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24-4-202. Arkansas Public Employees' Retirement System Fund — Contributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-202. Arkansas Public Employees' Retirement System Fund — Contributions.
(a)(1) On or after July 1, 2017, the state employer contributions made by a state agency which employs each member provided for in § 24-2-701 shall be:
(A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and
(B) Paid by electronic transfer by the state agency.
(2) The employer's contribution shall be paid to the Arkansas Public Employees' Retirement System Fund at the time and with the frequency established by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.
(b)(1) In the case of employees receiving part or all of their compensation from federal funds, the disbursing officer of the agency receiving the federal funds shall transmit such sums to the Arkansas Public Employees' Retirement System Fund from federal funds of the agency.
(2) These sums shall be those sums of money which are necessary to provide the employer contributions provided for in § 24-2-701, based on the portions of the employees' compensation payable from federal funds.
(c)(1) In the case of the Local Government Division of the Arkansas Public Employees' Retirement System, each participating public employer shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to provide the participating public employer's contributions provided for in § 24-2-701.
(2)(A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its emplo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-202
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:24-4-202
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c3900f6ced4a69a902f8c040124cddb08e33e4d1e1d39d8548a54c8a5b474fbe
Source location: content.xml paragraph 1599
Stored source content
24-4-202. Arkansas Public Employees' Retirement System Fund — Contributions.
(a)(1) On or after July 1, 2017, the state employer contributions made by a state agency which employs each member provided for in § 24-2-701 shall be:
(A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and
(B) Paid by electronic transfer by the state agency.
(2) The employer's contribution shall be paid to the Arkansas Public Employees' Retirement System Fund at the time and with the frequency established by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.
(b)(1) In the case of employees receiving part or all of their compensation from federal funds, the disbursing officer of the agency receiving the federal funds shall transmit such sums to the Arkansas Public Employees' Retirement System Fund from federal funds of the agency.
(2) These sums shall be those sums of money which are necessary to provide the employer contributions provided for in § 24-2-701, based on the portions of the employees' compensation payable from federal funds.
(c)(1) In the case of the Local Government Division of the Arkansas Public Employees' Retirement System, each participating public employer shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to provide the participating public employer's contributions provided for in § 24-2-701.
(2)(A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.
(B) On or after July 1, 2017, the contributions made by a participating public employer shall be made by electronic transfer.
(3) The employer's contributions shall be transmitted to the Arkansas Public Employees' Retirement System Fund in such form and manner, together with such supporting data, as the board shall prescribe from time to time.
(d) In the case of circuit court reporters, the public employer contributions shall be paid, when directed by the board, by the respective counties in the proportion that each county pays the total salaries of the circuit court reporters.
(e)(1) If any participating public employer fails to remit to the Arkansas Public Employees' Retirement System those moneys which are required by law or rule by the date and at the frequency established by the board, the system shall impose a penalty equal to the actuarially assumed rate of return on investments of the Arkansas Public Employees' Retirement System Fund in the form of interest on an annual basis on the moneys due.
(2) This interest shall be computed on the actual days of delinquency and shall be paid to the system for the purpose of reimbursing the trust fund for the money which would have been earned on the moneys had they been paid when due.
(3) The interest penalty shall be determined by the system on the date the delinquent funds are received, and a statement of the interest shall be sent to the participating public employer.
(4) If the interest penalty or delinquent moneys are not received by the system by the last business day of the month in which the moneys were originally due, then the system shall cause the sums of moneys, including interest, to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as approved in § 19-5-106(a)(5).
(f)(1) If any participating public employer fails to file with the system the retirement report by the date established by the board, the system shall impose a penalty of one hundred fifty dollars ($150) for each time the report is late.
(2) A statement of the penalty shall be sent to the participating employer.
(3) If the penalty is not received by the last business day of the month in which the report was due, then the system shall cause the amount to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as provided in § 19-5-106(a)(5).
(g)(1) A participating public employer shall submit a written request for a temporary waiver to the Board of Trustees of the Arkansas Public Employees' Retirement System on or before July 1, 2017, when the participating public employer is unable to:
(A) Report contributions electronically through the Arkansas Public Employees' Retirement System; or
(B) Pay contributions by electronic transfer.
(2) A request for a temporary waiver shall include a timeline for when the participating public employer will be able to comply with payment and reporting requirements under this section.
(h) A participating public employer shall promptly upon request by the Arkansas Public Employees' Retirement System provide all information requested concerning the status of an employee to the system.
(i) It is the sole responsibility of the reporting participating public employer to ensure that the information provided by the participating public employer, including without limitation the participating public employer's wage reporting and contribution remittances, is accurate.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-106. Transfer of funds.
(a) The Chief Fiscal Officer of the State may direct a transfer of funds on the books of the Treasurer of State, the Auditor of State, and the Department of Finance and Administration for the following purposes:
(1) To correct accounting errors;
(2) To make loans to authorized funds, fund accounts, or accounts and to repay such loans when they become due and payable, all of which as may be authorized by law;
(3) To reimburse the Miscellaneous Revolving Fund or successor funds, fund accounts, or accounts for the payment of claims, refunds, or other authorized disbursements as may be authorized by law;
(4) For such other purposes as may be specifically authorized by law;
(5)(A) To transfer funds on deposit in the State Treasury containing operating moneys for any:
(i) Political entity, including any state agency, board, commission, department, institution, state-supported community college, college, or university;
(ii) Political subdivision of the state, including a regional, county, or municipal government; or
(iii) School district,
to the state agency responsible for administering federal Social Security and state retirement programs for public employees, public school teachers as defined by law, highway employees, and state police employees in such amounts as shall be certified as being due, including any penalties due to delinquency of obligations.
(B)(i) The head of the state agency responsible for administering the programs shall certify to the Chief Fiscal Officer of the State the agencies, funds, amounts involved, and any other pertinent information.
(ii) The Chief Fiscal Officer of the State shall then notify the Auditor of State and the Treasurer of State of the transfers; or
(6) To transfer funds between sta
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-106
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 19-5-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-701. Financial objectives and actuarial valuation.
(a) The general financial objective of each Arkansas public employee retirement plan shall be to establish and receive contributions that, expressed as percentages of active member payroll, will remain approximately level from generation to generation of state citizens. More specifically, contributions received each year shall be sufficient both:
(1) To fully cover the costs of benefit commitments being made to members for their service being rendered in that year; and
(2)(A) To make a level payment that if paid annually over a reasonable period of future years will fully cover the unfunded costs of benefit commitments for service previously rendered.
(B) Alternatively, if the costs of benefit commitments for service previously rendered are overfunded, the plan may deduct a level payment that if deducted annually over a reasonable period of future years will fully liquidate the overfunded portion of such costs.
(b) Each state public employee retirement plan shall cause an actuarial valuation of the plan or fund to be made at least biennially, and preferably annually, to determine how well the plan is meeting the objectives set forth in subsection (a) of this section.
(c) The employer contribution rates to the retirement systems shall be as follows:
(1)(A) For the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System shall establish employer contribution rates prospectively each year.
(B) The employer contribution rates shall be based on the actuary's determination of the rate required to fund the plan as necessary to meet the general financial objective set forth in subsection (a) of this section.
(C) The employer contribution rates shall be the rates
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-701
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 24-2-701. This identifies an authority to review, not proof of applicability.