§ 24-6-401. Creation of Tier Two Benefit Plan
A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter.
§ 24-6-402. Membership
(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter. (b) (1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve […]
§ 24-6-403. Definitions
As used in this subchapter: (1) “Accumulated contribution” means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members’ deposit account, together with regular interest credited thereon; (2) “Actual service” means the service credited to a member under this subchapter. Employment in […]
§ 24-6-404. Eligibility for benefits — Voluntary retirement
(a) (1) Any member who has acquired five (5) years but less than thirty (30) years of credited service and has attained age sixty-five (65) may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired thirty (30) or more […]
§ 24-6-405. Eligibility for benefits — Disability retirement
(a) (1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or […]
§ 24-6-406. Benefits generally
(a) (1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and four hundred seventy-five thousandths percent (2.475%) of the member’s final average compensation multiplied by the number of years and any fraction of a year of his or her service. (2) (A) In addition, if […]
§ 24-6-407. Benefits — Death of retirant
(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension 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 […]
§ 24-6-408. Benefit provisions — Election of annuity options
(a) Before the date the first payment of his or her annuity becomes due, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity or he or she may elect to have his or her annuity reduced and nominate a beneficiary in accordance with the provisions of […]
§ 24-6-409. Redetermination of benefits
(a) Each July 1 the State Police 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) Subject to the maximum stated in subsection (c) of […]
§ 24-6-410. Benefit provisions — Early retirement
(a) (1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to […]
§ 24-6-411. Benefit provisions — Death
(a) If an active member with five (5) or more years of actual service, including service for the year immediately preceding his or her death, dies in employer service before retirement, the applicable benefit provided in this section shall be paid upon written application to the Board of Trustees of the State Police Retirement System. […]
§ 24-6-412. Refund of contributions
(a) (1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with […]
§ 24-6-413. Benefit provisions — Subjection of annuity rights to process of law
(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of this subchapter, and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, […]
§ 24-6-414. Maximum benefit limitation
(a) Notwithstanding any other provisions 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 State Police Retirement System is hereby empowered and authorized to […]
§ 24-6-415. Exclusion from plan
Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers’ Deferred Option Plan provided in § 24-6-301 et seq.