Browse Arkansas Code titles and sections
24-10-404. Members' deposit account — Contributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-404. Members' deposit account — Contributions.
(a) The members' deposit account, as created by § 24-10-403, shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter.
(b)(1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602, and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays.
(2)(A) Beginning July 1, 2009, the contribution for covered members defined in subdivision (b)(1) of this section shall be eight and one-half percent (8.5%) of his or her pay.
(B) Beginning July 1, 2009, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be two and one-half percent (2.5%) of his or her pay.
(3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed.
(4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section.
(5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system.
(c)(1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deduct
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-404
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:24-10-404
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b908585b52cb325cb8af3971721ea59b0fe13f918894391a181d033ab04ca528
Source location: content.xml paragraph 10038
Stored source content
24-10-404. Members' deposit account — Contributions.
(a) The members' deposit account, as created by § 24-10-403, shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter.
(b)(1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602, and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays.
(2)(A) Beginning July 1, 2009, the contribution for covered members defined in subdivision (b)(1) of this section shall be eight and one-half percent (8.5%) of his or her pay.
(B) Beginning July 1, 2009, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be two and one-half percent (2.5%) of his or her pay.
(3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed.
(4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section.
(5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system.
(c)(1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deducted from the pay of each member in the employ of the political subdivision, on each and every payroll, to the date his or her membership terminates.
(2)(A) When deducted, each of the amounts shall be paid by the political subdivision to the system.
(B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time.
(3) When paid to the system, each of the amounts shall be credited to the member's individual account in the members' deposit account.
(d)(1) In addition to the contributions deducted from the pays of a member, as provided in this section, a member shall deposit into the members' deposit account by a single contribution or by an increased rate of contributions, as approved by the board, the amounts he or she may have withdrawn therefrom and not repaid thereto, together with regular interest from the date of withdrawal to the date of repayment.
(2) In no case shall a member be given credit for service rendered before the date he or she withdrew his or her accumulated contributions until he or she returns to the members' deposit account all amounts due the account by him or her.
(e) If an annuity becomes payable from the retirement reserve account to or on behalf of a member, his or her accumulated contributions shall be transferred to the retirement reserve account.
(f)(1) For purposes of deferring federal and state income tax under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h)(2), as adopted by § 26-51-414, the political subdivision that pays the salary of the member shall pick up the member's contributions to the system as required by this section, beginning with contributions made on and after July 1, 2009.
(2)(A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member.
(B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer.
(3) For all other purposes, member contributions paid by the political subdivision shall be considered member contributions.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Service for predecessor employer** For purposes of this part—
(1) in any case in which the employer maintains a plan of a predecessor employer, service for such predecessor shall be treated as service for the employer, and
(2) in any case in which the employer maintains a plan which is not the plan maintained by a predecessor employer, service for such predecessor shall, to the extent provided in regulations prescribed by the Secretary, be treated as service for the employer.
**(b) Employees of controlled group of corporations**
(1) **In general** — For purposes of sections 401, 408(k), 408(p), 410, 411, 415, and 416, all employees of all corporations which are members of a controlled group of corporations (within the meaning of section 1563(a), determined without regard to section 1563(a)(4) and (e)(3)(C)) shall be treated as employed by a single employer. With respect to a plan adopted by more than one such corporation, the applicable limitations provided by section 404(a) shall be determined as if all such employers were a single employer, and allocated to each employer in accordance with regulations prescribed by the Secretary.
(2) **Special rules for applying family attribution** — For purposes of applying the attribution rules under section 1563 with respect to paragraph (1), the following rules apply:
(A) Community property laws shall be disregarded for purposes of determining ownership.
(B) Except as provided by the Secretary, stock of an individual not attributed under section 1563(e)(5) to such individual’s spouse shall not be attributed to such spouse by reason of the combined application of paragraphs (1) and (6)(A) of section 1563(e).
(C) Except as provided by the Secretary, in the case of stock in different corporations that is attribut
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 414
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 414. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1394
TITLE 26—INTERNAL REVENUE CODE
§ 414
model plan language similar to model plan language
published under section 413(e)(5) of such Code.
‘‘(3) EDUCATIONAL
OUTREACH
TO
EMPLOYERS
EXEMPT
FROM TAX.—The Secretary of the Treasury (or the Sec-
retary’s delegate), in consultation with the Secretary
of Labor, shall provide education and outreach to in-
crease awareness to employers described in section
501(c)(3) of the Internal Revenue Code of 1986, and which
are exempt from tax under section 501(a) of such Code,
that multiple employer plans are subject to the Em-
ployee Retirement Income Security Act of 1974 and
that such employer is a plan sponsor with respect to its
employees participating in the multiple employer plan
and, as such, has certain fiduciary duties with respect
to the plan and to its employees.’’
§ 414. Definitions and special rules
(a) Service for predecessor employer
For purposes of this part—
(1) in any case in which the employer main-
tains a plan of a predecessor employer, service
for such predecessor shall be treated as service
for the employer, and
(2) in any case in which the employer main-
tains a plan which is not the plan maintained
by a predecessor employer, service for such
predecessor shall, to the extent provided in
regulations prescribed by the Secretary, be
treated as service for the employer.
(b) Employees of controlled group of corpora-
tions
(1) In general
For purposes of sections 401, 408(k), 408(p),
410, 411, 415, and 416, all employees of all cor-
porations which are members of a controlled
group of corporations (within the meaning of
section 1563(a), determined without regard to
section 1563(a)(4) and (e)(3)(C)) shall be treated
as employed by a single employer. With re-
spect to a plan adopted by more
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 414
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 414. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-403. Asset accounts.
All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely:
(1) The members' deposit account;
(2) The employer accumulation account;
(3) The retirement reserve account; and
(4) The income-expense account.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-403
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 24-10-403. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-602. Annuity generally.
(a) Upon a member's retirement, he or she shall receive an annuity for life in accordance with the applicable benefit program elected by his or her employer, as follows:
(1)Benefit Program 1.
(A) For each year of paid service resulting from employment:
(i) In a position not also covered by Social Security, two and ninety-four hundredths percent (2.94%) of his or her final average pay; and
(ii) In a position also covered by Social Security, one and ninety-four hundredths percent (1.94%) of his or her final average pay.
(B)(i)(a) In addition, if the member is retiring as provided in § 24-10-604, § 24-10-605, § 24-10-606, or § 24-10-607, and if the member's age at retirement is less than Social Security's minimum age for an immediate unreduced retirement benefit, then the member shall receive a temporary annuity equal to one percent (1%) of his or her final average pay for each year of paid service resulting from employment in a position also covered by Social Security.
(b) The provisions of this section that allow a member who retires as provided in § 24-10-607, whose employment was also covered by Social Security, and who is thereby eligible for a temporary annuity shall be applied retroactively to all persons who retired under those circumstances on or after October 1, 1989.
(ii) The temporary annuity shall terminate at the end of the calendar month in which the earlier of the following events occurs:
(a) The member's death; or
(b) His or her attainment of Social Security's minimum age for an immediate unreduced retirement benefit.
(iii) Any member who has had a temporary annuity terminated because of an award of disability retirement under the Social Security Act, 42 U.S.C. § 301 et seq., shall have that temporary annu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-602
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 24-10-602. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-414. Deferred compensation plans.
(a)(1) The following sections relating to annuities, retirement savings, and employee benefit plans are adopted for the purpose of computing Arkansas income tax liability, except Arkansas capital gains treatment and the Arkansas tax rates shall apply:
(A) Title 26 U.S.C. §§ 72, 219, 402 — 404, 406 — 416, and 457, as in effect on January 1, 2017; and
(B) Title 26 U.S.C. § 401, as in effect on March 30, 2010.
(2) The requirements for filing a joint return under 26 U.S.C. § 219(c)(1)(A) shall not apply.
(b) Title 26 U.S.C. § 408A as in effect on January 1, 2010, relating to Roth individual retirement accounts, is adopted for the purpose of computing Arkansas income tax liability, except with regard to adjusted gross income under 26 U.S.C. § 408A(c)(3), which shall be determined in the same manner as under § 26-51-403(b).
(c) Any additional tax or penalty imposed by this section shall be ten percent (10%) of the amount of any additional tax or penalty provided in the federal income tax law adopted by this section.
(d) Title 26 U.S.C. § 1042, as in effect on January 1, 2003, regarding the deferral of gain realized on the sale of a corporation's shares of stock to the corporation's employee stock ownership plan (ESOP), is adopted for the purpose of computing Arkansas income tax liability.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-414
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 26-51-414. This identifies an authority to review, not proof of applicability.