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(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.
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(b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
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(c)
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(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.
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(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:
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(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
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(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.
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(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.
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(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.
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