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24-10-703. Contributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-703. Contributions.
(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid.
(b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansas Local Police and Fire Retirement System.
(c)(1) For a member who has at least twenty-eight (28) years of service before electing to participate in the plan, seventy-five percent (75%) of the member's monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member's plan account.
(2) For a member who has at least twenty (20) years of service but less than twenty-eight (28) years of service and is at least fifty-five (55) years of age before electing to participate in the plan, seventy-two percent (72%) of the member's monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member's plan account.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-703
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:24-10-703
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: efbcf74837b49354177bf282ce4ffca9530cb972ef30cb4392f8ad83f07e31b6
Source location: content.xml paragraph 10844
Stored source content
24-10-703. Contributions.
(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid.
(b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansas Local Police and Fire Retirement System.
(c)(1) For a member who has at least twenty-eight (28) years of service before electing to participate in the plan, seventy-five percent (75%) of the member's monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member's plan account.
(2) For a member who has at least twenty (20) years of service but less than twenty-eight (28) years of service and is at least fifty-five (55) years of age before electing to participate in the plan, seventy-two percent (72%) of the member's monthly retirement benefit that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the member's plan account.
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