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24-4-802. Eligibility — Effect of election.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-802. Eligibility — Effect of election.
(a) When a member of the Arkansas Public Employees' Retirement System elects participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees' Retirement System. The member's application shall be reviewed to determine whether or not the member meets the eligibility requirements specified in this subchapter. The member's deferred retirement option date shall be the later of:
(1) The first day of the month following the system's determination that the member is eligible for plan participation; or
(2) The date requested by the member on the application.
(b)(1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606.
(2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable.
(c)(1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed seven (7) years.
(2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan.
(d) When a member begins participation in the plan, the:
(1) Employee contributions to the system on behalf of the member shall cease; and
(2) Employer contributions to the system on behalf of the member shall continue.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-802
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:24-4-802
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 070146c828b4304fab72755ff31850ad0f31c3eddb57eb8e34b066ce8d822343
Source location: content.xml paragraph 3158
Stored source content
24-4-802. Eligibility — Effect of election.
(a) When a member of the Arkansas Public Employees' Retirement System elects participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees' Retirement System. The member's application shall be reviewed to determine whether or not the member meets the eligibility requirements specified in this subchapter. The member's deferred retirement option date shall be the later of:
(1) The first day of the month following the system's determination that the member is eligible for plan participation; or
(2) The date requested by the member on the application.
(b)(1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606.
(2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable.
(c)(1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed seven (7) years.
(2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan.
(d) When a member begins participation in the plan, the:
(1) Employee contributions to the system on behalf of the member shall cease; and
(2) Employer contributions to the system on behalf of the member shall continue.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-606. Annuity options.
(a) Before the date the first payment of a member's annuity becomes due, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity or may elect to have his or her annuity reduced and nominate a beneficiary in accordance with the provisions of one (1) of the following options:
(1) Option A60 — 60 Months Certain and Life Annuity.
(A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before sixty (60) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant shall have designated in writing and filed with the plan. If there is no payee surviving, the lump-sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated persons.
(B) The reduced annuity shall be ninety-eight percent (98%) of the straight life annuity;
(2) Option A120 — 120 Months Certain and Life Annuity.
(A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant shall have designated in writing and filed with the plan. If there is no payee surviving, the lump sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated persons.
(B) The reduced annuity shall be ninety-four percent (9
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-606
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 24-4-606. This identifies an authority to review, not proof of applicability.