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21-5-504. Authority of state or political subdivision.
Arkansas Code — all titles (historical 2020) · legal_authorities
21-5-504. Authority of state or political subdivision.
(a)(1) The state or a county, city, town, or other political subdivision may agree, by contract, with an employee to defer, in whole or in part, a portion of that employee's future compensation to a deferred compensation program.
(2)(A) The participation of an employee in the automatic enrollment in a deferred compensation plan under § 21-5-511 is a term of an employee's employment contract.
(B) A separate contract is not required to be executed for an employee to be enrolled in a deferred compensation plan under § 21-5-511.
(b)(1) The administrator of the deferred compensation program may:
(A) Contract for, purchase, or otherwise procure annuity contracts for the deferred compensation program; and
(B) Through a trust or custodian, contract for, purchase, or otherwise procure fixed or variable life insurance contracts, mutual funds, pooled investment funds, or such other investment vehicles that comply with state and federal laws and which permit the deferral of compensation for income tax and retirement savings purposes.
(2) If an annuity or life insurance contract is purchased, then it must be purchased from an insurance company licensed to contract business in this state, and any insurance agent selling such contracts must be licensed by this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 21-5-504
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:21-5-504
Source file: gov.ar.code.title.21.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3303c23dddca26bd822a7be0dc1ef58183aad12070f54f210a0ba7548939b855
Source location: content.xml paragraph 4070
Stored source content
21-5-504. Authority of state or political subdivision.
(a)(1) The state or a county, city, town, or other political subdivision may agree, by contract, with an employee to defer, in whole or in part, a portion of that employee's future compensation to a deferred compensation program.
(2)(A) The participation of an employee in the automatic enrollment in a deferred compensation plan under § 21-5-511 is a term of an employee's employment contract.
(B) A separate contract is not required to be executed for an employee to be enrolled in a deferred compensation plan under § 21-5-511.
(b)(1) The administrator of the deferred compensation program may:
(A) Contract for, purchase, or otherwise procure annuity contracts for the deferred compensation program; and
(B) Through a trust or custodian, contract for, purchase, or otherwise procure fixed or variable life insurance contracts, mutual funds, pooled investment funds, or such other investment vehicles that comply with state and federal laws and which permit the deferral of compensation for income tax and retirement savings purposes.
(2) If an annuity or life insurance contract is purchased, then it must be purchased from an insurance company licensed to contract business in this state, and any insurance agent selling such contracts must be licensed by this state.
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Arkansas Code — all titles (historical 2020) · legal_authorities
21-5-511. Automatic enrollment in deferred compensation plan — Definitions.
(a) As used in this section:
(1) “Deferred compensation plan” means the Arkansas Diamond Deferred Compensation Plan or subsequent deferred compensation plan administered by the Director of the Employee Benefits Division under this subchapter; and
(2)(A) “Employee” means a person employed full time by the state and the state employer participates in the Arkansas Diamond Deferred Compensation Plan on or after January 1, 2014.
(B) “Employee” does not mean a person employed by a city, county, town, or other political subdivision that has adopted the Arkansas Diamond Deferred Compensation Plan.
(b)(1) An employee beginning employment or reemployment on or after January 1, 2014, shall be enrolled in the deferred compensation plan.
(2) However, an employee may elect not to participate in the deferred compensation plan.
(c)(1) The amount of the contribution for an employee participating in the deferred compensation plan under subdivision (b)(1) of this section is three percent (3%) of the employee's annual compensation.
(2) An employee may elect to contribute an amount greater than or less than the amount required under subdivision (c)(1) of this section.
(d) If an employee elects not to participate in the deferred compensation plan within ninety (90) days of the employee's first contribution, the director may refund to the employee the balance of the employee's deferred compensation plan account.
(e) The director shall provide notice to each employee subject to this section:
(1) Within thirty (30) days of an employee's first contribution; and
(2) At the beginning of each plan year.
(f) The Secretary of the Department of Finance and Administration shall promulgate rules to:
(1
Source: Arkansas Code — historical release 78 (November 6, 2020) · 21-5-511
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 21-5-511. This identifies an authority to review, not proof of applicability.