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(a) In the event a plan is established, the Arkansas State Highway Employees’ Deferred Retirement Option Plan shall have, as a minimum, provisions which require that:
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(1) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System approve of the person’s participation in the Arkansas State Highway Employees’ Deferred Retirement Option Plan;
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(2) The member’s deferred retirement benefits deposited into an account in which shall be accumulated the member’s deferred option contributions plus interest;
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(3) The rate of interest to be credited to each member’s deferred option account shall be an amount to be determined by the board, to be paid on the mean balance in the account for the fiscal year;
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(4) When a member begins participation in the Arkansas State Highway Employees’ Deferred Retirement Option Plan, the member’s contributions and the state’s contributions, as employer, to the Arkansas State Highway Employees’ Retirement System shall cease;
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(5) A member’s selection of the deferred retirement option, the time of the retirement deferral, and the selection of the retirement annuity are irrevocable; and
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(6) The duration of participation in the Arkansas State Highway Employees’ Deferred Retirement Option Plan shall not exceed five (5) years except under subsection (b) of this section.
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(b)
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(1) The member may participate in the Arkansas State Highway Employees’ Deferred Retirement Option Plan until the later of age sixty-five (65) or the fifth anniversary of the member’s entry into the plan.
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(2) The member who enters the Arkansas State Highway Employees’ Deferred Retirement Option Plan before age sixty (60) may continue to participate in the Arkansas State Highway Employees’ Deferred Retirement Option Plan until the member retires or reaches age sixty-five (65).
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(3) In order to participate in the Arkansas State Highway Employees’ Deferred Retirement Option Plan for a period of longer than five (5) years, the member shall contribute six percent (6%) of his or her gross salary, and the Arkansas Department of Transportation shall contribute six and nine-tenths percent (6.9%) of the member’s gross salary.
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(4) In order to participate in the Arkansas State Highway Employees’ Deferred Retirement Option Plan longer than five (5) years, the amount deposited into the member’s deferred retirement option plan account shall be cost neutral to the system, and the system’s actuary shall determine this amount.
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(c) The board may determine any other provisions of the plan, such as the amount of credited service to participate, the method of collections for participants of the Arkansas State Highway Employees’ Deferred Retirement Option Plan, and the payment methods in the event of the death of a participant.
