reglab/housing_qa huggingface dataset:
AR Code § 24-10-407 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-407. Income-expense account

 (a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system.  (b) When paid to the system, the employer contributions provided for in § 24-10-405(g) shall be credited to the income-expense account.  (c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter.  (d)  (1)  (A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year.  (B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.    (2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account.  (3) The regular interest shall be transferred from the income-expense account.    (e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board by resolution may provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system.
AR Code § 24-10-408 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-408. State contributions — System administrative expenses

 (a) Subject to the provisions of this chapter, the state shall not contribute to finance the Arkansas Local Police and Fire Retirement System, except those amounts which the political subdivision may receive under laws providing for a general apportionment of political subdivision moneys throughout the state.  (b) The system administrative expenses provided by employer contributions and by system investment return shall not exceed a total of one-half of one percent (0.5%) of active member pays plus one percent (1%) of system assets.  (c) Because the system is covering future hires and not present employees, it will be a few years until the system has grown enough that the administrative expense maximum specified in subsection (b) of this section will cover all system administrative expenses. Until the inevitable growth has occurred, the portion of system administrative expenses not covered by that maximum amount shall be paid from the revenues derived from the premium taxes levied on foreign insurers by the Arkansas Insurance Code or any other funds designated for support of firefighters' pension funds and police officers' pension funds in political subdivisions.
AR Code § 24-10-409 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-409. Proration of state revenues between political subdivision and its relief fund

 (a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-816, 24-11-818 — 24-11-820, 26-57-601 — 26-57-605, and 26-57-607 or any other state funds designated for support of fire and police retirement programs in political subdivisions.  (b)  (1)  (A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System.  (B) However, the amount allocated:  (i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8); and  (ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7).      (2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section.    (c) If there is a mixture of employees acquiring paid service and employees acquiring volunteer service, one (1) paid service employee shall be equal to five (5) volunteer service employees for prorating purposes.  (d) Each political subdivision without a relief fund in effect July 1, 1981, which subsequently covers its fire or police department under the system shall also receive insurance revenues.  (e)  (1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political subdivisions shall be applied to the employer contribution required to support this system.  (2) If there is any money remaining after the subsidy account balance has been exhausted, as calculated by the actuary for the Arkansas Fire and Police Pension Review Board, the governing body of the political subdivision may transfer any or all of the excess moneys to the governing body's policemen's pension and relief fund or firemen's relief and pension fund, or both, with the prior written approval of the board.
AR Code § 24-10-410 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-410. Delinquent payments

 (a) If any political subdivision fails to make any payment due the Arkansas Local Police and Fire Retirement System for a period of ten (10) days after the payment is due, the political subdivision shall become delinquent, and the delinquency shall be certified by the Board of Trustees of the Arkansas Local Police and Fire Retirement System to the Treasurer of State.  (b) Until the delinquency, together with regular interest, is satisfied, the Treasurer of State is authorized and directed to withhold all moneys due the political subdivision by the state.
AR Code § 24-10-503 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-503. Disability

 (a) In the event a member in covered employment becomes totally physically or mentally incapacitated for his or her duty as an employee as the natural and proximate result of a personal injury or disease which has arisen out of and in the course of his or her actual performance of duty as an employee, in the event the disability will probably not be permanent, and in the event periodic payments are payable under any workers' compensation or similar law on account of the same disability, then the disability time shall be credited as service under this subchapter upon proper application filed with the Board of Trustees of the Arkansas Local Police and Fire Retirement System by or on behalf of the member.  (b) All determinations concerning the nature of the disability shall be made by the board.  (c) During the period of disability, his or her contributions based on reportable pays to the Arkansas Local Police and Fire Retirement System shall continue, and any balance remaining to his or her credit in the system shall continue to accrue regular interest.  (d) Service credit granted under this section shall not be considered as credited service for the purpose of determining the member's final average pay.  (e) Should the member die while so disabled, he or she shall be considered a member in covered employment at the time of death.
AR Code § 24-10-505 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-505. Public service with other Arkansas systems

 (a) For the purpose of this section, “related system” means any of four (4) retirement systems:  (1) The Arkansas Local Police and Fire Retirement System;  (2) The Arkansas Public Employees' Retirement System;  (3) The State Police Retirement System; or  (4) The Arkansas Teacher Retirement System.    (b) The benefit payable by each related system shall be based upon:  (1) The service credit with that system;  (2) The benefit program the related system had in effect at the time the member terminated service covered by the related system; and  (3) The member's service and pay covered by the related system while the service was being rendered.    (c) During any period that a person is employed in a position covered by a related system, that employee is ineligible to receive a refund of accumulated contributions from any related system in which that employee has service credits and accumulated contributions standing in his or her account. Accumulated contributions may only be refunded when the employee terminates all employment covered by a related system and does not have, in the aggregate, sufficient years of credited service to be eligible for an age and service benefit from any of the related systems.
AR Code § 24-10-506 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-506. Other local police and fire service

 (a) An active member of the Arkansas Local Police and Fire Retirement System shall be entitled to purchase credited service in the system equivalent to a period not to exceed fifteen (15) years if the member:  (1)  (A) Has at least five (5) years of actual service with the system.  (B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for purchase under this section;    (2)  (A) Had service:  (i) With a local government covered by a municipal policemen's pension and relief fund under § 24-11-401 et seq. or a municipal firemen's relief and pension fund under § 24-11-801 et seq.; or  (ii)  (a) As a public safety officer or law enforcement officer in an agency for which the service as a public safety officer or law enforcement officer was not covered by the system.  (b) As used in this section, “service as a public safety officer” includes paid service with a municipality that has police officers or firefighters covered under a policemen's pension and relief fund or a firemen's relief and pension fund where the member performed services as a cadet.      (B) Service that is or will be eligible for benefit payment from another plan shall not be eligible for purchase under the system; and    (3) Contributes to the system an amount that is the actuarial equivalent of the value of the credited service to be purchased. This actuarial equivalent would be as of the time of the purchase of credited service and would be determined by the actuary to the system.    (b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may make the final determination as to:  (1) The length of purchased service credit;  (2) The amount of regular interest to be charged; and  (3) The manner in which payment will be made to the system.    (c) Service credit purchased under this section may be used to determine the member's total credited service for the amount upon retirement and shall not be used to determine his or her final average pay for service under the system.
AR Code § 24-10-507 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-507. Reciprocal system

 (a) The Arkansas Local Police and Fire Retirement System is a reciprocal system under the provisions of §§ 24-2-401 — 24-2-405.  (b) In establishing eligibility for a benefit from the Arkansas Local Police and Fire Retirement System, the credited service under all reciprocal systems shall be totaled and the total credited service shall be used in determining eligibility for a system benefit.  (c) In determining the amount of a benefit from this system, there shall be used only the credited service under this system and the benefit formula of this system.  (d) The final average compensation used shall be that of the reciprocal system which furnishes the highest final salary at the time of retirement.  (e) Wherever this system provides a benefit amount which is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.
AR Code § 24-10-508 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-508. Service credit

 (a) An active member of the Arkansas Local Police and Fire Retirement System who has at least five (5) years of actual service and who has service in an Arkansas law enforcement agency or fire department and who has been employed as a public safety or law enforcement officer in any agency not covered by the system or any other system that is reciprocal to the system shall receive credited service for that service.  (b) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section.  (c) No additional service credit shall be credited under this section on or after April 1, 2019.
AR Code § 24-10-509 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-509. Service credit not years of service

 Service credit granted under § 24-10-508 shall not be considered as years of service for the purpose of benefit calculation.
AR Code § 24-10-510 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 5 - Credited Service|§ 24-10-510. Service credit for former military personnel

 (a) An active member of the Arkansas Local Police and Fire Retirement System may purchase credited service in the system equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the system, if the member:  (1) Received an honorable discharge from the armed forces;  (2)  (A) Has at least five (5) years of actual service in the system.  (B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for purchase under this section; and    (3)  (A) Contributes to the system an amount that is the actuarial equivalent of the value of the credited service to be purchased.  (B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the system.      (b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall make the final determination as to the:  (1) Length of purchased service credit;  (2) Amount of regular interest to be charged; and  (3) Manner in which payment is made to the system.    (c) Service credit purchased under this section shall be used to determine the member's total credited service under the system but shall not be used to determine his or her final average pay under the system.
AR Code § 24-10-601 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-601. Generally

 No benefit shall be paid by the Arkansas Local Police and Fire Retirement System based upon pay which is covered by any other retirement plan, except Social Security.
AR Code § 24-10-604 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-604. Voluntary retirement

 (a)  (1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have attained his or her normal retirement age and have five (5) years of credited service in force.  (2) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section.    (b) He or she shall have the right to elect an option provided for in § 24-10-603.
AR Code § 24-10-605 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-605. Compulsory retirement

 (a) A member's employer shall determine the compulsory separation age for its employees.  (b) Upon his or her separation from his or her last covered employment, a member with five (5) or more years of credited service in force who has attained his or her normal retirement age shall receive an annuity provided for in § 24-10-602 and shall have the right to elect an option provided for in § 24-10-603.  (c) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual credited service in order to be eligible under this section.
AR Code § 24-10-606 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-606. Early retirement

 (a) An active member in covered employment who has not attained his or her normal retirement age may retire with an early annuity as provided in this section upon his or her proper application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member has:  (1) Attained age fifty (50) and has twenty (20) years of credited service in force; or  (2) Twenty-five (25) years of actual credited paid service in the Arkansas Local Police and Fire Retirement System at any age.    (b) He or she shall have the right to elect an option provided for in § 24-10-603.  (c)  (1) Upon early retirement, a member shall receive a certain percent of an annuity for life as provided for in § 24-10-602.  (2) The percent shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which his or her age at early retirement is less than his or her normal retirement age.
AR Code § 24-10-610 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-610. Limitations on death and disability annuities

 If a death annuity is payable on behalf of a member who dies in employer service before retirement, or for the portion of a disability annuity payable before a disability retirant's attainment of age fifty-five (55), the total amount of the system annuities based on paid service shall not exceed one hundred percent (100%) of the amount of his or her final average pay at the time of death or disability.
AR Code § 24-10-611 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-611. Termination of covered employment

 (a) A member who terminates covered employment before attaining his or her normal retirement age, for a reason other than death, early retirement, or disability retirement, shall be entitled to an annuity computed in accordance with the provisions of this section, as it provides at the time of the last termination of covered employment, subject to the member's satisfying all of the following conditions:  (1)  (A) The member has five (5) years of credited service.  (B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for retirement;    (2) The member lives to his or her annuity starting date;  (3) The member makes proper application for retirement and payment of the annuity to the Arkansas Local Police and Fire Retirement System not less than thirty (30) days nor more than ninety (90) days before the date he or she attains his or her normal retirement age; and  (4) The annuity starting date shall be the first day of the calendar month next following the later of:  (A) The date the member attains his or her normal retirement age; and  (B) The date the proper application is received by the system.      (b)  (1) The monthly amount of a vested termination annuity shall be computed in the same manner as a normal annuity amount provided for in § 24-10-602, but based upon his or her credited service and final average pay at the time of termination of covered employment.  (2) If the effective date of the annuity is at least twelve (12) full months after termination, an amount of final average pay usable for the purposes of this section shall be redetermined.  (3)  (A) The redetermined amount shall be the amount of final average pay at the time of termination of covered employment increased by one-half (½) of any percentage increase in the inflation index for the period from three (3) months immediately preceding the termination to three (3) months immediately preceding the annuity effective date.  (B) For an annuity with an effective date that is on or after July 1, 2019, the pay used for the annuity computation shall be the final average pay at the time of termination from paid service employment with the system.    (4) He or she shall have the right to elect an option provided for in § 24-10-603.
AR Code § 24-10-612 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 6 - Benefits|§ 24-10-612. Redetermination of benefits

 (a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.  (b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).  (c)  (1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.  (2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:  (A) The benefit calculated under § 24-10-602, as in effect on July 1, 2009, using the member's final average salary at retirement; or  (B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.    (3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.  (4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.