(a) A public employee, as defined in § 24-4-101(17), first hired on or after July 1, 2005, is subject to the benefit provisions of this subchapter. (b) (1) (A) A public employee who remains an active member of the Arkansas Public Employees’ Retirement System may elect coverage under the benefit provisions of this subchapter. (B) […]
(a) (1) The contributions of a member shall be five percent (5%) of the member’s annual compensation and shall be placed in the member’s deposit account as provided in § 24-4-401. (2) Interest shall be paid on accumulated member contributions at the rate of two percent (2%) per annum. (3) As used in this subsection, […]
(a) (1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member’s final average compensation multiplied by the number of years and any fraction of a year of the member’s service for each year of contributory service rendered prior to July 1, […]
Before the date the first payment of a member’s annuity is due, a member may elect to receive the annuity as a straight life annuity or as one (1) of the reduced annuity options provided in § 24-4-606.
(a) Any member or former member with sufficient years of actual service to qualify for a vested termination annuity who has not attained normal retirement age may retire with an early annuity provided in § 24-4-510(a). (b) In the event a member with five (5) or more years of actual service in the Arkansas Public […]
(a) In the event a retirant receiving a straight life pension dies before the retirant has received an aggregate amount of straight life pension payments equal to the accumulated contributions credited in the retirant’s deposit account at the time of retirement, the difference between the accumulated contributions and the aggregate amount of straight life pension […]
(a) Each July 1 the Arkansas Public Employees’ Retirement System shall redetermine the amount of each monthly benefit that has been payable by the system for at least twelve (12) calendar months. The redetermined amount is payable for the following twelve (12) calendar months. (b) The redetermined amount is the amount of the benefit payable […]
(a) (1) If an active member or former member with less than five (5) years of actual service dies while employed by a covered employer, the member’s accumulated contributions and interest are refundable to the named beneficiary. (2) If no designated person survives the member, the accumulated contributions will be paid in accordance with the […]
(a) Benefits paid under this chapter shall not exceed the limitations of section 415 of the Internal Revenue Code that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the Arkansas Public Employees’ Retirement System is authorized to promulgate all rules necessary to implement the limitations of section 415 of the […]
