When an employee who is a member of the State Police Retirement System’s Tier Two Benefit Plan begins participation in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan:
-
(1) The employer contributions shall continue to be paid;
-
(2) State contributions for the employee shall be credited to the State Police Retirement System; and
-
(3) Seventy-two percent (72%) of the monthly retirement benefits that would have been payable had the employee elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan account.