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(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid.
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(b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansas Local Police and Fire Retirement System.
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(c)
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(1) For a member who has at least twenty-eight (28) years of service before electing to participate in the plan, seventy-five percent (75%) of the member’s monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member’s plan account.
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(2) For a member who has at least twenty (20) years of service but less than twenty-eight (28) years of service and is at least fifty-five (55) years of age before electing to participate in the plan, seventy-two percent (72%) of the member’s monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member’s plan account.
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