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24-4-501. Prior service credit generally — Straight life annuity.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-501. Prior service credit generally — Straight life annuity.
(a)(1) Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in § 24-4-101, in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security.
(2) Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems.
(b) Any active member of the Arkansas Public Employees' Retirement System who would otherwise be eligible for free prior service credit under the provisions of this chapter because of employment with a public employer or with the public schools but who was drafted and was serving in the military on active duty on a date which would have made the member eligible for the free prior service had the member been an employee on that date shall receive, upon application and submission of proper proof to the board, free prior service credit for employment prior to July 1, 1957, in the case of a state, municipal, or school employee, or prior to July 1, 1959, in the case of a county employee, if the following cond
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-501
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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Record provenance
Stable record: arkansas_code:legal_authorities:24-4-501
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 51802150cd4af8cfbea8be32ccdd1608135cfa4f1a1d3619f73c24c537b65c72
Source location: content.xml paragraph 1997
Stored source content
24-4-501. Prior service credit generally — Straight life annuity.
(a)(1) Any member of the Arkansas Public Employees' Retirement System who became a member of the system on July 1, 1957, in the case of a state employee, or who became a member of the system on July 1, 1959, in the case of a county employee, and who was continuously employed by a public employer to June 8, 1961, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, as authorized by this chapter, may receive prior service credit for any service rendered a public employer, as defined in § 24-4-101, in the State of Arkansas in a position covered by some other existing retirement system of this state authorized by law, other than Social Security.
(2) Prior service credit may be received only if the member does not have standing to his or her credit in the other retirement system for the same period of time and is no longer a member of, or eligible for membership in, or receiving benefits from, the other retirement system or systems.
(b) Any active member of the Arkansas Public Employees' Retirement System who would otherwise be eligible for free prior service credit under the provisions of this chapter because of employment with a public employer or with the public schools but who was drafted and was serving in the military on active duty on a date which would have made the member eligible for the free prior service had the member been an employee on that date shall receive, upon application and submission of proper proof to the board, free prior service credit for employment prior to July 1, 1957, in the case of a state, municipal, or school employee, or prior to July 1, 1959, in the case of a county employee, if the following conditions are met:
(1) The member was an employee of a public employer immediately preceding his or her involuntary service in the armed forces; and
(2) The member was reemployed as an employee within six (6) months of his or her discharge from the United States Armed Forces.
(c) For the purposes of this subsection, prior service credit eligibility dates are:
(1) July 1, 1957, for state employees;
(2) July 1, 1959, for county employees;
(3) October 1, 1957, and October 1, 1965, for school employees;
(4) July 1, 1957, and January 1, 1963, for colleges and universities; or
(5) The date the employer begins participation in the Arkansas Public Employees' Retirement System, for municipalities.
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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.