§ 24-6-507. Duration
(a) The duration of participation in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years. (b) At the conclusion of a state police officer’s participation in the plan, the state police officer shall: (1) Terminate employment with the Department of Arkansas […]
§ 24-6-508. Death of participant
If a participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant’s designated beneficiary.
§ 24-6-414. Maximum benefit limitation
(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to […]
§ 24-6-415. Exclusion from plan
Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers’ Deferred Option Plan provided in § 24-6-301 et seq.
§ 24-6-501. Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan — Creation
The Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan is created in conformance with this subchapter.
§ 24-6-502. Election to participate in Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan
In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if: (1) The state police officer: (A) Is a member of the State […]
§ 24-6-402. Membership
(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter. (b) (1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve […]
§ 24-6-503. Limitation on credited service — Definition
For purposes of this subchapter, “actual service” includes: (1) The service credit a member earns after April 3, 1997, as a member of the State Police Retirement System’s Tier Two Benefit Plan under § 24-6-401 et seq.; and (2) The member’s service credit from any reciprocal retirement system under § 24-2-401.
§ 24-6-403. Definitions
As used in this subchapter: (1) “Accumulated contribution” means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members’ deposit account, together with regular interest credited thereon; (2) “Actual service” means the service credited to a member under this subchapter. Employment in […]
§ 24-6-504. Employer contributions
When an employee who is a member of the State Police Retirement System’s Tier Two Benefit Plan begins participation in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan: (1) The employer contributions shall continue to be paid; (2) State contributions for the employee shall be credited to the State Police Retirement System; […]