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24-4-522. Applicability of benefit provisions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-522. Applicability of benefit provisions.
(a) The benefit provisions of this chapter shall be applicable to specified members of the Arkansas Public Employees' Retirement System.
(b)(1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the Arkansas Public Employees' Retirement System before January 1, 1978, and who is employed on or after January 1, 1978, in a position covered by the system and who thereby becomes a member.
(2) In addition, each other member who was actively employed in a position covered by the Arkansas Public Employees' Retirement System on June 30, 1991, may elect to become covered by the noncontributory benefit provisions of this chapter by application written to, and received by, the governing body of the plan before January 1, 1985.
(3)(A)(i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978.
(ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-522
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:24-4-522
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1bf25b3f58dcf8ac89c25070722ca67230c862f6c6544d0510327fda8717e9d1
Source location: content.xml paragraph 2304
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24-4-522. Applicability of benefit provisions.
(a) The benefit provisions of this chapter shall be applicable to specified members of the Arkansas Public Employees' Retirement System.
(b)(1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the Arkansas Public Employees' Retirement System before January 1, 1978, and who is employed on or after January 1, 1978, in a position covered by the system and who thereby becomes a member.
(2) In addition, each other member who was actively employed in a position covered by the Arkansas Public Employees' Retirement System on June 30, 1991, may elect to become covered by the noncontributory benefit provisions of this chapter by application written to, and received by, the governing body of the plan before January 1, 1985.
(3)(A)(i) Each other member who was not actively employed in a position covered by the Arkansas Public Employees' Retirement System on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the member first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the Arkansas Public Employees' Retirement System which require member contributions, by election written to, and received by, the governing body of the system before the later of January 1, 1986, and six (6) months after the member first becomes so employed after January 1, 1978.
(ii) However, if the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the Arkansas Public Employees' Retirement System to the dates of actual payment.
(B)(i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this chapter for all credited service of the person rendered before and after January 1, 1978.
(ii) However, benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the Arkansas Public Employees' Retirement System benefit provisions at the time of retirement which require member contributions.
(c)(1) The noncontributory benefit provisions of this chapter, including death and disability benefits, shall apply to all credited service rendered before or after the date of election of employees of the Department of Human Services in either the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System.
(2)(A) Employees of the Department of Human Services and employees of Arkansas Rehabilitation Services shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with benefit provisions in effect December 31, 1977.
(B) On and after January 1, 1993, employees of Arkansas Rehabilitation Services who elected to be covered by the provisions of this subsection and who are still active employees on January 1, 1993, shall be entitled to the benefit amount computed by applying the benefit provisions prescribed by this chapter for all credited service rendered before and after January 1, 1978, except that benefit amounts based upon employment before January 1, 1978, shall be computed in accordance with current benefit provisions in effect for the Arkansas Teacher Retirement System at the time of their retirement.
(3) In computing the benefit under the benefit provisions of this chapter, the final average compensation shall be computed upon all service before and after the election of the Arkansas Rehabilitation Services employee as provided in § 24-4-101(33) and § 24-4-746.
(d) Each public retirement system in which the employee has served shall be responsible financially for the benefit amounts payable to the retirant, the retirant's survivors, and the retirant's beneficiaries based upon the ratio of the number of years the employee was a member of that public retirement system to the total number of years the employee was a member of any of the two (2) statewide retirement systems, i.e., the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System.
(e)(1)(A) The benefit provisions of this chapter shall be administered by the Arkansas Public Employees' Retirement System for the benefit of all employees making the option.
(B) The Arkansas Public Employees' Retirement System shall certify monthly the amount of benefits paid hereunder, and the Arkansas Teacher Retirement System shall immediately transfer that amount from its benefit account to the proper account designated by the Arkansas Public Employees' Retirement System.
(2) If an employee of the Department of Human Services who becomes or has become a member of the Arkansas Public Employees' Retirement System under the provisions of this section leaves employment with the Department of Human Services and becomes employed in another position covered by the Arkansas Teacher Retirement System, the person's credited service, both before and after his or her service under this chapter, shall be subject to the benefit provisions of §§ 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716 [repealed].
(3) The member shall be eligible to establish reciprocity under the provisions of §§ 24-2-401 — 24-2-405 and 24-2-407.
(4) Members of the Arkansas Teacher Retirement System who have not elected to pay contributions to that system on full salary shall not be eligible to elect to become covered by the benefit provisions of this chapter unless they first make written application with the Arkansas Teacher Retirement System for full salary coverage for all salaries received from July 1, 1969, until the date of making the election to come under the provisions of this chapter and paying to the system the amount of the additional contributions, plus regular interest, for full salary credited service.
(f) Any member of the Arkansas Public Employees' Retirement System employed prior to January 1, 1978, who does not elect in writing to become covered by the noncontributory benefit provisions of this chapter shall not be covered by the noncontributory benefit provisions of this chapter but shall remain in the plan he or she was in January 1, 1978, and shall continue to make regular contributions as provided in the Arkansas Public Employees' Retirement System.
(g) Any member of the Arkansas Public Employees' Retirement System who elects in writing to become covered by the noncontributory benefit provisions of this chapter shall be entitled to a refund of any accumulated contributions paid on or after January 1, 1978, and prior to the date of election.
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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
24-4-746. Authority to promulgate rules.
The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers defined as public rehabilitative services corporations or other local units of government under the provisions of § 4-34-101 and such local units of government as are provided for under this Code. Provided, however, the board shall not admit or retain any employer whose participation in the Arkansas Public Employees' Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-746
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 24-4-746. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-701. Voluntary retirement.
(a)(1)(A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.
(B) If a member fails to submit a complete retirement application within six (6) calendar months after the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the system.
(2)(A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age.
(B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.
(C)(i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.
(ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205.
(D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502.
(b) Upon a member's retirement, he or she or she shall receive a life annuity as provided for in § 24-7-705.
(c) The annuity shall begin the first day of the calendar month next following
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-701
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 24-7-701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-702. Early voluntary retirement.
(a)(1)(A) Except as provided under subdivision (a)(2) of this section, an active or inactive member who has a combined total of twenty-five (25) or more years of actual and reciprocal service, including purchased or free credited service, but has not attained sixty (60) years of age and is not eligible for retirement under § 24-7-701 may voluntarily retire early by filing a written application with the Board of Trustees of the Arkansas Teacher Retirement System.
(B) If a member fails to submit a complete retirement application within six (6) calendar months of the effective date of benefits, including all additional documentation required by the Arkansas Teacher Retirement System, the application shall be void unless an extension is granted by the system.
(2)(A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement except if the member has attained normal retirement age.
(B) A member who fails to meet the termination of covered employment requirements under this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.
(C)(i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.
(ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205.
(D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502.
(b)(1) Upon an active or inactive member's retirement as p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-702
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 24-7-702. This identifies an authority to review, not proof of applicability.