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24-10-612. Redetermination of benefits.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-612. Redetermination of benefits.
(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.
(b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(c)(1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.
(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:
(A) The benefit calculated under § 24-10-602, as in effect on July 1, 2009, using the member's final average salary at retirement; or
(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.
(3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.
(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-612
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:24-10-612
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c3cb0c8d63391e97e0195a2eeb9b0e4a3c51579b99f58e0c540d24b1b3ef031a
Source location: content.xml paragraph 10726
Stored source content
24-10-612. Redetermination of benefits.
(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.
(b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(c)(1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.
(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:
(A) The benefit calculated under § 24-10-602, as in effect on July 1, 2009, using the member's final average salary at retirement; or
(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.
(3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.
(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.
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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.