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24-4-601. Straight life annuity generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-601. Straight life annuity generally.
(a)(1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 — 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member's final average compensation multiplied by the number of years and fraction of a year of credited service rendered on or after July 1, 2001, with the Arkansas Public Employees' Retirement System.
(2) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 — 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and eleven-hundredths percent (2.11%) of the member's average compensation multiplied by the number of years and fraction of a year of credited service rendered before July 1, 2001, with the system.
(b)(1) For each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-five-hundredths percent (1.75%) of the member's final average compensation plus, for each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position never so covered, a member shall receive two and eleven-hundredths percent (2.11%) of the member's final average compensation.
(2) For each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-601
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:24-4-601
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ce21fef9c8ad5d29514a6de07c5e740a29ce0a50bf947973d3f7d0cbf52322d0
Source location: content.xml paragraph 2397
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24-4-601. Straight life annuity generally.
(a)(1) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 — 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and seven-hundredths percent (2.07%) of the member's final average compensation multiplied by the number of years and fraction of a year of credited service rendered on or after July 1, 2001, with the Arkansas Public Employees' Retirement System.
(2) Beginning July 1, 2001, any member who retires as provided in § 24-4-508 or §§ 24-4-510 — 24-4-512 shall receive a straight life annuity for each year of contributory service credit equal to two and eleven-hundredths percent (2.11%) of the member's average compensation multiplied by the number of years and fraction of a year of credited service rendered before July 1, 2001, with the system.
(b)(1) For each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-five-hundredths percent (1.75%) of the member's final average compensation plus, for each year of noncontributory credited service in the system rendered prior to July 1, 2007, resulting from employment in a position never so covered, a member shall receive two and eleven-hundredths percent (2.11%) of the member's final average compensation.
(2) For each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, a member shall receive one and seventy-two-hundredths percent (1.72%) of the member's final average compensation plus, for each year of credited service in the system rendered after June 30, 2007, resulting from employment in a position never so covered, a member shall receive two and seven-hundredths percent (2.07%) of the member's final average compensation. In no event shall service as a district judge in the state division receive less than three percent (3%) of the member's final average compensation.
(3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation.
(c)(1) A member of the General Assembly first elected before July 1, 1999, shall receive a monthly annuity equal to thirty-five dollars ($35.00) multiplied by the number of years of actual service as a member of the General Assembly.
(2) A member of the General Assembly first elected before July 1, 1999, who served as Speaker of the House of Representatives or President Pro Tempore of the Senate shall receive a monthly annuity equal to forty dollars ($40.00) multiplied by the total number of years of actual service as a member of the General Assembly.
(d)(1) In addition, if a member has credited service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member is retiring as provided in subsection (b) of this section or § 24-4-510, and if that member's age at retirement is younger than Social Security's minimum age for an immediate retirement benefit and age sixty-two (62), then that member of the system shall receive a temporary annuity equal to thirty-three-hundredths of one percent (0.33%) of his or her final average compensation for each year of the noncontributory credited service.
(2) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs:
(A) The member's death;
(B) The member's attainment of the Social Security minimum age; or
(C) The member's attainment of age sixty-two (62).
(3) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement the total of the system's noncontributory annuities resulting from employment in a position also covered by Social Security shall not exceed the member's final average compensation.
(4) If no temporary annuity is payable as provided in this subsection or after the temporary annuity has terminated and if the member has at retirement any credited service for any period of time prior to July 1, 1991, then the future payments of the annuity for life shall not be less than they would have been under the provisions that were in effect on July 1, 1990, for this subsection, plus a corresponding increase for any benefit enhancements that have been enacted since July 1, 1991.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-508. Eligibility for benefits — Retirement generally.
(a) Any member may voluntarily retire upon his or her written application filed with the Board of Trustees of the Arkansas Public Employees' Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of the application, that he or she desires to be retired if that member has:
(1) Twenty-eight (28) or more years of credited service regardless of age;
(2) Attained or attains age sixty (60) and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or
(3) Attained or attains age sixty-five (65) and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly.
(b)(1) Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas System, which service is covered by the retirement system recognized by the University of Arkansas.
(2) The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, “final average compensation” means the monthly average of pays to the member during his or her total years of service in the system.
(c)(1) An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this sectio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-508
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 24-4-508. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-510. Eligibility for benefits — Deferred and early annuities.
(a)(1)(A) Any member or former member with sufficient years of actual service to qualify for a vested termination annuity who has not attained his or her normal retirement age may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the plan setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired.
(B) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of normal retirement age, except for members of the General Assembly who must have at least ten (10) years of actual service and be within ten (10) years of normal retirement age.
(2)(A) Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in § 24-4-601. The percentage shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which the member's age at early retirement is younger than his or her normal retirement age, using what his or her normal retirement age would have been under the provisions of § 24-4-508 if he or she had continued covered employment from the time of early retirement.
(B)(i) However, if the member or former member has at least twenty-five (25) years of actual service but less than twenty-eight (28) years of actual service and has not reached age sixty-five (65), then upon early retirement the member shall receive a percentage of a life annuity as provided in § 24-4-601. The percentage shall be one hundred percent (100%) reduced by on
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-510
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 24-4-510. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-512. Eligibility for benefits — Prior service credit for county members.
Any member of the County Division of the Arkansas Public Employees' Retirement System may, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, receive credit for any service rendered a public employer, as defined in § 24-4-101, prior to July 1, 1959, subject to the following conditions:
(1) That he or she was employed by a county participating public employer on July 1, 1957; and
(2) That he or she was employed by a state department participating public employer on July 1, 1959.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-512
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 24-4-512. This identifies an authority to review, not proof of applicability.