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24-10-611. Termination of covered employment.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-10-611
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cc23c26cc3d39a2d035a7f60c2d3a14380be76bb299ac6b5248a118a0952b481
Source location: content.xml paragraph 10704
Stored source content
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 employment increased by one-half (½) of any percentage increase in the inflation index for the period from three (3) months immediately preceding the termination to three (3) months immediately preceding the annuity effective date.
(B) For an annuity with an effective date that is on or after July 1, 2019, the pay used for the annuity computation shall be the final average pay at the time of termination from paid service employment with the system.
(4) He or she shall have the right to elect an option provided for in § 24-10-603.
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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
24-10-603. Annuity options.
(a) Before the date the first payment of a member's annuity becomes due, but not thereafter, a member may elect in a manner prescribed by the Arkansas Local Police and Fire Retirement System to receive his or her annuity as an Option A60 annuity under this section, or the member may elect to have his or her life annuity reduced, excepting any temporary annuity that may be payable. The member may nominate a beneficiary in accordance with the provisions of one (1) of the following options:
(1)Option A60 — Sixty (60) Months Certain and Life Annuity.
(A)(i) Under Option A60, the retirant shall be paid an annuity for life with the provision that if the retirant's death occurs before sixty (60) monthly payments have been made, the full annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant shall have designated in a manner prescribed by the system and filed with the Board of Trustees of the Arkansas Local Police and Fire Retirement System.
(ii) If there is no payee surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated persons.
(B) The reduced annuity shall be ninety-six percent (96%) of the life annuity if the first payment due date is before July 1, 2001, ninety-seven percent (97%) of the life annuity if the first payment due date is on or after July 1, 2001, or one hundred percent (100%) of the life annuity if the first payment due date is on or after July 1, 2003.
(2)Option A120 — One Hundred Twenty (120) Months Certain and Life Annuity.
(A)(i) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retir
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-603
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 24-10-603. This identifies an authority to review, not proof of applicability.