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24-4-733. Certain county employees — Early retirement incentives.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-733. Certain county employees — Early retirement incentives.
(a) In addition to the provisions of § 24-4-601 et seq.:
(1)(A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer.
(B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation.
(C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit.
(D)(i) A county employee member may receive a retirement bonus which is a lump sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000).
(ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and
(2)(A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-733
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:24-4-733
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 872f7c9c8a1da4c199fd99b194be5e8ea436c2eab287c638ecc057a34448ce6b
Source location: content.xml paragraph 2902
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24-4-733. Certain county employees — Early retirement incentives.
(a) In addition to the provisions of § 24-4-601 et seq.:
(1)(A) A county employee who is an active member of the County Division of the Arkansas Public Employees' Retirement System on April 7, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(D) of this section, provided the employee retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer.
(B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation.
(C) For the purpose of computing the county employee member's annuity, the member will receive additional service credit equal to ten percent (10%) of his or her existing service credit.
(D)(i) A county employee member may receive a retirement bonus which is a lump sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000).
(ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System; and
(2)(A) A county employee who is an active member of the county division of the system on April 7, 1987, and who has credit in the system for three (3) consecutive actual years of service with the county immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained the age of fifty-five (55) or has credit for not less than twenty-eight (28) actual years of service regardless of age may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(E) of this section, provided the member retires during the period beginning with April 7, 1987, through January 1, 1988, inclusive. Provided further, an employee who participates in this retirement incentive program is not eligible to accept further employment in which the county or any other county is the employer.
(B) For the purpose of computing the county employee member's annuity, the member's highest annual salary will be substituted for his or her final average compensation.
(C) If the county employee member is within two (2) years of his or her full annuity age and if the member is eligible for an early reduced annuity as provided by § 24-4-510 or is within two (2) years of having thirty (30) years' actual credited service, then his or her annuity will not be reduced because of early retirement.
(D) If the county employee member is within two (2) years of attaining the service requirement for a full annuity and has attained his or her full annuity age as provided by § 24-4-508 or is within two (2) years of having thirty (30) years' actual credited service, the member's annuity will not be reduced because of early retirement.
(E)(i) A county employee member may receive a retirement bonus which is a lump sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000).
(ii) The retirement bonus shall be paid from the contingency reserve fund of the Arkansas Public Employees' Retirement System.
(b) No position being vacated as a result of a county employee's retiring pursuant to the provisions of this section shall be filled without the approval by resolution of the quorum court.
(c) For those elected county constitutional officers who, as members of the county division of the system, would qualify by meeting all the requirements in subsection (a) of this section to retire under the early retirement incentives in subsection (a) of this section by January 1, 1988, the time period in which they may elect to retire shall be extended to the last day of their current terms for which they are serving.
(d)(1) Nothing in this section shall be construed to allow an elected official to continue to accumulate salary earnings in the system upon which his or her final annuity shall be based.
(2) An elected official opting to retire under subsection (c) of this section shall have all contributions to the system terminated on December 31, 1987.
(e)(1) As used in this section, “contingency reserve fund” means that amount of the Arkansas Public Employees' Retirement System's assets at cost determined by the annual actuarial valuation to be in excess of the total system benefit liabilities.
(2) There shall be annual transfers between the employee's accumulation account and the contingency reserve fund as necessary to recognize the actuarially determined balance of that fund.
(f) Any elected official who qualifies for retirement incentives under this section shall forfeit all retirement benefits if he or she knowingly and willfully misstates the amount of his or her credited service to the system.
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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
24-4-601. 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. The source passage cites 24-4-601. This identifies an authority to review, not proof of applicability.