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24-10-507. Reciprocal system.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-507. Reciprocal system.
(a) The Arkansas Local Police and Fire Retirement System is a reciprocal system under the provisions of §§ 24-2-401 — 24-2-405.
(b) In establishing eligibility for a benefit from the Arkansas Local Police and Fire Retirement System, the credited service under all reciprocal systems shall be totaled and the total credited service shall be used in determining eligibility for a system benefit.
(c) In determining the amount of a benefit from this system, there shall be used only the credited service under this system and the benefit formula of this system.
(d) The final average compensation used shall be that of the reciprocal system which furnishes the highest final salary at the time of retirement.
(e) Wherever this system provides a benefit amount which is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-507
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:24-10-507
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d64aab3f6f5926ce0efb3be1f8d88649fc5044e78a4f0830303d1b17a84a1ecf
Source location: content.xml paragraph 10353
Stored source content
24-10-507. Reciprocal system.
(a) The Arkansas Local Police and Fire Retirement System is a reciprocal system under the provisions of §§ 24-2-401 — 24-2-405.
(b) In establishing eligibility for a benefit from the Arkansas Local Police and Fire Retirement System, the credited service under all reciprocal systems shall be totaled and the total credited service shall be used in determining eligibility for a system benefit.
(c) In determining the amount of a benefit from this system, there shall be used only the credited service under this system and the benefit formula of this system.
(d) The final average compensation used shall be that of the reciprocal system which furnishes the highest final salary at the time of retirement.
(e) Wherever this system provides a benefit amount which is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-401. Definitions.
As used in this subchapter:
(1) “Deferred retirement option plan” means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;
(2) “Public safety service covered by the Arkansas Public Employees' Retirement System” means service as a public safety member as defined in § 24-4-101(34);
(3) “Reciprocal system” means:
(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 — 24-7-205, 24-7-301 — 24-7-305, 24-7-401 — 24-7-411, 24-7-501, 24-7-502, 24-7-601 — 24-7-604, 24-7-606, 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716;
(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103;
(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103;
(D) The State Police Retirement System, established by § 24-6-203;
(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;
(F) An alternate retirement plan for:
(i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; or
(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; or
(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-401
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 24-2-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-405. Disability benefits.
(a) A member of a reciprocal system with five (5) or more years of credited service in two (2) or more reciprocal systems shall be eligible to apply for disability benefits from each reciprocal system in which he or she has credited service.
(b) Each reciprocal system shall make the determination under its respective rules as to whether the member is eligible for disability benefits.
(c) The member shall be eligible for a refund of his or her accumulated contributions plus interest, if any, from any reciprocal system in which he or she does not qualify for disability benefits. This refund shall not alter his or her eligibility for benefits from any other reciprocal system.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-405
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 24-2-405. This identifies an authority to review, not proof of applicability.