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24-11-830. Deferred retirement option plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-830. Deferred retirement option plan.
(a) In lieu of terminating employment and accepting a service retirement pension pursuant to this subchapter, any full-paid firefighter who is a member of a firemen's relief and pension fund who has not less than twenty (20) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas Fire Fighters Deferred Retirement Option Plan and defer the receipt of benefits in accordance with the provisions of this section, provided the local board of trustees of the local firemen's relief and pension fund approves the participation in the plan.
(b) For purposes of this section, credited service shall include service credit recognized pursuant to this subchapter.
(c)(1)(A) Except under subdivision (c)(1)(B) of this section, the duration of participation in the plan for active full-paid firefighters shall not exceed five (5) years.
(B) The five-year limit may be extended if:
(i) The extension does not cause the limit to exceed ten (10) years;
(ii) The extension applies to all active full-paid firefighters and all members on the plan;
(iii) The extension is approved by a majority of votes of the board of trustees of the firemen's relief and pension fund or of the Board of Trustees of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b);
(iv) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but the interest rate credited shall not be less than zero percent (0%);
(v) Sev
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-830
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:24-11-830
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fa219d04db60a6ca6b8529701928523049a8969eac5ff49727bc702fe76465d0
Source location: content.xml paragraph 12820
Stored source content
24-11-830. Deferred retirement option plan.
(a) In lieu of terminating employment and accepting a service retirement pension pursuant to this subchapter, any full-paid firefighter who is a member of a firemen's relief and pension fund who has not less than twenty (20) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas Fire Fighters Deferred Retirement Option Plan and defer the receipt of benefits in accordance with the provisions of this section, provided the local board of trustees of the local firemen's relief and pension fund approves the participation in the plan.
(b) For purposes of this section, credited service shall include service credit recognized pursuant to this subchapter.
(c)(1)(A) Except under subdivision (c)(1)(B) of this section, the duration of participation in the plan for active full-paid firefighters shall not exceed five (5) years.
(B) The five-year limit may be extended if:
(i) The extension does not cause the limit to exceed ten (10) years;
(ii) The extension applies to all active full-paid firefighters and all members on the plan;
(iii) The extension is approved by a majority of votes of the board of trustees of the firemen's relief and pension fund or of the Board of Trustees of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b);
(iv) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but the interest rate credited shall not be less than zero percent (0%);
(v) Seventy-five percent (75%) of the monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the plan account, or one hundred percent (100%) of the monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the plan account if approved by a majority vote of the governing board of the sponsoring municipality; and
(vi) The extension is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102.
(2)(A) Except under subdivision (c)(2)(B) of this section, at the conclusion of a member's participation in the plan, the member shall terminate employment with all participating municipalities as a firefighter and shall start receiving the member's accrued monthly retirement benefit from the firemen's relief and pension fund.
(B) If a member is at the conclusion of a member's participation in the plan, then the member may continue employment by a municipality under the following conditions:
(i) The municipality makes continued employment available to all similarly situated members;
(ii) The availability of continued employment is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102;
(iii) The monthly benefit that is credited to the member's plan account is discontinued and the member shall not receive a monthly benefit until the member actually ceases employment;
(iv) The interest rate credited to the plan account is the same as paid under subdivision (e)(2) of this section, except that the minimum rate is zero percent (0%);
(v) The employer's matching contribution of six percent (6%) shall cease, but all other employer contributions shall continue and be credited to the firemen's relief and pension fund; and
(vi) The employee contributions of six percent (6%) shall discontinue.
(d)(1) When a member begins participation in the plan, the contribution of the firefighter and the employer contribution shall continue to be paid.
(2)(A) In a municipality having a population of over twenty thousand (20,000) persons, municipal matching contributions for employees who elect the plan shall be credited equally to the firemen's relief and pension fund and to the plan, or at the option of the local firemen's relief and pension fund board of trustees, credited in the manner provided in subdivision (d)(2)(B) of this section.
(B) In a municipality having a population of twenty thousand (20,000) persons or less, municipal matching contributions for employees who elect the plan shall be credited in full to the firemen's relief and pension fund, and the contribution of the employee shall be credited to the member's plan account.
(3) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the plan account.
(e)(1) The member's monthly retirement benefit shall not change, unless the plan receives a benefit increase.
(2)(A) A member who participates in this plan shall earn interest at a rate of two (2) percentage points below the rate of return of the investment portfolio of the firemen's relief and pension fund as certified by the actuary under contract with the Arkansas Fire and Police Pension Review Board in accordance with generally accepted actuarial practices and § 24-11-207, but no less than the actuarial assumed interest rate as certified by the actuary.
(B) The interest shall be credited to the individual account balance of the member on an annual basis.
(f)(1) A participant in the plan shall receive at the option of the participant a lump-sum payment from the account equal to the payments to the account or a true annuity based upon the account of the participant or may elect any other method of payment if approved by the board of trustees.
(2) If approved by a majority vote of the governing body of the sponsoring municipality and the board of trustees, a participant in the deferred retirement option plan may defer receiving payment of the participant's account and continue with the funds deposited in the plan.
(3)(A) Interest credited to the continuing deposit of funds in the plan under subdivision (f)(2) of this section shall be calculated in the same manner as interest under subdivision (e)(2) of this section.
(B) However, the minimum interest rate shall not be less than zero percent (0%).
(4) The payment of funds accumulated while participating in the deferred retirement option plan may be deferred only one (1) time. These funds must be distributed or annuitized by December 31 of the year a member attains age seventy and one-half (70½).
(g) If the participant dies during the period of participation in the plan, a lump-sum payment equal to the account balance of the participant shall be paid.
(h) The Arkansas Fire and Police Pension Review Board may promulgate rules to make the plan under this section comply with the requirements of this section and with the applicable portions of the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2003.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 25
TITLE 26—INTERNAL REVENUE CODE
§ 1
1 Section catchline amended by Pub. L. 95–30 without cor-
responding amendment of analysis.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A),
Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi-
ronmental tax’’.
1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103
Stat. 1980, repealed Pub. L. 100–360, § 111, and provided
that the provisions of law amended by such section are
restored or revived as if such section had not been en-
acted, see 1988 Amendment note below.
1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102
Stat. 697, added part VIII ‘‘Supplemental medicare pre-
mium’’.
1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986,
100 Stat. 1771, added part VII.
1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976,
90 Stat. 1792, struck out part V ‘‘Tax surcharge’’.
1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969,
83 Stat. 585, added part VI.
1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82
Stat. 259, added part V.
PART I—TAX ON INDIVIDUALS
Sec.
1.
Tax imposed.
2.
Definitions and special rules.
3.
Tax tables for individuals having taxable in-
come of less than $20,000.1
[4.
Repealed.]
5.
Cross references relating to tax on individ-
uals.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90
Stat. 1559, substituted ‘‘Tax tables for individuals hav-
ing taxable income of less than $20,000’’ for ‘‘Optional
tax tables for individuals’’ in item 3 and struck out
item 4 relating to rules for optional tax.
1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969,
83 Stat. 685, substituted ‘‘Definitions and special rules’’
and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in
case of joint return or return
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-102. Increase in benefits.
(a) The board of trustees of a municipal firemen's relief and pension fund and the board of trustees of a policemen's pension and relief fund are authorized to increase benefits for future or current retired members and beneficiaries of the firemen's relief and pension fund or policemen's pension and relief fund.
(b) Any proposed increase by the board of trustees shall be in strict compliance with the following conditions:
(1) The board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board of trustees, outlining the proposed increase in benefits;
(2)(A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund.
(B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board.
(C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken;
(3)(A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-102
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 24-11-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-207. Annual financial report — Duty of board of trustees.
(a)(1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year.
(2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board.
(b) Each annual financial report shall include at least the following:
(1)(A) The plan's revenues and expenditures during the year.
(B) The revenues shall include at least the annual total for each of the following items:
(i) Employee contributions;
(ii) Employer contributions from the state;
(iii) Employer contributions, other;
(iv) Investment income:
(a) Interest and dividends;
(b) Gain or loss on sales;
(c) Other (specify); and
(d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section;
(v) The change in unrealized gain or loss from the previous year;
(vi) Other (specify); and
(vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section.
(C) The expenditures shall include at least the annual total for each of the following items:
(i) Refunds of employee contributions;
(ii) Benefits paid;
(iii) Administrative expenses;
(iv) Other (specify); and
(v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section.
(D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and
(2)(A) The plan reserve assets.
(B) The reserve assets at year's end shall include at least the total for each of the following items:
(i) Cash and bank checking accounts, noninterest-earning;
(ii) Bank deposits, interest-earning;
(iii) Savings and loan deposits, interest-earning;
(iv) Other cash equiva
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-207
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 24-11-207. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-406. Administration of small funds by Arkansas Local Police and Fire Retirement System.
(a)(1) In those local police pension and relief funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer.
(2) As used in this section, “member” includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries.
(b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System, as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure:
(1)(A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designated as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries.
(B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll, if any, plus one percent (1%) of annual reserve assets;
(2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system and for no other purpose;
(3) If a former member of the local pension fund returns to service i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-406
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 24-11-406. This identifies an authority to review, not proof of applicability.