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24-10-707. Death of participant.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-707. Death of participant.
(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivors or if none, to the participant's estate.
(b) A survivor is entitled to the annuity provided under § 24-10-603 based on the service and final average salary at the time the member elected to participate in the plan.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-707
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:24-10-707
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a0d1ca8b6109eadcc0279d1bec4665226713862327872aacf4991e2de6fcbc9a
Source location: content.xml paragraph 10887
Stored source content
24-10-707. Death of participant.
(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivors or if none, to the participant's estate.
(b) A survivor is entitled to the annuity provided under § 24-10-603 based on the service and final average salary at the time the member elected to participate in the plan.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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.