, No. 118, § 2.

(a) A member who elects participation in the Teacher Deferred Retirement Option Plan may elect one (1) of the annuity options provided in § 24-7-706 .

(b) The election will be made at the time the member separates from service and is granted a monthly retirement benefit, and will be deemed to apply to the member's plan benefit as well as to the member's monthly retirement benefit from the Arkansas Teacher Retirement System at the time it becomes payable.

Acts 1995, No. 1096, § 1; 1997, No. 118, § 2.
Ark. Code Ann. § 24-11-409 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-409
Deposit of moneys
Status: in_force

The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank. Acts 1937, No. 250, § 14; Pope's Dig., § 9869; A.S.A. 1947, § 19-1814.

The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank.

Acts 1937, No. 250, § 14; Pope's Dig., § 9869; A.S.A. 1947, § 19-1814.
Ark. Code Ann. § 24-8-321 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-321
Funds closed
Status: in_force

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004. Acts 2003, No. 1374, § 2.

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

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

Acts 2003, No. 1374, § 2.
Ark. Code Ann. § 24-7-908 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-908
Contributions
Status: in_force

(a) (1) The Department of Career Education shall contribute to the alternate retirement plan on behalf of each participating staff member an amount equal to the contribution made by the State of Arkansas for persons participating in the retirement system. (2) Each staff member shall also contribute to the alternate retirement plan an amount equal to the maximum allowable member contribution under the retirement system or, at the option of the staff member, additional amounts allowable under the alternate retirement plan. (b) Payment of contributions by the department which are authorized by the provisions of this section shall be made by the disbursing officer of the department. (c) (1) All staff members who elect to participate in the alternate retirement plan shall so notify the State Board of Workforce Education and Career Opportunities in writing. (2) The board shall establish a procedure for notifying the state official charged with paying the salaries of staff members, which official shall cause staff members' contributions to be withheld and forwarded to the company approved by the board and designated by the staff member. Amended by Act 2019, No. 84,§ 5, eff. 7/24/2019. Acts 1983, No. 480, § 5; A.S.A. 1947, § 80-1470.

(a) (1) The Department of Career Education shall contribute to the alternate retirement plan on behalf of each participating staff member an amount equal to the contribution made by the State of Arkansas for persons participating in the retirement system. (2) Each staff member shall also contribute to the alternate retirement plan an amount equal to the maximum allowable member contribution under the retirement system or, at the option of the staff member, additional amounts allowable under the alternate retirement plan.

(1) The Department of Career Education shall contribute to the alternate retirement plan on behalf of each participating staff member an amount equal to the contribution made by the State of Arkansas for persons participating in the retirement system.

(2) Each staff member shall also contribute to the alternate retirement plan an amount equal to the maximum allowable member contribution under the retirement system or, at the option of the staff member, additional amounts allowable under the alternate retirement plan.

(b) Payment of contributions by the department which are authorized by the provisions of this section shall be made by the disbursing officer of the department.

(c) (1) All staff members who elect to participate in the alternate retirement plan shall so notify the State Board of Workforce Education and Career Opportunities in writing. (2) The board shall establish a procedure for notifying the state official charged with paying the salaries of staff members, which official shall cause staff members' contributions to be withheld and forwarded to the company approved by the board and designated by the staff member.

(1) All staff members who elect to participate in the alternate retirement plan shall so notify the State Board of Workforce Education and Career Opportunities in writing.

(2) The board shall establish a procedure for notifying the state official charged with paying the salaries of staff members, which official shall cause staff members' contributions to be withheld and forwarded to the company approved by the board and designated by the staff member.

Amended by Act 2019, No. 84,§ 5, eff. 7/24/2019.

Acts 1983, No. 480, § 5; A.S.A. 1947, § 80-1470.
Ark. Code Ann. § 24-8-202 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-202
Applicability
Status: in_force

The provisions of this act shall not be retroactive but shall extend benefits from the time of its passage. It shall also apply to judges now living who retired prior to the passage of this act and to the survivors of those judges. Acts 1965, No. 139, § 7; A.S.A. 1947, § 22-912.

The provisions of this act shall not be retroactive but shall extend benefits from the time of its passage. It shall also apply to judges now living who retired prior to the passage of this act and to the survivors of those judges.

Acts 1965, No. 139, § 7; A.S.A. 1947, § 22-912.
Ark. Code Ann. § 24-4-614 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-614
Increase in monthly benefit amount - 1993
Status: in_force

(a) On July 1, 1993, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on June 1, 1993, or before, shall be increased by two and sixty-one hundredths percent (2.61%) of the benefit payable on June 1, 1993. (b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after application of the annual postretirement increase, which is based on the consumer price index. Acts 1993, No. 938, § 1.

(a) On July 1, 1993, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on June 1, 1993, or before, shall be increased by two and sixty-one hundredths percent (2.61%) of the benefit payable on June 1, 1993.

(b) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after application of the annual postretirement increase, which is based on the consumer price index.

Acts 1993, No. 938, § 1.
Ark. Code Ann. § 24-7-904 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-904
Establishment and administration of plan
Status: in_force

(a) The Career Education and Workforce Development Board may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members. (b) Under the plan, staff members shall contribute, to the extent authorized or required, toward the purchase of the contract, which shall be issued to and become the property of the participants. (c) The alternate retirement plan shall be administered by the board pursuant to a written alternate retirement plan document, which shall be formally adopted by the board prior to the establishment of the alternate retirement plan. (d) The board shall have the authority to administer all alternate retirement plans established pursuant to this subchapter and to perform or authorize the performance of all such functions as may be reasonably appropriate in their administration. Amended by Act 2019, No. 84,§ 2, eff. 7/24/2019. Acts 1983, No. 480, §§ 2, 7; A.S.A. 1947, §§ 80-1467, 80-1472.

(a) The Career Education and Workforce Development Board may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members.

(b) Under the plan, staff members shall contribute, to the extent authorized or required, toward the purchase of the contract, which shall be issued to and become the property of the participants.

(c) The alternate retirement plan shall be administered by the board pursuant to a written alternate retirement plan document, which shall be formally adopted by the board prior to the establishment of the alternate retirement plan.

(d) The board shall have the authority to administer all alternate retirement plans established pursuant to this subchapter and to perform or authorize the performance of all such functions as may be reasonably appropriate in their administration.

Amended by Act 2019, No. 84,§ 2, eff. 7/24/2019.

Acts 1983, No. 480, §§ 2, 7; A.S.A. 1947, §§ 80-1467, 80-1472.
Ark. Code Ann. § 24-10-615 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-615
Suspension of payments upon request
Status: in_force

(a) Notwithstanding any other provision of a plan, a person entitled to receive a plan benefit may request in a manner prescribed by the system, for personal reasons and without disclosure thereof, to suspend for any period the payment of all or any part of the benefit otherwise payable to him or her under this chapter. (b) Upon receipt of proper notice, the plan shall authorize the suspension, and the person shall be deemed to have forfeited all rights to the amount of benefits so suspended but shall have the right to have the full benefit otherwise payable reinstated as to future monthly payments upon proper notice to the plan to revoke the prior request for a suspension under this section. Amended by Act 2013, No. 40,§ 14, eff. 2/6/2013. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.

(a) Notwithstanding any other provision of a plan, a person entitled to receive a plan benefit may request in a manner prescribed by the system, for personal reasons and without disclosure thereof, to suspend for any period the payment of all or any part of the benefit otherwise payable to him or her under this chapter.

(b) Upon receipt of proper notice, the plan shall authorize the suspension, and the person shall be deemed to have forfeited all rights to the amount of benefits so suspended but shall have the right to have the full benefit otherwise payable reinstated as to future monthly payments upon proper notice to the plan to revoke the prior request for a suspension under this section.

Amended by Act 2013, No. 40,§ 14, eff. 2/6/2013.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.
Ark. Code Ann. § 24-5-135 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-135
Annuity benefit enhancement
Status: in_force

(a) Beginning July 1, 2001, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 2001 shall be increased by four and eight-tenths percent (4.8%) above the annuity the retiree or beneficiary received for June 2001. (b) The increase in benefits as provided in this section shall be added to the annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 2001. Acts 2001, No. 539, § 2.

(a) Beginning July 1, 2001, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 2001 shall be increased by four and eight-tenths percent (4.8%) above the annuity the retiree or beneficiary received for June 2001.

(b) The increase in benefits as provided in this section shall be added to the annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 2001.

Acts 2001, No. 539, § 2.
Ark. Code Ann. § 24-8-903 — AR Code / Title 24 / Chapter 8 / Subchapter 9 / Section 24-8-903
Retirement membership of district court clerks
Status: in_force

(a) All municipal court clerks and district court clerks who are members of a municipal judge's retirement fund on December 31, 2004, shall become members of the Arkansas Public Employees' Retirement System on January 1, 2005. (b) If the local government employing the district court clerk on December 31, 2004, is not a participating employer under the system, then the local government shall become a participating employer under the system for the district court clerk beginning on January 1, 2005. Acts 2003, No. 1375, § 1.

(a) All municipal court clerks and district court clerks who are members of a municipal judge's retirement fund on December 31, 2004, shall become members of the Arkansas Public Employees' Retirement System on January 1, 2005.

(b) If the local government employing the district court clerk on December 31, 2004, is not a participating employer under the system, then the local government shall become a participating employer under the system for the district court clerk beginning on January 1, 2005.

Acts 2003, No. 1375, § 1.
Ark. Code Ann. § 24-9-202 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-202
Definition
Status: in_force

As used in this subchapter, unless the context otherwise requires, "trust funds" means all assets and holdings of the various firemen's and policemen's pension funds of this state. In addition, other assets and holdings which are of a trust nature and are under the administration of political subdivisions of this state are, for purposes of this subchapter, to be considered trust funds. However, trust funds shall not include funds required to be maintained by ordinances, resolutions, or indentures securing bond issues of political subdivisions. Acts 1973, No. 282, § 1; A.S.A. 1947, § 13-2101.

As used in this subchapter, unless the context otherwise requires, "trust funds" means all assets and holdings of the various firemen's and policemen's pension funds of this state. In addition, other assets and holdings which are of a trust nature and are under the administration of political subdivisions of this state are, for purposes of this subchapter, to be considered trust funds. However, trust funds shall not include funds required to be maintained by ordinances, resolutions, or indentures securing bond issues of political subdivisions.

Acts 1973, No. 282, § 1; A.S.A. 1947, § 13-2101.
Ark. Code Ann. § 24-4-803 — AR Code / Title 24 / Chapter 4 / Subchapter 8 / Section 24-4-803
Amount of benefit - Amount of contribution - Interest
Status: in_force

(a) (1) The member's deferred benefit shall be the monthly benefit to which the member would have been entitled if the member had thirty (30) years of service and had actually retired on the member's deferred retirement option date with regard to the provisions of § 24-4-606 related to annuity options. (2) If the member has less than thirty (30) years of actual service, but at least twenty-eight (28) years of service, the portion of the member's deferred benefit that is contributed to the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan will be reduced by the percentage established by the Board of Trustees of the Arkansas Public Employees' Retirement System, and then shall be subject to the additional computations as set forth in subsections (b) and (c) of this section. (b) The member's deferred option account shall be the account in which shall be accumulated the member's deferred option contributions, plus interest. Effective July 1, 1999, the Arkansas Public Employees' Retirement System's deferred option contributions shall be at least seventy-five percent (75%) of the system's deferred option benefit with the exact contribution to be determined in accordance with the rules of the board as is actuarially appropriate for the system. The member shall be informed of the amount of his or her deferred option contribution and informed that his or her selection of the deferred retirement option, the time of the retirement deferral, and the selection of the retirement annuity are irrevocable. (c) The interest on contributions to the member's deferred option account shall be credited to the individual account balance of the member on an annual basis at the end of each fiscal year. The board shall determine the rate of interest to be credited to each member's deferred option account. Amended by Act 2019, No. 315,§ 2865, eff. 7/24/2019. Acts 1997, No. 1052, § 3; 1999, No. 535, § 1; 1999, No. 1325, § 3; 2001, No. 151, § 50.

(a) (1) The member's deferred benefit shall be the monthly benefit to which the member would have been entitled if the member had thirty (30) years of service and had actually retired on the member's deferred retirement option date with regard to the provisions of § 24-4-606 related to annuity options. (2) If the member has less than thirty (30) years of actual service, but at least twenty-eight (28) years of service, the portion of the member's deferred benefit that is contributed to the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan will be reduced by the percentage established by the Board of Trustees of the Arkansas Public Employees' Retirement System, and then shall be subject to the additional computations as set forth in subsections (b) and (c) of this section.

(1) The member's deferred benefit shall be the monthly benefit to which the member would have been entitled if the member had thirty (30) years of service and had actually retired on the member's deferred retirement option date with regard to the provisions of § 24-4-606 related to annuity options.

(2) If the member has less than thirty (30) years of actual service, but at least twenty-eight (28) years of service, the portion of the member's deferred benefit that is contributed to the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan will be reduced by the percentage established by the Board of Trustees of the Arkansas Public Employees' Retirement System, and then shall be subject to the additional computations as set forth in subsections (b) and (c) of this section.

(b) The member's deferred option account shall be the account in which shall be accumulated the member's deferred option contributions, plus interest. Effective July 1, 1999, the Arkansas Public Employees' Retirement System's deferred option contributions shall be at least seventy-five percent (75%) of the system's deferred option benefit with the exact contribution to be determined in accordance with the rules of the board as is actuarially appropriate for the system. The member shall be informed of the amount of his or her deferred option contribution and informed that his or her selection of the deferred retirement option, the time of the retirement deferral, and the selection of the retirement annuity are irrevocable.

(c) The interest on contributions to the member's deferred option account shall be credited to the individual account balance of the member on an annual basis at the end of each fiscal year. The board shall determine the rate of interest to be credited to each member's deferred option account.

Amended by Act 2019, No. 315,§ 2865, eff. 7/24/2019.

Acts 1997, No. 1052, § 3; 1999, No. 535, § 1; 1999, No. 1325, § 3; 2001, No. 151, § 50.
Ark. Code Ann. § 24-2-204 — AR Code / Title 24 / Chapter 2 / Subchapter 2 / Section 24-2-204
Default in payment of principal or interest
Status: in_force

(a) In the event of default in payment of the principal of or interest on bonds or other obligations held in the respective retirement funds, if the issuer of the obligations is a state-supported institution of higher learning, a county, a municipal corporation, including boards, commissions, or other authorities thereof, or a school district, the Treasurer of State shall withhold the amount of the default from any moneys in the State Treasury derived from general revenues on hand to the credit of, or held for the benefit of, the issuer and credit that amount, by transfer, to the retirement fund holding the obligations. (b) (1) The State Treasury fund from which any transfer may be made shall be charged with the amount of the transfer. (2) (A) The Treasurer of State shall furnish notification of the transfer, in writing, to the disbursing officer of the fund from which the transfer shall have been made. (B) Notification shall set forth the name of the issuer, the date, amount, and purpose of the charge. (3) The Treasurer of State shall thereafter cancel and deliver the obligations so retired to the designated paying agent. (c) No transfers may be made from moneys in any State Treasury fund which are derived from revenue either specifically or generally pledged to the payment of any issued and outstanding bonds. Acts 1963, No. 509, § 4; A.S.A. 1947, § 12-2533.

(a) In the event of default in payment of the principal of or interest on bonds or other obligations held in the respective retirement funds, if the issuer of the obligations is a state-supported institution of higher learning, a county, a municipal corporation, including boards, commissions, or other authorities thereof, or a school district, the Treasurer of State shall withhold the amount of the default from any moneys in the State Treasury derived from general revenues on hand to the credit of, or held for the benefit of, the issuer and credit that amount, by transfer, to the retirement fund holding the obligations.

(b) (1) The State Treasury fund from which any transfer may be made shall be charged with the amount of the transfer. (2) (A) The Treasurer of State shall furnish notification of the transfer, in writing, to the disbursing officer of the fund from which the transfer shall have been made. (B) Notification shall set forth the name of the issuer, the date, amount, and purpose of the charge. (3) The Treasurer of State shall thereafter cancel and deliver the obligations so retired to the designated paying agent.

(1) The State Treasury fund from which any transfer may be made shall be charged with the amount of the transfer.

(2) (A) The Treasurer of State shall furnish notification of the transfer, in writing, to the disbursing officer of the fund from which the transfer shall have been made. (B) Notification shall set forth the name of the issuer, the date, amount, and purpose of the charge.

(A) The Treasurer of State shall furnish notification of the transfer, in writing, to the disbursing officer of the fund from which the transfer shall have been made.

(B) Notification shall set forth the name of the issuer, the date, amount, and purpose of the charge.

(3) The Treasurer of State shall thereafter cancel and deliver the obligations so retired to the designated paying agent.

(c) No transfers may be made from moneys in any State Treasury fund which are derived from revenue either specifically or generally pledged to the payment of any issued and outstanding bonds.

Acts 1963, No. 509, § 4; A.S.A. 1947, § 12-2533.
Ark. Code Ann. § 24-8-217 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-217
Eligibility for benefits - Disability retirement
Status: in_force

(a) Any member of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years shall receive retirement benefits if any incapacitating disability as determined by the Board of Trustees of the Arkansas Judicial Retirement System shall occur during any term for which the judge has been elected. (b) The three-year service requirement shall only apply to judges elected after July 1, 1983. (c) (1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's permanent physical or mental incapacity to perform the duties of his or her judicial office. (2) The board should act only upon proper certification of incapacity by two (2) or more physicians. Acts 1953, No. 365, § 2; 1963, No. 223, § 1; 1965, No. 139, § 2; 1967, No. 249, § 1; 1969, No. 370, § 1; 1973, No. 407, § 1; 1983, No. 231, § 1; A.S.A. 1947, § 22-902.

(a) Any member of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years shall receive retirement benefits if any incapacitating disability as determined by the Board of Trustees of the Arkansas Judicial Retirement System shall occur during any term for which the judge has been elected.

(b) The three-year service requirement shall only apply to judges elected after July 1, 1983.

(c) (1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's permanent physical or mental incapacity to perform the duties of his or her judicial office. (2) The board should act only upon proper certification of incapacity by two (2) or more physicians.

(1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's permanent physical or mental incapacity to perform the duties of his or her judicial office.

(2) The board should act only upon proper certification of incapacity by two (2) or more physicians.

Acts 1953, No. 365, § 2; 1963, No. 223, § 1; 1965, No. 139, § 2; 1967, No. 249, § 1; 1969, No. 370, § 1; 1973, No. 407, § 1; 1983, No. 231, § 1; A.S.A. 1947, § 22-902.
Ark. Code Ann. § 24-2-601 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-601
Investment authority and limitations generally
Status: in_force

(a) All investments of the retirement systems covered by this subchapter shall be in strict compliance with the provisions of this subchapter. (b) The term "trust" as used in this subchapter refers to the following Arkansas retirement systems: (1) The State Police Retirement System; (2) The Arkansas Public Employees' Retirement System; (3) The Arkansas Teacher Retirement System; (4) The Arkansas State Highway Employees' Retirement System; and (5) The Arkansas Judicial Retirement System. (c) The term "trustees" as used in this subchapter refers to boards of trustees of the systems referenced in subsection (b) of this section. Acts 2001, No. 151, § 8.

(a) All investments of the retirement systems covered by this subchapter shall be in strict compliance with the provisions of this subchapter.

(b) The term "trust" as used in this subchapter refers to the following Arkansas retirement systems: (1) The State Police Retirement System; (2) The Arkansas Public Employees' Retirement System; (3) The Arkansas Teacher Retirement System; (4) The Arkansas State Highway Employees' Retirement System; and (5) The Arkansas Judicial Retirement System.

(1) The State Police Retirement System;

(2) The Arkansas Public Employees' Retirement System;

(3) The Arkansas Teacher Retirement System;

(4) The Arkansas State Highway Employees' Retirement System; and

(5) The Arkansas Judicial Retirement System.

(c) The term "trustees" as used in this subchapter refers to boards of trustees of the systems referenced in subsection (b) of this section.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-10-206 — AR Code / Title 24 / Chapter 10 / Subchapter 2 / Section 24-10-206
Federal taxation
Status: in_force

(a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on January 1, 2011, and applicable United States Department of the Treasury Regulations, as they existed on January 1, 2011, necessary to allow the system to be operated as a "qualified trust" under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a) , as it existed on January 1, 2011. (b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas Local Police and Fire Retirement System may promulgate rules consistent with this section. (c) Any rule or portion of a rule promulgated under this section that is found by a court of competent jurisdiction to be in conflict with an applicable provision of the Internal Revenue Code of 1986, as it existed on January 1, 2011, shall be promptly corrected. Amended by Act 2019, No. 315,§ 2895, eff. 7/24/2019. Amended by Act 2017, No. 125,§ 1, eff. 8/1/2017. Acts 2011, No. 17, § 3.

(a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on January 1, 2011, and applicable United States Department of the Treasury Regulations, as they existed on January 1, 2011, necessary to allow the system to be operated as a "qualified trust" under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a) , as it existed on January 1, 2011.

(b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas Local Police and Fire Retirement System may promulgate rules consistent with this section.

(c) Any rule or portion of a rule promulgated under this section that is found by a court of competent jurisdiction to be in conflict with an applicable provision of the Internal Revenue Code of 1986, as it existed on January 1, 2011, shall be promptly corrected.

Amended by Act 2019, No. 315,§ 2895, eff. 7/24/2019.

Amended by Act 2017, No. 125,§ 1, eff. 8/1/2017.

Acts 2011, No. 17, § 3.
Ark. Code Ann. § 24-7-729 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-729
Adjustment of section 24-7-713 base amount
Status: in_force

The base amount in § 24-7-713 will be adjusted at the same time a benefit increase is granted to active members under § 24-7-728 . Acts 1999, No. 396, § 3.

The base amount in § 24-7-713 will be adjusted at the same time a benefit increase is granted to active members under § 24-7-728 .

Acts 1999, No. 396, § 3.
Ark. Code Ann. § 24-2-611 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-611
Standard of care - Portfolio strategy - Risk and return objectives
Status: in_force

(a) Trustees shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustees shall exercise reasonable care, skill, and caution. (b) The trustees' investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust. (c) Among circumstances that trustees shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries: (1) General economic conditions; (2) The possible effect of inflation or deflation; (3) The expected tax consequences of investment decisions or strategies; (4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) The expected total return from income and the appreciation of capital; (6) Other resources of the beneficiaries; (7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and (8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries. (d) Trustees shall make a reasonable effort to verify facts relevant to the investment and management of trust assets. (e) Trustees may invest in any kind of property or type of investment consistent with the standards of this subchapter. (f) Trustees who have special skills or expertise, or who are named trustees in reliance upon the trustees' representation that the trustees have special skills or expertise, have a duty to use their special skills or expertise. Acts 2001, No. 151, § 8.

(a) Trustees shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustees shall exercise reasonable care, skill, and caution.

(b) The trustees' investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.

(c) Among circumstances that trustees shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries: (1) General economic conditions; (2) The possible effect of inflation or deflation; (3) The expected tax consequences of investment decisions or strategies; (4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property; (5) The expected total return from income and the appreciation of capital; (6) Other resources of the beneficiaries; (7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and (8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.

(1) General economic conditions;

(2) The possible effect of inflation or deflation;

(3) The expected tax consequences of investment decisions or strategies;

(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;

(5) The expected total return from income and the appreciation of capital;

(6) Other resources of the beneficiaries;

(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and

(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.

(d) Trustees shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.

(e) Trustees may invest in any kind of property or type of investment consistent with the standards of this subchapter.

(f) Trustees who have special skills or expertise, or who are named trustees in reliance upon the trustees' representation that the trustees have special skills or expertise, have a duty to use their special skills or expertise.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-10-708 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-708
Disability of participant
Status: in_force

If the participant becomes disabled during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, the participant shall be treated as any other member who has elected to conclude the other member's participation. Acts 2003, No. 1734, § 1.

If the participant becomes disabled during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, the participant shall be treated as any other member who has elected to conclude the other member's participation.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-4-737 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-737
Certain city attorneys - Credited service
Status: in_force

(a) When the term of office of an elected city attorney is cut short due to the change in the form of city government and that person is employed to serve as the city attorney for the remainder of his or her term, he or she shall receive credited service under the Arkansas Public Employees' Retirement System for the remainder of his or her term, or portion thereof, that he or she is employed as the city attorney, to the same extent as if he or she were an elected city attorney instead of an employed city attorney. (b) The provisions of this section shall be retroactive to January 1, 1986. Acts 1987, No. 975, §§ 1, 3.

(a) When the term of office of an elected city attorney is cut short due to the change in the form of city government and that person is employed to serve as the city attorney for the remainder of his or her term, he or she shall receive credited service under the Arkansas Public Employees' Retirement System for the remainder of his or her term, or portion thereof, that he or she is employed as the city attorney, to the same extent as if he or she were an elected city attorney instead of an employed city attorney.

(b) The provisions of this section shall be retroactive to January 1, 1986.

Acts 1987, No. 975, §§ 1, 3.
Ark. Code Ann. § 24-6-211 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-211
Eligibility for benefits - Mandatory retirement
Status: in_force

(a) A member shall be separated from Division of Arkansas State Police employment the first day of the calendar month next following the month in which he or she attains sixty-five (65) years of age. (b) If, upon his or her separation from division employment, the member has five (5) or more years of actual service, he or she shall receive a pension provided for in § 24-6-214 . Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1971, No. 309, § 2; A.S.A. 1947, § 42-455; Acts 1997, No. 1053, § 18.

(a) A member shall be separated from Division of Arkansas State Police employment the first day of the calendar month next following the month in which he or she attains sixty-five (65) years of age.

(b) If, upon his or her separation from division employment, the member has five (5) or more years of actual service, he or she shall receive a pension provided for in § 24-6-214 .

Acts 1951, No. 311, § 5; 1953, No. 309, § 1; 1957, No. 308, § 1; 1971, No. 309, § 2; A.S.A. 1947, § 42-455; Acts 1997, No. 1053, § 18.
Ark. Code Ann. § 24-2-403 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-403
Date of annuity payment
Status: in_force

(a) The date a member's annuity, if any, becomes payable by each reciprocal system shall be determined by those provisions in force for each reciprocal system. (b) In no case shall any annuity become payable nor be paid prior to the date the member retires from, and ceases to be, in the employ of an employer covered by a reciprocal system as defined in § 24-2-401(4) . Acts 1965, No. 488, § 4; 1975, No. 611, § 4; A.S.A. 1947, § 12-2540; Acts 2001, No. 151, § 5.

(a) The date a member's annuity, if any, becomes payable by each reciprocal system shall be determined by those provisions in force for each reciprocal system.

(b) In no case shall any annuity become payable nor be paid prior to the date the member retires from, and ceases to be, in the employ of an employer covered by a reciprocal system as defined in § 24-2-401(4) .

Acts 1965, No. 488, § 4; 1975, No. 611, § 4; A.S.A. 1947, § 12-2540; Acts 2001, No. 151, § 5.
Ark. Code Ann. § 24-12-118 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-118
Funeral expenses
Status: in_force

(a) Whenever an active or retired employee shall die or be killed, the board of trustees of the pension and relief fund for paid nonuniformed employees shall appropriate from the pension and relief fund for paid nonuniformed employees the sum of one hundred dollars ($100) to pay the funeral expenses of the decedent. (b) However, this action shall not operate to reduce payments then being paid pursuant to § 24-12-112 . Acts 1949, No. 147, § 18; A.S.A. 1947, § 19-939.

(a) Whenever an active or retired employee shall die or be killed, the board of trustees of the pension and relief fund for paid nonuniformed employees shall appropriate from the pension and relief fund for paid nonuniformed employees the sum of one hundred dollars ($100) to pay the funeral expenses of the decedent.

(b) However, this action shall not operate to reduce payments then being paid pursuant to § 24-12-112 .

Acts 1949, No. 147, § 18; A.S.A. 1947, § 19-939.
Ark. Code Ann. § 24-7-1501 — AR Code / Title 24 / Chapter 7 / Subchapter 15 / Section 24-7-1501
Title
Status: in_force

This subchapter shall be known and may be cited as the "Retirees' Ad Hoc Increase Act". Subchapter heading and section amended by Act 2023, No. 107,§ 60, eff. 7/1/2023. Acts 2009, No. 1315, § 1.

This subchapter shall be known and may be cited as the "Retirees' Ad Hoc Increase Act".

Subchapter heading and section amended by Act 2023, No. 107,§ 60, eff. 7/1/2023.

Acts 2009, No. 1315, § 1.
Ark. Code Ann. § 24-6-219 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-219
Benefits - Redetermination of benefits
Status: in_force

(a) Each July 1 the State Police Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%). Acts 1981, No. 483, § 1; A.S.A. 1947, § 42-467; Acts 1991, No. 432, § 3; 1997, No. 130, § 1; 1999, No. 387, § 1.

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

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

Acts 1981, No. 483, § 1; A.S.A. 1947, § 42-467; Acts 1991, No. 432, § 3; 1997, No. 130, § 1; 1999, No. 387, § 1.
Ark. Code Ann. § 24-7-104 — AR Code / Title 24 / Chapter 7 / Subchapter 1 / Section 24-7-104
Employer early retirement incentives
Status: in_force

An employer's offer to encourage an employee to terminate his or her employment with the employer shall not include a requirement that the employee file an application for retirement with the Arkansas Teacher Retirement System. Added by Act 2017, No. 503,§ 1, eff. 3/15/2017.

An employer's offer to encourage an employee to terminate his or her employment with the employer shall not include a requirement that the employee file an application for retirement with the Arkansas Teacher Retirement System.

Added by Act 2017, No. 503,§ 1, eff. 3/15/2017.
Ark. Code Ann. § 24-11-806 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-806
Payments generally
Status: in_force

(a) Except as provided in subsection (b) of this section, payments provided for in this act shall be made monthly upon proper vouchers and in such manner as provided for in other disbursements of the city or town. (b) In a firemen's relief and pension fund in which the board of trustees of the firemen's relief and pension fund has employed a trustee or custodian under § 24-11-805(d) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board. Acts 1921, No. 491, § 17; Pope's Dig., § 7753; A.S.A. 1947, § 19-2225; Acts 2009, No. 1201, § 6.

(a) Except as provided in subsection (b) of this section, payments provided for in this act shall be made monthly upon proper vouchers and in such manner as provided for in other disbursements of the city or town.

(b) In a firemen's relief and pension fund in which the board of trustees of the firemen's relief and pension fund has employed a trustee or custodian under § 24-11-805(d) to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board.

Acts 1921, No. 491, § 17; Pope's Dig., § 7753; A.S.A. 1947, § 19-2225; Acts 2009, No. 1201, § 6.
Ark. Code Ann. § 24-10-706 — AR Code / Title 24 / Chapter 10 / Subchapter 7 / Section 24-10-706
Duration
Status: in_force

(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed ten (10) years. (b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the employer and shall start receiving the member's monthly retirement benefit that would have been received if the member had retired at the time the member elected to participate in the plan. (c) (1) At the conclusion of a member's participation in the plan, the member may defer receiving payment of the participant's account and continue with the funds deposited in the plan. (2) Interest credited under subdivision (c)(1) of this section shall be calculated in the same manner as § 24-10-704(b) , except the interest shall be credited at a rate of two percent (2%) per annum. (d) (1) The payment of funds accumulated in the plan may be deferred one (1) time. (2) (A) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than April 1 of the year following the calendar year in which the participant attains the applicable age. (B) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (C) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age. Amended by Act 2023, No. 44,§ 1, eff. 8/1/2023. Amended by Act 2023, No. 458,§ 1, eff. 4/1/2023. Amended by Act 2021, No. 374,§ 3, eff. 4/1/2021. Amended by Act 2017, No. 608,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 13, eff. 4/11/2013. Acts 2003, No. 1734, § 1.

(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed ten (10) years.

(b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the employer and shall start receiving the member's monthly retirement benefit that would have been received if the member had retired at the time the member elected to participate in the plan.

(c) (1) At the conclusion of a member's participation in the plan, the member may defer receiving payment of the participant's account and continue with the funds deposited in the plan. (2) Interest credited under subdivision (c)(1) of this section shall be calculated in the same manner as § 24-10-704(b) , except the interest shall be credited at a rate of two percent (2%) per annum.

(1) At the conclusion of a member's participation in the plan, the member may defer receiving payment of the participant's account and continue with the funds deposited in the plan.

(2) Interest credited under subdivision (c)(1) of this section shall be calculated in the same manner as § 24-10-704(b) , except the interest shall be credited at a rate of two percent (2%) per annum.

(d) (1) The payment of funds accumulated in the plan may be deferred one (1) time. (2) (A) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than April 1 of the year following the calendar year in which the participant attains the applicable age. (B) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (C) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(1) The payment of funds accumulated in the plan may be deferred one (1) time.

(2) (A) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than April 1 of the year following the calendar year in which the participant attains the applicable age. (B) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (C) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(A) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than April 1 of the year following the calendar year in which the participant attains the applicable age.

(B) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age.

(C) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

Amended by Act 2023, No. 44,§ 1, eff. 8/1/2023.

Amended by Act 2023, No. 458,§ 1, eff. 4/1/2023.

Amended by Act 2021, No. 374,§ 3, eff. 4/1/2021.

Amended by Act 2017, No. 608,§ 1, eff. 8/1/2017.

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

Amended by Act 2013, No. 1065,§ 13, eff. 4/11/2013.

Acts 2003, No. 1734, § 1.
Ark. Code Ann. § 24-7-806 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-806
Procedure for designation of companies to provide benefit contracts
Status: in_force

(a) The board of each college or university, or the Arkansas Higher Education Coordinating Board, shall designate the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts. (b) In making the designation and giving the approval, the board or the Arkansas Higher Education Coordinating Board shall give due consideration to: (1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries; (2) The relation of the rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter; (3) The suitability of the rights and benefits to the needs of the staff members and the interests of the college in the recruitment and retention of staff members; and (4) The ability of the designated company or companies to provide the suitable rights and benefits under the contracts. Amended by Act 2019, No. 910,§ 2375, eff. 7/1/2019. Acts 1967, No. 436, § 6; A.S.A. 1947, § 80-1462; Acts 1991, No. 511, § 4; 1993, No. 443, § 1.

(a) The board of each college or university, or the Arkansas Higher Education Coordinating Board, shall designate the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts.

(b) In making the designation and giving the approval, the board or the Arkansas Higher Education Coordinating Board shall give due consideration to: (1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries; (2) The relation of the rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter; (3) The suitability of the rights and benefits to the needs of the staff members and the interests of the college in the recruitment and retention of staff members; and (4) The ability of the designated company or companies to provide the suitable rights and benefits under the contracts.

(1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries;

(2) The relation of the rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter;

(3) The suitability of the rights and benefits to the needs of the staff members and the interests of the college in the recruitment and retention of staff members; and

(4) The ability of the designated company or companies to provide the suitable rights and benefits under the contracts.

Amended by Act 2019, No. 910,§ 2375, eff. 7/1/2019.

Acts 1967, No. 436, § 6; A.S.A. 1947, § 80-1462; Acts 1991, No. 511, § 4; 1993, No. 443, § 1.
Ark. Code Ann. § 24-2-612 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-612
Diversification
Status: in_force

Trustees shall diversify the investments of the trust unless the trustees reasonably determine that, because of special circumstances, the purposes of the trust are better served without diversifying. Acts 2001, No. 151, § 8.

Trustees shall diversify the investments of the trust unless the trustees reasonably determine that, because of special circumstances, the purposes of the trust are better served without diversifying.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-6-401 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-401
Creation of Tier Two Benefit Plan
Status: in_force

A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter. Acts 1997, No. 1071, § 1.

A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-12-112 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-112
Proration upon insufficiency of fund
Status: in_force

If at any time there should not be sufficient money in the pension and relief fund for paid nonuniformed employees to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them in accordance with the respective benefits being received by them under this act. Acts 1949, No. 147, § 11; A.S.A. 1947, § 19-932.

If at any time there should not be sufficient money in the pension and relief fund for paid nonuniformed employees to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them in accordance with the respective benefits being received by them under this act.

Acts 1949, No. 147, § 11; A.S.A. 1947, § 19-932.
Ark. Code Ann. § 24-12-113 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-113
Report on condition of fund
Status: in_force

The board of trustees of the pension and relief fund for paid nonuniformed employees shall report to the council, city commissioner, or city clerk of the city on the condition of the pension and relief fund for paid nonuniformed employees on the first regular meeting in January of each year. Acts 1949, No. 147, § 15; A.S.A. 1947, § 19-936.

The board of trustees of the pension and relief fund for paid nonuniformed employees shall report to the council, city commissioner, or city clerk of the city on the condition of the pension and relief fund for paid nonuniformed employees on the first regular meeting in January of each year.

Acts 1949, No. 147, § 15; A.S.A. 1947, § 19-936.
Ark. Code Ann. § 24-5-133 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-133
Early participation
Status: in_force

The Board of Trustees of the Arkansas State Highway 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 any benefit or a provision of a deferred retirement option plan. Acts 1999, No. 1325, § 7.

The Board of Trustees of the Arkansas State Highway 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 any benefit or a provision of a deferred retirement option plan.

Acts 1999, No. 1325, § 7.
Ark. Code Ann. § 24-7-903 — AR Code / Title 24 / Chapter 7 / Subchapter 9 / Section 24-7-903
Provisions of subchapter controlling
Status: in_force

Insofar as the provisions of this subchapter are, or may be, inconsistent with the provisions of any other general or special act, the provisions of this subchapter shall be controlling. Acts 1983, No. 480, § 9; A.S.A. 1947, § 80-1474.

Insofar as the provisions of this subchapter are, or may be, inconsistent with the provisions of any other general or special act, the provisions of this subchapter shall be controlling.

Acts 1983, No. 480, § 9; A.S.A. 1947, § 80-1474.
Ark. Code Ann. § 24-8-712 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-712
Eligibility for benefits - Disability retirement
Status: in_force

(a) Any member under the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years as a member of the system shall receive retirement benefits if any incapacitating disability as determined by the Board of Trustees of the Arkansas Judicial Retirement System shall occur during any term for which the judge or justice has been elected. (b) (1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's or justice's permanent physical or mental incapacity to perform the duties of his or her judicial office. (2) The board should act only upon proper certification of incapacity by two (2) or more physicians. Acts 1999, No. 399, § 1.

(a) Any member under the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years as a member of the system shall receive retirement benefits if any incapacitating disability as determined by the Board of Trustees of the Arkansas Judicial Retirement System shall occur during any term for which the judge or justice has been elected.

(b) (1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's or justice's permanent physical or mental incapacity to perform the duties of his or her judicial office. (2) The board should act only upon proper certification of incapacity by two (2) or more physicians.

(1) A judgment of disability should not be granted by the board until it is reasonably assured of a judge's or justice's permanent physical or mental incapacity to perform the duties of his or her judicial office.

(2) The board should act only upon proper certification of incapacity by two (2) or more physicians.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-7-1310 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1310
Death of participant
Status: in_force

(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System. (b) (1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System. (2) (A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710 . (B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid. (c) The Teacher Deferred Retirement Option Plan participant's residue as used in § 24-7-701 et seq. that, except for the provisions of this subsection, would have been paid under § 24-7-709 shall be calculated as the greater of the following: (1) The accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date reduced by the total amount of regular annuities paid, further reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments; or (2) The Teacher Deferred Retirement Option Plan account as of the member's retirement effective date reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments. Amended by Act 2021, No. 279,§ 35, eff. 7/1/2021. Amended by Act 2017, No. 293,§ 8, eff. 2/28/2017. Amended by Act 2017, No. 243,§ 4, eff. 2/21/2017. Acts 1995, No. 1096, § 1; 1997, No. 118, § 3; 2005, No. 188, § 3; 2007, No. 298, § 5.

(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System.

(b) (1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System. (2) (A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710 . (B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.

(1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System.

(2) (A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710 . (B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.

(A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710 .

(B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.

(c) The Teacher Deferred Retirement Option Plan participant's residue as used in § 24-7-701 et seq. that, except for the provisions of this subsection, would have been paid under § 24-7-709 shall be calculated as the greater of the following: (1) The accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date reduced by the total amount of regular annuities paid, further reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments; or (2) The Teacher Deferred Retirement Option Plan account as of the member's retirement effective date reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments.

(1) The accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date reduced by the total amount of regular annuities paid, further reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments; or

(2) The Teacher Deferred Retirement Option Plan account as of the member's retirement effective date reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments.

Amended by Act 2021, No. 279,§ 35, eff. 7/1/2021.

Amended by Act 2017, No. 293,§ 8, eff. 2/28/2017.

Amended by Act 2017, No. 243,§ 4, eff. 2/21/2017.

Acts 1995, No. 1096, § 1; 1997, No. 118, § 3; 2005, No. 188, § 3; 2007, No. 298, § 5.
Ark. Code Ann. § 24-7-804 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-804
Establishment and administration of plan
Status: in_force

(a) The board of any college and the Arkansas Higher Education Coordinating Board may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members and employees of the Division of Higher Education. (b) Under the plan, staff members and division employees shall contribute, to the extent authorized or required, toward the purchase of the contracts, which shall be issued to and become the property of the participants. (c) The board of any college which elects to establish and maintain an alternate retirement plan and the Commissioner of the Division of Higher Education, if it elects to establish and maintain a plan, shall have authority to administer the plan and to perform or authorize the performance of all such functions as may be reasonably appropriate in its administration. Amended by Act 2023, No. 786,§ 50, eff. 4/12/2023. Amended by Act 2019, No. 910,§ 2373, eff. 7/1/2019. Acts 1967, No. 436, §§ 2, 7; A.S.A. 1947, §§ 80-1458, 80-1463; Acts 1991, No. 511, § 2.

(a) The board of any college and the Arkansas Higher Education Coordinating Board may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members and employees of the Division of Higher Education.

(b) Under the plan, staff members and division employees shall contribute, to the extent authorized or required, toward the purchase of the contracts, which shall be issued to and become the property of the participants.

(c) The board of any college which elects to establish and maintain an alternate retirement plan and the Commissioner of the Division of Higher Education, if it elects to establish and maintain a plan, shall have authority to administer the plan and to perform or authorize the performance of all such functions as may be reasonably appropriate in its administration.

Amended by Act 2023, No. 786,§ 50, eff. 4/12/2023.

Amended by Act 2019, No. 910,§ 2373, eff. 7/1/2019.

Acts 1967, No. 436, §§ 2, 7; A.S.A. 1947, §§ 80-1458, 80-1463; Acts 1991, No. 511, § 2.
Ark. Code Ann. § 24-8-226 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-226
Minimum benefits
Status: in_force

The following minimum benefits shall apply to any plan based only on actual service under the Arkansas Judicial Retirement System: (1) The annual minimum disability benefit shall be equal to twenty-five and six-tenths percent (25.6%) of the annual salary of the judge or justice; and (2) The annual minimum survivors' benefit shall be an amount equal to seventeen and one hundred fifty-two thousandths percent (17.152%) of the annual salary of the judge or justice. Acts 1999, No. 1067, § 1; 2001, No. 763, § 3.

The following minimum benefits shall apply to any plan based only on actual service under the Arkansas Judicial Retirement System:

(1) The annual minimum disability benefit shall be equal to twenty-five and six-tenths percent (25.6%) of the annual salary of the judge or justice; and

(2) The annual minimum survivors' benefit shall be an amount equal to seventeen and one hundred fifty-two thousandths percent (17.152%) of the annual salary of the judge or justice.

Acts 1999, No. 1067, § 1; 2001, No. 763, § 3.
Ark. Code Ann. § 24-11-438 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-438
Police-related service
Status: in_force

(a) Any member of a policemen's pension and relief fund who has police-related service with the municipal government shall be entitled to purchase credited service in the system equivalent to the amount of employment service he or she has with the municipal police department in a position as police-related employment service up to a maximum of three (3) years of credited service, provided that the member contributes to the system an amount the Arkansas Fire and Police Pension Review Board determines would be actuarially equivalent to the value of the service purchased. (b) The board shall have the final power to determine the value of the service purchased. (c) Service credit purchased under this section may be used to determine the member's total credited service for the amount upon retirement and shall not be used to determine his or her final average pay for service under the system. (d) As used in this section, "police-related service" means service with a municipality that has police officers covered under a policemen's pension and relief fund in a job or in a paid position within a covered police department or fire department where the person performs duties that are related to the delivery of police and law enforcement services, including service such as a police department radio dispatcher or other similar service. Acts 1999, No. 1171, § 1.

(a) Any member of a policemen's pension and relief fund who has police-related service with the municipal government shall be entitled to purchase credited service in the system equivalent to the amount of employment service he or she has with the municipal police department in a position as police-related employment service up to a maximum of three (3) years of credited service, provided that the member contributes to the system an amount the Arkansas Fire and Police Pension Review Board determines would be actuarially equivalent to the value of the service purchased.

(b) The board shall have the final power to determine the value of the service purchased.

(c) Service credit purchased under this section may be used to determine the member's total credited service for the amount upon retirement and shall not be used to determine his or her final average pay for service under the system.

(d) As used in this section, "police-related service" means service with a municipality that has police officers covered under a policemen's pension and relief fund in a job or in a paid position within a covered police department or fire department where the person performs duties that are related to the delivery of police and law enforcement services, including service such as a police department radio dispatcher or other similar service.

Acts 1999, No. 1171, § 1.
Ark. Code Ann. § 24-7-101 — AR Code / Title 24 / Chapter 7 / Subchapter 1 / Section 24-7-101
Special allowances to encourage early retirement
Status: in_force

(a) In order to effect a net savings in personnel costs paid by colleges and universities, the presidents and chancellors of the various publicly supported colleges and universities may, upon the approval of their respective boards of trustees, negotiate with tenured faculty members of their institutions so that, in order to secure the faculty members' early retirement, special allowances may be paid to them or into retirement plans for their benefit. (b) The board of trustees of each institution is authorized to pay such allowances as the board may approve from any appropriation provided for regular salaries for the benefit of its institution and from any source of funds available to its institution. (c) The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution. (d) The board of trustees of each institution shall report the exact disposition of the special allowances to the Legislative Joint Auditing Committee each year. Amended by Act 2021, No. 425,§ 1, eff. 7/28/2021. Acts 1983, No. 271, § 8; A.S.A. 1947, § 80-1465.

(a) In order to effect a net savings in personnel costs paid by colleges and universities, the presidents and chancellors of the various publicly supported colleges and universities may, upon the approval of their respective boards of trustees, negotiate with tenured faculty members of their institutions so that, in order to secure the faculty members' early retirement, special allowances may be paid to them or into retirement plans for their benefit.

(b) The board of trustees of each institution is authorized to pay such allowances as the board may approve from any appropriation provided for regular salaries for the benefit of its institution and from any source of funds available to its institution.

(c) The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution.

(d) The board of trustees of each institution shall report the exact disposition of the special allowances to the Legislative Joint Auditing Committee each year.

Amended by Act 2021, No. 425,§ 1, eff. 7/28/2021.

Acts 1983, No. 271, § 8; A.S.A. 1947, § 80-1465.
Ark. Code Ann. § 24-4-1105 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1105
Deferred and early annuities
Status: in_force

(a) Any member or former member with sufficient years of actual service to qualify for a vested termination annuity who has not attained normal retirement age may retire with an early annuity provided in § 24-4-510(a) . (b) In the event a member with five (5) or more years of actual service in the Arkansas Public Employees' Retirement System ceases employment as a covered member before reaching sixty-five (65) years of age or attaining twenty-eight (28) years of service and does not withdraw his or her accumulated employee contributions to the system, the member is entitled to receive an annuity upon attainment of sixty-five (65) years of age and submission of a retirement application to the system. (c) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date the refunded contributions are received, the request is void and employment must be terminated again to request a refund of contributions. Acts 2005, No. 2084, § 4.

(a) Any member or former member with sufficient years of actual service to qualify for a vested termination annuity who has not attained normal retirement age may retire with an early annuity provided in § 24-4-510(a) .

(b) In the event a member with five (5) or more years of actual service in the Arkansas Public Employees' Retirement System ceases employment as a covered member before reaching sixty-five (65) years of age or attaining twenty-eight (28) years of service and does not withdraw his or her accumulated employee contributions to the system, the member is entitled to receive an annuity upon attainment of sixty-five (65) years of age and submission of a retirement application to the system.

(c) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date the refunded contributions are received, the request is void and employment must be terminated again to request a refund of contributions.

Acts 2005, No. 2084, § 4.
Ark. Code Ann. § 24-4-1104 — AR Code / Title 24 / Chapter 4 / Subchapter 11 / Section 24-4-1104
Annuity options
Status: in_force

Before the date the first payment of a member's annuity is due, a member may elect to receive the annuity as a straight life annuity or as one (1) of the reduced annuity options provided in § 24-4-606 . Acts 2005, No. 2084, § 4.

Before the date the first payment of a member's annuity is due, a member may elect to receive the annuity as a straight life annuity or as one (1) of the reduced annuity options provided in § 24-4-606 .

Acts 2005, No. 2084, § 4.
Ark. Code Ann. § 24-4-745 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-745
General Assembly employees
Status: in_force

(a) An employee of the General Assembly who has at least five (5) years' service in the Arkansas Public Employees' Retirement System and who served at least four hundred (400) days as a session employee of the General Assembly may apply for and receive current service credit in the system for service rendered as a session employee. (b) The employee shall receive credit only if the employee or employer pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund: (1) All necessary employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time; (2) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and (3) Regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system. (c) The employer's contributions and employees' contributions, if applicable, shall be transmitted to the system in the form and manner, together with the supporting data, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall prescribe from time to time. (d) The employer may pay the employer contributions and employee contributions, if applicable, on behalf of the employee for services rendered. Acts 1999, No. 325, § 12.

(a) An employee of the General Assembly who has at least five (5) years' service in the Arkansas Public Employees' Retirement System and who served at least four hundred (400) days as a session employee of the General Assembly may apply for and receive current service credit in the system for service rendered as a session employee.

(b) The employee shall receive credit only if the employee or employer pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund: (1) All necessary employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time; (2) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and (3) Regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system.

(1) All necessary employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time;

(2) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and

(3) Regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system.

(c) The employer's contributions and employees' contributions, if applicable, shall be transmitted to the system in the form and manner, together with the supporting data, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall prescribe from time to time.

(d) The employer may pay the employer contributions and employee contributions, if applicable, on behalf of the employee for services rendered.

Acts 1999, No. 325, § 12.
Ark. Code Ann. § 24-9-205 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-205
Bank accounts
Status: in_force

When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met: (1) Funds must be deposited into the account in the name of the trust; (2) Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and (3) (A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office. (B) The bond shall be filed in the office of the board of trustees. Acts 1973, No. 282, § 4; A.S.A. 1947, § 13-2104.

When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:

(1) Funds must be deposited into the account in the name of the trust;

(2) Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and

(3) (A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office. (B) The bond shall be filed in the office of the board of trustees.

(A) The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office.

(B) The bond shall be filed in the office of the board of trustees.

Acts 1973, No. 282, § 4; A.S.A. 1947, § 13-2104.
Ark. Code Ann. § 24-12-120 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-120
City attorneys in cities of the first class and cities of the second class
Status: in_force

(a) Upon approval by the governing body, a city of the first class or city of the second class may provide for retirement benefits established by this section for a city attorney elected or appointed to office. (b) In all cities of the first class and cities of the second class in this state, any person who shall serve as city attorney of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as a city attorney for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of his or her natural life, payable at the rate of one-half (½) of the salary payable to the city attorney at the time of his or her retirement. (c) All payments of retirement benefits under this section shall be payable monthly and shall be paid from the general funds of the city. Acts 1983, No. 370, §§ 1, 2; A.S.A. 1947, §§ 19-945, 19-946; Acts 1999, No. 1066, § 5.

(a) Upon approval by the governing body, a city of the first class or city of the second class may provide for retirement benefits established by this section for a city attorney elected or appointed to office.

(b) In all cities of the first class and cities of the second class in this state, any person who shall serve as city attorney of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as a city attorney for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of his or her natural life, payable at the rate of one-half (½) of the salary payable to the city attorney at the time of his or her retirement.

(c) All payments of retirement benefits under this section shall be payable monthly and shall be paid from the general funds of the city.

Acts 1983, No. 370, §§ 1, 2; A.S.A. 1947, §§ 19-945, 19-946; Acts 1999, No. 1066, § 5.
Ark. Code Ann. § 24-9-208 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-208
Negotiable securities
Status: in_force

(a) When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities. (b) The board shall require the dealers to certify to the authenticity of the securities. (c) The securities shall be held in the office of the board of trustees or by the trust department of a commercial firm normally engaged in providing trust services. (d) The sale of negotiable securities shall require written authorization from at least two (2) board members, one being the board treasurer and the other the chair of the board. Acts 1973, No. 282, § 7; A.S.A. 1947, § 13-2107.

(a) When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities.

(b) The board shall require the dealers to certify to the authenticity of the securities.

(c) The securities shall be held in the office of the board of trustees or by the trust department of a commercial firm normally engaged in providing trust services.

(d) The sale of negotiable securities shall require written authorization from at least two (2) board members, one being the board treasurer and the other the chair of the board.

Acts 1973, No. 282, § 7; A.S.A. 1947, § 13-2107.
Ark. Code Ann. § 24-4-1004 — AR Code / Title 24 / Chapter 4 / Subchapter 10 / Section 24-4-1004
Determination of benefits for civilian firefighters of State Military Department or Department of the Military - Responsibility for additional costs
Status: in_force

(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as civilian firefighters of the State Military Department or Department of the Military as of July 1, 1997, and of persons thereafter employed in those positions shall be treated as public safety member service if the position is one hundred percent (100%) federally funded. (b) The additional cost to the Arkansas Public Employees' Retirement System as computed by actuarial determination is the responsibility of the employer and is in addition to those costs required by § 24-2-701(c) . (c) Employment as a public safety member shall be credited at one and one-half (1½) times the regular rate for crediting service. (d) (1) A public safety member who purchases military service credit under § 24-2-502 shall be credited at the regular rate for credited service and not an enhanced rate. (2) A public safety member shall pay the same rate for the purchase of service credit from the system as a member of the system who is not a public safety member. Amended by Act 2019, No. 910,§ 5548, eff. 7/1/2019. Amended by Act 2017, No. 437,§ 1, eff. 8/1/2017. Acts 2011, No. 978, § 4.

(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as civilian firefighters of the State Military Department or Department of the Military as of July 1, 1997, and of persons thereafter employed in those positions shall be treated as public safety member service if the position is one hundred percent (100%) federally funded.

(b) The additional cost to the Arkansas Public Employees' Retirement System as computed by actuarial determination is the responsibility of the employer and is in addition to those costs required by § 24-2-701(c) .

(c) Employment as a public safety member shall be credited at one and one-half (1½) times the regular rate for crediting service.

(d) (1) A public safety member who purchases military service credit under § 24-2-502 shall be credited at the regular rate for credited service and not an enhanced rate. (2) A public safety member shall pay the same rate for the purchase of service credit from the system as a member of the system who is not a public safety member.

(1) A public safety member who purchases military service credit under § 24-2-502 shall be credited at the regular rate for credited service and not an enhanced rate.

(2) A public safety member shall pay the same rate for the purchase of service credit from the system as a member of the system who is not a public safety member.

Amended by Act 2019, No. 910,§ 5548, eff. 7/1/2019.

Amended by Act 2017, No. 437,§ 1, eff. 8/1/2017.

Acts 2011, No. 978, § 4.
Ark. Code Ann. § 24-9-209 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-209
Listing of securities
Status: in_force

(a) The board shall maintain a detailed listing of all securities owned by the trust. (b) Purchases and sales of securities shall be by official board action documented in the board minutes. Acts 1973, No. 282, § 9; A.S.A. 1947, § 13-2109.

(a) The board shall maintain a detailed listing of all securities owned by the trust.

(b) Purchases and sales of securities shall be by official board action documented in the board minutes.

Acts 1973, No. 282, § 9; A.S.A. 1947, § 13-2109.
Ark. Code Ann. § 24-6-505 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-505
Benefits - Rate of return
Status: in_force

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan: (1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and (2) (A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than five percent (5%) nor less than one percent (1%) per annum as determined by the board from time to time as promulgated by rule. (B) The interest shall be credited to the individual plan account balance of the participant on an annual basis. Acts 2009, No. 1242, § 4.

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:

(1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and

(2) (A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than five percent (5%) nor less than one percent (1%) per annum as determined by the board from time to time as promulgated by rule. (B) The interest shall be credited to the individual plan account balance of the participant on an annual basis.

(A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than five percent (5%) nor less than one percent (1%) per annum as determined by the board from time to time as promulgated by rule.

(B) The interest shall be credited to the individual plan account balance of the participant on an annual basis.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-6-507 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-507
Duration
Status: in_force

(a) The duration of participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years. (b) At the conclusion of a state police officer's participation in the plan, the state police officer shall: (1) Terminate employment with the Division of Arkansas State Police; and (2) Start receiving his or her accrued monthly retirement benefit from the State Police Retirement System. Acts 2009, No. 1242, § 4.

(a) The duration of participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years.

(b) At the conclusion of a state police officer's participation in the plan, the state police officer shall: (1) Terminate employment with the Division of Arkansas State Police; and (2) Start receiving his or her accrued monthly retirement benefit from the State Police Retirement System.

(1) Terminate employment with the Division of Arkansas State Police; and

(2) Start receiving his or her accrued monthly retirement benefit from the State Police Retirement System.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-8-504 — AR Code / Title 24 / Chapter 8 / Subchapter 5 / Section 24-8-504
Clerks of city court
Status: in_force

(a) Any clerk of a city court established in any county, appointed by the judges thereof, may be entitled to the benefits prescribed in this section for such clerks. (b) (1) Any clerk of a city court to which this section applies, appointed by the judges of the court, who shall attain sixty (60) years of age and who shall have served in office as clerk for at least ten (10) years, or who shall have served in office for at least twenty (20) years, irrespective of age, may be eligible to receive retirement benefits provided by this section. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall 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 resignation, retirement, or succession in office. (c) Upon the approval of the governing body of the city and following a determination of the actuarial soundness of the fund from which the benefits shall be paid, any court clerk of a city court who upon reaching sixty-eight (68) years of age will have served for a minimum of seven (7) years immediately prior to severance from employment may retire with a reduced benefit in an amount equal to seven-tenths (7/10) of the benefit payable under this section. (d) The city council or board of directors of each city of the second class may elect by ordinance to establish the retirement system for city court clerks authorized by this section. Acts 1991, No. 40, § 1.

(a) Any clerk of a city court established in any county, appointed by the judges thereof, may be entitled to the benefits prescribed in this section for such clerks.

(b) (1) Any clerk of a city court to which this section applies, appointed by the judges of the court, who shall attain sixty (60) years of age and who shall have served in office as clerk for at least ten (10) years, or who shall have served in office for at least twenty (20) years, irrespective of age, may be eligible to receive retirement benefits provided by this section. (2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall 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 resignation, retirement, or succession in office.

(1) Any clerk of a city court to which this section applies, appointed by the judges of the court, who shall attain sixty (60) years of age and who shall have served in office as clerk for at least ten (10) years, or who shall have served in office for at least twenty (20) years, irrespective of age, may be eligible to receive retirement benefits provided by this section.

(2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall 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 resignation, retirement, or succession in office.

(c) Upon the approval of the governing body of the city and following a determination of the actuarial soundness of the fund from which the benefits shall be paid, any court clerk of a city court who upon reaching sixty-eight (68) years of age will have served for a minimum of seven (7) years immediately prior to severance from employment may retire with a reduced benefit in an amount equal to seven-tenths (7/10) of the benefit payable under this section.

(d) The city council or board of directors of each city of the second class may elect by ordinance to establish the retirement system for city court clerks authorized by this section.

Acts 1991, No. 40, § 1.
Ark. Code Ann. § 24-6-202 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-202
Penalty
Status: in_force

(a) Any person who knowingly makes any false statements or who falsifies or permits to be falsified any records of the State Police Retirement System or the Division of Arkansas State Police in an attempt to defraud the system as the result of that act shall be guilty of a misdemeanor. (b) Upon conviction by a court, that person shall be guilty of a Class A misdemeanor. Acts 1951, No. 311, § 8; 1959, No. 484, § 8; A.S.A. 1947, § 42-458; Acts 2005, No. 1994, § 364.

(a) Any person who knowingly makes any false statements or who falsifies or permits to be falsified any records of the State Police Retirement System or the Division of Arkansas State Police in an attempt to defraud the system as the result of that act shall be guilty of a misdemeanor.

(b) Upon conviction by a court, that person shall be guilty of a Class A misdemeanor.

Acts 1951, No. 311, § 8; 1959, No. 484, § 8; A.S.A. 1947, § 42-458; Acts 2005, No. 1994, § 364.
Ark. Code Ann. § 24-12-132 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-132
Health benefits for retired municipal employees and officials
Status: in_force

(a) A retired employee or official may participate in the healthcare plan of the municipality from which he or she retired if he or she: (1) Is receiving a retirement benefit from the Arkansas Local Police and Fire Retirement System, Arkansas Public Employees' Retirement System, or a local pension fund; (2) Pays both the employer and the employee contribution to the healthcare plan; (3) Is not covered at any time during retirement by another healthcare plan; and (4) Notifies his or her employer within thirty (30) days after the official date of retirement of his or her intent to participate in the healthcare plan of the municipality. (b) A retired employee or official who participates in a municipality's healthcare plan under subsection (a) of this section may include his or her dependents in the retiree's healthcare plan if the retired employee or official pays both the employer and employee contribution to the healthcare plan for his or her dependents. (c) Each municipality may choose to pay any portion of the employer and employee contributions to the municipality's healthcare plan so long as each retired official and each retired employee of the municipality from which he or she retired is treated equally with regard to the dollar amounts that are paid by the municipality toward healthcare coverage of each retiree. (d) The retired municipal official or retired municipal employee shall pay the amount of the healthcare premium that is not paid by the employer. (e) Each municipality shall by policy or ordinance establish the criteria for eligibility as a retiree under this section. Acts 2009, No. 1279, § 1.

(a) A retired employee or official may participate in the healthcare plan of the municipality from which he or she retired if he or she: (1) Is receiving a retirement benefit from the Arkansas Local Police and Fire Retirement System, Arkansas Public Employees' Retirement System, or a local pension fund; (2) Pays both the employer and the employee contribution to the healthcare plan; (3) Is not covered at any time during retirement by another healthcare plan; and (4) Notifies his or her employer within thirty (30) days after the official date of retirement of his or her intent to participate in the healthcare plan of the municipality.

(1) Is receiving a retirement benefit from the Arkansas Local Police and Fire Retirement System, Arkansas Public Employees' Retirement System, or a local pension fund;

(2) Pays both the employer and the employee contribution to the healthcare plan;

(3) Is not covered at any time during retirement by another healthcare plan; and

(4) Notifies his or her employer within thirty (30) days after the official date of retirement of his or her intent to participate in the healthcare plan of the municipality.

(b) A retired employee or official who participates in a municipality's healthcare plan under subsection (a) of this section may include his or her dependents in the retiree's healthcare plan if the retired employee or official pays both the employer and employee contribution to the healthcare plan for his or her dependents.

(c) Each municipality may choose to pay any portion of the employer and employee contributions to the municipality's healthcare plan so long as each retired official and each retired employee of the municipality from which he or she retired is treated equally with regard to the dollar amounts that are paid by the municipality toward healthcare coverage of each retiree.

(d) The retired municipal official or retired municipal employee shall pay the amount of the healthcare premium that is not paid by the employer.

(e) Each municipality shall by policy or ordinance establish the criteria for eligibility as a retiree under this section.

Acts 2009, No. 1279, § 1.
Ark. Code Ann. § 24-7-1312 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1312
Federal taxation
Status: in_force

(a) The Teacher Deferred Retirement Option Plan is intended to operate in accordance with 26 U.S.C. § 415 and other applicable sections of the Internal Revenue Code in a manner that protects the tax-qualified status of the system. (b) Any provision of the plan that is found to be in conflict with an applicable provision of the Internal Revenue Code is hereby declared null and void. Amended by Act 2015, No. 301,§ 10, eff. 3/4/2015. Acts 1995, No. 1096, § 2.

(a) The Teacher Deferred Retirement Option Plan is intended to operate in accordance with 26 U.S.C. § 415 and other applicable sections of the Internal Revenue Code in a manner that protects the tax-qualified status of the system.

(b) Any provision of the plan that is found to be in conflict with an applicable provision of the Internal Revenue Code is hereby declared null and void.

Amended by Act 2015, No. 301,§ 10, eff. 3/4/2015.

Acts 1995, No. 1096, § 2.
Ark. Code Ann. § 24-7-210 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-210
Federal taxation
Status: in_force

(a) The Executive Director of the Arkansas Teacher Retirement System is authorized and directed to operate the Arkansas Teacher Retirement System and interpret any provisions of § 24-7-101 et seq. consistent with the requirements under the Internal Revenue Code and applicable United States Department of the Treasury regulations necessary to permit the system to be operated as a "qualified trust" under Internal Revenue Code, 26 U.S.C. § 401(a) . (b) Notwithstanding any language to the contrary set forth in this chapter, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to promulgate rules consistent with these directions. (c) Any rule promulgated under this section that is found to be in conflict with an applicable provision of the code is null and void. Amended by Act 2019, No. 315,§ 2885, eff. 7/24/2019. Acts 2001, No. 155, § 2; 2005, No. 71, § 2.

(a) The Executive Director of the Arkansas Teacher Retirement System is authorized and directed to operate the Arkansas Teacher Retirement System and interpret any provisions of § 24-7-101 et seq. consistent with the requirements under the Internal Revenue Code and applicable United States Department of the Treasury regulations necessary to permit the system to be operated as a "qualified trust" under Internal Revenue Code, 26 U.S.C. § 401(a) .

(b) Notwithstanding any language to the contrary set forth in this chapter, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to promulgate rules consistent with these directions.

(c) Any rule promulgated under this section that is found to be in conflict with an applicable provision of the code is null and void.

Amended by Act 2019, No. 315,§ 2885, eff. 7/24/2019.

Acts 2001, No. 155, § 2; 2005, No. 71, § 2.
Ark. Code Ann. § 24-12-202 — AR Code / Title 24 / Chapter 12 / Subchapter 2 / Section 24-12-202
Authority to employ investment advisor - Investment policy
Status: in_force

(a) A board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written board investment policy, provided that the governing body of the city declares such services professional services under § 19-11-806 [repealed], and subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems as set forth in §§ 24-2-610 - 24-2-619 . (b) The investment policy shall not limit the investments to interest-bearing bonds. Acts 1999, No. 50, § 2; 1999, No. 332, § 2.

(a) A board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written board investment policy, provided that the governing body of the city declares such services professional services under § 19-11-806 [repealed], and subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems as set forth in §§ 24-2-610 - 24-2-619 .

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

Acts 1999, No. 50, § 2; 1999, No. 332, § 2.
Ark. Code Ann. § 24-5-132 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-132
Limitation on benefit enhancement of Acts 1997, No. 1067
Status: in_force

No benefit enhancement provided for by § 24-5-118 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-118 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 1067, § 2.

No benefit enhancement provided for by § 24-5-118 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-118 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 1067, § 2.
Ark. Code Ann. § 24-4-806 — AR Code / Title 24 / Chapter 4 / Subchapter 8 / Section 24-4-806
Limitation on benefit enhancement
Status: in_force

(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liabilty is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 1052, § 6.

(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liabilty is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 1052, § 6.
Ark. Code Ann. § 24-7-1314 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1314
[Repealed]
Status: repealed

Amended by Act 2019, No. 315,§ 2892, eff. 7/24/2019. Repealed by Act 2019, No. 296,§ 2, eff. 7/1/2019. Amended by Act 2017, No. 750,§ 2, eff. 3/30/2017. Acts 1999, No. 1590, § 1; 2005, No. 188, § 4.

Amended by Act 2019, No. 315,§ 2892, eff. 7/24/2019.

Repealed by Act 2019, No. 296,§ 2, eff. 7/1/2019.

Amended by Act 2017, No. 750,§ 2, eff. 3/30/2017.

Acts 1999, No. 1590, § 1; 2005, No. 188, § 4.
Ark. Code Ann. § 24-7-808 — AR Code / Title 24 / Chapter 7 / Subchapter 8 / Section 24-7-808
Contributions
Status: in_force

(a) (1) Any college or university which elects to establish and maintain an alternate retirement plan, and the Arkansas Higher Education Coordinating Board if it so elects, shall contribute to that plan on behalf of each staff member who elects to participate in the alternate retirement plan, or employee of the Division of Higher Education, six percent (6%) of his or her total regular compensation during the continuance of his or her employment. (2) Each staff member who elects to participate in the alternate retirement plan, or division employee, at the discretion of the college or university, shall also contribute thereto six percent (6%) of his or her total regular compensation. (b) (1) At its discretion, the division, college, or university may contribute a minimum of an additional four percent (4%) of the staff member's total regular compensation. (2) The division, college, or university may contribute an amount so that the percentage rate in subdivision (a)(1) of this section plus the additional rate in subdivision (b)(1) of this section equals the total employer contribution rate under the Arkansas Teacher Retirement System if the college or university determines that sufficient funds are available to pay that contribution rate. (3) Each staff member may be required to match that additional contribution by contributing a percentage of his or her total regular compensation as determined by the division, college, or university. (c) In addition to the contributions defined in subsections (a) and (b) of this section, the division or any college or university which elects to establish and maintain an alternate retirement plan may permit a newly eligible employee who elects to establish and maintain an alternate retirement plan and may permit a newly eligible employee who elects to participate in an alternate retirement plan to make incremental increases in plan contributions to reach the required contribution level by completion of the fourth year of participation in the alternate retirement plan. (d) Payment of contributions authorized by this section shall be made by the disbursing officer of the college or university and by the state official charged with the duty of paying salaries to division employees to the designated companies in accordance with the provisions of this section. Amended by Act 2019, No. 910,§ 2377, eff. 7/1/2019. Acts 1967, No. 436, § 5; 1969, No. 232, § 2; 1969, No. 622, § 2; 1979, No. 726, § 1; A.S.A. 1947, § 80-1461; Acts 1991, No. 511, § 6; 2001, No. 765, § 2; 2005, No. 1287, § 1.

(a) (1) Any college or university which elects to establish and maintain an alternate retirement plan, and the Arkansas Higher Education Coordinating Board if it so elects, shall contribute to that plan on behalf of each staff member who elects to participate in the alternate retirement plan, or employee of the Division of Higher Education, six percent (6%) of his or her total regular compensation during the continuance of his or her employment. (2) Each staff member who elects to participate in the alternate retirement plan, or division employee, at the discretion of the college or university, shall also contribute thereto six percent (6%) of his or her total regular compensation.

(1) Any college or university which elects to establish and maintain an alternate retirement plan, and the Arkansas Higher Education Coordinating Board if it so elects, shall contribute to that plan on behalf of each staff member who elects to participate in the alternate retirement plan, or employee of the Division of Higher Education, six percent (6%) of his or her total regular compensation during the continuance of his or her employment.

(2) Each staff member who elects to participate in the alternate retirement plan, or division employee, at the discretion of the college or university, shall also contribute thereto six percent (6%) of his or her total regular compensation.

(b) (1) At its discretion, the division, college, or university may contribute a minimum of an additional four percent (4%) of the staff member's total regular compensation. (2) The division, college, or university may contribute an amount so that the percentage rate in subdivision (a)(1) of this section plus the additional rate in subdivision (b)(1) of this section equals the total employer contribution rate under the Arkansas Teacher Retirement System if the college or university determines that sufficient funds are available to pay that contribution rate. (3) Each staff member may be required to match that additional contribution by contributing a percentage of his or her total regular compensation as determined by the division, college, or university.

(1) At its discretion, the division, college, or university may contribute a minimum of an additional four percent (4%) of the staff member's total regular compensation.

(2) The division, college, or university may contribute an amount so that the percentage rate in subdivision (a)(1) of this section plus the additional rate in subdivision (b)(1) of this section equals the total employer contribution rate under the Arkansas Teacher Retirement System if the college or university determines that sufficient funds are available to pay that contribution rate.

(3) Each staff member may be required to match that additional contribution by contributing a percentage of his or her total regular compensation as determined by the division, college, or university.

(c) In addition to the contributions defined in subsections (a) and (b) of this section, the division or any college or university which elects to establish and maintain an alternate retirement plan may permit a newly eligible employee who elects to establish and maintain an alternate retirement plan and may permit a newly eligible employee who elects to participate in an alternate retirement plan to make incremental increases in plan contributions to reach the required contribution level by completion of the fourth year of participation in the alternate retirement plan.

(d) Payment of contributions authorized by this section shall be made by the disbursing officer of the college or university and by the state official charged with the duty of paying salaries to division employees to the designated companies in accordance with the provisions of this section.

Amended by Act 2019, No. 910,§ 2377, eff. 7/1/2019.

Acts 1967, No. 436, § 5; 1969, No. 232, § 2; 1969, No. 622, § 2; 1979, No. 726, § 1; A.S.A. 1947, § 80-1461; Acts 1991, No. 511, § 6; 2001, No. 765, § 2; 2005, No. 1287, § 1.
Ark. Code Ann. § 24-7-718 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-718
Minimum financial conditions for benefit increases
Status: in_force

(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%). (b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions. (c) (1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met. (2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1) . Amended by Act 2019, No. 427,§ 15, eff. 7/1/2019. Acts 1991, No. 44, § 4; 2009, No. 468, § 22.

(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).

(b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.

(c) (1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met. (2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1) .

(1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met.

(2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1) .

Amended by Act 2019, No. 427,§ 15, eff. 7/1/2019.

Acts 1991, No. 44, § 4; 2009, No. 468, § 22.
Ark. Code Ann. § 24-10-301 — AR Code / Title 24 / Chapter 10 / Subchapter 3 / Section 24-10-301
Generally
Status: in_force

(a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons: (1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system and not be a member of the relief fund; (2) If his or her employer had its police officers covered by a relief fund on the operative date, each person first employed as a police officer on or after the operative date shall become a member of this system and not be a member of the relief fund; (3) If his or her employer did not have its firefighters covered by a relief fund on the operative date, all persons employed as firefighters on the date the employer covers firefighters under this subchapter shall become members of the system as of that date, and each person first employed as a firefighter thereafter shall become a member upon employment; (4) If his or her employer did not have its police officers covered by a relief fund on the operative date, all persons employed as police officers on the date the employer covers police officers under this subchapter shall become members of the system as of that date, and each person first employed as a police officer thereafter shall become a member upon employment; (5) The administrative staff of the Arkansas Local Police and Fire Retirement System; and (6) A current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System employed as an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013. (b) In any case of question as to the system membership status of any person, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall decide the question. (c) When covering a person first employed in paid service as a firefighter or police officer on or after July 1, 1985, the employer shall require an employment physical examination of the employee, under criteria established by the board. Amended by Act 2013, No. 522,§ 3, eff. 3/28/2013. Acts 1981, No. 364, § 3; 1985, No. 118, § 1; A.S.A. 1947, § 12-3803; Acts 1987, No. 357, § 5; 1993, No. 1203, § 1; 1995, No. 642, § 1; 2007, No. 294, § 3; 2007, No. 803, § 3.

(a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons: (1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system and not be a member of the relief fund; (2) If his or her employer had its police officers covered by a relief fund on the operative date, each person first employed as a police officer on or after the operative date shall become a member of this system and not be a member of the relief fund; (3) If his or her employer did not have its firefighters covered by a relief fund on the operative date, all persons employed as firefighters on the date the employer covers firefighters under this subchapter shall become members of the system as of that date, and each person first employed as a firefighter thereafter shall become a member upon employment; (4) If his or her employer did not have its police officers covered by a relief fund on the operative date, all persons employed as police officers on the date the employer covers police officers under this subchapter shall become members of the system as of that date, and each person first employed as a police officer thereafter shall become a member upon employment; (5) The administrative staff of the Arkansas Local Police and Fire Retirement System; and (6) A current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System employed as an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013.

(1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system and not be a member of the relief fund;

(2) If his or her employer had its police officers covered by a relief fund on the operative date, each person first employed as a police officer on or after the operative date shall become a member of this system and not be a member of the relief fund;

(3) If his or her employer did not have its firefighters covered by a relief fund on the operative date, all persons employed as firefighters on the date the employer covers firefighters under this subchapter shall become members of the system as of that date, and each person first employed as a firefighter thereafter shall become a member upon employment;

(4) If his or her employer did not have its police officers covered by a relief fund on the operative date, all persons employed as police officers on the date the employer covers police officers under this subchapter shall become members of the system as of that date, and each person first employed as a police officer thereafter shall become a member upon employment;

(5) The administrative staff of the Arkansas Local Police and Fire Retirement System; and

(6) A current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System employed as an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013.

(b) In any case of question as to the system membership status of any person, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall decide the question.

(c) When covering a person first employed in paid service as a firefighter or police officer on or after July 1, 1985, the employer shall require an employment physical examination of the employee, under criteria established by the board.

Amended by Act 2013, No. 522,§ 3, eff. 3/28/2013.

Acts 1981, No. 364, § 3; 1985, No. 118, § 1; A.S.A. 1947, § 12-3803; Acts 1987, No. 357, § 5; 1993, No. 1203, § 1; 1995, No. 642, § 1; 2007, No. 294, § 3; 2007, No. 803, § 3.
Ark. Code Ann. § 24-9-207 — AR Code / Title 24 / Chapter 9 / Subchapter 2 / Section 24-9-207
Registered securities
Status: in_force

(a) (1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities. (2) One (1) signature shall be that of the board treasurer and the other that of the chair of the board. (b) The securities are to be maintained in the office of the board of trustees or the trust department of a commercial firm normally engaged in providing trust services. (c) (1) Subsequent to the purchase of the securities, the board of trustees shall request confirmation directly from the issuing company of the registration of the securities. The confirmation shall be made by the board independently of the agent through whom the securities were purchased. (2) The board of trustees shall maintain copies of the confirmation letters as a part of its records. Acts 1973, No. 282, § 6; A.S.A. 1947, § 13-2106.

(a) (1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities. (2) One (1) signature shall be that of the board treasurer and the other that of the chair of the board.

(1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities.

(2) One (1) signature shall be that of the board treasurer and the other that of the chair of the board.

(b) The securities are to be maintained in the office of the board of trustees or the trust department of a commercial firm normally engaged in providing trust services.

(c) (1) Subsequent to the purchase of the securities, the board of trustees shall request confirmation directly from the issuing company of the registration of the securities. The confirmation shall be made by the board independently of the agent through whom the securities were purchased. (2) The board of trustees shall maintain copies of the confirmation letters as a part of its records.

(1) Subsequent to the purchase of the securities, the board of trustees shall request confirmation directly from the issuing company of the registration of the securities. The confirmation shall be made by the board independently of the agent through whom the securities were purchased.

(2) The board of trustees shall maintain copies of the confirmation letters as a part of its records.

Acts 1973, No. 282, § 6; A.S.A. 1947, § 13-2106.
Ark. Code Ann. § 24-12-126 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-126
Participation in Arkansas Public Employees' Retirement System by certain city or utility managers
Status: in_force

(a) The city or utility manager of any municipality in this state having a city manager form of government and a population of fewer than fifty thousand (50,000) inhabitants, according to the most recent federal decennial census, at his or her option may be included in or excluded from membership in the Municipal Division of the Arkansas Public Employees' Retirement System. (b) If any such city or utility manager shall elect not to be covered by the Municipal Division, a statement in writing to that effect shall be filed with the city manager board of the city, and a copy thereof shall be furnished to the Director of the Arkansas Public Employees' Retirement System. Acts 1985, No. 596, § 1; A.S.A. 1947, § 19-739.

(a) The city or utility manager of any municipality in this state having a city manager form of government and a population of fewer than fifty thousand (50,000) inhabitants, according to the most recent federal decennial census, at his or her option may be included in or excluded from membership in the Municipal Division of the Arkansas Public Employees' Retirement System.

(b) If any such city or utility manager shall elect not to be covered by the Municipal Division, a statement in writing to that effect shall be filed with the city manager board of the city, and a copy thereof shall be furnished to the Director of the Arkansas Public Employees' Retirement System.

Acts 1985, No. 596, § 1; A.S.A. 1947, § 19-739.
Ark. Code Ann. § 24-5-203 — AR Code / Title 24 / Chapter 5 / Subchapter 2 / Section 24-5-203
Limitation on benefit enhancement
Status: in_force

(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented by any publicly supported retirement system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 1073, § 3.

(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented by any publicly supported retirement system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 1073, § 3.
Ark. Code Ann. § 24-7-302 — AR Code / Title 24 / Chapter 7 / Subchapter 3 / Section 24-7-302
Term of office and vacancies
Status: in_force

(a) (1) The term of office of each member-elected trustee shall be six (6) years. (2) (A) (i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer. (ii) A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection. (B) A retiree trustee is ineligible to serve after becoming active. (b) (1) (A) If any member trustee fails to attend three (3) consecutive regular meetings of the Board of Trustees of the Arkansas Teacher Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, the member trustee shall be considered to have resigned from the board, and the board shall by resolution declare his or her office of trustee vacated. (B) A regular meeting of the board shall include one (1) or more days of official business to be considered by the board. (2) If a vacancy occurs in the office of an elected trustee, the board by majority vote may fill the vacancy by: (A) A special election; or (B) Appointment of a trustee until the next system election. (c) The board shall adopt its own rules pertaining to attendance and vacancies as provided in subsection (b) of this section. Amended by Act 2023, No. 107,§ 22, eff. 7/1/2023. Amended by Act 2015, No. 301,§ 3, eff. 3/4/2015. Acts 1973, No. 427, § 3; 1983, No. 126, § 2; A.S.A. 1947, § 80-1438; Acts 1991, No. 43, § 1; 1997, No. 418, § 2; 2001, No. 156, § 1; 2003, No. 196, § 1; 2009, No. 468, § 3; 2011, No. 975, § 1.

(a) (1) The term of office of each member-elected trustee shall be six (6) years. (2) (A) (i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer. (ii) A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection. (B) A retiree trustee is ineligible to serve after becoming active.

(1) The term of office of each member-elected trustee shall be six (6) years.

(2) (A) (i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer. (ii) A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection. (B) A retiree trustee is ineligible to serve after becoming active.

(A) (i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer. (ii) A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection.

(i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer.

(ii) A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection.

(B) A retiree trustee is ineligible to serve after becoming active.

(b) (1) (A) If any member trustee fails to attend three (3) consecutive regular meetings of the Board of Trustees of the Arkansas Teacher Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, the member trustee shall be considered to have resigned from the board, and the board shall by resolution declare his or her office of trustee vacated. (B) A regular meeting of the board shall include one (1) or more days of official business to be considered by the board. (2) If a vacancy occurs in the office of an elected trustee, the board by majority vote may fill the vacancy by: (A) A special election; or (B) Appointment of a trustee until the next system election.

(1) (A) If any member trustee fails to attend three (3) consecutive regular meetings of the Board of Trustees of the Arkansas Teacher Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, the member trustee shall be considered to have resigned from the board, and the board shall by resolution declare his or her office of trustee vacated. (B) A regular meeting of the board shall include one (1) or more days of official business to be considered by the board.

(A) If any member trustee fails to attend three (3) consecutive regular meetings of the Board of Trustees of the Arkansas Teacher Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, the member trustee shall be considered to have resigned from the board, and the board shall by resolution declare his or her office of trustee vacated.

(B) A regular meeting of the board shall include one (1) or more days of official business to be considered by the board.

(2) If a vacancy occurs in the office of an elected trustee, the board by majority vote may fill the vacancy by: (A) A special election; or (B) Appointment of a trustee until the next system election.

(A) A special election; or

(B) Appointment of a trustee until the next system election.

(c) The board shall adopt its own rules pertaining to attendance and vacancies as provided in subsection (b) of this section.

Amended by Act 2023, No. 107,§ 22, eff. 7/1/2023.

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

Acts 1973, No. 427, § 3; 1983, No. 126, § 2; A.S.A. 1947, § 80-1438; Acts 1991, No. 43, § 1; 1997, No. 418, § 2; 2001, No. 156, § 1; 2003, No. 196, § 1; 2009, No. 468, § 3; 2011, No. 975, § 1.
Ark. Code Ann. § 24-10-612 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-612
Redetermination of benefits
Status: in_force

(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year. (b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (c) (1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009. (2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of: (A) The benefit calculated under § 24-10-602 , as in effect on July 1, 2009, using the member's final average salary at retirement; or (B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section. (3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter. (4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1995, No. 1267, § 1; 1997, No. 289, § 1; 2003, No. 475, § 1; 2009, No. 720, § 5; 2009, No. 1316, § 2.

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

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

(c) (1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009. (2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of: (A) The benefit calculated under § 24-10-602 , as in effect on July 1, 2009, using the member's final average salary at retirement; or (B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section. (3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter. (4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.

(1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.

(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of: (A) The benefit calculated under § 24-10-602 , as in effect on July 1, 2009, using the member's final average salary at retirement; or (B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.

(A) The benefit calculated under § 24-10-602 , as in effect on July 1, 2009, using the member's final average salary at retirement; or

(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.

(3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.

(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805; Acts 1995, No. 1267, § 1; 1997, No. 289, § 1; 2003, No. 475, § 1; 2009, No. 720, § 5; 2009, No. 1316, § 2.
Ark. Code Ann. § 24-4-213 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-213
Socially responsible investments
Status: in_force

A decision on whether to invest, not invest, or withdraw from investment the funds of the Arkansas Public Employees' Retirement System shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Added by Act 2017, No. 770,§ 1, eff. 8/1/2017.

A decision on whether to invest, not invest, or withdraw from investment the funds of the Arkansas Public Employees' Retirement System shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Added by Act 2017, No. 770,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 24-8-404 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-404
Entitlement to benefits generally
Status: in_force

Any judge of a municipal court or county municipal court, licensed to practice law, established in any county having a population of one hundred fifty thousand (150,000) or more, according to the most recent federal census, in which county there are two (2) or more municipal courts, and any clerk of such a municipal court appointed by the judges thereof shall be entitled to the benefits established by this subchapter. Acts 1965, No. 19, § 1; 1969, No. 102, § 1; A.S.A. 1947, § 22-941; Acts 1993, No. 585, § 4; 1993, No. 586, § 1.

Any judge of a municipal court or county municipal court, licensed to practice law, established in any county having a population of one hundred fifty thousand (150,000) or more, according to the most recent federal census, in which county there are two (2) or more municipal courts, and any clerk of such a municipal court appointed by the judges thereof shall be entitled to the benefits established by this subchapter.

Acts 1965, No. 19, § 1; 1969, No. 102, § 1; A.S.A. 1947, § 22-941; Acts 1993, No. 585, § 4; 1993, No. 586, § 1.
Ark. Code Ann. § 24-12-108 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-108
Deposit of moneys
Status: in_force

The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank. Acts 1949, No. 147, § 14; A.S.A. 1947, § 19-935.

The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank.

Acts 1949, No. 147, § 14; A.S.A. 1947, § 19-935.
Ark. Code Ann. § 24-2-616 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-616
Investment costs - Limitations on investment authority
Status: in_force

(a) In investing and managing trust assets, trustees may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee. (b) Trustees may delegate investment functions to an agent that a prudent trustee of comparable skills could properly delegate as provided in § 24-2-618 . Acts 2001, No. 151, § 8.

(a) In investing and managing trust assets, trustees may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

(b) Trustees may delegate investment functions to an agent that a prudent trustee of comparable skills could properly delegate as provided in § 24-2-618 .

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-4-727 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-727
War Memorial Stadium Commission employees
Status: in_force

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by this chapter, all employees of the War Memorial Stadium Commission who are not members of, or eligible for membership in, some other state-supported retirement system other than Social Security. (b) (1) The effective date of membership of the employees in the Arkansas Public Employees' Retirement System shall be July 1, 1969. All the employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter. (2) Every such employee shall become a member of the Arkansas Public Employees' Retirement System as a condition of continuing or obtaining employment with the commission. (c) Any employee included within the membership of the Arkansas Public Employees' Retirement System pursuant to this section shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or as an employee of the commission, if the employee was so employed on July 1, 1957, and on July 1, 1969. (d) (1) (A) Any employee included within the membership of the Arkansas Public Employees' Retirement System by this section who was an employee of the commission on July 1, 1969, may apply for and receive current service credit for service rendered to the commission from July 1, 1957, to July 1, 1969. (B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, and at the rate of four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, that would have been paid had the employee been a member of the Arkansas Public Employees' Retirement System during that time. (2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1970. (e) The Department of Parks, Heritage, and Tourism on behalf of the commission shall pay into the fund such sums of money as are necessary to match the contributions of its employees in the same form and manner as other public employers and shall be subject to all the provisions of this chapter, to the same extent as other public employers. (f) (1) The payments received by the Arkansas Public Employees' Retirement System under subsection (e) of this section shall be credited to the applicable employers' accumulation account. (2) The employee payments shall be credited to the member's individual account in the members' deposit account. Amended by Act 2019, No. 910,§ 5700, eff. 7/1/2019. Amended by Act 2017, No. 269,§ 12, eff. 2/22/2017. Acts 1969, No. 125, §§ 1-6; A.S.A. 1947, §§ 12-2563 -- 12-2568; Acts 2001, No. 151, § 41.

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by this chapter, all employees of the War Memorial Stadium Commission who are not members of, or eligible for membership in, some other state-supported retirement system other than Social Security.

(b) (1) The effective date of membership of the employees in the Arkansas Public Employees' Retirement System shall be July 1, 1969. All the employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter. (2) Every such employee shall become a member of the Arkansas Public Employees' Retirement System as a condition of continuing or obtaining employment with the commission.

(1) The effective date of membership of the employees in the Arkansas Public Employees' Retirement System shall be July 1, 1969. All the employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in this chapter.

(2) Every such employee shall become a member of the Arkansas Public Employees' Retirement System as a condition of continuing or obtaining employment with the commission.

(c) Any employee included within the membership of the Arkansas Public Employees' Retirement System pursuant to this section shall be given credit for service rendered prior to July 1, 1957, as an employee of a public employer, as defined in § 24-4-101 , or as an employee of the commission, if the employee was so employed on July 1, 1957, and on July 1, 1969.

(d) (1) (A) Any employee included within the membership of the Arkansas Public Employees' Retirement System by this section who was an employee of the commission on July 1, 1969, may apply for and receive current service credit for service rendered to the commission from July 1, 1957, to July 1, 1969. (B) The employee shall receive credit only if the employee pays or causes to be paid to the Arkansas Public Employees' Retirement System Fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer from July 1, 1957, to July 1, 1967, and at the rate of four percent (4%) for the employee and five percent (5%) for the employer from July 1, 1967, to July 1, 1969, that would have been paid had the employee been a member of the Arkansas Public Employees' Retirement System during that time. (2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1970.

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

(A) Any employee included within the membership of the Arkansas Public Employees' Retirement System by this section who was an employee of the commission on July 1, 1969, may apply for and receive current service credit for service rendered to the commission from July 1, 1957, to July 1, 1969.

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

(2) Interest at the rate of four percent (4%) per annum compounded annually from July 1, 1957, shall be paid on all contributions, which shall be paid in full on or before July 1, 1970.

(e) The Department of Parks, Heritage, and Tourism on behalf of the commission shall pay into the fund such sums of money as are necessary to match the contributions of its employees in the same form and manner as other public employers and shall be subject to all the provisions of this chapter, to the same extent as other public employers.

(f) (1) The payments received by the Arkansas Public Employees' Retirement System under subsection (e) of this section shall be credited to the applicable employers' accumulation account. (2) The employee payments shall be credited to the member's individual account in the members' deposit account.

(1) The payments received by the Arkansas Public Employees' Retirement System under subsection (e) of this section shall be credited to the applicable employers' accumulation account.

(2) The employee payments shall be credited to the member's individual account in the members' deposit account.

Amended by Act 2019, No. 910,§ 5700, eff. 7/1/2019.

Amended by Act 2017, No. 269,§ 12, eff. 2/22/2017.

Acts 1969, No. 125, §§ 1-6; A.S.A. 1947, §§ 12-2563 -- 12-2568; Acts 2001, No. 151, § 41.
Ark. Code Ann. § 24-7-726 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-726
Computation of benefits based on contract salary
Status: in_force

If a person employed in a public school district of this state has received an actual salary reduced below the contract salary due to military service or other government service, the Arkansas Teacher Retirement System shall compute retirement benefits based upon the contract salary and not the reduced salary resulting from the military service or other government service, provided that the system receives the employee and employer contributions in effect at the time service is rendered, plus interest, on the difference between the actual salary and the contract salary. Acts 1999, No. 906, § 1.

If a person employed in a public school district of this state has received an actual salary reduced below the contract salary due to military service or other government service, the Arkansas Teacher Retirement System shall compute retirement benefits based upon the contract salary and not the reduced salary resulting from the military service or other government service, provided that the system receives the employee and employer contributions in effect at the time service is rendered, plus interest, on the difference between the actual salary and the contract salary.

Acts 1999, No. 906, § 1.
Ark. Code Ann. § 24-2-408 — AR Code / Title 24 / Chapter 2 / Subchapter 4 / Section 24-2-408
Concurrence prohibited
Status: in_force

In establishing credited service under this subchapter, persons who receive credited service pursuant to § 24-4-101(18)(B)(xiii) for dual full-time employment in the Arkansas Public Employees' Retirement System and the Arkansas Local Police and Fire Retirement System under the provisions of this act may count periods of credited service covering the same calendar time only one (1) time. Acts 2001, No. 764, § 2.

In establishing credited service under this subchapter, persons who receive credited service pursuant to § 24-4-101(18)(B)(xiii) for dual full-time employment in the Arkansas Public Employees' Retirement System and the Arkansas Local Police and Fire Retirement System under the provisions of this act may count periods of credited service covering the same calendar time only one (1) time.

Acts 2001, No. 764, § 2.
Ark. Code Ann. § 24-4-619 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-619
Increased benefits for persons retired before June 1, 1999
Status: in_force

In addition to the monthly retirement benefit increase provided in § 24-4-618 , each retirant and beneficiary of a retirant of the Arkansas Public Employees' Retirement System who retired on or before June 1, 1999, shall receive an increase in his or her monthly benefit of fifty dollars ($50.00). Acts 1999, No. 496, § 4.

In addition to the monthly retirement benefit increase provided in § 24-4-618 , each retirant and beneficiary of a retirant of the Arkansas Public Employees' Retirement System who retired on or before June 1, 1999, shall receive an increase in his or her monthly benefit of fifty dollars ($50.00).

Acts 1999, No. 496, § 4.
Ark. Code Ann. § 24-11-412 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-412
Report on condition of fund
Status: in_force

The board of trustees shall report to the council or city commission the condition of the pension fund on the first regular meeting in January of each year. Acts 1937, No. 250, § 15; Pope's Dig., § 9870; A.S.A. 1947, § 19-1815.

The board of trustees shall report to the council or city commission the condition of the pension fund on the first regular meeting in January of each year.

Acts 1937, No. 250, § 15; Pope's Dig., § 9870; A.S.A. 1947, § 19-1815.
Ark. Code Ann. § 24-12-131 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-131
Monthly benefit increase
Status: in_force

Any former mayor of a municipality having a population of not fewer than twenty-one thousand eight hundred (21,800) nor more than twenty-two thousand eight hundred (22,800) according to the 1990 Federal Decennial Census who is receiving a monthly retirement annuity of two hundred fifty dollars ($250) from a municipality shall receive an increase to three hundred dollars ($300) per month effective July 1, 1999. Thereafter, the municipality shall redetermine the amount of the monthly benefit each January 1. The redetermined amount shall be payable for the following twelve (12) calendar months. The redetermined amount shall be the amount of the benefit payable as of the immediately preceding December 1 increased by three percent (3%). Acts 1999, No. 1066, § 6.

Any former mayor of a municipality having a population of not fewer than twenty-one thousand eight hundred (21,800) nor more than twenty-two thousand eight hundred (22,800) according to the 1990 Federal Decennial Census who is receiving a monthly retirement annuity of two hundred fifty dollars ($250) from a municipality shall receive an increase to three hundred dollars ($300) per month effective July 1, 1999. Thereafter, the municipality shall redetermine the amount of the monthly benefit each January 1. The redetermined amount shall be payable for the following twelve (12) calendar months. The redetermined amount shall be the amount of the benefit payable as of the immediately preceding December 1 increased by three percent (3%).

Acts 1999, No. 1066, § 6.