As used in this chapter: (1) “Accumulated contribution” means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highway Employees’ Retirement System may have authorized […]
Any person who knowingly makes any false statement or who falsifies any record or records in an attempt to defraud the Arkansas State Highway Employees’ Retirement System as a result of such an act shall be guilty of a Class A misdemeanor.
There is created and established a retirement system for employees of the Arkansas Department of Transportation to be known as the “Arkansas State Highway Employees’ Retirement System”, all the business of which shall be transacted through a board of trustees as provided for in this chapter.
(a) The administration and control of the Arkansas State Highway Employees’ Retirement System shall be vested in a board known as the “Board of Trustees of the Arkansas State Highway Employees’ Retirement System”. (b) (1) The board shall consist of seven (7) members: (A) The Director of State Highways and Transportation; (B) The Treasurer of […]
(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees’ Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs […]
(a) There is created a trust fund to be known as the “Arkansas State Highway Employees’ Retirement System Fund”, which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter. (b) The employer shall draw vouchers or cause vouchers to be drawn upon the State […]
(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7), shall become a member of the Arkansas State Highway Employees’ Retirement System in the manner and under the conditions provided in this chapter. (b) Membership in the system may be terminated by retirement, […]
(a) (1) A member of the Arkansas State Highway Employees’ Retirement System shall be assessed six percent (6%) of his or her salary or wages by payroll deductions, and the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees’ Retirement System shall transmit the payroll deductions from the member’s salary or […]
(a) (1) The employer contribution shall be a set percentage rate of the compensation of the employee as defined in § 24-5-101. (2) (A) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System shall determine the set percentage rate after receiving recommendations from the actuary for the Arkansas State Highway Employees’ Retirement […]
(a) (1) Any employee of the Arkansas Department of Transportation may make application within one (1) year from the date of becoming a member of the Arkansas State Highway Employees’ Retirement System and receive credit for any authenticated prior service rendered as an employee of the department prior to July 1, 1949. (2) In addition […]
(a) A member may retire voluntarily as follows: (1) At age sixty-five (65), or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees’ Retirement System; (2) At age sixty-two (62), with a minimum of fifteen […]
(a) A member shall be eligible for disability retirement benefits after five (5) or more years of creditable service in the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, but no member shall be eligible to receive benefits for a disability incurred prior to his or her becoming a member of […]
(a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113, a member may retire after a minimum of five (5) years of service on and after the member’s fifty-fifth birthday. (b) (1) However, the annuity otherwise payable, as provided in § 24-5-115, shall be reduced eight-tenths of one percent (0.8%) for each of […]
(a) (1) Members retired for the reasons set forth in §§ 24-5-112 — 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101, limited to the amount upon which contributions, including supplemental contributions under the provisions of § 24-5-108(b), have been […]
(a) (1) In the case of death of a member prior to retirement or of a member’s beneficiary whose benefits have been deferred or who for any other reason has not withdrawn the member’s contributions, the member’s accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the […]
(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees’ Retirement System, the Board of Trustees of the Arkansas State Highway Employees’ Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without […]
(a) Before the date the first payment of an annuity becomes due, but not thereafter, a person about to become a retirant may elect, in lieu of a straight life annuity as set forth in § 24-5-115, to have the annuity reduced and to nominate a beneficiary, as provided by Option A or Option B: […]
(a) Beginning with the July 1 which is at least twelve (12) full months after the effective date of each benefit, the amount of each benefit shall be redetermined, and the redetermined amount shall be payable for the ensuing year. (b) (1) The redetermined amount shall be the amount of the benefit otherwise payable as […]
(a) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees’ Retirement System who retired prior to July 1, 1985, and who receive an annuity for July 1987, shall be increased by no more than fifteen percent (15%) of the annuity received for June 1987. […]
(a) (1) Any member of the Arkansas State Highway Employees’ Retirement System who retires as provided in § 24-5-112, shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118, provided the member is an active member of the system on March 12, 1987, and is vested for a full age and […]
