§ 24-8-315. Multicounty districts — Options

(a) The quorum court of any county which is divided into two (2) districts and has two (2) county seats and in which the municipal court is funded primarily by the county shall have the option to provide retirement benefits for the municipal court judge and the municipal court clerk under a local retirement plan provided for in § 24-8-301 et seq. or to include the municipal court judge and municipal court clerk in the Arkansas Public Employees’ Retirement System.

(b)

1. (1) In any county which is divided into two (2) districts and has two (2) county seats and in which the municipal court is funded primarily by the county, the quorum court is authorized to create a municipal court retirement board of trustees.

2. (2)

   1. (A) The board shall be composed of the county judge, county treasurer, county clerk, the mayor of the city in which the municipal court sits, the judge of the municipal court, and one (1) member of the quorum court that represents the service district in which the municipal court sits to be designated by the county judge.

   2. (B) The members of the board shall serve without pay.

   3. (C) The county judge shall be chairman of the board, the county clerk shall be secretary of the board, and the county treasurer shall be treasurer of the board.

   4. (D)

      1. (i) The county treasurer, as treasurer of the board, shall deposit such funds as the board shall direct in a suitable depository and shall withdraw such funds on direction of the board.

      2. (ii) The treasurer shall execute a bond in a sum fixed by the board to guarantee his or her good faith in the handling of the funds coming to his or her hands under the provisions of this section.

(c) The board shall meet one (1) time each year, and special meetings may be called by the chairman or a majority of the members at any time.

(d)

1. (1) The board shall have the authority and duty to receive and administer the funds collected in the county under § 24-8-303 [repealed] and under subsection (e) of this section [repealed].

2. (2) The board shall have authority to invest such funds as are not necessary for immediate use for payment of retirement benefits in interest-bearing securities of the State of Arkansas or certificates of the United States, or any or all of such securities.

(e) [Repealed.]

(f)

1. (1) Any county employer or municipal employer participating in the Arkansas Public Employees’ Retirement System that is required by law to establish a local retirement plan for any employee shall have the option at the time of employment or at any time thereafter to provide retirement benefits for the employee under the local retirement plan or to include the employee in the Arkansas Public Employees’ Retirement System. However, a municipality participating in the system or a municipality electing at some future date to participate in the system may not transfer a municipal court judge or municipal court clerk from a local plan to the system without the express permission of the affected municipal court judge or municipal court clerk.

2. (2)

   1. (A) The decision to enroll the employee in the system in lieu of a local retirement plan shall be made by the employer’s governing body and the results certified to the Board of Trustees of the Arkansas Public Employees’ Retirement System. The employer shall also certify that the employee has not received and will not be eligible to receive a benefit from a local retirement plan.

   2. (B) Upon enrollment in the system, the member may receive credit at his or her option for the service rendered in the position prior to enrollment, subject to the following conditions:

      1. (i) The member is a participating employee covered under the system at the time of the purchase;

      2. (ii) The member furnishes proof in a form required by the system of the service and compensation received;

      3. (iii) The member pays or causes to be paid all employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system. The member may purchase all of the service or any portion thereof in multiples of one (1) year; and

      4. (iv) The payment shall be made in one (1) lump sum.