§ 24-5-104. Board of trustees
(a) The administration and control of the Arkansas State Highway Employees’ Retirement System shall be vested in a board known as the “Board of Trustees of the Arkansas State Highway Employees’ Retirement System”. (b) (1) The board shall consist of seven (7) members: (A) The Director of State Highways and Transportation; (B) The Treasurer of […]
§ 24-5-105. Cost of administration — Payment of benefits and adjustment of errors
(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees’ Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs […]
§ 24-5-106. Establishment of retirement fund
(a) There is created a trust fund to be known as the “Arkansas State Highway Employees’ Retirement System Fund”, which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter. (b) The employer shall draw vouchers or cause vouchers to be drawn upon the State […]
§ 24-5-107. Membership
(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7), shall become a member of the Arkansas State Highway Employees’ Retirement System in the manner and under the conditions provided in this chapter. (b) Membership in the system may be terminated by retirement, […]
§ 24-5-108. Members’ contributions
(a) (1) A member of the Arkansas State Highway Employees’ Retirement System shall be assessed six percent (6%) of his or her salary or wages by payroll deductions, and the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees’ Retirement System shall transmit the payroll deductions from the member’s salary or […]
§ 24-5-109. Employer’s contribution
(a) (1) The employer contribution shall be a set percentage rate of the compensation of the employee as defined in § 24-5-101. (2) (A) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System shall determine the set percentage rate after receiving recommendations from the actuary for the Arkansas State Highway Employees’ Retirement […]
§ 24-5-110. Credit for prior and current service in department
(a) (1) Any employee of the Arkansas Department of Transportation may make application within one (1) year from the date of becoming a member of the Arkansas State Highway Employees’ Retirement System and receive credit for any authenticated prior service rendered as an employee of the department prior to July 1, 1949. (2) In addition […]
§ 24-5-112. Eligibility for benefits — Voluntary retirement
(a) A member may retire voluntarily as follows: (1) At age sixty-five (65), or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees’ Retirement System; (2) At age sixty-two (62), with a minimum of fifteen […]
§ 24-5-113. Eligibility for benefits — Disability retirement — Definition
(a) A member shall be eligible for disability retirement benefits after five (5) or more years of creditable service in the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, but no member shall be eligible to receive benefits for a disability incurred prior to his or her becoming a member of […]