§ 24-8-701. Legislative history, findings, and intent
(a) It is found and determined by the General Assembly that the creation of the Tier Two Actual Judicial Service Benefit Plan is part of a history of judicial retirement legislation that has sought to develop a more equitable retirement system for judges and thereby remove the need for judges to be involved in the […]
§ 24-8-702. Definitions
As used in this subchapter: (1) “Board” means the Board of Trustees of the Arkansas Judicial Retirement System; (2) “Consumer price index” means the Consumer Price Index for all Urban Consumers, as determined by the United States Department of Labor, in effect on January 1, 1999, except that if the consumer price index is subsequently […]
§ 24-8-703. Creation of Tier Two Actual Judicial Service Benefit Plan
A Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System is established pursuant to this subchapter.
§ 24-8-704. Membership generally
(a) Whether elected or appointed to office, all chancery, circuit, and circuit-chancery judges, judges of the Court of Appeals, and justices of the Supreme Court shall participate in the Arkansas Judicial Retirement System. (b) A person who becomes a member of the system on or after July 30, 1999, shall participate in the Tier Two […]
§ 24-8-705. Members electing coverage
(a) A member electing coverage under this subchapter shall be entitled to: (1) A refund to the member for any credited service purchased under the Arkansas Judicial Retirement System together with six percent (6%) interest compounded annually from the date of payment; (2) Restoration of service to another state-supported retirement system of any credited service […]
§ 24-8-706. Contributions — Members — Refund
(a) The contribution of each member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System shall be five percent (5%) of each member’s annual salary. (b) If a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to […]
§ 24-8-707. Contributions — State
(a) The state, as employer, shall make contributions to the Arkansas Judicial Retirement System of twelve percent (12%) of the active member payroll. (b) The Chief Fiscal Officer of the State is authorized and directed to make annual transfers each July 1 to the Judges Retirement Fund from the Constitutional Officers Fund and the State […]
§ 24-8-708. Contributions — Cessation upon maximum benefit eligibility
When a judge or justice has sufficient service to receive the maximum benefit under § 24-8-713(a), no further contribution shall be required.
§ 24-8-709. Actual service requirement
Benefits and eligibility for benefits under this subchapter shall be based on actual service in the Arkansas Judicial Retirement System. Laws allowing the purchase of credited service or providing free credited service shall not apply to this subchapter. However, the provisions of § 24-2-401 et seq. may be used to meet the service requirements of […]
§ 24-8-710. Eligibility for benefits — Retirement generally
(a) Any member who has a minimum of twenty (20) years of actual service may retire regardless of age, and any judge or justice who has served at least eight (8) years shall be eligible for benefits upon reaching age sixty-five (65). (b) (1) Any judge or justice who becomes seventy (70) years of age […]