Ark. Code Ann. § 24-11-405 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-405
Board of trustees
Status: in_force

(a) The board of trustees of the policemen's pension and relief fund shall consist of seven (7) members as follows: (1) The chief executive officer of the city, who shall be chair of the board; (2) The city treasurer, who shall be treasurer of the fund; (3) (A) (i) Five (5) active or retired members of the pension fund. (ii) (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years. (c) All member trustees shall serve two-year terms. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term. (iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits. (B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified. (C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section. (D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and (4) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members as follows: (A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of four (4) active members and one (1) retired member; (B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of three (3) active members and two (2) retired members; and (C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and four (4) retired members. (b) The police officer members of the board shall serve for a period of two (2) years or until their successors are elected and qualified. (c) The board shall have the absolute control and management of the funds provided for in this subchapter and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired members of the police department, their surviving spouses and minor children, or dependent parents solely dependent upon members for their support. (d) (1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for pension and relief under this subchapter. (2) All decisions upon applications shall be final and conclusive and not subject to review or reversal except by the board. (3) The board shall keep a record of all its meetings and proceedings. (e) (1) Each member of the board of trustees of the policemen's pension and relief fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the policemen's pension and relief fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received. (2) (A) Each member of the board of trustees of the policemen's pension and relief fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each member of the board of trustees of the policemen's pension and relief fund shall be collected by the board of trustees of the policemen's pension and relief fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification. Acts 1937, No. 250, §§ 3, 4; Pope's Dig., §§ 9858, 9859; Acts 1985, No. 390, § 1; A.S.A. 1947, §§ 19-1803, 19-1804; Acts 1987, No. 405, § 2; 1991, No. 365, § 1; 2003, No. 778, § 1; 2005, No. 386, § 1; 2005, No. 2094, § 3; Acts 2007, No. 611, § 1; 2007, No. 827, § 192; 2009, No. 260, § 1.

(a) The board of trustees of the policemen's pension and relief fund shall consist of seven (7) members as follows: (1) The chief executive officer of the city, who shall be chair of the board; (2) The city treasurer, who shall be treasurer of the fund; (3) (A) (i) Five (5) active or retired members of the pension fund. (ii) (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years. (c) All member trustees shall serve two-year terms. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term. (iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits. (B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified. (C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section. (D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and (4) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members as follows: (A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of four (4) active members and one (1) retired member; (B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of three (3) active members and two (2) retired members; and (C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and four (4) retired members.

(1) The chief executive officer of the city, who shall be chair of the board;

(2) The city treasurer, who shall be treasurer of the fund;

(3) (A) (i) Five (5) active or retired members of the pension fund. (ii) (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years. (c) All member trustees shall serve two-year terms. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term. (iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits. (B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified. (C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section. (D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and

(A) (i) Five (5) active or retired members of the pension fund. (ii) (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years. (c) All member trustees shall serve two-year terms. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term. (iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits.

(i) Five (5) active or retired members of the pension fund.

(ii) (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years. (c) All member trustees shall serve two-year terms. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term.

(a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years.

(b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years.

(c) All member trustees shall serve two-year terms.

(d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term.

(iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits.

(B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified.

(C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section.

(D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and

(4) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members as follows: (A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of four (4) active members and one (1) retired member; (B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of three (3) active members and two (2) retired members; and (C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and four (4) retired members.

(A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of four (4) active members and one (1) retired member;

(B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of three (3) active members and two (2) retired members; and

(C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and four (4) retired members.

(b) The police officer members of the board shall serve for a period of two (2) years or until their successors are elected and qualified.

(c) The board shall have the absolute control and management of the funds provided for in this subchapter and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired members of the police department, their surviving spouses and minor children, or dependent parents solely dependent upon members for their support.

(d) (1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for pension and relief under this subchapter. (2) All decisions upon applications shall be final and conclusive and not subject to review or reversal except by the board. (3) The board shall keep a record of all its meetings and proceedings.

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

(2) All decisions upon applications shall be final and conclusive and not subject to review or reversal except by the board.

(3) The board shall keep a record of all its meetings and proceedings.

(e) (1) Each member of the board of trustees of the policemen's pension and relief fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the policemen's pension and relief fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received. (2) (A) Each member of the board of trustees of the policemen's pension and relief fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each member of the board of trustees of the policemen's pension and relief fund shall be collected by the board of trustees of the policemen's pension and relief fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(1) Each member of the board of trustees of the policemen's pension and relief fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the policemen's pension and relief fund shall prepare an annual statement listing: (A) Each item received; (B) The estimated value of each item; and (C) From whom each item was received.

(A) Each item received;

(B) The estimated value of each item; and

(C) From whom each item was received.

(2) (A) Each member of the board of trustees of the policemen's pension and relief fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge. (B) (i) An annual statement and affidavit from each member of the board of trustees of the policemen's pension and relief fund shall be collected by the board of trustees of the policemen's pension and relief fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant. (C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(A) Each member of the board of trustees of the policemen's pension and relief fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge.

(B) (i) An annual statement and affidavit from each member of the board of trustees of the policemen's pension and relief fund shall be collected by the board of trustees of the policemen's pension and relief fund or the municipal treasurer. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant.

(i) An annual statement and affidavit from each member of the board of trustees of the policemen's pension and relief fund shall be collected by the board of trustees of the policemen's pension and relief fund or the municipal treasurer.

(ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State.

(iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant.

(C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed. (ii) Each plan's annual report shall not be considered complete without this certification.

(i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed.

(ii) Each plan's annual report shall not be considered complete without this certification.

Acts 1937, No. 250, §§ 3, 4; Pope's Dig., §§ 9858, 9859; Acts 1985, No. 390, § 1; A.S.A. 1947, §§ 19-1803, 19-1804; Acts 1987, No. 405, § 2; 1991, No. 365, § 1; 2003, No. 778, § 1; 2005, No. 386, § 1; 2005, No. 2094, § 3; Acts 2007, No. 611, § 1; 2007, No. 827, § 192; 2009, No. 260, § 1.
Ark. Code Ann. § 24-4-743 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-743
Intergovernmental Juvenile Detention Council employees
Status: in_force

(a) (1) Any full-time employee of the Intergovernmental Juvenile Detention Council of the Tenth Judicial District enrolled in the Arkansas Public Employees' Retirement System pursuant to this section who is a full-time employee of the council on the date his or her employer 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 council. (2) 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 employer contributions and employee contributions, if applicable, that would have been paid had the employee been a member of the system during that time, plus interest thereon at the rate directed by the Board of Trustees of the Arkansas Public Employees' Retirement System. (3) 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 shall prescribe from time to time. (b) The council 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 1997, No. 76, § 6.

(a) (1) Any full-time employee of the Intergovernmental Juvenile Detention Council of the Tenth Judicial District enrolled in the Arkansas Public Employees' Retirement System pursuant to this section who is a full-time employee of the council on the date his or her employer 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 council. (2) 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 employer contributions and employee contributions, if applicable, that would have been paid had the employee been a member of the system during that time, plus interest thereon at the rate directed by the Board of Trustees of the Arkansas Public Employees' Retirement System. (3) 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 shall prescribe from time to time.

(1) Any full-time employee of the Intergovernmental Juvenile Detention Council of the Tenth Judicial District enrolled in the Arkansas Public Employees' Retirement System pursuant to this section who is a full-time employee of the council on the date his or her employer 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 council.

(2) 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 employer contributions and employee contributions, if applicable, that would have been paid had the employee been a member of the system during that time, plus interest thereon at the rate directed by the Board of Trustees of the Arkansas Public Employees' Retirement System.

(3) 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 shall prescribe from time to time.

(b) The council 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 1997, No. 76, § 6.
Ark. Code Ann. § 24-11-825 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-825
Pensions for volunteer firefighters
Status: in_force

(a) Upon termination of volunteer firefighter service with all Arkansas fire departments, a firefighter whose covered volunteer employment has been with more than one (1) Arkansas fire department shall receive a pension based upon the volunteer service if all of the following conditions are satisfied: (1) His or her volunteer service with his or her last employing fire department was for five (5) or more consecutive years and ended with his or her retirement; (2) Previous volunteer service with each other fire department shall have been: (A) For five (5) or more consecutive years; (B) Covered by a local fire pension plan established by this subchapter; and (C) Requested in writing for service credit by the retiring firefighter; (3) Upon receipt of the request pursuant to subdivision (a)(2) of this section, each previous employing fire department shall certify the amount of the previous volunteer service to the local fire pension plan of the last employing fire department. The last local fire pension plan shall then cause to have performed at its expense an actuarial valuation to determine the single sum present value of the previous volunteer service being credited, based upon the benefit program the previous local fire pension plan had in effect at the time the firefighter terminated such previous service. The actuarial valuation shall be performed by the actuary of the Arkansas Fire and Police Pension Review Board. The dollar amount of the present value shall be promptly certified to the previous plan, which shall promptly pay that amount to the last pension plan; (4) No more than one (1) year of service shall be credited any firefighter for all covered employment rendered by him or her in any one (1) year, nor shall any firefighter be given credited service for any time he or she was not an active firefighter; (5) The firefighter shall cause to be transferred from each previous pension plan to the last pension plan the amount of his or her accumulated employee contributions with each previous pension plan; and (6) The total of all service to be credited as described in this subsection must be at least twenty (20) years. (b) The pension payable from the last pension plan shall be based upon the benefit program in effect for the last employing fire department. However, any pension fund that did not meet the actuarial standards for soundness as determined by the most recent actuarial valuation performed on the fund by the Arkansas Fire and Police Pension Review Board shall not transfer assets to another local pension fund for prior service of a former volunteer member, nor shall any volunteer member be given credited service time for which no transfer of assets is made. (c) Upon a member's termination of volunteer firefighter service with all Arkansas departments for a period of not less than ninety (90) days, the member may return to volunteer service with an employer covered by a firemen's relief and pension fund and may continue to draw the retiree's pension if the retiree desires to return to volunteer service with an employer covered by a pension fund and voluntarily agrees to sign a waiver to earning any further service credit in any firefighter-related pension fund. Acts 1987, No. 111, § 1; 2003, No. 1733, § 2.

(a) Upon termination of volunteer firefighter service with all Arkansas fire departments, a firefighter whose covered volunteer employment has been with more than one (1) Arkansas fire department shall receive a pension based upon the volunteer service if all of the following conditions are satisfied: (1) His or her volunteer service with his or her last employing fire department was for five (5) or more consecutive years and ended with his or her retirement; (2) Previous volunteer service with each other fire department shall have been: (A) For five (5) or more consecutive years; (B) Covered by a local fire pension plan established by this subchapter; and (C) Requested in writing for service credit by the retiring firefighter; (3) Upon receipt of the request pursuant to subdivision (a)(2) of this section, each previous employing fire department shall certify the amount of the previous volunteer service to the local fire pension plan of the last employing fire department. The last local fire pension plan shall then cause to have performed at its expense an actuarial valuation to determine the single sum present value of the previous volunteer service being credited, based upon the benefit program the previous local fire pension plan had in effect at the time the firefighter terminated such previous service. The actuarial valuation shall be performed by the actuary of the Arkansas Fire and Police Pension Review Board. The dollar amount of the present value shall be promptly certified to the previous plan, which shall promptly pay that amount to the last pension plan; (4) No more than one (1) year of service shall be credited any firefighter for all covered employment rendered by him or her in any one (1) year, nor shall any firefighter be given credited service for any time he or she was not an active firefighter; (5) The firefighter shall cause to be transferred from each previous pension plan to the last pension plan the amount of his or her accumulated employee contributions with each previous pension plan; and (6) The total of all service to be credited as described in this subsection must be at least twenty (20) years.

(1) His or her volunteer service with his or her last employing fire department was for five (5) or more consecutive years and ended with his or her retirement;

(2) Previous volunteer service with each other fire department shall have been: (A) For five (5) or more consecutive years; (B) Covered by a local fire pension plan established by this subchapter; and (C) Requested in writing for service credit by the retiring firefighter;

(A) For five (5) or more consecutive years;

(B) Covered by a local fire pension plan established by this subchapter; and

(C) Requested in writing for service credit by the retiring firefighter;

(3) Upon receipt of the request pursuant to subdivision (a)(2) of this section, each previous employing fire department shall certify the amount of the previous volunteer service to the local fire pension plan of the last employing fire department. The last local fire pension plan shall then cause to have performed at its expense an actuarial valuation to determine the single sum present value of the previous volunteer service being credited, based upon the benefit program the previous local fire pension plan had in effect at the time the firefighter terminated such previous service. The actuarial valuation shall be performed by the actuary of the Arkansas Fire and Police Pension Review Board. The dollar amount of the present value shall be promptly certified to the previous plan, which shall promptly pay that amount to the last pension plan;

(4) No more than one (1) year of service shall be credited any firefighter for all covered employment rendered by him or her in any one (1) year, nor shall any firefighter be given credited service for any time he or she was not an active firefighter;

(5) The firefighter shall cause to be transferred from each previous pension plan to the last pension plan the amount of his or her accumulated employee contributions with each previous pension plan; and

(6) The total of all service to be credited as described in this subsection must be at least twenty (20) years.

(b) The pension payable from the last pension plan shall be based upon the benefit program in effect for the last employing fire department. However, any pension fund that did not meet the actuarial standards for soundness as determined by the most recent actuarial valuation performed on the fund by the Arkansas Fire and Police Pension Review Board shall not transfer assets to another local pension fund for prior service of a former volunteer member, nor shall any volunteer member be given credited service time for which no transfer of assets is made.

(c) Upon a member's termination of volunteer firefighter service with all Arkansas departments for a period of not less than ninety (90) days, the member may return to volunteer service with an employer covered by a firemen's relief and pension fund and may continue to draw the retiree's pension if the retiree desires to return to volunteer service with an employer covered by a pension fund and voluntarily agrees to sign a waiver to earning any further service credit in any firefighter-related pension fund.

Acts 1987, No. 111, § 1; 2003, No. 1733, § 2.
Ark. Code Ann. § 24-2-619 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-619
Language invoking standard of subchapter
Status: in_force

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter: (1) "Investments permissible by law for investment of trust funds"; (2) "Legal investments"; (3) "Authorized investments"; (4) "Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital"; (5) "Prudent man rule"; (6) "Prudent trustee rule"; (7) "Prudent person rule"; and (8) "Prudent investor rule". Acts 2001, No. 151, § 8.

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter:

(1) "Investments permissible by law for investment of trust funds";

(2) "Legal investments";

(3) "Authorized investments";

(4) "Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital";

(5) "Prudent man rule";

(6) "Prudent trustee rule";

(7) "Prudent person rule"; and

(8) "Prudent investor rule".

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-12-130 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-130
Limitation on benefits provided by Acts 1997, No. 1098
Status: in_force

Nothing contained in § 24-12-129 should be interpreted to prevent a municipality from providing benefits contained in § 24-12-129 to retirees who are less than age fifty-five (55) or who have completed fewer than twenty (20) years of municipal service. Further, any person who qualified and participated in a municipal health care plan under § 24-12-129 shall continue to be eligible to participate in the health care plan after August 1, 1997. Acts 1997, No. 1098, § 2; 2001, No. 241, § 1.

Nothing contained in § 24-12-129 should be interpreted to prevent a municipality from providing benefits contained in § 24-12-129 to retirees who are less than age fifty-five (55) or who have completed fewer than twenty (20) years of municipal service. Further, any person who qualified and participated in a municipal health care plan under § 24-12-129 shall continue to be eligible to participate in the health care plan after August 1, 1997.

Acts 1997, No. 1098, § 2; 2001, No. 241, § 1.
Ark. Code Ann. § 24-7-501 — AR Code / Title 24 / Chapter 7 / Subchapter 5 / Section 24-7-501
Membership generally
Status: in_force

(a) The membership of the Arkansas Teacher Retirement System shall include the following persons: (1) All teachers who last began service on or after July 1, 1971, and whose service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security; (2) (A) All nonteachers who begin nonteaching service on or after July 1, 1989, and whose nonteaching service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security. (B) (i) All nonteachers who began nonteaching service before July 1, 1989, whose nonteaching service is covered or coverable by the Arkansas Public Employees' Retirement System shall continue to be covered by the Arkansas Public Employees' Retirement System for all nonteaching service, both past and future, unless the nonteacher elects to have the nonteaching service after July 1, 2001, covered by the Arkansas Teacher Retirement System under subdivision (a)(2)(C) of this section. (ii) These nonteachers who began service before July 1, 1989, shall be considered members of a closed system to be administered by the Arkansas Public Employees' Retirement System. (iii) The employer contribution rate for this closed system shall be established at a rate necessary to fund all present and future liabilities until such time as there are no longer members, retirees, or deferred annuitants. (C) (i) Beginning July 1, 2001, and each July 1 of each year thereafter, nonteachers who participate in the Arkansas Public Employees' Retirement System may elect to become members of the Arkansas Teacher Retirement System. (ii) Service credit while a member of the Arkansas Public Employees' Retirement System cannot be established in the Arkansas Teacher Retirement System. (iii) The election to withdraw from the Arkansas Public Employees' Retirement System and become a member of the Arkansas Teacher Retirement System shall be made by May 31, 2001, or by May 31 of each year thereafter, and notice of the election shall be made in writing and filed with the Arkansas Teacher Retirement System. (iv) The election to participate in the Arkansas Teacher Retirement System shall be irrevocable; and (3) (A) School resource officers who are qualified under this subdivision (a)(3) and elect to participate in the system on or after July 1, 2013. (B) To participate in the system: (i) A school resource officer paid indirectly by a system employer shall be: (a) A retiree of a reciprocal system; (b) An Arkansas-certified law enforcement officer; and (c) Employed primarily to provide services at a system employer; and (ii) A school resource officer paid indirectly by a system employer shall not: (a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and (b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer. (C) A school resource officer shall not receive retirement credit for the same service or salary in another public retirement system in Arkansas. (D) (i) A system employer may authorize a school resource officer who is indirectly paid by the system employer to participate as a member of the system by adopting a resolution. (ii) A resolution adopted by the system employer shall: (a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and (b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer. (iii) A school resource officer paid indirectly by a system employer is not eligible to participate as a system member unless the system employer explicitly authorizes such participation by resolution. (E) (i) The salary and service used to determine contributions and benefits in the system shall be based on the salary paid to the school resource officer for performing the services of a school resource officer for the system employer. (ii) If an employer reimburses another public entity for the payment of the school resource officer's salary and salary-related costs, the employer receiving the employment services of the school resource officer shall be the system employer for the purpose of system participation and not the direct public employer. (iii) If a system employer pays all or part of a school resource officer's salary indirectly by reimbursing a law enforcement agency in Arkansas, the system shall treat all salary indirectly paid by the system employer to the school resource officer as if it had been paid by the system employer directly. (F) If a school resource officer becomes a member of the system and his or her salary is paid indirectly by a system employer, then the only employer contribution due on the salary shall be the employer contribution payable to the system. (G) Service as a school resource officer rendered before July 1, 2013, shall not be purchased. (b) (1) A person who has excluded himself or herself from membership before July 1, 1991, may rescind the exclusion by filing with the system a membership data form. (2) The rescission shall be effective July 1 of the fiscal year in which it is exercised. (3) At the direction of the person, the membership may be prospective only, or both prospective and retroactive. (4) (A) Before July 1, 2011, for the membership to be retroactive, the member shall pay to the system both the member contributions and the employer contributions that would have been paid to the system if there had been no exclusion, plus interest from the effective date of the excluded service to the date of payment in full. (B) On or after July 1, 2011, excluded service may be established by paying the actuarial equivalent of the member's benefits to the system. (c) In any case of question as to the system membership status of any person, the Board of Trustees of the Arkansas Teacher Retirement System shall have the final power to decide the question. (d) (1) Membership in the system shall be a condition of employment under subsections (a) and (b) of this section. (2) However, except as provided in this section, individual members who are employed for less than one-fourth (¼) of a fiscal year under § 24-7-601 shall not be eligible for any credit or benefit in the system. Amended by Act 2023, No. 107,§ 26, eff. 7/1/2023. Amended by Act 2013, No. 449,§ 1, eff. 8/16/2013. Amended by Act 2013, No. 140,§ 3, eff. 8/16/2013. Acts 1973, No. 427, § 4; 1975, No. 549, § 2; 1977, No. 541, § 1; 1983, No. 619, § 3; 1983, No. 665, § 3; A.S.A. 1947, § 80-1439; Acts 1987, No. 314, § 1; 1989, No. 652, § 4; 1989, No. 653, § 2; 1991, No. 43, § 3; 1993, No. 1206, § 1; 2001, No. 742, § 1; 2007, No. 97, § 6; 2011, No. 69, § 11; 2011, No. 974, § 1.

(a) The membership of the Arkansas Teacher Retirement System shall include the following persons: (1) All teachers who last began service on or after July 1, 1971, and whose service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security; (2) (A) All nonteachers who begin nonteaching service on or after July 1, 1989, and whose nonteaching service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security. (B) (i) All nonteachers who began nonteaching service before July 1, 1989, whose nonteaching service is covered or coverable by the Arkansas Public Employees' Retirement System shall continue to be covered by the Arkansas Public Employees' Retirement System for all nonteaching service, both past and future, unless the nonteacher elects to have the nonteaching service after July 1, 2001, covered by the Arkansas Teacher Retirement System under subdivision (a)(2)(C) of this section. (ii) These nonteachers who began service before July 1, 1989, shall be considered members of a closed system to be administered by the Arkansas Public Employees' Retirement System. (iii) The employer contribution rate for this closed system shall be established at a rate necessary to fund all present and future liabilities until such time as there are no longer members, retirees, or deferred annuitants. (C) (i) Beginning July 1, 2001, and each July 1 of each year thereafter, nonteachers who participate in the Arkansas Public Employees' Retirement System may elect to become members of the Arkansas Teacher Retirement System. (ii) Service credit while a member of the Arkansas Public Employees' Retirement System cannot be established in the Arkansas Teacher Retirement System. (iii) The election to withdraw from the Arkansas Public Employees' Retirement System and become a member of the Arkansas Teacher Retirement System shall be made by May 31, 2001, or by May 31 of each year thereafter, and notice of the election shall be made in writing and filed with the Arkansas Teacher Retirement System. (iv) The election to participate in the Arkansas Teacher Retirement System shall be irrevocable; and (3) (A) School resource officers who are qualified under this subdivision (a)(3) and elect to participate in the system on or after July 1, 2013. (B) To participate in the system: (i) A school resource officer paid indirectly by a system employer shall be: (a) A retiree of a reciprocal system; (b) An Arkansas-certified law enforcement officer; and (c) Employed primarily to provide services at a system employer; and (ii) A school resource officer paid indirectly by a system employer shall not: (a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and (b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer. (C) A school resource officer shall not receive retirement credit for the same service or salary in another public retirement system in Arkansas. (D) (i) A system employer may authorize a school resource officer who is indirectly paid by the system employer to participate as a member of the system by adopting a resolution. (ii) A resolution adopted by the system employer shall: (a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and (b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer. (iii) A school resource officer paid indirectly by a system employer is not eligible to participate as a system member unless the system employer explicitly authorizes such participation by resolution. (E) (i) The salary and service used to determine contributions and benefits in the system shall be based on the salary paid to the school resource officer for performing the services of a school resource officer for the system employer. (ii) If an employer reimburses another public entity for the payment of the school resource officer's salary and salary-related costs, the employer receiving the employment services of the school resource officer shall be the system employer for the purpose of system participation and not the direct public employer. (iii) If a system employer pays all or part of a school resource officer's salary indirectly by reimbursing a law enforcement agency in Arkansas, the system shall treat all salary indirectly paid by the system employer to the school resource officer as if it had been paid by the system employer directly. (F) If a school resource officer becomes a member of the system and his or her salary is paid indirectly by a system employer, then the only employer contribution due on the salary shall be the employer contribution payable to the system. (G) Service as a school resource officer rendered before July 1, 2013, shall not be purchased.

(1) All teachers who last began service on or after July 1, 1971, and whose service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security;

(2) (A) All nonteachers who begin nonteaching service on or after July 1, 1989, and whose nonteaching service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security. (B) (i) All nonteachers who began nonteaching service before July 1, 1989, whose nonteaching service is covered or coverable by the Arkansas Public Employees' Retirement System shall continue to be covered by the Arkansas Public Employees' Retirement System for all nonteaching service, both past and future, unless the nonteacher elects to have the nonteaching service after July 1, 2001, covered by the Arkansas Teacher Retirement System under subdivision (a)(2)(C) of this section. (ii) These nonteachers who began service before July 1, 1989, shall be considered members of a closed system to be administered by the Arkansas Public Employees' Retirement System. (iii) The employer contribution rate for this closed system shall be established at a rate necessary to fund all present and future liabilities until such time as there are no longer members, retirees, or deferred annuitants. (C) (i) Beginning July 1, 2001, and each July 1 of each year thereafter, nonteachers who participate in the Arkansas Public Employees' Retirement System may elect to become members of the Arkansas Teacher Retirement System. (ii) Service credit while a member of the Arkansas Public Employees' Retirement System cannot be established in the Arkansas Teacher Retirement System. (iii) The election to withdraw from the Arkansas Public Employees' Retirement System and become a member of the Arkansas Teacher Retirement System shall be made by May 31, 2001, or by May 31 of each year thereafter, and notice of the election shall be made in writing and filed with the Arkansas Teacher Retirement System. (iv) The election to participate in the Arkansas Teacher Retirement System shall be irrevocable; and

(A) All nonteachers who begin nonteaching service on or after July 1, 1989, and whose nonteaching service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement System, except Social Security.

(B) (i) All nonteachers who began nonteaching service before July 1, 1989, whose nonteaching service is covered or coverable by the Arkansas Public Employees' Retirement System shall continue to be covered by the Arkansas Public Employees' Retirement System for all nonteaching service, both past and future, unless the nonteacher elects to have the nonteaching service after July 1, 2001, covered by the Arkansas Teacher Retirement System under subdivision (a)(2)(C) of this section. (ii) These nonteachers who began service before July 1, 1989, shall be considered members of a closed system to be administered by the Arkansas Public Employees' Retirement System. (iii) The employer contribution rate for this closed system shall be established at a rate necessary to fund all present and future liabilities until such time as there are no longer members, retirees, or deferred annuitants.

(i) All nonteachers who began nonteaching service before July 1, 1989, whose nonteaching service is covered or coverable by the Arkansas Public Employees' Retirement System shall continue to be covered by the Arkansas Public Employees' Retirement System for all nonteaching service, both past and future, unless the nonteacher elects to have the nonteaching service after July 1, 2001, covered by the Arkansas Teacher Retirement System under subdivision (a)(2)(C) of this section.

(ii) These nonteachers who began service before July 1, 1989, shall be considered members of a closed system to be administered by the Arkansas Public Employees' Retirement System.

(iii) The employer contribution rate for this closed system shall be established at a rate necessary to fund all present and future liabilities until such time as there are no longer members, retirees, or deferred annuitants.

(C) (i) Beginning July 1, 2001, and each July 1 of each year thereafter, nonteachers who participate in the Arkansas Public Employees' Retirement System may elect to become members of the Arkansas Teacher Retirement System. (ii) Service credit while a member of the Arkansas Public Employees' Retirement System cannot be established in the Arkansas Teacher Retirement System. (iii) The election to withdraw from the Arkansas Public Employees' Retirement System and become a member of the Arkansas Teacher Retirement System shall be made by May 31, 2001, or by May 31 of each year thereafter, and notice of the election shall be made in writing and filed with the Arkansas Teacher Retirement System. (iv) The election to participate in the Arkansas Teacher Retirement System shall be irrevocable; and

(i) Beginning July 1, 2001, and each July 1 of each year thereafter, nonteachers who participate in the Arkansas Public Employees' Retirement System may elect to become members of the Arkansas Teacher Retirement System.

(ii) Service credit while a member of the Arkansas Public Employees' Retirement System cannot be established in the Arkansas Teacher Retirement System.

(iii) The election to withdraw from the Arkansas Public Employees' Retirement System and become a member of the Arkansas Teacher Retirement System shall be made by May 31, 2001, or by May 31 of each year thereafter, and notice of the election shall be made in writing and filed with the Arkansas Teacher Retirement System.

(iv) The election to participate in the Arkansas Teacher Retirement System shall be irrevocable; and

(3) (A) School resource officers who are qualified under this subdivision (a)(3) and elect to participate in the system on or after July 1, 2013. (B) To participate in the system: (i) A school resource officer paid indirectly by a system employer shall be: (a) A retiree of a reciprocal system; (b) An Arkansas-certified law enforcement officer; and (c) Employed primarily to provide services at a system employer; and (ii) A school resource officer paid indirectly by a system employer shall not: (a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and (b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer. (C) A school resource officer shall not receive retirement credit for the same service or salary in another public retirement system in Arkansas. (D) (i) A system employer may authorize a school resource officer who is indirectly paid by the system employer to participate as a member of the system by adopting a resolution. (ii) A resolution adopted by the system employer shall: (a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and (b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer. (iii) A school resource officer paid indirectly by a system employer is not eligible to participate as a system member unless the system employer explicitly authorizes such participation by resolution. (E) (i) The salary and service used to determine contributions and benefits in the system shall be based on the salary paid to the school resource officer for performing the services of a school resource officer for the system employer. (ii) If an employer reimburses another public entity for the payment of the school resource officer's salary and salary-related costs, the employer receiving the employment services of the school resource officer shall be the system employer for the purpose of system participation and not the direct public employer. (iii) If a system employer pays all or part of a school resource officer's salary indirectly by reimbursing a law enforcement agency in Arkansas, the system shall treat all salary indirectly paid by the system employer to the school resource officer as if it had been paid by the system employer directly. (F) If a school resource officer becomes a member of the system and his or her salary is paid indirectly by a system employer, then the only employer contribution due on the salary shall be the employer contribution payable to the system. (G) Service as a school resource officer rendered before July 1, 2013, shall not be purchased.

(A) School resource officers who are qualified under this subdivision (a)(3) and elect to participate in the system on or after July 1, 2013.

(B) To participate in the system: (i) A school resource officer paid indirectly by a system employer shall be: (a) A retiree of a reciprocal system; (b) An Arkansas-certified law enforcement officer; and (c) Employed primarily to provide services at a system employer; and (ii) A school resource officer paid indirectly by a system employer shall not: (a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and (b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer.

(i) A school resource officer paid indirectly by a system employer shall be: (a) A retiree of a reciprocal system; (b) An Arkansas-certified law enforcement officer; and (c) Employed primarily to provide services at a system employer; and

(a) A retiree of a reciprocal system;

(b) An Arkansas-certified law enforcement officer; and

(c) Employed primarily to provide services at a system employer; and

(ii) A school resource officer paid indirectly by a system employer shall not: (a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and (b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer.

(a) Have participated in the Arkansas Police Officers' Deferred Retirement Option Plan; and

(b) Be eligible to participate as an active member of the public retirement system that covers the direct employer of the school resource officer.

(C) A school resource officer shall not receive retirement credit for the same service or salary in another public retirement system in Arkansas.

(D) (i) A system employer may authorize a school resource officer who is indirectly paid by the system employer to participate as a member of the system by adopting a resolution. (ii) A resolution adopted by the system employer shall: (a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and (b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer. (iii) A school resource officer paid indirectly by a system employer is not eligible to participate as a system member unless the system employer explicitly authorizes such participation by resolution.

(i) A system employer may authorize a school resource officer who is indirectly paid by the system employer to participate as a member of the system by adopting a resolution.

(ii) A resolution adopted by the system employer shall: (a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and (b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer.

(a) Authorize a school resource officer employed by the system employer to participate as a member of the system; and

(b) State the employer's agreement to act as the system employer for the purpose of reporting service, paying contributions to the system on behalf of a school resource officer, and performing all member services as if the school resource officer were directly employed by the system employer.

(iii) A school resource officer paid indirectly by a system employer is not eligible to participate as a system member unless the system employer explicitly authorizes such participation by resolution.

(E) (i) The salary and service used to determine contributions and benefits in the system shall be based on the salary paid to the school resource officer for performing the services of a school resource officer for the system employer. (ii) If an employer reimburses another public entity for the payment of the school resource officer's salary and salary-related costs, the employer receiving the employment services of the school resource officer shall be the system employer for the purpose of system participation and not the direct public employer. (iii) If a system employer pays all or part of a school resource officer's salary indirectly by reimbursing a law enforcement agency in Arkansas, the system shall treat all salary indirectly paid by the system employer to the school resource officer as if it had been paid by the system employer directly.

(i) The salary and service used to determine contributions and benefits in the system shall be based on the salary paid to the school resource officer for performing the services of a school resource officer for the system employer.

(ii) If an employer reimburses another public entity for the payment of the school resource officer's salary and salary-related costs, the employer receiving the employment services of the school resource officer shall be the system employer for the purpose of system participation and not the direct public employer.

(iii) If a system employer pays all or part of a school resource officer's salary indirectly by reimbursing a law enforcement agency in Arkansas, the system shall treat all salary indirectly paid by the system employer to the school resource officer as if it had been paid by the system employer directly.

(F) If a school resource officer becomes a member of the system and his or her salary is paid indirectly by a system employer, then the only employer contribution due on the salary shall be the employer contribution payable to the system.

(G) Service as a school resource officer rendered before July 1, 2013, shall not be purchased.

(b) (1) A person who has excluded himself or herself from membership before July 1, 1991, may rescind the exclusion by filing with the system a membership data form. (2) The rescission shall be effective July 1 of the fiscal year in which it is exercised. (3) At the direction of the person, the membership may be prospective only, or both prospective and retroactive. (4) (A) Before July 1, 2011, for the membership to be retroactive, the member shall pay to the system both the member contributions and the employer contributions that would have been paid to the system if there had been no exclusion, plus interest from the effective date of the excluded service to the date of payment in full. (B) On or after July 1, 2011, excluded service may be established by paying the actuarial equivalent of the member's benefits to the system.

(1) A person who has excluded himself or herself from membership before July 1, 1991, may rescind the exclusion by filing with the system a membership data form.

(2) The rescission shall be effective July 1 of the fiscal year in which it is exercised.

(3) At the direction of the person, the membership may be prospective only, or both prospective and retroactive.

(4) (A) Before July 1, 2011, for the membership to be retroactive, the member shall pay to the system both the member contributions and the employer contributions that would have been paid to the system if there had been no exclusion, plus interest from the effective date of the excluded service to the date of payment in full. (B) On or after July 1, 2011, excluded service may be established by paying the actuarial equivalent of the member's benefits to the system.

(A) Before July 1, 2011, for the membership to be retroactive, the member shall pay to the system both the member contributions and the employer contributions that would have been paid to the system if there had been no exclusion, plus interest from the effective date of the excluded service to the date of payment in full.

(B) On or after July 1, 2011, excluded service may be established by paying the actuarial equivalent of the member's benefits to the system.

(c) In any case of question as to the system membership status of any person, the Board of Trustees of the Arkansas Teacher Retirement System shall have the final power to decide the question.

(d) (1) Membership in the system shall be a condition of employment under subsections (a) and (b) of this section. (2) However, except as provided in this section, individual members who are employed for less than one-fourth (¼) of a fiscal year under § 24-7-601 shall not be eligible for any credit or benefit in the system.

(1) Membership in the system shall be a condition of employment under subsections (a) and (b) of this section.

(2) However, except as provided in this section, individual members who are employed for less than one-fourth (¼) of a fiscal year under § 24-7-601 shall not be eligible for any credit or benefit in the system.

Amended by Act 2023, No. 107,§ 26, eff. 7/1/2023.

Amended by Act 2013, No. 449,§ 1, eff. 8/16/2013.

Amended by Act 2013, No. 140,§ 3, eff. 8/16/2013.

Acts 1973, No. 427, § 4; 1975, No. 549, § 2; 1977, No. 541, § 1; 1983, No. 619, § 3; 1983, No. 665, § 3; A.S.A. 1947, § 80-1439; Acts 1987, No. 314, § 1; 1989, No. 652, § 4; 1989, No. 653, § 2; 1991, No. 43, § 3; 1993, No. 1206, § 1; 2001, No. 742, § 1; 2007, No. 97, § 6; 2011, No. 69, § 11; 2011, No. 974, § 1.
Ark. Code Ann. § 24-6-226 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-226
Eligibility for benefits - Voluntary retirement for Tier I noncontributory members
Status: in_force

(a) (1) Any member who has acquired five (5) years but less than twenty-eight (28) years of actual service and has attained sixty-five (65) years of age may retire upon written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired five (5) or more years of actual service and has attained fifty-two (52) years of age may retire upon written application filed with the State Police Retirement System. (3) Any member who acquired twenty-eight (28) or more years of actual service may retire at any age upon written application filed with the board. (4) For those members with less than twenty-eight (28) actual years of service, the sixty-five (65) years of age requirement shall be reduced by one (1) month for every two (2) months of public safety credit, but in no event to an age younger than fifty-two (52) years of age. (b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired. (c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-216 . Amended by Act 2021, No. 415,§ 3, eff. 7/28/2021. Acts 2001, No. 151, § 62.

(a) (1) Any member who has acquired five (5) years but less than twenty-eight (28) years of actual service and has attained sixty-five (65) years of age may retire upon written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired five (5) or more years of actual service and has attained fifty-two (52) years of age may retire upon written application filed with the State Police Retirement System. (3) Any member who acquired twenty-eight (28) or more years of actual service may retire at any age upon written application filed with the board. (4) For those members with less than twenty-eight (28) actual years of service, the sixty-five (65) years of age requirement shall be reduced by one (1) month for every two (2) months of public safety credit, but in no event to an age younger than fifty-two (52) years of age.

(1) Any member who has acquired five (5) years but less than twenty-eight (28) years of actual service and has attained sixty-five (65) years of age may retire upon written application filed with the Board of Trustees of the State Police Retirement System.

(2) Any member who has acquired five (5) or more years of actual service and has attained fifty-two (52) years of age may retire upon written application filed with the State Police Retirement System.

(3) Any member who acquired twenty-eight (28) or more years of actual service may retire at any age upon written application filed with the board.

(4) For those members with less than twenty-eight (28) actual years of service, the sixty-five (65) years of age requirement shall be reduced by one (1) month for every two (2) months of public safety credit, but in no event to an age younger than fifty-two (52) years of age.

(b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired.

(c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-216 .

Amended by Act 2021, No. 415,§ 3, eff. 7/28/2021.

Acts 2001, No. 151, § 62.
Ark. Code Ann. § 24-10-509 — AR Code / Title 24 / Chapter 10 / Subchapter 5 / Section 24-10-509
Service credit not years of service
Status: in_force

Service credit granted under § 24-10-508 shall not be considered as years of service for the purpose of benefit calculation. Acts 1999, No. 716, § 2.

Service credit granted under § 24-10-508 shall not be considered as years of service for the purpose of benefit calculation.

Acts 1999, No. 716, § 2.
Ark. Code Ann. § 24-5-125 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-125
Eligibility to receive increase in benefits
Status: in_force

(a) (1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24-5-115 no less than the sum of one hundred twenty-five dollars ($125) per month, provided that: (A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care; (B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and (C) A member who initiates receiving benefits: (i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or (ii) July 1, 2009, has at least ten (10) years of service in the system. (2) No benefit enhancements provided by this section shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (3) (A) A member beginning participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan after June 30, 2021, shall be ineligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care. (B) A member participating in the Arkansas State Highway Employees' Deferred Retirement Option Plan shall be eligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care if: (i) The member ceases participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan; (ii) The member terminates his or her employment with the Arkansas Department of Transportation; and (iii) Annuity benefit payments to the member begin. (b) In its discretion, the board may prorate the benefits provided under this section for any individual retiring after June 30, 1999, but before July 1, 2009, if the individual is also eligible for an additional monthly benefit as a result of credited service under one (1) or more of the other reciprocal systems, as such systems are enumerated in § 24-2-401 . (c) A member who initiates receiving benefits on or after July 1, 2009, shall be eligible for a minimum increase in benefits as determined under § 24-5-115 under the following schedule: (1) A member who has accrued ten (10) years but less than fifteen (15) years of service in the system is eligible to receive sixty percent (60%) of the healthcare offset as provided in subdivision (a)(1) of this section; (2) A member who has accrued fifteen (15) years but less than twenty (20) years of service in the system is eligible to receive eighty percent (80%) of the healthcare offset as provided in subdivision (a)(1) of this section; (3) A member who has accrued twenty (20) years or more of service in the system is eligible to receive one hundred percent (100%) of the healthcare offset as provided in subdivision (a)(1) of this section; and (4) If the member is receiving retirement benefits as a result of credited service under one (1) or more of the reciprocal systems, as such systems are enumerated in § 24-2-401 , the board shall prorate the benefits provided under this section for all members retiring after August 16, 2013. (d) Nothing contained in this section shall require the system to pay any portion of the benefits provided for in this section. (e) Members from a reciprocal system will continue to receive their current benefits they are receiving under this section. (f) (1) Beginning on July 1, 2019, § 24-5-119 shall not apply to an additional monthly benefit that is available to a member under this section. (2) (A) A member shall continue to receive any previous increases to an additional monthly benefit that he or she received under § 24-5-119 before July 1, 2019. (B) Section 24-5-119 shall apply to all previous increases to an additional monthly benefit that a member received under § 24-5-119 before July 1, 2019. Amended by Act 2021, No. 150,§ 1, eff. 7/1/2021. Amended by Act 2019, No. 294,§ 1, eff. 7/24/2019. Amended by Act 2013, No. 309,§ 3, eff. 8/16/2013. Amended by Act 2013, No. 309,§ 2, eff. 8/16/2013. Acts 1991, No. 245, §§ 1-3; 1999, No. 311, § 1; 1999, No. 1066, § 7; 1999, No. 1325, § 8; 2005, No. 144, § 1; 2009, No. 439, § 1.

(a) (1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24-5-115 no less than the sum of one hundred twenty-five dollars ($125) per month, provided that: (A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care; (B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and (C) A member who initiates receiving benefits: (i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or (ii) July 1, 2009, has at least ten (10) years of service in the system. (2) No benefit enhancements provided by this section shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (3) (A) A member beginning participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan after June 30, 2021, shall be ineligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care. (B) A member participating in the Arkansas State Highway Employees' Deferred Retirement Option Plan shall be eligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care if: (i) The member ceases participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan; (ii) The member terminates his or her employment with the Arkansas Department of Transportation; and (iii) Annuity benefit payments to the member begin.

(1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24-5-115 no less than the sum of one hundred twenty-five dollars ($125) per month, provided that: (A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care; (B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and (C) A member who initiates receiving benefits: (i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or (ii) July 1, 2009, has at least ten (10) years of service in the system.

(A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care;

(B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and

(C) A member who initiates receiving benefits: (i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or (ii) July 1, 2009, has at least ten (10) years of service in the system.

(i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or

(ii) July 1, 2009, has at least ten (10) years of service in the system.

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

(3) (A) A member beginning participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan after June 30, 2021, shall be ineligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care. (B) A member participating in the Arkansas State Highway Employees' Deferred Retirement Option Plan shall be eligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care if: (i) The member ceases participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan; (ii) The member terminates his or her employment with the Arkansas Department of Transportation; and (iii) Annuity benefit payments to the member begin.

(A) A member beginning participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan after June 30, 2021, shall be ineligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care.

(B) A member participating in the Arkansas State Highway Employees' Deferred Retirement Option Plan shall be eligible to receive the amount described in subdivision (a)(1) of this section added to his or her annuity to offset the cost of health insurance and health care if: (i) The member ceases participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan; (ii) The member terminates his or her employment with the Arkansas Department of Transportation; and (iii) Annuity benefit payments to the member begin.

(i) The member ceases participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan;

(ii) The member terminates his or her employment with the Arkansas Department of Transportation; and

(iii) Annuity benefit payments to the member begin.

(b) In its discretion, the board may prorate the benefits provided under this section for any individual retiring after June 30, 1999, but before July 1, 2009, if the individual is also eligible for an additional monthly benefit as a result of credited service under one (1) or more of the other reciprocal systems, as such systems are enumerated in § 24-2-401 .

(c) A member who initiates receiving benefits on or after July 1, 2009, shall be eligible for a minimum increase in benefits as determined under § 24-5-115 under the following schedule: (1) A member who has accrued ten (10) years but less than fifteen (15) years of service in the system is eligible to receive sixty percent (60%) of the healthcare offset as provided in subdivision (a)(1) of this section; (2) A member who has accrued fifteen (15) years but less than twenty (20) years of service in the system is eligible to receive eighty percent (80%) of the healthcare offset as provided in subdivision (a)(1) of this section; (3) A member who has accrued twenty (20) years or more of service in the system is eligible to receive one hundred percent (100%) of the healthcare offset as provided in subdivision (a)(1) of this section; and (4) If the member is receiving retirement benefits as a result of credited service under one (1) or more of the reciprocal systems, as such systems are enumerated in § 24-2-401 , the board shall prorate the benefits provided under this section for all members retiring after August 16, 2013.

(1) A member who has accrued ten (10) years but less than fifteen (15) years of service in the system is eligible to receive sixty percent (60%) of the healthcare offset as provided in subdivision (a)(1) of this section;

(2) A member who has accrued fifteen (15) years but less than twenty (20) years of service in the system is eligible to receive eighty percent (80%) of the healthcare offset as provided in subdivision (a)(1) of this section;

(3) A member who has accrued twenty (20) years or more of service in the system is eligible to receive one hundred percent (100%) of the healthcare offset as provided in subdivision (a)(1) of this section; and

(4) If the member is receiving retirement benefits as a result of credited service under one (1) or more of the reciprocal systems, as such systems are enumerated in § 24-2-401 , the board shall prorate the benefits provided under this section for all members retiring after August 16, 2013.

(d) Nothing contained in this section shall require the system to pay any portion of the benefits provided for in this section.

(e) Members from a reciprocal system will continue to receive their current benefits they are receiving under this section.

(f) (1) Beginning on July 1, 2019, § 24-5-119 shall not apply to an additional monthly benefit that is available to a member under this section. (2) (A) A member shall continue to receive any previous increases to an additional monthly benefit that he or she received under § 24-5-119 before July 1, 2019. (B) Section 24-5-119 shall apply to all previous increases to an additional monthly benefit that a member received under § 24-5-119 before July 1, 2019.

(1) Beginning on July 1, 2019, § 24-5-119 shall not apply to an additional monthly benefit that is available to a member under this section.

(2) (A) A member shall continue to receive any previous increases to an additional monthly benefit that he or she received under § 24-5-119 before July 1, 2019. (B) Section 24-5-119 shall apply to all previous increases to an additional monthly benefit that a member received under § 24-5-119 before July 1, 2019.

(A) A member shall continue to receive any previous increases to an additional monthly benefit that he or she received under § 24-5-119 before July 1, 2019.

(B) Section 24-5-119 shall apply to all previous increases to an additional monthly benefit that a member received under § 24-5-119 before July 1, 2019.

Amended by Act 2021, No. 150,§ 1, eff. 7/1/2021.

Amended by Act 2019, No. 294,§ 1, eff. 7/24/2019.

Amended by Act 2013, No. 309,§ 3, eff. 8/16/2013.

Amended by Act 2013, No. 309,§ 2, eff. 8/16/2013.

Acts 1991, No. 245, §§ 1-3; 1999, No. 311, § 1; 1999, No. 1066, § 7; 1999, No. 1325, § 8; 2005, No. 144, § 1; 2009, No. 439, § 1.
Ark. Code Ann. § 24-1-213 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-213
Studies and reports
Status: in_force

(a) The Arkansas Public Employees' Retirement System shall make studies concerning the problem of old age, survivors' and disability insurance, and health insurance protection for employees of the state and its political subdivisions and studies concerning the operation of agreements made and plans approved under this subchapter. (b) The system shall submit a report at the beginning of each regular session covering the administration and operation of this subchapter during the preceding two (2) fiscal years and including such recommendations and amendments to this subchapter as it considers proper. Acts 1951, No. 248, § 11; A.S.A. 1947, § 12-2411; Acts 2005, No. 100, § 1; 2009, No. 962, § 42.

(a) The Arkansas Public Employees' Retirement System shall make studies concerning the problem of old age, survivors' and disability insurance, and health insurance protection for employees of the state and its political subdivisions and studies concerning the operation of agreements made and plans approved under this subchapter.

(b) The system shall submit a report at the beginning of each regular session covering the administration and operation of this subchapter during the preceding two (2) fiscal years and including such recommendations and amendments to this subchapter as it considers proper.

Acts 1951, No. 248, § 11; A.S.A. 1947, § 12-2411; Acts 2005, No. 100, § 1; 2009, No. 962, § 42.
Ark. Code Ann. § 24-4-610 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-610
Increased benefits for persons retiring by June 1, 1985
Status: in_force

(a) On July 1, 1987, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired June 1, 1985, or before, shall be increased as follows: (1) Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable June 1, 1986, for each full year from the date of retirement through June 1, 1987, with a maximum increase payable of twenty percent (20%) of the June 1, 1987, retirement benefit; (2) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20% (b) (1) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied. (2) The increase provided in subsection (a) of this section shall be added to the base annuity of the member or beneficiary. Acts 1983, No. 865, § 1; 1985, No. 552, § 1; A.S.A. 1947, § 12-2511.23; Acts 1987, No. 809, § 1.

(a) On July 1, 1987, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired June 1, 1985, or before, shall be increased as follows: (1) Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable June 1, 1986, for each full year from the date of retirement through June 1, 1987, with a maximum increase payable of twenty percent (20%) of the June 1, 1987, retirement benefit; (2) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20%

(1) Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable June 1, 1986, for each full year from the date of retirement through June 1, 1987, with a maximum increase payable of twenty percent (20%) of the June 1, 1987, retirement benefit;

(2) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20%

Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20%

Date of Retirement

Percent of Increase

7-1-85 and after

0%

7-1-84 through 6-1-85

5%

7-1-83 through 6-1-84

10%

7-1-82 through 6-1-83

11%

7-1-81 through 6-1-82

12%

7-1-80 through 6-1-81

13%

7-1-79 through 6-1-80

14%

7-1-78 through 6-1-79

15%

7-1-77 through 6-1-78

16%

7-1-76 through 6-1-77

17%

7-1-75 through 6-1-76

18%

Before 7-1-75

20%

(b) (1) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied. (2) The increase provided in subsection (a) of this section shall be added to the base annuity of the member or beneficiary.

(1) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied.

(2) The increase provided in subsection (a) of this section shall be added to the base annuity of the member or beneficiary.

Acts 1983, No. 865, § 1; 1985, No. 552, § 1; A.S.A. 1947, § 12-2511.23; Acts 1987, No. 809, § 1.
Ark. Code Ann. § 24-8-225 — AR Code / Title 24 / Chapter 8 / Subchapter 2 / Section 24-8-225
Limitation on benefit enhancement - Acts 1997, No. 926
Status: in_force

(a) No benefit enhancement provided for by § 24-8-214 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 § 24-8-214 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. 926.Acts 1997, No. 926, § 2.

(a) No benefit enhancement provided for by § 24-8-214 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 § 24-8-214 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. 926.Acts 1997, No. 926, § 2.
Ark. Code Ann. § 24-6-409 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-409
Redetermination of benefits - Definition
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) Subject to the maximum stated in subsection (c) of this section, the redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%). (c) In no event shall the redetermined amount be more than the amount of the benefit payable as of the immediately preceding July 1 multiplied by the following fraction: (1) The numerator shall be the average of the consumer price index for the twelve (12) calendar months in the calendar year immediately preceding July 1, but in no event an amount less than the denominator; and (2) The denominator shall be the average of the consumer price index for the twelve (12) calendar months in the second calendar year preceding the redetermination date. (d) (1) As used in this section, "consumer price index" means the Consumer Price Index for All Urban Consumers, as determined by the United States Department of Labor and in effect January 1, 1987. (2) However, should the consumer price index be restructured subsequent to 1988 in a manner materially changing its character, the Board of Trustees of the State Police Retirement System, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as is practicable, the 1986 intent of the use of the consumer price index shall be continued. Acts 1997, No. 1071, § 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) Subject to the maximum stated in subsection (c) of this section, the redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).

(c) In no event shall the redetermined amount be more than the amount of the benefit payable as of the immediately preceding July 1 multiplied by the following fraction: (1) The numerator shall be the average of the consumer price index for the twelve (12) calendar months in the calendar year immediately preceding July 1, but in no event an amount less than the denominator; and (2) The denominator shall be the average of the consumer price index for the twelve (12) calendar months in the second calendar year preceding the redetermination date.

(1) The numerator shall be the average of the consumer price index for the twelve (12) calendar months in the calendar year immediately preceding July 1, but in no event an amount less than the denominator; and

(2) The denominator shall be the average of the consumer price index for the twelve (12) calendar months in the second calendar year preceding the redetermination date.

(d) (1) As used in this section, "consumer price index" means the Consumer Price Index for All Urban Consumers, as determined by the United States Department of Labor and in effect January 1, 1987. (2) However, should the consumer price index be restructured subsequent to 1988 in a manner materially changing its character, the Board of Trustees of the State Police Retirement System, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as is practicable, the 1986 intent of the use of the consumer price index shall be continued.

(1) As used in this section, "consumer price index" means the Consumer Price Index for All Urban Consumers, as determined by the United States Department of Labor and in effect January 1, 1987.

(2) However, should the consumer price index be restructured subsequent to 1988 in a manner materially changing its character, the Board of Trustees of the State Police Retirement System, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as is practicable, the 1986 intent of the use of the consumer price index shall be continued.

Acts 1997, No. 1071, § 1.
Ark. Code Ann. § 24-8-302 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-302
Board of trustees
Status: in_force

(a) There is created in cities of the first class or cities of the second class a board of trustees which shall consist of the mayor, city clerk, city treasurer, city health officer, and municipal judges of the city. (b) The board shall receive and administer the funds collected under the provisions of this subchapter and shall have the power to make necessary rules therefor. (c) (1) The board shall have the authority to invest such funds as are not necessary for immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities. (2) Subject to subdivision (c)(3) of this section, a city having a municipal judges' and clerks' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer. (3) The investments and reinvestments shall be made only in accordance with the prudent investor rule set forth in §§ 24-3-417 - 24-3-426 [repealed]. (4) A city having a municipal judges' and clerks' 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, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (5) The investment policy shall not limit the investments to interest-bearing bonds. (6) A city, mayor, or city treasurer who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (7) By accepting the delegation of a trust function from the trustees of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state. (d) (1) The city treasurer shall be the treasurer of the board. At the direction of the board, he or she shall deposit the funds paid into the board in some suitable depository and shall draw and sign all necessary checks at the direction of the board. (2) He or she shall execute a bond in a sum fixed by the board to guarantee his or her good faith in the handling of the funds coming into his or her hands under the provisions of this subchapter. (e) The city clerk shall be the secretary of the board. (f) The board shall constitute one (1) of its members as chair, who shall serve for a period of two (2) years. (g) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board. (h) (1) The city clerk shall receive the sum of ten dollars ($10.00) for each and every meeting attended but shall not be paid more than fifty dollars ($50.00) in any one (1) year. (2) All other members shall serve without pay. Acts 1973, No. 432, § 7; 1983, No. 845, § 2; A.S.A. 1947, § 22-920; Acts 1995, No. 514, § 1; 1999, No. 49, § 1; 1999, No. 330, § 1.

(a) There is created in cities of the first class or cities of the second class a board of trustees which shall consist of the mayor, city clerk, city treasurer, city health officer, and municipal judges of the city.

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

(c) (1) The board shall have the authority to invest such funds as are not necessary for immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States or any or all such securities. (2) Subject to subdivision (c)(3) of this section, a city having a municipal judges' and clerks' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer. (3) The investments and reinvestments shall be made only in accordance with the prudent investor rule set forth in §§ 24-3-417 - 24-3-426 [repealed]. (4) A city having a municipal judges' and clerks' 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, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed]. (5) The investment policy shall not limit the investments to interest-bearing bonds. (6) A city, mayor, or city treasurer who complies with the requirements of § 24-3-425(a) [repealed] is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. (7) By accepting the delegation of a trust function from the trustees of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

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

(2) Subject to subdivision (c)(3) of this section, a city having a municipal judges' and clerks' pension plan with assets in excess of one hundred thousand dollars ($100,000) shall have full power to invest and reinvest the moneys of the plan and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made, as well as the proceeds of the investments and moneys. Such authority shall be implemented by the mayor and the city treasurer.

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

(4) A city having a municipal judges' and clerks' 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, subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems, as set forth in §§ 24-3-417 - 24-3-426 [repealed].

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

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

(7) By accepting the delegation of a trust function from the trustees of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

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

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

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

(e) The city clerk shall be the secretary of the board.

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

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

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

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

(2) All other members shall serve without pay.

Acts 1973, No. 432, § 7; 1983, No. 845, § 2; A.S.A. 1947, § 22-920; Acts 1995, No. 514, § 1; 1999, No. 49, § 1; 1999, No. 330, § 1.
Ark. Code Ann. § 24-4-623 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-623
Final average compensation
Status: in_force

(a) (1) For a member first hired by a system-covered employer on July 1, 2022, or after, the average of the five (5) highest annual compensations paid to the member during a completed fiscal year of credited service with a public employer shall determine the final average compensation that shall be used to determine the member's monthly retirement benefit. (2) The five-year average shall be the greatest of the following: (A) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years when added to the total fifth-highest compensation paid during the completed fiscal year; or (B) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total fifth-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12). (3) Should the member have less than the minimum five (5) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service. (b) (1) For a member first hired by a system-covered employer before July 1, 2022, the average of the three (3) highest annual compensations paid during a completed fiscal year of credited service with a public employer determines the final average compensation to be used in determining a member's monthly retirement benefit. (2) The three-year average shall be the greatest of the following: (A) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years when added to the total third-highest compensation paid during the completed fiscal year; or (B) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total third-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12). (3) Should the member have less than the minimum three (3) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service. (c) (1) If a member's rate of pay is set by Arkansas Constitution, Amendment 70, § 1, then the member's average compensation shall not be less than the member's: (A) Rate of pay at the time of separation from covered employment; and (B) Highest rate of such pay. (2) If a member served at any time in an office whose rate of pay is set by Arkansas Constitution, Amendment 70, § 1, and that member was a member of the General Assembly on December 31, 1978, then the member's average compensation shall not be less than the rate of pay currently set for the highest legislative office the member held. Added by Act 2021, No. 370,§ 2, eff. 7/28/2021.

(a) (1) For a member first hired by a system-covered employer on July 1, 2022, or after, the average of the five (5) highest annual compensations paid to the member during a completed fiscal year of credited service with a public employer shall determine the final average compensation that shall be used to determine the member's monthly retirement benefit. (2) The five-year average shall be the greatest of the following: (A) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years when added to the total fifth-highest compensation paid during the completed fiscal year; or (B) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total fifth-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12). (3) Should the member have less than the minimum five (5) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service.

(1) For a member first hired by a system-covered employer on July 1, 2022, or after, the average of the five (5) highest annual compensations paid to the member during a completed fiscal year of credited service with a public employer shall determine the final average compensation that shall be used to determine the member's monthly retirement benefit.

(2) The five-year average shall be the greatest of the following: (A) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years when added to the total fifth-highest compensation paid during the completed fiscal year; or (B) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total fifth-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12).

(A) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years when added to the total fifth-highest compensation paid during the completed fiscal year; or

(B) One-fifth (1/5) of the following: The total of the highest compensations paid during the four (4) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total fifth-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12).

(3) Should the member have less than the minimum five (5) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service.

(b) (1) For a member first hired by a system-covered employer before July 1, 2022, the average of the three (3) highest annual compensations paid during a completed fiscal year of credited service with a public employer determines the final average compensation to be used in determining a member's monthly retirement benefit. (2) The three-year average shall be the greatest of the following: (A) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years when added to the total third-highest compensation paid during the completed fiscal year; or (B) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total third-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12). (3) Should the member have less than the minimum three (3) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service.

(1) For a member first hired by a system-covered employer before July 1, 2022, the average of the three (3) highest annual compensations paid during a completed fiscal year of credited service with a public employer determines the final average compensation to be used in determining a member's monthly retirement benefit.

(2) The three-year average shall be the greatest of the following: (A) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years when added to the total third-highest compensation paid during the completed fiscal year; or (B) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total third-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12).

(A) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years when added to the total third-highest compensation paid during the completed fiscal year; or

(B) One-third (1/3) of the following: The total of the highest compensations paid during the two (2) completed fiscal years added to the total of the compensation paid for the months of credited service within the incomplete fiscal year in which the member retires, provided there are some, and the total third-highest compensation paid during the completed fiscal year which has been multiplied by the number of months remaining in the fiscal year in which retirement occurs and divided by twelve (12).

(3) Should the member have less than the minimum three (3) years of credited service, "average compensation" means the annual average compensations to the member during his or her total years of actual service.

(c) (1) If a member's rate of pay is set by Arkansas Constitution, Amendment 70, § 1, then the member's average compensation shall not be less than the member's: (A) Rate of pay at the time of separation from covered employment; and (B) Highest rate of such pay. (2) If a member served at any time in an office whose rate of pay is set by Arkansas Constitution, Amendment 70, § 1, and that member was a member of the General Assembly on December 31, 1978, then the member's average compensation shall not be less than the rate of pay currently set for the highest legislative office the member held.

(1) If a member's rate of pay is set by Arkansas Constitution, Amendment 70, § 1, then the member's average compensation shall not be less than the member's: (A) Rate of pay at the time of separation from covered employment; and (B) Highest rate of such pay.

(A) Rate of pay at the time of separation from covered employment; and

(B) Highest rate of such pay.

(2) If a member served at any time in an office whose rate of pay is set by Arkansas Constitution, Amendment 70, § 1, and that member was a member of the General Assembly on December 31, 1978, then the member's average compensation shall not be less than the rate of pay currently set for the highest legislative office the member held.

Added by Act 2021, No. 370,§ 2, eff. 7/28/2021.
Ark. Code Ann. § 24-4-601 — AR Code / Title 24 / Chapter 4 / Subchapter 6 / Section 24-4-601
Straight life annuity generally
Status: in_force

(a) (1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member's final average compensation multiplied by the number of years and fraction of a year of credited service rendered on or after July 1, 2001, with the Arkansas Public Employees' Retirement System. (2) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and eleven-hundredths percent (2.11%) of the member's average compensation multiplied by the number of years and fraction of a year of credited service rendered before July 1, 2001, with the system. (b) (1) For each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-five-hundredths percent (1.75%) of the member's final average compensation plus, for each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position never so covered, a member shall receive two and eleven-hundredths percent (2.11%) of the member's final average compensation. (2) For each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-two-hundredths percent (1.72%) of the member's final average compensation plus, for each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position never so covered, a member shall receive two and seven-hundredths percent (2.07%) of the member's final average compensation. In no event shall service as a district judge in the state division receive less than three percent (3%) of the member's final average compensation. (3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation. (c) (1) A member of the General Assembly first elected before July 1, 1999, shall receive a monthly annuity equal to thirty-five dollars ($35.00) multiplied by the number of years of actual service as a member of the General Assembly. (2) A member of the General Assembly first elected before July 1, 1999, who served as Speaker of the House of Representatives or President Pro Tempore of the Senate shall receive a monthly annuity equal to forty dollars ($40.00) multiplied by the total number of years of actual service as a member of the General Assembly. (d) (1) In addition, if a member has credited service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member is retiring as provided in subsection (b) of this section or § 24-4-510 , and if that member's age at retirement is younger than Social Security's minimum age for an immediate retirement benefit and sixty-two (62) years of age, then that member of the system shall receive a temporary annuity equal to thirty-three-hundredths of one percent (0.33%) of his or her final average compensation for each year of the noncontributory credited service. (2) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (A) The member's death; (B) The member's attainment of the Social Security minimum age; or (C) The member's attainment of sixty-two (62) years of age. (3) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement the total of the system's noncontributory annuities resulting from employment in a position also covered by Social Security shall not exceed the member's final average compensation. (4) If no temporary annuity is payable as provided in this subsection or after the temporary annuity has terminated and if the member has at retirement any credited service for any period of time prior to July 1, 1991, then the future payments of the annuity for life shall not be less than they would have been under the provisions that were in effect on July 1, 1990, for this subsection, plus a corresponding increase for any benefit enhancements that have been enacted since July 1, 1991. Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1965, No. 153, §§ 11, 12; 1967, No. 108, § 3; 1969, No. 632, § 3; 1975, No. 907, § 9; 1979, No. 715, § 6; 1981, No. 859, § 6; A.S.A. 1947, § 12-2511; Acts 1991, No. 223, § 1; 1995, No. 629, § 1; 1997, No. 318, § 1; 1999, No. 496, § 2; 2001, No. 151, § 31; 2001, No. 355, § 1; 2003, No. 1473, § 55; 2005, No. 1450, § 1; 2007, No. 220, § 1; 2009, No. 1200 § 1; 2011, No. 38, § 8.

(a) (1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member's final average compensation multiplied by the number of years and fraction of a year of credited service rendered on or after July 1, 2001, with the Arkansas Public Employees' Retirement System. (2) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and eleven-hundredths percent (2.11%) of the member's average compensation multiplied by the number of years and fraction of a year of credited service rendered before July 1, 2001, with the system.

(1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member's final average compensation multiplied by the number of years and fraction of a year of credited service rendered on or after July 1, 2001, with the Arkansas Public Employees' Retirement System.

(2) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 - 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and eleven-hundredths percent (2.11%) of the member's average compensation multiplied by the number of years and fraction of a year of credited service rendered before July 1, 2001, with the system.

(b) (1) For each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-five-hundredths percent (1.75%) of the member's final average compensation plus, for each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position never so covered, a member shall receive two and eleven-hundredths percent (2.11%) of the member's final average compensation. (2) For each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-two-hundredths percent (1.72%) of the member's final average compensation plus, for each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position never so covered, a member shall receive two and seven-hundredths percent (2.07%) of the member's final average compensation. In no event shall service as a district judge in the state division receive less than three percent (3%) of the member's final average compensation. (3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation.

(1) For each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-five-hundredths percent (1.75%) of the member's final average compensation plus, for each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position never so covered, a member shall receive two and eleven-hundredths percent (2.11%) of the member's final average compensation.

(2) For each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-two-hundredths percent (1.72%) of the member's final average compensation plus, for each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position never so covered, a member shall receive two and seven-hundredths percent (2.07%) of the member's final average compensation. In no event shall service as a district judge in the state division receive less than three percent (3%) of the member's final average compensation.

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

(c) (1) A member of the General Assembly first elected before July 1, 1999, shall receive a monthly annuity equal to thirty-five dollars ($35.00) multiplied by the number of years of actual service as a member of the General Assembly. (2) A member of the General Assembly first elected before July 1, 1999, who served as Speaker of the House of Representatives or President Pro Tempore of the Senate shall receive a monthly annuity equal to forty dollars ($40.00) multiplied by the total number of years of actual service as a member of the General Assembly.

(1) A member of the General Assembly first elected before July 1, 1999, shall receive a monthly annuity equal to thirty-five dollars ($35.00) multiplied by the number of years of actual service as a member of the General Assembly.

(2) A member of the General Assembly first elected before July 1, 1999, who served as Speaker of the House of Representatives or President Pro Tempore of the Senate shall receive a monthly annuity equal to forty dollars ($40.00) multiplied by the total number of years of actual service as a member of the General Assembly.

(d) (1) In addition, if a member has credited service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member is retiring as provided in subsection (b) of this section or § 24-4-510 , and if that member's age at retirement is younger than Social Security's minimum age for an immediate retirement benefit and sixty-two (62) years of age, then that member of the system shall receive a temporary annuity equal to thirty-three-hundredths of one percent (0.33%) of his or her final average compensation for each year of the noncontributory credited service. (2) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (A) The member's death; (B) The member's attainment of the Social Security minimum age; or (C) The member's attainment of sixty-two (62) years of age. (3) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement the total of the system's noncontributory annuities resulting from employment in a position also covered by Social Security shall not exceed the member's final average compensation. (4) If no temporary annuity is payable as provided in this subsection or after the temporary annuity has terminated and if the member has at retirement any credited service for any period of time prior to July 1, 1991, then the future payments of the annuity for life shall not be less than they would have been under the provisions that were in effect on July 1, 1990, for this subsection, plus a corresponding increase for any benefit enhancements that have been enacted since July 1, 1991.

(1) In addition, if a member has credited service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member is retiring as provided in subsection (b) of this section or § 24-4-510 , and if that member's age at retirement is younger than Social Security's minimum age for an immediate retirement benefit and sixty-two (62) years of age, then that member of the system shall receive a temporary annuity equal to thirty-three-hundredths of one percent (0.33%) of his or her final average compensation for each year of the noncontributory credited service.

(2) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs: (A) The member's death; (B) The member's attainment of the Social Security minimum age; or (C) The member's attainment of sixty-two (62) years of age.

(A) The member's death;

(B) The member's attainment of the Social Security minimum age; or

(C) The member's attainment of sixty-two (62) years of age.

(3) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement the total of the system's noncontributory annuities resulting from employment in a position also covered by Social Security shall not exceed the member's final average compensation.

(4) If no temporary annuity is payable as provided in this subsection or after the temporary annuity has terminated and if the member has at retirement any credited service for any period of time prior to July 1, 1991, then the future payments of the annuity for life shall not be less than they would have been under the provisions that were in effect on July 1, 1990, for this subsection, plus a corresponding increase for any benefit enhancements that have been enacted since July 1, 1991.

Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1965, No. 153, §§ 11, 12; 1967, No. 108, § 3; 1969, No. 632, § 3; 1975, No. 907, § 9; 1979, No. 715, § 6; 1981, No. 859, § 6; A.S.A. 1947, § 12-2511; Acts 1991, No. 223, § 1; 1995, No. 629, § 1; 1997, No. 318, § 1; 1999, No. 496, § 2; 2001, No. 151, § 31; 2001, No. 355, § 1; 2003, No. 1473, § 55; 2005, No. 1450, § 1; 2007, No. 220, § 1; 2009, No. 1200 § 1; 2011, No. 38, § 8.
Ark. Code Ann. § 24-2-607 — AR Code / Title 24 / Chapter 2 / Subchapter 6 / Section 24-2-607
Investment authority and limitations - Trust account
Status: in_force

(a) In addition to the various retirement systems funds established as trust funds in the State Treasury, a bank trust fund or funds may be established and maintained in such depository bank or banks as may be designated by the boards of trustees of the respective retirement systems. (b) Each bank fund shall consist of and there may be deposited into the fund: (1) All employer contributions, including any interest; (2) All employee contributions, including any interest; (3) Interest, dividend, and other incomes realized from investments and reinvestments; (4) Interest earned upon any moneys in the fund; and (5) Such other proceeds as may be derived from the sale, exchange, redemption, transfer, or disposition of any securities or investments. (c) The following disbursements may be made from the bank funds: (1) Payments for all securities and investments, the purchase of which is authorized by law, which may include principal, accrued interest, commission, taxes, and fees; (2) Payments for money manager and custodian bank fees; (3) The deposit to the appropriate State Treasury fund for the payment of annuities and refunds as authorized by law that are paid on vouchers issued by the respective retirement systems and on warrants issued thereon by the Auditor of State; (4) The payment of annuities and refunds as authorized by law that are paid on cash fund vouchers issued by the respective retirement systems and on checks or wire transfers issued from bank funds; and (5) The deposit to the appropriate State Treasury fund for the payments of salaries, maintenance, and operating expenses of the retirement systems supported from investment earnings. Acts 2001, No. 151, § 8.

(a) In addition to the various retirement systems funds established as trust funds in the State Treasury, a bank trust fund or funds may be established and maintained in such depository bank or banks as may be designated by the boards of trustees of the respective retirement systems.

(b) Each bank fund shall consist of and there may be deposited into the fund: (1) All employer contributions, including any interest; (2) All employee contributions, including any interest; (3) Interest, dividend, and other incomes realized from investments and reinvestments; (4) Interest earned upon any moneys in the fund; and (5) Such other proceeds as may be derived from the sale, exchange, redemption, transfer, or disposition of any securities or investments.

(1) All employer contributions, including any interest;

(2) All employee contributions, including any interest;

(3) Interest, dividend, and other incomes realized from investments and reinvestments;

(4) Interest earned upon any moneys in the fund; and

(5) Such other proceeds as may be derived from the sale, exchange, redemption, transfer, or disposition of any securities or investments.

(c) The following disbursements may be made from the bank funds: (1) Payments for all securities and investments, the purchase of which is authorized by law, which may include principal, accrued interest, commission, taxes, and fees; (2) Payments for money manager and custodian bank fees; (3) The deposit to the appropriate State Treasury fund for the payment of annuities and refunds as authorized by law that are paid on vouchers issued by the respective retirement systems and on warrants issued thereon by the Auditor of State; (4) The payment of annuities and refunds as authorized by law that are paid on cash fund vouchers issued by the respective retirement systems and on checks or wire transfers issued from bank funds; and (5) The deposit to the appropriate State Treasury fund for the payments of salaries, maintenance, and operating expenses of the retirement systems supported from investment earnings.

(1) Payments for all securities and investments, the purchase of which is authorized by law, which may include principal, accrued interest, commission, taxes, and fees;

(2) Payments for money manager and custodian bank fees;

(3) The deposit to the appropriate State Treasury fund for the payment of annuities and refunds as authorized by law that are paid on vouchers issued by the respective retirement systems and on warrants issued thereon by the Auditor of State;

(4) The payment of annuities and refunds as authorized by law that are paid on cash fund vouchers issued by the respective retirement systems and on checks or wire transfers issued from bank funds; and

(5) The deposit to the appropriate State Treasury fund for the payments of salaries, maintenance, and operating expenses of the retirement systems supported from investment earnings.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-7-613 — AR Code / Title 24 / Chapter 7 / Subchapter 6 / Section 24-7-613
Permissive service credit - Gap year service
Status: in_force

(a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system. (d) Permissive service credit shall be credited in accordance with § 24-7-601 . (e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the: (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system. Added by Act 2023, No. 125,§ 2, eff. 7/1/2023.

(a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year.

(1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and

(A) Has five (5) years of actual service in the system;

(B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years;

(C) Returns to his or her position as a classroom teacher after one (1) or more gap years;

(D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher;

(E) Was inactive during the gap year or gap years; and

(F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and

(2) Each gap year amounts to an entire fiscal year.

(b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit.

(1) A member may purchase one (1) year of permissive service credit for each one (1) gap year.

(2) A member shall not purchase more than five (5) years of permissive service credit.

(c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system.

(d) Permissive service credit shall be credited in accordance with § 24-7-601 .

(e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.

(1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased.

(2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.

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

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

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

Added by Act 2023, No. 125,§ 2, eff. 7/1/2023.
Ark. Code Ann. § 24-7-728 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-728
Computation of benefits based on life annuity
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefit to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System. (2) The board may raise the level of benefit to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate. (b) (1) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. (2) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs. Amended by Act 2023, No. 107,§ 54, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2891, eff. 7/24/2019. Acts 1999, No. 396, § 2.

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefit to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System. (2) The board may raise the level of benefit to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate.

(1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefit to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.

(2) The board may raise the level of benefit to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate.

(b) (1) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. (2) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.

(1) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system.

(2) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.

Amended by Act 2023, No. 107,§ 54, eff. 7/1/2023.

Amended by Act 2019, No. 315,§ 2891, eff. 7/24/2019.

Acts 1999, No. 396, § 2.
Ark. Code Ann. § 24-2-303 — AR Code / Title 24 / Chapter 2 / Subchapter 3 / Section 24-2-303
Erroneous enrollment before January 1, 1979
Status: in_force

(a) Any employee who was erroneously enrolled in a state retirement system before January 1, 1979, and whose contributions have not been refunded prior to March 26, 1979, shall continue to be a member of the retirement system of record. (b) The member shall receive service credit for all paid membership service in the retirement system, shall be entitled to any free service which was credited to the member prior to March 26, 1979, or which is creditable to the member under existing laws, and shall also be entitled to reciprocal service credits as provided by §§ 24-2-401 - 24-2-405 and 24-2-407 . Acts 1973, No. 667, § 3; 1979, No. 576, § 3; A.S.A. 1947, § 12-2573; Acts 2001, No. 151, § 2.

(a) Any employee who was erroneously enrolled in a state retirement system before January 1, 1979, and whose contributions have not been refunded prior to March 26, 1979, shall continue to be a member of the retirement system of record.

(b) The member shall receive service credit for all paid membership service in the retirement system, shall be entitled to any free service which was credited to the member prior to March 26, 1979, or which is creditable to the member under existing laws, and shall also be entitled to reciprocal service credits as provided by §§ 24-2-401 - 24-2-405 and 24-2-407 .

Acts 1973, No. 667, § 3; 1979, No. 576, § 3; A.S.A. 1947, § 12-2573; Acts 2001, No. 151, § 2.
Ark. Code Ann. § 24-11-211 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-211
Arkansas Policemen's Pension Supplement Program
Status: in_force

(a) (1) There is created the Arkansas Policemen's Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board. (2) As used in this section, "retired police officers" includes: (A) Police officers who are retired from active service; and (B) Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund. (b) (1) The Policemen's Pension Supplement Program Fund is created to provide a state fund to provide financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds. (2) The Policemen's Pension Supplement Program Fund shall be funded by that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs that is transferred to the control of the board under § 24-11-215(c) . (c) (1) The board shall administer the program and make the payments called for under the program, including formulating necessary rules, procedures, and forms. (2) The board may retain one percent (1%) of the funds transferred for administrative expenses of the program. (d) Retired police officers and their survivors are eligible for the pension supplement under this program as follows: (1) A retired police officer or a survivor receiving retirement benefits from a local policemen's pension and relief fund of less than four hundred dollars ($400) per month shall receive a supplement under the program in an amount equivalent to raise his or her total benefits plus the supplement to four hundred dollars ($400) per month or the amount in subdivision (d)(2) of this section, whichever is greater; and (2) A retired police officer or a survivor currently receiving retirement benefits from a local policemen's pension and relief fund of four hundred dollars ($400) or more per month shall receive a supplement under the program of fifty dollars ($50.00) per month. (e) The payment shall be treated for all purposes as a supplement to the retirement benefits received by the person. (f) On or after July 1 of each fiscal year following the board's payments required by subsection (e) of this section, the board shall pay to the State Treasury the amounts transferred to the board under § 24-11-215(c) that exceed the amounts the board is required to pay under the program. (g) (1) The program is effective July 1, 1999. (2) The first payments may be made under the program beginning July 31, 1999, and the first transfer under § 24-11-215(c) shall occur on July 25, 1999, and on each July 25 thereafter. Amended by Act 2013, No. 41,§ 7, eff. 2/6/2013. Acts 1999, No. 1452, § 3; 2001, No. 1543, §§ 1, 2; 2003, No. 1473, § 61; 2009, No. 654, § 3.

(a) (1) There is created the Arkansas Policemen's Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board. (2) As used in this section, "retired police officers" includes: (A) Police officers who are retired from active service; and (B) Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund.

(1) There is created the Arkansas Policemen's Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board.

(2) As used in this section, "retired police officers" includes: (A) Police officers who are retired from active service; and (B) Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund.

(A) Police officers who are retired from active service; and

(B) Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund.

(b) (1) The Policemen's Pension Supplement Program Fund is created to provide a state fund to provide financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds. (2) The Policemen's Pension Supplement Program Fund shall be funded by that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs that is transferred to the control of the board under § 24-11-215(c) .

(1) The Policemen's Pension Supplement Program Fund is created to provide a state fund to provide financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds.

(2) The Policemen's Pension Supplement Program Fund shall be funded by that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs that is transferred to the control of the board under § 24-11-215(c) .

(c) (1) The board shall administer the program and make the payments called for under the program, including formulating necessary rules, procedures, and forms. (2) The board may retain one percent (1%) of the funds transferred for administrative expenses of the program.

(1) The board shall administer the program and make the payments called for under the program, including formulating necessary rules, procedures, and forms.

(2) The board may retain one percent (1%) of the funds transferred for administrative expenses of the program.

(d) Retired police officers and their survivors are eligible for the pension supplement under this program as follows: (1) A retired police officer or a survivor receiving retirement benefits from a local policemen's pension and relief fund of less than four hundred dollars ($400) per month shall receive a supplement under the program in an amount equivalent to raise his or her total benefits plus the supplement to four hundred dollars ($400) per month or the amount in subdivision (d)(2) of this section, whichever is greater; and (2) A retired police officer or a survivor currently receiving retirement benefits from a local policemen's pension and relief fund of four hundred dollars ($400) or more per month shall receive a supplement under the program of fifty dollars ($50.00) per month.

(1) A retired police officer or a survivor receiving retirement benefits from a local policemen's pension and relief fund of less than four hundred dollars ($400) per month shall receive a supplement under the program in an amount equivalent to raise his or her total benefits plus the supplement to four hundred dollars ($400) per month or the amount in subdivision (d)(2) of this section, whichever is greater; and

(2) A retired police officer or a survivor currently receiving retirement benefits from a local policemen's pension and relief fund of four hundred dollars ($400) or more per month shall receive a supplement under the program of fifty dollars ($50.00) per month.

(e) The payment shall be treated for all purposes as a supplement to the retirement benefits received by the person.

(f) On or after July 1 of each fiscal year following the board's payments required by subsection (e) of this section, the board shall pay to the State Treasury the amounts transferred to the board under § 24-11-215(c) that exceed the amounts the board is required to pay under the program.

(g) (1) The program is effective July 1, 1999. (2) The first payments may be made under the program beginning July 31, 1999, and the first transfer under § 24-11-215(c) shall occur on July 25, 1999, and on each July 25 thereafter.

(1) The program is effective July 1, 1999.

(2) The first payments may be made under the program beginning July 31, 1999, and the first transfer under § 24-11-215(c) shall occur on July 25, 1999, and on each July 25 thereafter.

Amended by Act 2013, No. 41,§ 7, eff. 2/6/2013.

Acts 1999, No. 1452, § 3; 2001, No. 1543, §§ 1, 2; 2003, No. 1473, § 61; 2009, No. 654, § 3.
Ark. Code Ann. § 24-11-210 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-210
Requirements for qualified plans under Internal Revenue Code
Status: in_force

(a) This section shall be considered a part of the plan of each firemen's relief and pension fund and policemen's pension and relief fund that is subject to this subchapter. Each plan is intended to qualify under the Internal Revenue Code, 26 U.S.C. § 401(a) , and is for the exclusive benefit of its members, retired members, and their survivors. (b) (1) A member, retired member, or survivor of a member or retired member of a firemen's relief and pension fund or a policemen's pension and relief fund may not accrue a retirement pension, disability retirement allowance, death benefit allowance, Deferred Retirement Option Plan benefit, or any other benefit under the fund in excess of the benefit limits applicable to the fund under the Internal Revenue Code, 26 U.S.C. § 415 . The Arkansas Fire and Police Pension Review Board shall reduce the amount of any benefit that exceeds those limits by the amount of the excess. (2) If total benefits under this fund and the benefits and contributions to which any member is entitled under any other qualified plans maintained by the employer that employs the member would otherwise exceed the applicable limits under the Internal Revenue Code, 26 U.S.C. § 415 , the benefits the member would otherwise receive from the fund shall be reduced to the extent necessary to enable the benefits to comply with the Internal Revenue Code, 26 U.S.C. § 415 , unless the employer has provided other rules that satisfy those requirements. (c) Any member or survivor who receives any distribution that is an eligible rollover distribution as defined by the Internal Revenue Code, 26 U.S.C. § 402(c)(4) , is entitled to have that distribution transferred directly to another eligible retirement plan of the member's or survivor's choice on providing direction to the firemen's relief and pension fund or any policemen's pension and relief fund regarding that transfer in accordance with procedures established by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund. (d) The total salary taken into account for any purpose for any member or retired member who is an ineligible participant under any firemen's relief and pension fund or any policemen's pension and relief fund may not exceed one hundred fifty thousand dollars ($150,000) a year. This dollar limit shall be adjusted from time to time in accordance with guidelines provided by the United States Secretary of the Treasury. For purposes of this subsection, an "eligible participant" is a person who first became a member before 1996, and an "ineligible participant" is a member who is not an eligible participant. (e) In the event that a firemen's relief and pension fund or a policemen's pension and relief fund is terminated or partially terminated or employer contributions to the fund are discontinued completely, the rights of the members to their accrued benefits to the extent funded shall be nonforfeitable. (f) (1) Distributions of benefits shall begin no later than April 1 of the year following the calendar year during which the member attains the applicable age or terminates employment with the employer, whichever is later, and shall otherwise conform to the Internal Revenue Code, 26 U.S.C. § 401(a)(9) . (2) 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. (3) 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. (g) If the amount of any benefit is to be determined on the basis of actuarial assumptions that are not otherwise specifically set forth for that purpose in this subchapter, the actuarial assumptions to be used are those earnings and mortality assumptions being used on the date of the determination by the fund's actuary and approved by the board. The actuarial assumptions being used at any particular time shall be treated for all purposes as a part of the rules of the firemen's relief and pension fund or the policeman's pension and relief fund. The actuarial assumptions may be changed by the actuary if approved by the board, but a change in actuarial assumptions may not result in any decrease in benefits accrued as of the effective date of the change. (h) (1) Notwithstanding any other provision in this subchapter to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with the Internal Revenue Code, 26 U.S.C. § 414(u) . (2) Subdivision (h)(1) of this section shall not preclude any person from receiving more generous treatment for military service pursuant to state law or the provisions of any firemen's relief and pension fund or any policemen's pension and relief fund if such treatment is not inconsistent with the tax qualification requirements. Amended by Act 2023, No. 44,§ 2, eff. 8/1/2023. Amended by Act 2021, No. 73,§ 1, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2899, eff. 7/24/2019. Acts 1999, No. 670, § 2.

(a) This section shall be considered a part of the plan of each firemen's relief and pension fund and policemen's pension and relief fund that is subject to this subchapter. Each plan is intended to qualify under the Internal Revenue Code, 26 U.S.C. § 401(a) , and is for the exclusive benefit of its members, retired members, and their survivors.

(b) (1) A member, retired member, or survivor of a member or retired member of a firemen's relief and pension fund or a policemen's pension and relief fund may not accrue a retirement pension, disability retirement allowance, death benefit allowance, Deferred Retirement Option Plan benefit, or any other benefit under the fund in excess of the benefit limits applicable to the fund under the Internal Revenue Code, 26 U.S.C. § 415 . The Arkansas Fire and Police Pension Review Board shall reduce the amount of any benefit that exceeds those limits by the amount of the excess. (2) If total benefits under this fund and the benefits and contributions to which any member is entitled under any other qualified plans maintained by the employer that employs the member would otherwise exceed the applicable limits under the Internal Revenue Code, 26 U.S.C. § 415 , the benefits the member would otherwise receive from the fund shall be reduced to the extent necessary to enable the benefits to comply with the Internal Revenue Code, 26 U.S.C. § 415 , unless the employer has provided other rules that satisfy those requirements.

(1) A member, retired member, or survivor of a member or retired member of a firemen's relief and pension fund or a policemen's pension and relief fund may not accrue a retirement pension, disability retirement allowance, death benefit allowance, Deferred Retirement Option Plan benefit, or any other benefit under the fund in excess of the benefit limits applicable to the fund under the Internal Revenue Code, 26 U.S.C. § 415 . The Arkansas Fire and Police Pension Review Board shall reduce the amount of any benefit that exceeds those limits by the amount of the excess.

(2) If total benefits under this fund and the benefits and contributions to which any member is entitled under any other qualified plans maintained by the employer that employs the member would otherwise exceed the applicable limits under the Internal Revenue Code, 26 U.S.C. § 415 , the benefits the member would otherwise receive from the fund shall be reduced to the extent necessary to enable the benefits to comply with the Internal Revenue Code, 26 U.S.C. § 415 , unless the employer has provided other rules that satisfy those requirements.

(c) Any member or survivor who receives any distribution that is an eligible rollover distribution as defined by the Internal Revenue Code, 26 U.S.C. § 402(c)(4) , is entitled to have that distribution transferred directly to another eligible retirement plan of the member's or survivor's choice on providing direction to the firemen's relief and pension fund or any policemen's pension and relief fund regarding that transfer in accordance with procedures established by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund.

(d) The total salary taken into account for any purpose for any member or retired member who is an ineligible participant under any firemen's relief and pension fund or any policemen's pension and relief fund may not exceed one hundred fifty thousand dollars ($150,000) a year. This dollar limit shall be adjusted from time to time in accordance with guidelines provided by the United States Secretary of the Treasury. For purposes of this subsection, an "eligible participant" is a person who first became a member before 1996, and an "ineligible participant" is a member who is not an eligible participant.

(e) In the event that a firemen's relief and pension fund or a policemen's pension and relief fund is terminated or partially terminated or employer contributions to the fund are discontinued completely, the rights of the members to their accrued benefits to the extent funded shall be nonforfeitable.

(f) (1) Distributions of benefits shall begin no later than April 1 of the year following the calendar year during which the member attains the applicable age or terminates employment with the employer, whichever is later, and shall otherwise conform to the Internal Revenue Code, 26 U.S.C. § 401(a)(9) . (2) 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. (3) 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) Distributions of benefits shall begin no later than April 1 of the year following the calendar year during which the member attains the applicable age or terminates employment with the employer, whichever is later, and shall otherwise conform to the Internal Revenue Code, 26 U.S.C. § 401(a)(9) .

(2) 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.

(3) 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.

(g) If the amount of any benefit is to be determined on the basis of actuarial assumptions that are not otherwise specifically set forth for that purpose in this subchapter, the actuarial assumptions to be used are those earnings and mortality assumptions being used on the date of the determination by the fund's actuary and approved by the board. The actuarial assumptions being used at any particular time shall be treated for all purposes as a part of the rules of the firemen's relief and pension fund or the policeman's pension and relief fund. The actuarial assumptions may be changed by the actuary if approved by the board, but a change in actuarial assumptions may not result in any decrease in benefits accrued as of the effective date of the change.

(h) (1) Notwithstanding any other provision in this subchapter to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with the Internal Revenue Code, 26 U.S.C. § 414(u) . (2) Subdivision (h)(1) of this section shall not preclude any person from receiving more generous treatment for military service pursuant to state law or the provisions of any firemen's relief and pension fund or any policemen's pension and relief fund if such treatment is not inconsistent with the tax qualification requirements.

(1) Notwithstanding any other provision in this subchapter to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with the Internal Revenue Code, 26 U.S.C. § 414(u) .

(2) Subdivision (h)(1) of this section shall not preclude any person from receiving more generous treatment for military service pursuant to state law or the provisions of any firemen's relief and pension fund or any policemen's pension and relief fund if such treatment is not inconsistent with the tax qualification requirements.

Amended by Act 2023, No. 44,§ 2, eff. 8/1/2023.

Amended by Act 2021, No. 73,§ 1, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2899, eff. 7/24/2019.

Acts 1999, No. 670, § 2.