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24-10-106. Limitation on benefit enhancement of Acts 1997, No. 769.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-106. Limitation on benefit enhancement of Acts 1997, No. 769.
No benefit enhancement provided for by § 24-10-102(21) shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-102(21) shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-106
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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Stable record: arkansas_code:legal_authorities:24-10-106
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cbac8a1c99f160d49b3a9f06f398b7045317fb88f996678a559d89515a22d5c1
Source location: content.xml paragraph 9774
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24-10-106. Limitation on benefit enhancement of Acts 1997, No. 769.
No benefit enhancement provided for by § 24-10-102(21) shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-102(21) shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-1-101. Assets and income for retirement systems.
All assets and income of any state-supported retirement system administered by an agency of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses, including the acquisition of a building for the permanent offices of the state-supported retirement systems, and shall not be encumbered for or diverted to any other purposes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-1-101
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 24-1-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-102. Definitions.
As used in this chapter:
(1)(A) “Accumulated contributions” means the total of all amounts contributed by a member and standing to his or her credit in his or her individual account in the Arkansas Local Police and Fire Retirement System, together with regular interest thereon.
(B) Beginning July 1, 2009, accumulated contributions shall be separated into after-tax contributions and picked-up contributions under § 24-10-404(f);
(2) “Active member” means any member who renders actual service in a position covered by the system;
(3)(A) “Actual service” means service rendered in a position covered by the system.
(B) “Actual service” does not mean purchased service, service under § 24-10-508, or reciprocal service;
(4) “Actuarial equivalent” means a benefit of equal reserve value, when “reserve” means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as the system shall adopt from time to time;
(5)(A) “Actuary” means a qualified actuary with experience in retirement plan financing.
(B) Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;
(6) “Age” means age on last birthday;
(7) “Annuity” means a monthly amount payable throughout the life of a person or for a temporary period;
(8) “Beneficiary” means any person who is receiving or designated by a member to receive a plan benefit, except a retirant;
(9) “Benefit program” means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined;
(10) “Board” means the Board of Trustees of the Arkansas Local Police and Fire Retirement System;
(11) “Covered employment” means employment as a police o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-102
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 24-10-102. This identifies an authority to review, not proof of applicability.