§ 24-4-1108. Benefit provisions — Death in service
(a) (1) If an active member or former member with less than five (5) years of actual service dies while employed by a covered employer, the member’s accumulated contributions and interest are refundable to the named beneficiary. (2) If no designated person survives the member, the accumulated contributions will be paid in accordance with the […]
§ 24-4-1109. Maximum benefit limitation
(a) Benefits paid under this chapter shall not exceed the limitations of section 415 of the Internal Revenue Code that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the Arkansas Public Employees’ Retirement System is authorized to promulgate all rules necessary to implement the limitations of section 415 of the […]
§ 24-4-1002. Benefit provisions — Subjection of annuity rights to process of law
(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of § 24-4-101 et seq., and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or […]
§ 24-4-1003. Benefit provisions — Inspection of records
All records kept by an Arkansas public retirement system, whether required to be kept by law or board policy, shall be open to public inspection as provided in § 25-19-105, except that individual member’s records which are kept for the purpose of compiling information for the member’s retirement or Social Security records shall not be […]
§ 24-4-1004. Determination of benefits for civilian firefighters of State Military Department or Department of the Military — Responsibility for additional costs
(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as civilian firefighters of the State Military Department or Department of the Military as of July 1, 1997, and of persons thereafter employed in those positions shall be treated as public safety member service if the position is […]
§ 24-4-1101. Membership
(a) A public employee, as defined in § 24-4-101(17), first hired on or after July 1, 2005, is subject to the benefit provisions of this subchapter. (b) (1) (A) A public employee who remains an active member of the Arkansas Public Employees’ Retirement System may elect coverage under the benefit provisions of this subchapter. (B) […]
§ 24-4-1102. Member contributions
(a) (1) The contributions of a member shall be five percent (5%) of the member’s annual compensation and shall be placed in the member’s deposit account as provided in § 24-4-401. (2) Interest shall be paid on accumulated member contributions at the rate of two percent (2%) per annum. (3) As used in this subsection, […]
§ 24-4-1103. Benefits generally
(a) (1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member’s final average compensation multiplied by the number of years and any fraction of a year of the member’s service for each year of contributory service rendered prior to July 1, […]
§ 24-4-751. Additional funding for retirement benefits
(a) The government entity that had previously established a local municipal judge’s retirement fund shall be required to contribute an amount of money that represents the actuarially determined accrued liability for those judges and former judges who were covered by the local fund on December 31, 2004. (b) The assets in the local municipal judge […]
§ 24-4-1104. Annuity options
Before the date the first payment of a member’s annuity is due, a member may elect to receive the annuity as a straight life annuity or as one (1) of the reduced annuity options provided in § 24-4-606.