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24-11-421. Credited service — Restoration.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-421. Credited service — Restoration.
(a)(1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment.
(2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%).
(3) The repayment shall be made according to such rules as the board shall adopt.
(b) Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-421
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:24-11-421
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 52cda9576d940ce3c53ca02f49a240b21201050ab10a37ea0a37f74307206c52
Source location: content.xml paragraph 11825
Stored source content
24-11-421. Credited service — Restoration.
(a)(1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment.
(2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%).
(3) The repayment shall be made according to such rules as the board shall adopt.
(b) Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.
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