24-4-723. Members joining at same time as employer — Current service credit.

24-4-723. Members joining at same time as employer — Current service credit. (a)(1) Any member of the Arkansas Public Employees' Retirement System who became, or becomes, a member on the date his and her employer became, or becomes, a public employer in the system shall receive current service credit for employment with a public employer in the system but only if the employment occurred during the period from July 1, 1957, to the date the public employer entered the system in the case of state, county, or municipal employees or during the period from October 1, 1957, to October 1, 1965, in the case of nonteaching public school employees, and if the member pays, or causes to be paid, all employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system. (2) The member shall receive credit for employment with the University of Arkansas System if the employee was not eligible for coverage or did not participate in a retirement plan authorized by the University of Arkansas System and by the laws of the State of Arkansas during that service. (3) The member may pay for all his or her current service credit or a portion thereof consisting of multiples of one (1) year. (b)(1) Any member of the system who became, or becomes, a member on the date his or her employer became, or becomes, a public employer in the system and who did not, or does not, qualify for free prior service credit shall receive current service credit for employment with a public employer in the system or with the University of Arkansas System if the employee was not eligible for coverage or did not participate in a retirement plan authorized by the University of Arkansas and by the laws of the State of Arkansas. He or she shall receive credit only if he or she has at least five (5) years of current service credit since becoming a member of the system, and he or she pays, or causes to be paid, all employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date the payment is received by the system. (2) The payment shall be made in a lump sum. (3) The member may pay for all his or her prior and interim current service or a portion thereof consisting of multiples of one (1) year.