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24-10-709. Partial-annuity-and-lump-sum option.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-709. Partial-annuity-and-lump-sum option.
(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provided in this subchapter, the member may elect, in a manner prescribed by the Arkansas Local Police and Fire Retirement System, at the time of retirement to participate in the partial-annuity-and-lump-sum option under this section.
(b)(1)(A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit.
(B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits.
(2) The member electing to participate in the partial-annuity-and-lump-sum option shall then have the member's annuity reduced by an amount that is an actuarially determined equivalent of the withdrawal amount.
(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall adopt rules under this section governing the application for the partial-annuity-and-lump-sum option and the determination of the actuarially equivalent amount of the withdrawal.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-709
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:24-10-709
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c518023d93be72d4a48912853ee1bb414f605feefb4b25860eac604a7d53f36e
Source location: content.xml paragraph 10901
Stored source content
24-10-709. Partial-annuity-and-lump-sum option.
(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provided in this subchapter, the member may elect, in a manner prescribed by the Arkansas Local Police and Fire Retirement System, at the time of retirement to participate in the partial-annuity-and-lump-sum option under this section.
(b)(1)(A) At the time of retirement, a member electing to participate shall be eligible to receive a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit.
(B) The lump sum shall not exceed an amount equal to sixty (60) months of benefits.
(2) The member electing to participate in the partial-annuity-and-lump-sum option shall then have the member's annuity reduced by an amount that is an actuarially determined equivalent of the withdrawal amount.
(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall adopt rules under this section governing the application for the partial-annuity-and-lump-sum option and the determination of the actuarially equivalent amount of the withdrawal.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-604. Voluntary retirement.
(a)(1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have attained his or her normal retirement age and have five (5) years of credited service in force.
(2) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible under this section.
(b) He or she shall have the right to elect an option provided for in § 24-10-603.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-604
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 24-10-604. This identifies an authority to review, not proof of applicability.