§ 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 […]
§ 24-4-802. Eligibility — Effect of election
(a) When a member of the Arkansas Public Employees’ Retirement System elects participation in the Arkansas Public Employees’ Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees’ Retirement System. The member’s application shall be reviewed to determine whether […]
§ 24-4-1107. Redetermination of benefits
(a) Each July 1 the Arkansas Public Employees’ Retirement System shall redetermine the amount of each monthly benefit that has been payable by the system for at least twelve (12) calendar months. The redetermined amount is payable for the following twelve (12) calendar months. (b) The redetermined amount is the amount of the benefit payable […]
§ 24-4-803. Amount of benefit — Amount of contribution — Interest
(a) (1) The member’s deferred benefit shall be the monthly benefit to which the member would have been entitled if the member had thirty (30) years of service and had actually retired on the member’s deferred retirement option date with regard to the provisions of § 24-4-606 related to annuity options. (2) If the member […]
§ 24-4-804. Cessation of participation — Definition
(a) The member’s participation in the Arkansas Public Employees’ Retirement System Deferred Retirement Option Plan shall cease at the time the member separates from service. (b) (1) (A) When the member’s participation in the plan ceases, the member shall elect to receive the balance in the deferred option account as either a lump sum or […]
§ 24-4-805. Death or disability
(a) In the event that an Arkansas Public Employees’ Retirement System Deferred Retirement Option Plan participant dies, the benefits payable from the Arkansas Public Employees’ Retirement System shall be determined as though the participant had separated from service and been found eligible for monthly benefits by the Board of Trustees of the Arkansas Public Employees’ […]
§ 24-4-806. Limitation on benefit enhancement
(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system’s unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized […]
§ 24-4-901. Credited service — Reciprocity
(a) (1) Upon the retirement of a member whose credited service results from employment covered by: (A) The Arkansas Public Employees’ Retirement System; (B) The State Police Retirement System; (C) The Arkansas Teacher Retirement System; (D) The Arkansas State Highway Employees’ Retirement System; (E) The Arkansas Judicial Retirement System; (F) An alternate retirement plan under […]
§ 24-4-1001. Determination of benefits for wildlife officers — Responsibility for additional costs
(a) For purposes of determining benefits under this chapter, all credited service, whenever earned, of persons employed as wildlife officers of the Arkansas State Game and Fish Commission on July 4, 1983, and of persons thereafter employed in such positions prior to July 1, 1997, shall be treated as public safety member service. (b) The […]