(a) (1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 — 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member’s final average compensation multiplied by the number of years and fraction of […]
(a) In the event a retirant who is in receipt of a straight life annuity dies before he or she has received in straight life annuity 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 […]
(a) In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her written application for a refund on a form to be supplied by the Arkansas Public Employees’ Retirement […]
In the event a member retires with credited service arising from his or her employment by the state, a county, and a municipality, the public employer share of his or her annuity reserve shall be prorated between the state division, county division, and municipal division in accordance with the portions of his or her credited […]
(a) Before the date the first payment of a member’s annuity becomes due, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity or may elect to have his or her annuity reduced and nominate a beneficiary in accordance with the provisions of one (1) of the […]
(a) Each July 1 the Arkansas Public Employees’ Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) The redetermined amount shall be the amount of […]
(a) Effective July 1, 2001, if an active member or former member with five (5) or more years of actual service dies before retirement, the applicable benefits provided in this section shall be paid upon written application to the Board of Trustees of the Arkansas Public Employees’ Retirement System. (b) For purposes of computing benefits […]
All monthly benefits payable to survivors of deceased members or retirants of the Arkansas Public Employees’ Retirement System shall be effective the first day of the month following the month in which the member or retirant died or the first day of the month following the month in which the survivor becomes eligible for benefits […]
(a) On July 1, 1987, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System who retired June 1, 1985, or before, shall be increased as follows: (1) Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable […]
All persons who are now vested or who hereafter vest under the Arkansas Public Employees’ Retirement System or the Arkansas State Highway Employees’ Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System, who retired June 1, 1991, or before, shall be increased by four percent (4%) of the benefit payable on June 1, 1991. (b) The increase in benefits provided in subsection (a) of this section […]
(a) All contributory members of the Arkansas Public Employees’ Retirement System who are retired as of August 13, 1993, or who retire after August 13, 1993, shall receive benefits at least equal to the amount of benefits they would have received had they retired as noncontributory members of the system. (b) The provisions of this […]
(a) On July 1, 1993, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System who retired on June 1, 1993, or before, shall be increased by two and sixty-one hundredths percent (2.61%) of the benefit payable on June 1, 1993. (b) The increase in benefits provided in subsection […]
(a) Notwithstanding any other provision 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 Arkansas Public Employees’ Retirement System is hereby empowered and authorized […]
On July 1, 1995, the monthly benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System who retired on June 1, 1995, or before, shall be increased by six and forty-five-hundredths percent (6.45%) of the benefit payable on June 1, 1995.
On July 1, 1997, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System who retired on or before June 1, 1997, shall be increased by three percent (3%) of the benefit payable on June 1, 1997.
On July 1, 1999, and thereafter, the monthly benefit payable to the retirants and the beneficiaries of retirants of the Arkansas Public Employees’ Retirement System who retired before July 1, 1989, shall be increased by an amount equal to one percent (1%) of the benefit payable on June 1, 1999, for each year or portion […]
In addition to the monthly retirement benefit increase provided in § 24-4-618, each retirant and beneficiary of a retirant of the Arkansas Public Employees’ Retirement System who retired on or before June 1, 1999, shall receive an increase in his or her monthly benefit of fifty dollars ($50.00).
(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to […]
(a) On July 1, 2001, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees’ Retirement System who retired on or before June 1, 2001, shall be increased by one and seven-tenths percent (1.7%) of the benefit payable on June 1, 2001. (b) The increase in benefits provided in subsection (a) […]
