reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-103 - Creation of retirement system

(a)
There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the "Arkansas Public Employees' Retirement System".
(b)
All business of the system shall be transacted through a board of trustees as provided for in this act.
Acts 1957, No. 177, § 2; 1959, No. 42, § 2; A.S.A. 1947, § 12-2502.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-105 - Board of trustees - Meetings - Powers and duties

(a)
(1)
The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting.
(2)
Special meetings may be held in accordance with such rules as the board shall adopt from time to time.
(3)
Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.
(b)
In addition to such other duties as are imposed upon the board by this act, the board shall:
(1)
Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System;
(2)
Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system;
(3)
Provide for an actuarial valuation of the system as may be deemed necessary by the board;
(4)
Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act;
(5)
Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system;
(6)
Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with §
25-16-901
et seq.; and
(7)
Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.
Amended by Act 2019, No. 315,§ 2849, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 2848, eff. 7/24/2019.
Acts 1957, No. 177, § 3; 1959, No. 42, § 3; 1965, No. 153, § 4; A.S.A. 1947, § 12-2503; Acts 1997, No. 250, § 228.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-106 - Limitations - Definition

(a)
(1)
(A)
Notwithstanding any provisions to the contrary, it is considered sound public policy to limit contributions by public employers to one (1) state-authorized retirement plan. Accordingly, effective July 1, 1999, employers participating in the Arkansas Public Employees' Retirement System shall not establish any other state-authorized plan that requires contributions by the employer.
(B)
The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate such rules as are required to prohibit the establishment of such plans in the future.
(2)
An employer that, in addition to participating in the system, has another state-authorized plan that was in existence on July 1, 1999, shall not be prohibited from:
(A)
Changing vendors for the plan;
(B)
Adding employees to the plan; or
(C)
Modifying a plan pursuant to federal guidelines.
(3)
If an employer merges with another employer and either employer has a plan that was in existence on July 1, 1999, then the merged entity may continue to provide the plan for employees of the entity.
(b)
The system shall notify all participating employers on an annual basis of the requirements of this section and the board rules governing this subject.
(c)
For the purpose of this section, "state-authorized plan" means any retirement plan authorized by state or federal law.
Amended by Act 2019, No. 315,§ 2851, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 2850, eff. 7/24/2019.
Acts 1999, No. 884, § 1; 2001, No. 1299, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-107 - Proposals to establish or revise

The Board of Trustees of the Arkansas Public Employees' Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.
Acts 1999, No. 1325, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-108 - Implementation of contributory component

(a)
(1)
It shall be considered sound public policy to encourage public employees in the State of Arkansas to participate in the development and growth of their individual retirement benefits.
(2)
In order that the Arkansas Public Employees' Retirement System continues to maintain a strong funded status while ensuring that benefits provided to the annuitants and beneficiaries of the system maintain a constant purchasing power, it is incumbent upon the Board of Trustees of the Arkansas Public Employees' Retirement System to consider reintroducing employee contributions as a required provision of the plan structure.
(b)
(1)
In accordance with the rules of the board, there shall be an annual review of the actuarial valuation of the plan as provided by its actuary.
(2)
During each annual review, the board shall consider the actuarial appropriateness of establishing a contributory component within the system.
(3)
Issues to be considered are to include, but not be limited to:
(A)
Mitigating additional increases in the employer contribution rate;
(B)
The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986,
26 U.S.C. § 414(h)
, as in effect on January 1, 2003;
(C)
The establishment of a time horizon in which current system members may elect contributory status; and
(D)
The extent of benefit portability.
(c)
(1)
Beginning July 1, 2005, the board shall implement and establish a contributory plan for members of the system.
(2)
The board shall develop policies and rules from its annual review of the contributory component of the system and, as a minimum, the board's rules shall provide for:
(A)
The member contribution rate;
(B)
The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit;
(C)
The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and
(D)
Any other contributory qualifications or requirements necessary to implement the contributory plan for the system.
Amended by Act 2019, No. 315,§ 2853, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 2852, eff. 7/24/2019.
Acts 2003, No. 339, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-109 - Compliance with federal regulation

(a)
The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate rules as it deems necessary from time to time in order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter.
(b)
In meeting its obligation to its members, the board may promulgate rules to:
(1)
Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code,
26 U.S.C. § 411
; and
(2)
Maintain the Arkansas Public Employees' Retirement System's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under the Internal Revenue Code,
26 U.S.C. § 401(a)
.
Acts 2009, No. 745, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-110 - Failure to terminate - Commencement of annuity payments - Election to retire

A retirant shall not begin receiving annuity payments until all requirements for terminating qualified employment are satisfied.
Added by Act 2013, No. 332,§ 6, eff. 3/14/2013.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-4-101 — 24-4-111) › Section 24-4-111 - Failure to meet termination requirements - Member's retirement election

The failure to meet termination requirements does not revoke a member's retirement election.
Added by Act 2013, No. 332,§ 7, eff. 3/14/2013.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-201 - Arkansas Public Employees' Retirement System Fund - Creation - System accounts

(a)
(1)
There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the "Arkansas Public Employees' Retirement System Fund".
(2)
This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.
(b)
(1)
The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System.
(2)
The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time.
Amended by Act 2019, No. 910,§ 3551, eff. 7/1/2019.
Acts 1957, No. 177, § 4; 1959, No. 42, § 4; 1961, No. 64, § 2; 1981, No. 859, § 16; A.S.A. 1947, § 12-2504; Acts 1997, No. 299, § 8; 1999, No. 308, § 1; 2001, No. 67, § 2; 2001, No. 151, § 11.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-205 - State as trustee

The promulgation of this chapter shall constitute an offer by the state to serve as trustee for the funds collected under the provisions of this chapter, as well as a guarantee that the disbursement thereof shall be in accordance with the provisions of this chapter and that none of the funds shall be used for any purpose except the purposes provided for in this act.
Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 13.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-208 - Reduction of annuities when funds inadequate

(a)
(1)
If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2)
This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.
(3)
The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
(b)
(1)
If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2)
This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account.
(3)
The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 15.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-209 - Interest

(a)
At the end of each fiscal year, the Board of Trustees of the Arkansas Public Employees' Retirement System may allow the crediting of interest at an amount to be determined on the balance at the beginning of the fiscal year in the members' deposit account and the employers' accumulation account.
(b)
The board shall be required to allow regular interest at the end of each fiscal year on the year's mean balance in the retirement reserve account.
(c)
The interest allowed under subsections (a) and (b) of this section shall be credited annually by the board to the accounts and shall be paid from the income account.
Acts 1957, No. 177, § 13; 1959, No. 42, § 13; 1977, No. 793, § 11; A.S.A. 1947, § 12-2513; Acts 1997, No. 299, § 10.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-210 - Transfer of funds to cover retired county constitutional officers

(a)
(1)
On July 1, 1979, the actuary for the Arkansas Public Employees' Retirement System shall make a determination of the amount necessary to be collected on a monthly basis during the ensuing one hundred twenty (120) months to set up the Retirement Reserve Fund for all persons retired as elected county constitutional officers on July 1, 1978.
(2)
The amount, as determined by the actuary, shall be certified by the Board of Trustees of the Arkansas Public Employees' Retirement System to the Chief Fiscal Officer of the State. He or she shall in turn cause the amount so certified to be transferred in equal monthly installments from the County Aid Fund or from any other general revenue fund authorized by law for the purpose, from general revenues allocated thereto to counties, to the Arkansas Public Employees' Retirement System Fund for credit to the County Constitutional Officers' Subdivision.
(3)
The amounts so certified shall also include regular interest which would have been collected by the system.
(b)
(1)
As additional persons are retired under the provisions of the County Constitutional Officers' Subdivision after July 1, 1978, the retirement reserve amount as determined by the system's actuary shall be certified to the Chief Fiscal Officer of the State by the board.
(2)
The Chief Fiscal Officer of the State shall then cause the amount so certified to be transferred in one (1) lump sum from the County Aid Fund or from any other general revenue fund authorized by law for the purpose, from general revenues allocated thereto to counties, to the Arkansas Public Employees' Retirement System Fund for credit to the County Constitutional Officers' Subdivision.
Acts 1977, No. 754, § 1; 1977 (Ex. Sess.), No. 14, § 1; 1979, No. 653, § 1; A.S.A. 1947, § 12-2577.1; Acts 1997, No. 299, § 11.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-211 - Disposition of funds returned to hospitals withdrawing from system

Any hospital excluding its employees from the Arkansas Public Employees' Retirement System and receiving a return of any funds as provided in §
24-4-302(3)
shall immediately invest the funds in a retirement system or plan for the employees of the hospital.
Acts 1971, No. 303, § 2; A.S.A. 1947, § 12-2506.1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-212 - No waiver of sovereign immunity

Nothing in this chapter shall be taken or interpreted as a waiver of the state's sovereign immunity.
Acts 2011, No. 38, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 2 - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-4-201 — 24-4-213) › Section 24-4-213 - Socially responsible investments

A decision on whether to invest, not invest, or withdraw from investment the funds of the Arkansas Public Employees' Retirement System shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.
Added by Act 2017, No. 770,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 3 - MEMBERSHIP (§§ 24-4-301 — 24-4-305) › Section 24-4-304 - Credited service - Cessation of employment - Reemployment

(a)
(1)
(A)
When a member is no longer employed in a position covered by the Arkansas Public Employees' Retirement System, he or she shall thereupon cease to be a member.
(B)
Except as otherwise provided in this chapter, upon termination of his or her membership, a member's credited service is forfeited.
(2)
If the person is not a retirant and becomes reemployed in a position covered by the system, the person shall become a member of the system, and the person's credited service which did not require member contributions and then was forfeited by him or her at termination of covered employment shall be restored to his or her credit.
(b)
(1)
Upon a member's retirement, he or she shall cease to be a member.
(2)
Except as provided otherwise in this chapter, he or she shall not again become a member.
(c)
Should a former member entitled to a deferred annuity provided for in §
24-4-510
become employed in a position covered by the system before becoming a retirant, the member shall thereupon cease to be entitled to a deferred annuity and shall become a member with his or her last credited service reinstated.
Acts 1957, No. 177, § 7; 1959, No. 42, § 7; 1971, No. 190, § 1; A.S.A. 1947, § 12-2507; Acts 1989, No. 160, § 2; 1993, No. 1104, § 1; 2001, No. 151, § 18.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-501 - Prior service credit generally - Straight life annuity

(a)
(1)
Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in §
24-4-101
, in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security.
(2)
Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems.
(b)
Any active member of the Arkansas Public Employees' Retirement System who would otherwise be eligible for free prior service credit under the provisions of this chapter because of employment with a public employer or with the public schools but who was drafted and was serving in the military on active duty on a date which would have made the member eligible for the free prior service had the member been an employee on that date shall receive, upon application and submission of proper proof to the board, free prior service credit for employment prior to July 1, 1957, in the case of a state, municipal, or school employee, or prior to July 1, 1959, in the case of a county employee, if the following conditions are met:
(1)
The member was an employee of a public employer immediately preceding his or her involuntary service in the armed forces; and
(2)
The member was reemployed as an employee within six (6) months of his or her discharge from the United States Armed Forces.
(c)
For the purposes of this subsection, prior service credit eligibility dates are:
(1)
July 1, 1957, for state employees;
(2)
July 1, 1959, for county employees;
(3)
October 1, 1957, and October 1, 1965, for school employees;
(4)
July 1, 1957, and January 1, 1963, for colleges and universities; or
(5)
The date the employer begins participation in the Arkansas Public Employees' Retirement System, for municipalities.
Acts 1961, No. 119, §§ 1, 2; A.S.A. 1947, §§ 12-2522, 12-2523; Acts 1987, No. 32, § 1; 2001, No. 151, § 21.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-508 - Eligibility for benefits - Retirement generally

(a)
Any member may voluntarily retire upon his or her written application filed with the Board of Trustees of the Arkansas Public Employees' 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 the application, that he or she desires to be retired if that member has:
(1)
Twenty-eight (28) or more years of credited service regardless of age;
(2)
Attained or attains sixty (60) years of age and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or
(3)
Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly.
(b)
(1)
Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas system, which service is covered by the retirement system recognized by the University of Arkansas.
(2)
The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, "final average compensation" means the monthly average of pays to the member during his or her total years of service in the system.
(c)
(1)
An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this section.
(2)
The determination shall include the member's total years of credited service, the specific factors used to make the determination, the base annuity payable to the member, and the amount of annuity payments, if any, payable under the annuity options of §
24-4-606
.
(3)
If the member is not eligible for a retirement annuity, the determination shall state the reasons for the determination.
(d)
A member's retirement election is irrevocable except under circumstances as may be permitted by the board by rule.
Amended by Act 2019, No. 315,§ 2856, eff. 7/24/2019.
Acts 1957, No. 177, § 10; 1959, No. 42, § 10; 1965, No. 153, § 7; 1969, No. 228, § 1; 1985, No. 938, § 2; A.S.A. 1947, § 12-2510; Acts 1993, No. 1093, § 2; 1997, No. 299, § 15; 1999, No. 104, § 2; 1999, No. 627, § 1; 2001, No. 151, § 23; 2007, No. 176, § 5; 2011, No. 38, § 7.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-512 - Eligibility for benefits - Prior service credit for county members

Any member of the County Division of the Arkansas Public Employees' Retirement System may, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, receive credit for any service rendered a public employer, as defined in §
24-4-101
, prior to July 1, 1959, subject to the following conditions:
(1)
That he or she was employed by a county participating public employer on July 1, 1957; and
(2)
That he or she was employed by a state department participating public employer on July 1, 1959.
Acts 1957, No. 177, § 10; 1967, No. 175, § 3; A.S.A. 1947, § 12-2510.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-514 - Credit for educational leave - Definitions

(a)
As used in this section:
(1)
"Educational leave" means a leave of absence from employment in a position covered by the Arkansas Public Employees' Retirement System to pursue a degree from an institution of higher education; and
(2)
"System" means the Arkansas Public Employees' Retirement System.
(b)
On or after July 1, 1987, any person who is a member of the system and who is not receiving benefits under the system on July 1, 1987, shall be entitled to purchase credited service in the system for a period not to exceed twelve (12) months for actual time spent on educational leave, provided that the person:
(1)
Has ten (10) or more years of actual service with the system;
(2)
Was paid a stipend during the period of educational leave;
(3)
Had creditable service before and for at least two (2) years after the period of educational leave; and
(4)
Pays or causes to be paid the sum of all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that period of time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date of the educational leave to the date the payment is received by the system.
Acts 1987, No. 33, §§ 1, 2; 1997, No. 299, § 16; 2001, No. 151, § 27.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-516 - Credit for lost credited service due to work-related injury

(a)
Any member of the Arkansas Public Employees' Retirement System who suffers from or who has suffered in the past from a work-related injury for which workers' compensation benefits were paid under the workers' compensation laws, and whose annuity from the system would otherwise be reduced due to the reduced salary and lost credited service, shall be entitled to obtain credited service for the actual time period of reduced salary and lost service credit by paying to the system all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service would have been rendered to the date the payment is received by the system.
(b)
Provided, however, at the discretion of the employer, any employer under the system may elect to implement a policy to pay the employer's portion of any contributions that an employee would otherwise be responsible to pay under this section to receive the service credit.
Acts 1995, No. 962, § 1; 1997, No. 299, § 17.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-517 - State service under a federal grant - Definition

(a)
As used in this section, "state service under a federal grant" means service rendered to any state agency while detailed or assigned to the agency under the terms of a federal grant agreement between an agency of the federal government and a state agency to perform services for the state agency and to be under the supervision of state administrators while being paid from federal grant funds awarded to the state agency and withheld from the federal grant moneys.
(b)
From and after January 1, 1995, any person who is or was a member of the Arkansas Public Employees' Retirement System shall be entitled to purchase credited service in the system for a period not to exceed three (3) years for state service under a federal grant, but only if the person:
(1)
Has at least ten (10) years of actual service with the system;
(2)
Is not receiving or was not eligible to receive any retirement benefits paid by another retirement system for the period of time for which he or she is claiming state service under a federal grant, except for Social Security benefits, if the person had left on deposit the contributions to the other system;
(3)
(A)
Pays or causes to be paid all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date payment is received by the system.
(B)
The member may purchase all of the service or any portion thereof in multiples of one (1) year.
(C)
The payment of funds shall be made in one (1) lump sum; and
(4)
Has otherwise complied with all other rules as the Board of Trustees of the Arkansas Public Employees' Retirement System may from time to time adopt under this section.
Amended by Act 2019, No. 315,§ 2857, eff. 7/24/2019.
Acts 1995, No. 1264, § 1; 1997, No. 239, § 1; 1997, No. 299, § 18; 2001, No. 151, § 28.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-518 - Credit for service as sheriff

A sheriff or former sheriff who became a member of the Arkansas Public Employees' Retirement System pursuant to Acts 1995, No. 846, § 1, may purchase his or her time as an elected sheriff prior to July 28, 1995. At his or her option, the sheriff or former sheriff may receive credit for the service, subject to the following conditions:
(1)
The person is a participating employee covered under the system at the time of the purchase or was a sheriff who became a member pursuant to Acts 1995, No. 846, § 1;
(2)
The person furnishes proof in a form required by the system of the service and compensation received;
(3)
The person pays or causes to be paid:
(A)
All employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time;
(B)
All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and
(C)
Regular interest on the employee and employer contributions. The interest shall be computed from the date the service was rendered to the date the payment is received by the system. The person may purchase all of the service or any portion thereof in multiples of one (1) year; and
(4)
The payment of funds shall be made in one (1) lump sum.
Acts 1999, No. 870, § 1; 2001, No. 151, § 29.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 5 - CREDITED SERVICE AND ELIGIBILITY FOR BENEFITS (§§ 24-4-501 — 24-4-523) › Section 24-4-523 - [Repealed]

Repealed by Act 2013, No. 332,§ 10, eff. 3/14/2013.
Acts 2001, No. 151, § 30.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-602 - Payment of annuity balance upon death of retirant or member

(a)
In the event a retirant who is in receipt of a straight life annuity dies before he or she has received in straight life annuity payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, the difference between his or her accumulated contributions and the aggregate amount of straight life annuity payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the Arkansas Public Employees' Retirement System.
(b)
If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the Arkansas laws of descent and distribution.
(c)
The payments may be made directly to a curator or guardian, or to an administrator or an executor, authorized to receive the payments, wherever the representative may be, with or without the appointment of a representative in this state.
(d)
In the event a member dies and does not leave a beneficiary entitled to an annuity payable from funds of the Arkansas Public Employees' Retirement System, his or her accumulated contributions standing to his or her credit in the members' deposit account as of the time of his or her death shall be paid pursuant to the provisions of this section.
Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1961, No. 11, § 1; 1961, No. 64, § 5; 1965, No. 153, §§ 11, 12; 1967, No. 108, §§ 3, 4; 1967, No. 175, § 2; 1969, No. 81, § 1; 1969, No. 381, § 1; 1969, No. 632, §§ 3, 4; 1973, No. 586, §§ 5, 6; 1975, No. 907, §§ 1, 2, 9; 1977, No. 109, § 1; 1977, No. 816, § 1; 1979, No. 387, § 1; 1979, No. 715, §§ 2, 6; 1981, No. 859, § 6; A.S.A. 1947, § 12-2511.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-603 - Refund of contributions

(a)
In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her written application for a refund on a form to be supplied by the Arkansas Public Employees' Retirement System.
(b)
The former member may receive interest on the contributions if he or she has had accumulated contributions standing to his or her credit in the members' deposit account for at least five (5) years between the date he or she became a member of the system and the date he or she requests the refund of contributions.
(c)
The interest shall be paid at a rate and method to be determined by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be calculated on the balance in the members' deposit account on the last June 30 prior to the date he or she obtains his or her refund.
(d)
If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date he or she receives his or her refunded contributions, his or her request shall be void and he or she must again terminate his or her employment to request a refund of contributions.
(e)
Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.
(f)
(1)
If a member receives a refund of contributions from the system upon termination of covered employment and is reemployed by a participating public employer, then the member is considered first hired under this subchapter as of the date of reemployment.
(2)
(A)
Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit.
(B)
A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service.
Amended by Act 2023, No. 248,§ 7, eff. 7/1/2023.
Amended by Act 2019, No. 315,§ 2858, eff. 7/24/2019.
Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1975, No. 907, § 1; A.S.A. 1947, § 12-2511.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-605 - Proration of public employer share of annuity reserve

In the event a member retires with credited service arising from his or her employment by the state, a county, and a municipality, the public employer share of his or her annuity reserve shall be prorated between the state division, county division, and municipal division in accordance with the portions of his or her credited service acquired under each division.
Acts 1957, No. 177, § 11; 1961, No. 64, § 5; A.S.A. 1947, § 12-2511.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-607 - Redetermination of benefits

(a)
Each July 1 the Arkansas Public Employees' Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months.
(b)
The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).
(c)
(1)
If a person is first hired by a system-covered employer on or after July 1, 2022, and retires under the eligibility requirements of the system, the monthly benefit for the person shall be redetermined in accordance with subdivision (c)(2) of this section.
(2)
(A)
The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated.
(B)
The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year.
Amended by Act 2021, No. 366,§ 1, eff. 7/28/2021.
Acts 1973, No. 666, § 5; 1979, No. 715, § 1; A.S.A. 1947, § 12-2511.6; Acts 1987, No. 477, § 1; 1991, No. 432, § 2; 1997, No. 299, § 19; 1999, No. 39, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-609 - Effective date of benefits - Survivors and beneficiaries

(a)
The effective date of monthly benefits payable to a survivor of a deceased member under §
24-4-608
is the first day of the calendar month next following the month in which the member died.
(b)
The effective date of monthly benefits payable to a beneficiary of a retirant under §
24-4-606
is the first day of the calendar month next following the month in which the retirant died.
Amended by Act 2023, No. 247,§ 3, eff. 7/1/2023.
Acts 1977, No. 663, § 2; A.S.A. 1947, § 12-2511.17.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-610 - Increased benefits for persons retiring by June 1, 1985

(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.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-611 - Minimum monthly benefit - Lump-sum payment of reserve value

(a)
A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
(b)
(1)
Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150).
(2)
The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(3)
A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.
(c)
The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid.
Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023.
Acts 1989, No. 547, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-612 - Increase in benefits

(a)
On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System, who retired June 1, 1991, or before, shall be increased by four percent (4%) of the benefit payable on June 1, 1991.
(b)
The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase in subsection (a) of this section shall be added to the base annuity of the retirant or beneficiary.
Acts 1991, No. 380, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 4 - ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM (§§ 24-4-101 — 24-4-1109) › Subchapter 6 - BENEFITS (§§ 24-4-601 — 24-4-623) › Section 24-4-613 - Benefits for contributory members

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