Arkansas Administrative Code › Agency 075 - PUBLIC EMPLOYEES RETIREMENT SYSTEM › Rule 075.00.06-001 - Regulation 105 - Additional Funding for Initial Unfunded Liabilities

Current through Register Vol. 49, No. 6, June, 2024
REGULATION 101
- October 2004 - Disclosure of Information
Disclosure of information from ADJRS records and meetings shall
			 be open to the public as provided by A.C.A.
			 25-19-101,
			 A.C.A.
			 21-12-203,
			 and other applicable law. The Executive Director shall seek the advice of the
			 Attorney General when necessary regarding release of information as provided
			 herein.
REGULATION 102 -
October 2004 - Board of Trustees Expense Reimbursement
In
		  accordance with Act 1211 of 1995 the Board of Trustees does hereby authorize
		  expense reimbursement for board members to attend all regular and special
		  Meetings of the Board and its Committees. Such reimbursement shall not exceed
		  the rate established for state employees by state travel regulations. ADJRS'
		  Board members shall not be paid a stipend.
The ADJRS Board of Trustees does hereby delegate to the ADJRS
			 Executive Director the approval of all Board of Trustee travel other than
			 travel to attend regular and special meetings of the Board and its
			 Committees.
REGULATION 103
		  -
October 2004 - Employer Contribution Rates
In accordance with the provisions of A.C.A. 24-8-809 the Board of
			 Trustees will establish the employer contribution rates to take effect on
			 January 1st of each year, or as deemed necessary by the Board.
REGULATION 104 -
October
		  2004 - Employer Reporting - Time and Frequency of Employer /Employee
		  Contributions and he Monthly Report of Earnings and Service
In accordance with A.C.A. 24-8-804 and 24-8-809, the Board hereby
			 adopts the following requirements for employer remittances and reporting.
			 Employer and employee contributions shall be remitted with appropriate forms
			 furnished by ADJRS and received by ADJRS within 10 calendar days after the
			 payroll period ending date.
Remittances postmarked within 9 calendar days after the payroll
			 period ending date shall not be considered delinquent. The monthly retirement
			 report of service and earnings, either in paper form or by electronic media,
			 shall be submitted for receipt by ADJRS on or before the tenth calendar day of
			 the month next following the report month. If the reports are submitted by
			 mail, either in paper form, tape, or disk, such reports will not be considered
			 delinquent if postmarked by the ninth calendar day.
REGULATION 105 -
October 2004 -
		  Additional Funding For Initial Unfunded Liabilities
In accordance with ACA 24-8-810 and
			 24-8-902,
			 the sponsoring government entity must pay any remaining liabilities based on a
			 thirty-year amortization. This thirty-year amortization will be a closed
			 amortization period, that is, thirty years to determine the 2005 payment,
			 twenty-nine years to determine the 2006 payment, and so on. The assets used to
			 determine the remaining liability will be calculated each year or as deemed
			 necessary by the Board of Trustees, based on the initial amount contributed
			 plus additional contributions plus any investment gains and losses. The
			 liability used to determine the remaining liability will be the present value
			 of the accrued benefits as of the date of calculation.
If the sponsoring government entity wishes to pay an additional
			 amount, or all of their remaining unfunded liability, then interest will be
			 added to the payoff in the amount of 1/12 of the annual interest rate used to
			 determine the liability times the number of months elapsed from the date of the
			 most recent calculation to the date of the payment.
BENEFITS
REGULATION 201 -
October 2004 - Age of
		  Members - How Established
The member must provide proof of age directly
		  to ADJRS before a benefit can be paid. Employer certification of a member's age
		  will not be accepted. One of any of the following documents shall be accepted
		  as proof of age:
1. Birth Certificate issued
		  at date of birth.
2. Birth
		  Certificate issued at any date before age 5 when certified by the appropriate
		  administering agency.
3. Baptismal
		  or other church records issued before age 5.
4. U.S. Census Report issued 1920 or
		  before.
5. Social Security document
		  other than application for Social Security Number that states age or date of
		  birth recognized by SSA.
For the following, any combination of two that agree:
1. Marriage license.
2. Insurance policy issued at least 10 years
		  prior to current date.
3. Family
		  Bible.
4. Military
		  Discharge.
5. Child's birth
		  certificate.
6. Application for
		  Social Security Number.
7. Birth
		  certificate issued at date when person was older than age 5 when certified by
		  the appropriate administering agency.