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24-2-501. Free credited service.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-501. Free credited service.
(a)(1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict.
(2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502.
(b) Any person entitled to receive free credited service in the system under the provisions of this section shall be granted credited service under the system for service in the armed forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict upon:
(1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and
(2) Providing proof satisfactory to the board of that person's military service.
(c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service.
(d) This section shall not apply to the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System provided for in § 24-8-701 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-501
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:24-2-501
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d5b4daaa9567fd4b1f96f4425e7f8428652532212df1b90aaa4e298be83a8614
Source location: content.xml paragraph 725
Stored source content
24-2-501. Free credited service.
(a)(1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict.
(2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502.
(b) Any person entitled to receive free credited service in the system under the provisions of this section shall be granted credited service under the system for service in the armed forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict upon:
(1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and
(2) Providing proof satisfactory to the board of that person's military service.
(c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service.
(d) This section shall not apply to the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System provided for in § 24-8-701 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-502. Purchased credited service.
(a) Any person who is or was a member of a state-supported retirement system in this state and who was not receiving benefits under the system on July 9, 1975, shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the United States Armed Forces prior to the member's employment in a position covered by a state-supported retirement system, but only if the person:
(1) Has five (5) years of actual service with the retirement system;
(2) Received an honorable discharge from the armed forces; and
(3)(A) For the first three (3) years of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon his or her monthly contributions at the time he or she first became a member of the retirement system and interest thereon at the rate of six percent (6%), together with an amount equal to the employer's matching contribution and interest thereon at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.
(B) For the fourth and fifth year of credited service, contributes to the members' deposit account a sum of money equal to the amount he or she would have contributed to the account had he or she been a member during his or her term of military service. This amount shall be based upon:
(i) His or her salary at the time he or she first became a member of the retirement system;
(ii) The employer's contribution in effect at the time he or she first became eligible to purchase the military s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-502
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 24-2-502. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-8-201. Public policy.
It is declared to be the state's public policy that chancery and circuit court judges and justices of the Supreme Court may retire or be retired when that course appears to be in the best interest of the official concerned and for the public welfare. Factors suggesting the desirability of retirement are physical disability, advanced age, or other infirmities calculated to materially impair usefulness. In addition, it is the public policy of the state to provide sufficient retirement and survivors' benefits for the chancery and circuit court judges and justices of the Supreme Court of the state to attract and retain highly capable members of the legal profession for service in the state judiciary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-8-201
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 24-8-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-8-701. Legislative history, findings, and intent.
(a) It is found and determined by the General Assembly that the creation of the Tier Two Actual Judicial Service Benefit Plan is part of a history of judicial retirement legislation that has sought to develop a more equitable retirement system for judges and thereby remove the need for judges to be involved in the political process through lobbying for retirement benefits and privileges.
(b)(1) At one time member contributions were not sufficient to fund the system and therefore it was necessary for the Chief Justice of the Supreme Court and other members of the judicial system to ask the General Assembly for funds to pay benefits for retired judges and justices. In 1983 the need for members of the judiciary to be involved in the political process was reduced by the establishment of an actuarial funding method and by transfer of the administration of the Arkansas Judicial Retirement System to the Arkansas Public Employees' Retirement System.
(2) Initially the Arkansas Judicial Retirement System allowed a judge with fifteen (15) years of elective service to retire upon reaching age sixty-five (65). However, this system was awkward and some judges with many years of service did not qualify for benefits because the system did not provide for graduated benefits. Because of this “all or nothing” plan, the law has been amended a number of times to help judges qualify for benefits through use of credited service.
(3) The use of credited service substantially changed the Arkansas Judicial Retirement System. The system was changed to allow an active member with ten (10) years of credited service to retire upon reaching age sixty-five (65) and to allow other members with twenty (20) years of credited service to retire r
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-8-701
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 24-8-701. This identifies an authority to review, not proof of applicability.