§ 24-10-703. Contributions
(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid. (b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansas Local Police and Fire Retirement System. (c) (1) For a member […]
§ 24-10-704. Benefits — Rate of return
(a) The member’s monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the […]
§ 24-10-609. Death of member in volunteer service
(a) (1) If an active member who has accrued five (5) or more years of credited service, including credited service for the year immediately preceding his or her death, or who has attained his or her normal retirement age dies in employer volunteer service before retirement, the applicable benefits provided in this subsection and subsection […]
§ 24-10-705. Method of payment
At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one […]
§ 24-10-610. Limitations on death and disability annuities
If a death annuity is payable on behalf of a member who dies in employer service before retirement, or for the portion of a disability annuity payable before a disability retirant’s attainment of age fifty-five (55), the total amount of the system annuities based on paid service shall not exceed one hundred percent (100%) of […]
§ 24-10-706. Duration
(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed seven (7) years. (b) At the conclusion of a member’s participation in the plan, the member shall terminate employment with the employer and shall start receiving the member’s monthly […]
§ 24-10-611. Termination of covered employment
(a) A member who terminates covered employment before attaining his or her normal retirement age, for a reason other than death, early retirement, or disability retirement, shall be entitled to an annuity computed in accordance with the provisions of this section, as it provides at the time of the last termination of covered employment, subject […]
§ 24-10-707. Death of participant
(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant’s survivors or if none, to the participant’s estate. (b) A survivor is entitled to the annuity provided under […]
§ 24-10-612. Redetermination of benefits
(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year. (b) The redetermined amount shall be the amount of the […]
§ 24-10-708. Disability of participant
If the participant becomes disabled during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, the participant shall be treated as any other member who has elected to conclude the other member’s participation.