24-4-610. Increased benefits for persons retiring by June 1, 1985.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-4-610. Increased benefits for persons retiring by June 1, 1985.

24-4-610. Increased benefits for persons retiring by June 1, 1985. (a) On July 1, 1987, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired June 1, 1985, or before, shall be increased as follows: (1) Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable June 1, 1986, for each full year from the date of retirement through June 1, 1987, with a maximum increase payable of twenty percent (20%) of the June 1, 1987, retirement benefit; (2) The following schedule shall be used to determine the percent of increase due: Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20% Click to view table. (b)(1) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied. (2) The increase provided in subsection (a) of this section shall be added to the base annuity of the member or beneficiary.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-610

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.