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24-10-704. Benefits — Rate of return.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-704. Benefits — Rate of return.
(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased.
(b)(1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum.
(2) The interest shall be credited to the individual account balance of the member on an annual basis.
(c)(1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706, the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602.
(2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-704
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:24-10-704
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 24dc903a665d346206a785c8355ce772f7db2d8061eb2e1a3aaac2bed25b3970
Source location: content.xml paragraph 10852
Stored source content
24-10-704. Benefits — Rate of return.
(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased.
(b)(1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum.
(2) The interest shall be credited to the individual account balance of the member on an annual basis.
(c)(1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706, the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602.
(2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.
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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
24-10-706. Duration.
(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed seven (7) years.
(b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the employer and shall start receiving the member's monthly retirement benefit that would have been received if the member had retired at the time the member elected to participate in the plan.
(c)(1) At the conclusion of a member's participation in the plan, the member may defer receiving payment of the participant's account and continue with the funds deposited in the plan.
(2) Interest credited under subdivision (c)(1) of this section shall be calculated in the same manner as § 24-10-704(b), except the interest shall be credited at a rate of two percent (2%) per annum.
(d)(1) The payment of funds accumulated in the plan may be deferred one (1) time.
(2) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than December 31 of the year the participant attains the age of seventy and one-half (70 1/2) years.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-706
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 24-10-706. This identifies an authority to review, not proof of applicability.