24-10-705. Method of payment.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-10-705. Method of payment. At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under § 24-10-603; or (3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-705

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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Arkansas Code — all titles (historical 2020) · legal_authorities

24-10-603. Annuity options.

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.