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24-4-806. Limitation on benefit enhancement.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-806. Limitation on benefit enhancement.
(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liabilty is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-806
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:24-4-806
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1a459e498775eaf12d23e0bfab75164df4312ef605be8120a94c34eb8934fefe
Source location: content.xml paragraph 3219
Stored source content
24-4-806. Limitation on benefit enhancement.
(a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) No benefit enhancement provided for by this subchapter shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liabilty is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-1-101. Assets and income for retirement systems.
All assets and income of any state-supported retirement system administered by an agency of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses, including the acquisition of a building for the permanent offices of the state-supported retirement systems, and shall not be encumbered for or diverted to any other purposes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-1-101
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 24-1-101. This identifies an authority to review, not proof of applicability.