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24-10-504. Forfeiture and restoration. [Effective until January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-504. Forfeiture and restoration. [Effective until January 1, 2020.]
(a)(1) When a member is no longer employed by any employer in covered employment, he or she shall cease to be a member of the Arkansas Local Police and Fire Retirement System.
(2) Except as otherwise provided in this chapter, upon termination of his or her membership his or her credited service shall be forfeited by him or her.
(3) If the person becomes reemployed by any employer in covered employment, he or she shall again become a member of the system under subdivision (a)(4) of this section.
(4) Upon his or her reemployment, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the system the amount, if any, he or she withdrew from the system, together with regular interest from the date of withdrawal to the date of repayment.
(b)(1) Upon a member's retirement, he or she shall cease to be a member.
(2) Except under subdivision (b)(3) of this section or as otherwise provided in this chapter, he or she shall not again become a member of the system.
(3) Upon a member's retirement for a period of not less than ninety (90) days, the member may return to volunteer service with a covered employer and may continue to draw the retirant's annuity if the retirant desires to return to the covered employer and voluntarily waives further service credit in the system or in any other police or firefighter-related pension fund.
(c)(1) Should a former member entitled to a vested annuity provided for in § 24-10-611 reenter covered employment before becoming a retirant, he or she shall cease to be entitled to a vested annuity and shall become a member, with his or her previous credited service reactivated and to be increase
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-504
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:24-10-504
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 997fa61638e827ba6540d52cd45d18e75521253e5001f91ee7ebd7a3ea6efece
Source location: content.xml paragraph 10244
Stored source content
24-10-504. Forfeiture and restoration. [Effective until January 1, 2020.]
(a)(1) When a member is no longer employed by any employer in covered employment, he or she shall cease to be a member of the Arkansas Local Police and Fire Retirement System.
(2) Except as otherwise provided in this chapter, upon termination of his or her membership his or her credited service shall be forfeited by him or her.
(3) If the person becomes reemployed by any employer in covered employment, he or she shall again become a member of the system under subdivision (a)(4) of this section.
(4) Upon his or her reemployment, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the system the amount, if any, he or she withdrew from the system, together with regular interest from the date of withdrawal to the date of repayment.
(b)(1) Upon a member's retirement, he or she shall cease to be a member.
(2) Except under subdivision (b)(3) of this section or as otherwise provided in this chapter, he or she shall not again become a member of the system.
(3) Upon a member's retirement for a period of not less than ninety (90) days, the member may return to volunteer service with a covered employer and may continue to draw the retirant's annuity if the retirant desires to return to the covered employer and voluntarily waives further service credit in the system or in any other police or firefighter-related pension fund.
(c)(1) Should a former member entitled to a vested annuity provided for in § 24-10-611 reenter covered employment before becoming a retirant, he or she shall cease to be entitled to a vested annuity and shall become a member, with his or her previous credited service reactivated and to be increased by the reemployment.
(2)(A) If a former member entitled to a vested annuity under § 24-10-611 reenters covered employment after becoming a retirant, the former member may again become a member with previous credited service restored and increased by the period of reemployment, but only if the former member:
(i) Was not a participant in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-701;
(ii) Was a retirant for at least thirty (30) days; and
(iii) Remains reemployed for at least twelve (12) months.
(B) During the time of reemployment, the retirement benefits shall not be paid.
(C) The former member may exercise the reemployment option under this subdivision (c)(2) one (1) time only.
(D)(i) At the end of the period of reemployment, the retirement benefit will be recalculated using service time, including the reemployment service, and final average pay.
(ii) However, the final average pay shall be the same final average pay used initially to calculate the retirement benefit unless the period of reemployment lasts at least thirty-six (36) months, in which case the final average pay will be recalculated as defined under § 24-10-102(17).
(d)(1) Upon the retirement of a member whose credited service results from employment with more than one (1) employer, the amount of his or her annuity shall be based upon his or her total credited service in force at the time of his or her retirement and his or her final average pay during the total credited service.
(2) Each employer shall be responsible financially, within the provisions of this chapter, for the portion of the annuity based upon the service credited the member for employment with the employer, and the benefit program to be applied to each portion of credited service shall be the benefit program the employer had in effect at the time the member left the employment of the employer.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-504. Forfeiture and restoration. [Effective January 1, 2020.]
(a)(1) When a member is no longer employed by any employer in covered employment, he or she shall cease to be a member of the Arkansas Local Police and Fire Retirement System.
(2) Except as otherwise provided in this chapter, upon termination of his or her membership his or her credited service shall be forfeited by him or her.
(3) If the person becomes reemployed by any employer in covered employment, he or she shall again become a member of the system under subdivision (a)(4) of this section.
(4) Upon his or her reemployment, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the system the amount, if any, he or she withdrew from the system, together with regular interest from the date of withdrawal to the date of repayment.
(b)(1) Upon a member's retirement, he or she shall cease to be a member.
(2) Except under subdivision (b)(3) of this section or as otherwise provided in this chapter, he or she shall not again become a member of the system.
(3) Upon a member's retirement for a period of not less than ninety (90) days, the member may return to volunteer service with a covered employer and may continue to draw the retirant's annuity if the retirant desires to return to the covered employer and voluntarily waives further service credit in the system or in any other police or firefighter-related pension fund.
(c)(1) Should a former member entitled to a vested annuity provided for in § 24-10-611 reenter covered employment before becoming a retirant, he or she shall cease to be entitled to a vested annuity and shall become a member, with his or her previous credited service reactivated and to be increased by t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-504
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. Same stored citation; legal effect and authority still require review.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-611. Termination of covered employment.
(a) A member who terminates covered employment before attaining his or her normal retirement age, for a reason other than death, early retirement, or disability retirement, shall be entitled to an annuity computed in accordance with the provisions of this section, as it provides at the time of the last termination of covered employment, subject to the member's satisfying all of the following conditions:
(1)(A) The member has five (5) years of credited service.
(B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for retirement;
(2) The member lives to his or her annuity starting date;
(3) The member makes proper application for retirement and payment of the annuity to the Arkansas Local Police and Fire Retirement System not less than thirty (30) days nor more than ninety (90) days before the date he or she attains his or her normal retirement age; and
(4) The annuity starting date shall be the first day of the calendar month next following the later of:
(A) The date the member attains his or her normal retirement age; and
(B) The date the proper application is received by the system.
(b)(1) The monthly amount of a vested termination annuity shall be computed in the same manner as a normal annuity amount provided for in § 24-10-602, but based upon his or her credited service and final average pay at the time of termination of covered employment.
(2) If the effective date of the annuity is at least twelve (12) full months after termination, an amount of final average pay usable for the purposes of this section shall be redetermined.
(3)(A) The redetermined amount shall be the amount of final average pay at the time of termination of covered emp
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-611
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 24-10-611. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-701. Election to participate.
(a) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in the Local Police and Fire Deferred Retirement Option Plan under this section and defer the receipt of benefits in accordance with the provisions of this subchapter, provided that the member meets one (1) of the following requirements:
(1) The member has at least twenty-eight (28) years of service; or
(2) The member has at least twenty (20) years of service and is at least fifty-five (55) years of age.
(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall approve the participation in the plan.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-701
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 24-10-701. This identifies an authority to review, not proof of applicability.