§ 24-6-501. Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan — Creation
The Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan is created in conformance with this subchapter.
§ 24-6-502. Election to participate in Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan
In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if: (1) The state police officer: (A) Is a member of the State […]
§ 24-6-503. Limitation on credited service — Definition
For purposes of this subchapter, “actual service” includes: (1) The service credit a member earns after April 3, 1997, as a member of the State Police Retirement System’s Tier Two Benefit Plan under § 24-6-401 et seq.; and (2) The member’s service credit from any reciprocal retirement system under § 24-2-401.
§ 24-6-504. Employer contributions
When an employee who is a member of the State Police Retirement System’s Tier Two Benefit Plan begins participation in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan: (1) The employer contributions shall continue to be paid; (2) State contributions for the employee shall be credited to the State Police Retirement System; […]
§ 24-6-505. Benefits — Rate of return
A participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan: (1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and (2) (A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System […]
§ 24-6-506. Method of collection
A participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant: (1) A lump-sum payment from the plan account equal to the payments to the plan account; (2) A true annuity based upon the plan account of the participant; or (3) Any other method […]
§ 24-6-507. Duration
(a) The duration of participation in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years. (b) At the conclusion of a state police officer’s participation in the plan, the state police officer shall: (1) Terminate employment with the Department of Arkansas […]
§ 24-6-508. Death of participant
If a participant in the Arkansas State Police Officers’ Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant’s designated beneficiary.