Browse Arkansas Code titles and sections
24-4-750. Arkansas District Judge Retirement System abolished — Powers, duties, and plan liabilities transferred to Arkansas Public Employees' Retirement System.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-750. Arkansas District Judge Retirement System abolished — Powers, duties, and plan liabilities transferred to Arkansas Public Employees' Retirement System.
(a) The Arkansas District Judge Retirement System, established by § 24-8-801 et seq. [repealed], is abolished, and its powers, duties, and plan liabilities are transferred to the Arkansas Public Employees' Retirement System by a type 3 transfer as prescribed in § 25-2-106.
(b) For purposes of this act, the Arkansas Public Employees' Retirement System shall be considered a principal department established by Acts 1971, No. 38.
(c)(1) The Arkansas Public Employees' Retirement System shall maintain the same process of payments under § 24-4-751.
(2) Active members of the Arkansas District Judge Retirement System on the date of the transfer shall continue to accrue the same program of benefits received before the transfer.
(3) As employer, the government entity that pays the salary of a district judge shall make contributions to the Arkansas Public Employees' Retirement System as a percent of the salary of the active district judge at the rate previously established to fund the district judge benefit program unless the Arkansas Public Employees' Retirement System's actuary determines that a different required contribution rate should be applied.
(d) Each district judge joining the Arkansas Public Employees' Retirement System after the date of transfer shall be deemed an elected official of a city or county and shall receive service credit under § 24-4-101(15)(B).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-750
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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Record provenance
Stable record: arkansas_code:legal_authorities:24-4-750
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 711696aedb1228658373fca8d726fd2e09052992604263a08857423234772773
Source location: content.xml paragraph 3078
Stored source content
24-4-750. Arkansas District Judge Retirement System abolished — Powers, duties, and plan liabilities transferred to Arkansas Public Employees' Retirement System.
(a) The Arkansas District Judge Retirement System, established by § 24-8-801 et seq. [repealed], is abolished, and its powers, duties, and plan liabilities are transferred to the Arkansas Public Employees' Retirement System by a type 3 transfer as prescribed in § 25-2-106.
(b) For purposes of this act, the Arkansas Public Employees' Retirement System shall be considered a principal department established by Acts 1971, No. 38.
(c)(1) The Arkansas Public Employees' Retirement System shall maintain the same process of payments under § 24-4-751.
(2) Active members of the Arkansas District Judge Retirement System on the date of the transfer shall continue to accrue the same program of benefits received before the transfer.
(3) As employer, the government entity that pays the salary of a district judge shall make contributions to the Arkansas Public Employees' Retirement System as a percent of the salary of the active district judge at the rate previously established to fund the district judge benefit program unless the Arkansas Public Employees' Retirement System's actuary determines that a different required contribution rate should be applied.
(d) Each district judge joining the Arkansas Public Employees' Retirement System after the date of transfer shall be deemed an elected official of a city or county and shall receive service credit under § 24-4-101(15)(B).
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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
24-4-751. Additional funding for retirement benefits.
(a) The government entity that had previously established a local municipal judge's retirement fund shall be required to contribute an amount of money that represents the actuarially determined accrued liability for those judges and former judges who were covered by the local fund on December 31, 2004.
(b) The assets in the local municipal judge retirement fund, not to exceed the amount in subsection (a) of this section, shall be paid to the Arkansas Public Employees' Retirement System on January 1, 2008.
(c) If the local municipal judge retirement fund does not have sufficient money available to pay the amount determined in subsection (a) of this section to the system on January 1, 2008, then the remaining amount of actuarially determined accrued liability shall be paid on or before December 31 each year after for up to the next thirty (30) years based on a thirty-year amortization period.
(d)(1) If the amount in the municipal judge retirement fund is greater than the actuarially determined amount of the liabilities to be transferred to the system, that excess may be retained by the sponsoring government entity for the sole purpose of paying the retirement benefits of district judges.
(2) If at any time in the future an obligation to fund the system no longer exists, then any excess shall be retained by the sponsoring government entity.
(e)(1) The accrued benefit used to determine the accrued liability under this section shall be determined by:
(A) Calculating the benefit that the judge would be eligible to receive on December 31, 2004, as provided by law before July 16, 2003, if the judge was eligible to begin receiving benefits on January 1, 2005; and
(B) Multiplying the amount in subdivision (e)(1
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-751
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 24-4-751. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-8-801 — 24-8-824. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-8-801
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 24-8-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
25-2-106. Type 3 transfers.
(a) Under this act, a type 3 transfer means the abolishing of an existing department, institution, or other agency and the transferring of all or part of its powers, duties, and functions, records, personnel, property, unexpended balances of appropriations, allocations, or other funds to a principal department as specified under this act.
(b) When any department, institution, or other agency, or part thereof, is transferred by a type 3 transfer to a principal department under the provisions of this act, its prescribed powers, duties, and functions including rulemaking, regulation, and licensing; promulgation of rules, rates, regulations, and standards; and the rendering of findings, orders, and adjudications are transferred to the head of the principal department into which the department, institution, or other agency, or part thereof, has been transferred.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-2-106
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 25-2-106. This identifies an authority to review, not proof of applicability.