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(a)
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(1) Any employee of the Arkansas Department of Transportation may make application within one (1) year from the date of becoming a member of the Arkansas State Highway Employees’ Retirement System and receive credit for any authenticated prior service rendered as an employee of the department prior to July 1, 1949.
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(2) In addition thereto, the employee may receive current service credit for any service rendered as an employee of the department since July 1, 1949, and prior to the date of becoming a member of the system, upon paying into the system to the credit of his or her account an amount equal to four percent (4%) of his or her earnings, not to exceed seven thousand five hundred dollars ($7,500) per annum, for each year of the authenticated prior service, or current service rendered prior to becoming a member of the system, in the event the employee has not previously obtained credit for such service.
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(b)
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(1) The employee shall pay into the system such necessary contributions and interest as may be prescribed by the Board of Trustees of the Arkansas State Highway Employees’ Retirement System within a period of five (5) years.
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(2) Not less than one-fifth (1/5) of the total prior service and current service contributions shall be paid during each year of the five-year period.
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