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24-11-426. Optional vesting rights policy.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-426. Optional vesting rights policy.
(a)(1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund.
(2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees.
(3) All costs for the actuarial valuation shall be borne by the local funds.
(b)(1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees.
(2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.
(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system.
(d) This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-426
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:24-11-426
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 01db4bdcbe986163694ac87b53ac3b5b71fac147c56a59012c0b1d501c5d1fc8
Source location: content.xml paragraph 11943
Stored source content
24-11-426. Optional vesting rights policy.
(a)(1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund.
(2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees.
(3) All costs for the actuarial valuation shall be borne by the local funds.
(b)(1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees.
(2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.
(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system.
(d) This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class.
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