§ 24-5-135. Annuity benefit enhancement
(a) Beginning July 1, 2001, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees’ Retirement System who are entitled to receive an annuity for July 2001 shall be increased by four and eight-tenths percent (4.8%) above the annuity the retiree or beneficiary received for June 2001. (b) The […]
§ 24-5-136. Operation of system as qualified trust
(a) The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees’ Retirement System shall operate the Arkansas State Highway Employees’ Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal Revenue Code as it existed on January 1, 2007, and applicable United States Treasury regulations […]
§ 24-5-120. Increase in monthly retirement benefit — Schedule
(a) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees’ Retirement System who retired prior to July 1, 1985, and who receive an annuity for July 1987, shall be increased by no more than fifteen percent (15%) of the annuity received for June 1987. […]
§ 24-5-137. Compliance with Internal Revenue Code section 415
(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans. (b) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System may […]
§ 24-5-122. Early retirement incentives
(a) (1) Any member of the Arkansas State Highway Employees’ Retirement System who retires as provided in § 24-5-112, shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118, provided the member is an active member of the system on March 12, 1987, and is vested for a full age and […]
§ 24-5-201. Establishment
(a) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System may establish a deferred retirement option plan for its members so that, in lieu of terminating employment, they might continue with employment and accept a service retirement benefit pursuant to § 24-5-101 et seq. The board shall be authorized to promulgate rules […]
§ 24-5-123. Credit for military service
(a) Any person who is a member of the Arkansas State Highway Employees’ Retirement System shall be entitled to purchase creditable service in the system for a period not to exceed three (3) years for active service rendered by the member in the United States Armed Forces, after the member’s first employment in a position […]
§ 24-5-202. Requirements
(a) In the event a plan is established, the Arkansas State Highway Employees’ Deferred Retirement Option Plan shall have, as a minimum, provisions which require that: (1) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System approve of the person’s participation in the Arkansas State Highway Employees’ Deferred Retirement Option Plan; (2) […]
§ 24-5-124. Minimum monthly benefit
All persons who are now vested or who hereafter vest under the Arkansas Public Employees’ Retirement System or the Arkansas State Highway Employees’ Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
§ 24-5-203. Limitation on benefit enhancement
(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 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 by §§ 24-5-201 and 24-5-202 shall be implemented by any publicly supported retirement system which has unfunded actuarial accrued […]