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24-2-502. Purchased credited service.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-2-502
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7ce7e51860d2c46111b9eb3c380d790f615df430d2a504425cb3fc0dc5631ffe
Source location: content.xml paragraph 736
Stored source content
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 service; and
(iii) Interest thereon on both the employee's and employer's contributions at the rate of six percent (6%), which interest shall commence January 1, 1976, or six (6) months after eligibility, whichever is later.
(b) The benefit program to be applicable to the credited service for members of the Arkansas Public Employees' Retirement System, the State Police Retirement System, or the Arkansas Teacher Retirement System shall be:
(1) The benefit program of § 24-4-101 et seq. for members of the Arkansas Public Employees' Retirement System;
(2) The benefit program based on § 24-6-101 et seq. for members of the State Police Retirement System; or
(3) The benefit program based on § 24-7-101 et seq. for members of the Arkansas Teacher Retirement System.
(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 repeal or modify any existing provisions of any state-supported retirement system law providing for credited service in the system for military service, nor to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service under the provisions of existing laws, but in no event shall any member of a state-supported retirement system be entitled to or receive in excess of five (5) years of credited service for military service rendered by the member. No member shall be eligible for credited military service in more than one (1) state-supported retirement system.
(d) When the applicant can obtain military service credit under this section and also under other laws relating to state-supported retirement systems in this state, then service credit shall be granted under the provisions of the laws in chronological order beginning with the earliest law. However, the laws may not be used to allow duplicate service credit.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-101. Definitions.
As used in this act:
(1) “Accumulated contributions” means the sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the member's deposit account, together with regular interest as may have been credited thereon;
(2) “Actual service” means service credited at the rate of one (1) month for each month of service;
(3) “Actuarial equivalent” means a benefit of equal reserve value when “reserve” means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time;
(4) “Actuary” means a qualified actuary with experience in retirement plan financing. Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;
(5) “Age” means age on last birthday;
(6)(A) “Annuity” means a monthly amount payable from funds of the Arkansas Public Employees' Retirement System throughout the life of a person.
(B) All annuities shall be paid in equal monthly installments;
(7) “Annuity reserve” means the present value of an annuity computed upon the basis of mortality and other such tables of experience and regular interest, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall adopt;
(8) “Beneficiary” means any person except a retirant who is receiving or is designated by a member to receive a plan benefit;
(9) “Benefit program” means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined;
(10) “Board” means the Board of Trustees of the Arkansas Public Employees' Retirement System, as created in this act;
(11)(A) “Compensation” means the recurring remunerat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-101
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 24-4-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-6-101. System for payment of disability and retirement benefits and medical fees — Rules — Fund.
(a)(1) The Arkansas State Police Commission is authorized and empowered to create and administer a system of paying disability, pension, and retirement pay funds to members of the Division of Arkansas State Police and their dependents and survivors.
(2) The commission shall have the authority and power, whenever it deems best, to pay medical expenses, including hospitalization fees and charges, of state police injured while in the performance of their official duties.
(3)(A) The commission shall have the authority and power to purchase and maintain in force group life, accident, and disability insurance upon the lives and members of the division upon such terms and conditions as it may deem necessary and proper.
(B) However, the purchasing and maintaining of such insurance shall be discretionary, and not mandatory, on the part of the commission.
(b) The commission is authorized and empowered to:
(1) Promulgate and enforce all rules necessary to create and administer a system of paying medical and hospitalization fees, disability benefits, pensions, and retirement pay to members of the division;
(2) Establish and prescribe the eligibility of members of the police force and their dependents and survivors in and to the benefits of the funds; and
(3) Do any and all things necessary to carry out the provisions of this act.
(c)(1) There is created and established the State Police Retirement Fund, to which shall be credited any and all appropriations made by the General Assembly for the purposes outlined in this section.
(2) Any unexpended balance of the appropriation made for the first fiscal year of any biennial period may be used for a like purpose during
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-6-101
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 24-6-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-101. Special allowances to encourage early retirement.
(a) In order to effect a net savings in personnel costs paid by colleges and universities, the presidents and chancellors of the various publicly supported colleges and universities may, upon the approval of their respective boards of trustees, negotiate with tenured faculty members of their institutions so that, in order to secure the faculty members' early retirement, special allowances may be paid to them or into retirement plans for their benefit.
(b) The board of trustees of each institution is authorized to pay such allowances as the board may approve from any appropriation provided for regular salaries for the benefit of its institution and from any source of funds available to its institution.
(c) The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to one percent (1%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution.
(d) The board of trustees of each institution shall report the exact disposition of the special allowances to the Legislative Joint Auditing Committee each year.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-101
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 24-7-101. This identifies an authority to review, not proof of applicability.