§ 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; […]
§ 24-6-404. Eligibility for benefits — Voluntary retirement
(a) (1) Any member who has acquired five (5) years but less than thirty (30) years of credited service and has attained age sixty-five (65) may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired thirty (30) or more […]
§ 24-6-505. Benefits — Rate of return
A participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan: (1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and (2) (A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System […]
§ 24-6-405. Eligibility for benefits — Disability retirement
(a) (1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or […]
§ 24-6-506. Method of collection
A participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant: (1) A lump-sum payment from the plan account equal to the payments to the plan account; (2) A true annuity based upon the plan account of the participant; or (3) Any other method […]
§ 24-6-406. Benefits generally
(a) (1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and four hundred seventy-five thousandths percent (2.475%) of the member’s final average compensation multiplied by the number of years and any fraction of a year of his or her service. (2) (A) In addition, if […]
§ 24-6-407. Benefits — Death of retirant
(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members’ deposit account at the time of his or her […]
§ 24-6-408. Benefit provisions — Election of annuity options
(a) Before the date the first payment of his or her annuity becomes due, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity or he or she may elect to have his or her annuity reduced and nominate a beneficiary in accordance with the provisions of […]