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24-10-614. Payment of reserve value.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-614. Payment of reserve value.
(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).
(b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-614
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:24-10-614
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 14d573c53f073b5c2d22b67560fdb20e6c33548e8c969ad992b93ca522835c95
Source location: content.xml paragraph 10757
Stored source content
24-10-614. Payment of reserve value.
(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).
(b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.
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