(a) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in the Local Police and Fire Deferred Retirement Option Plan […]
(a) For purposes of this subchapter, “credited service”: (1) Includes military service credit under § 24-10-502; and (2) Does not include service credit that is purchased under the Arkansas Local Police and Fire Retirement System. (b) An active member in paid service may use up to thirty-six (36) months of actual volunteer service credit with […]
(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid. (b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansas Local Police and Fire Retirement System. (c) (1) For a member […]
(a) The member’s monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the […]
At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one […]
(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed seven (7) years. (b) At the conclusion of a member’s participation in the plan, the member shall terminate employment with the employer and shall start receiving the member’s monthly […]
(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant’s survivors or if none, to the participant’s estate. (b) A survivor is entitled to the annuity provided under […]
If the participant becomes disabled during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, the participant shall be treated as any other member who has elected to conclude the other member’s participation.
(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provided in this subchapter, the member may […]
