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24-11-418. Former military service credit purchase.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-418. Former military service credit purchase.
(a) Any active member of a policemen's pension and relief fund may purchase credited service in the pension fund equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the pension fund, if the member:
(1) Received an honorable discharge from the armed forces;
(2) Has at least twenty (20) years of actual service in the pension fund; and
(3)(A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased.
(B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or for a pension fund under administration of the Arkansas Local Police and Fire Retirement System, the actuary for that system.
(b) The board of trustees of the policemen's pension and relief fund shall make the final determination as to the:
(1) Length of purchased service credit;
(2) Amount of regular interest to be charged; and
(3) Manner in which payment is made to the pension fund.
(c) Service credit purchased under this section shall be used to determine the member's total credited service under the pension fund but shall not be used to determine his or her final average pay under the pension fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-418
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:24-11-418
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 492dc4a12f1f225ab2e8c85a1a11606d4f15a49d000bb83faf4e65ac04ebfb7a
Source location: content.xml paragraph 11799
Stored source content
24-11-418. Former military service credit purchase.
(a) Any active member of a policemen's pension and relief fund may purchase credited service in the pension fund equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the pension fund, if the member:
(1) Received an honorable discharge from the armed forces;
(2) Has at least twenty (20) years of actual service in the pension fund; and
(3)(A) Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased.
(B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or for a pension fund under administration of the Arkansas Local Police and Fire Retirement System, the actuary for that system.
(b) The board of trustees of the policemen's pension and relief fund shall make the final determination as to the:
(1) Length of purchased service credit;
(2) Amount of regular interest to be charged; and
(3) Manner in which payment is made to the pension fund.
(c) Service credit purchased under this section shall be used to determine the member's total credited service under the pension fund but shall not be used to determine his or her final average pay under the pension fund.
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