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(a)
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(1) Beginning on March 1, 2001, the Arkansas State Highway Employees’ Retirement System shall pay an amount not to exceed seven thousand five hundred dollars ($7,500) to the named beneficiary of the retiree or a member in the Arkansas State Highway Employees’ Deferred Retirement Option Plan immediately following the retiree’s death.
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(2) If there is more than one (1) named beneficiary, the amount shall be divided equally between the named beneficiaries.
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(3) If there are no designated persons surviving the retiree or plan member, the lump sum shall be paid to the estate.
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(b) If a retiree or a plan member is entitled to a similar benefit from a reciprocal system, then the Arkansas State Highway Employees’ Retirement System shall pay a prorated share based on the number of years in the Arkansas State Highway Employees’ Retirement System divided by the total public service time.
