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24-4-402. Contributions of state and local government division employers — Accounts of retirement system.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-402. Contributions of state and local government division employers — Accounts of retirement system.
(a)(1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System.
(2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account.
(b)(1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701.
(2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account.
(c)(1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the board as provided for by § 24-2-701.
(2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account.
(d)(1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act.
(2) If a disability retirant returns to the employ of a public em
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-402
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:24-4-402
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5a9686338ea9d7bccc0bf60b23eaf92ad98528b52c87ef2fa4626c46429e21a7
Source location: content.xml paragraph 1924
Stored source content
24-4-402. Contributions of state and local government division employers — Accounts of retirement system.
(a)(1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System.
(2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account.
(b)(1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701.
(2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account.
(c)(1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the board as provided for by § 24-2-701.
(2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account.
(d)(1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act.
(2) If a disability retirant returns to the employ of a public employer, the retirant's annuity reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employers' accumulation account in the same proportion as the annuity reserve was originally transferred to the retirement reserve account.
(e)(1) The income account shall be the account to which shall be credited all interest, dividends, and other income from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this act.
(2) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various divisions of the members' deposit account, employers' accumulation account, and the retirement reserve account, as provided in this act.
(3) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-520. Termination required for retirement.
(a) Except as provided in subsection (c) of this section, a member of the Arkansas Public Employees' Retirement System shall terminate covered employment to be eligible for retirement.
(b)(1) A member shall not be terminated from employment for retirement purposes if the person:
(A) Returns to employment in a position covered under the system within one hundred eighty (180) days of the person's effective date of retirement; or
(B) Is a member with service credit under § 24-4-521 at a rate of two (2) or more years of credited service for each year of actual service and the person returns to employment in a position covered under the system within one (1) year of the person's effective date of retirement.
(2) A member participating in the Arkansas Public Employees’ Retirement System Deferred Retirement Option Plan on January 1, 2009, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement.
(3) A member who has retired and commenced receiving benefits in any month between January 2009 and June 2009, inclusive, shall have the one-hundred-eighty-day separation requirement waived and may return to employment otherwise covered by the system no sooner than thirty (30) calendar days from the commencement of his or her retirement.
(c)(1) An elected public official may retire and begin receiving retirement benefits if the elected public official is a member:
(A) Whose current service in public office in one (1) form of government is covered by § 24-4-521(b)(5); and
(B) Who is elected to public office in a different form of government and will begin serving in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-520
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 24-4-520. This identifies an authority to review, not proof of applicability.