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24-5-106. Establishment of retirement fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-106. Establishment of retirement fund.
(a) There is created a trust fund to be known as the “Arkansas State Highway Employees' Retirement System Fund”, which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter.
(b) The employer shall draw vouchers or cause vouchers to be drawn upon the State Highway and Transportation Department Fund for deposit into the Arkansas State Highway Employees' Retirement System Fund for such sums of money as are provided in § 24-5-109 to match employee contributions as certified by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System:
(1) In accordance with the provisions of this section and §§ 24-5-101 — 24-5-105, 24-5-107 — 24-5-109, and 24-5-112 — 24-5-118; or
(2) As provided under § 24-5-137.
(c)(1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the Arkansas State Highway Employees' Retirement System, subject to the orders and directions of the Board of Trustees of the Arkansas State Highway Employees' Retirement System.
(2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities.
(d) The Attorney General shall serve as legal advisor to the board.
(e) It shall be the duty of the Legislative Auditor to audit the finances of the system one time or more often if either the auditor or the board consider such action necessary.
(f) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, f
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-106
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-5-106
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9509cb98a54bccd48c11f94db6fb012dd5121322b88d25d07af6d36c70737e10
Source location: content.xml paragraph 3661
Stored source content
24-5-106. Establishment of retirement fund.
(a) There is created a trust fund to be known as the “Arkansas State Highway Employees' Retirement System Fund”, which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter.
(b) The employer shall draw vouchers or cause vouchers to be drawn upon the State Highway and Transportation Department Fund for deposit into the Arkansas State Highway Employees' Retirement System Fund for such sums of money as are provided in § 24-5-109 to match employee contributions as certified by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System:
(1) In accordance with the provisions of this section and §§ 24-5-101 — 24-5-105, 24-5-107 — 24-5-109, and 24-5-112 — 24-5-118; or
(2) As provided under § 24-5-137.
(c)(1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the Arkansas State Highway Employees' Retirement System, subject to the orders and directions of the Board of Trustees of the Arkansas State Highway Employees' Retirement System.
(2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities.
(d) The Attorney General shall serve as legal advisor to the board.
(e) It shall be the duty of the Legislative Auditor to audit the finances of the system one time or more often if either the auditor or the board consider such action necessary.
(f) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-101. Definitions.
As used in this chapter:
(1) “Accumulated contribution” means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highway Employees' Retirement System may have authorized to be credited to the member's account;
(2) “Actuarial equivalent” means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;
(3) “Average compensation” means the average of the highest annual compensation paid a member during any period of thirty-six (36) consecutive months of creditable service with a state employer, as the term “state employer” is defined in § 24-2-401;
(4) “Board” means the Board of Trustees of the Arkansas State Highway Employees' Retirement System;
(5)(A) “Creditable service” means the current service of the member plus the portion of prior service time for which contributions have been made or elected to be made by the member.
(B) Retirement benefits shall be computed upon the creditable service of the member.
(C) The board shall determine by appropriate rules how much service in any fiscal year is the equivalent of a year of creditable service;
(6) “Current service” means service as an employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation after the date of establishment of the system and may include the period of time during which the employee's service may have been interrupted by service in the United States Armed Forces. The annual earnings for a mili
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-101
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 24-5-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-105. Cost of administration — Payment of benefits and adjustment of errors.
(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs of the system, and forms purchased from vendors and identified by letterhead printing as those of the system.
(b)(1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or other designated officer of the state.
(2)(A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system.
(B)(i) The voucher or other authorizing document can consist of one (1) or more pages.
(ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document.
(c)(1) Should any change or error in the records of the system result in any member's receiving more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas State Highway Employees' Retirement
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-105
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 24-5-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-107. Membership.
(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7), shall become a member of the Arkansas State Highway Employees' Retirement System in the manner and under the conditions provided in this chapter.
(b) Membership in the system may be terminated by retirement, disability, superannuation, or death, or by withdrawal, either voluntary or involuntary, from active service in the department.
(c) Any member with not less than five (5) years of creditable service whose employment with the department is terminated for any reason may leave his or her contributions in the Arkansas State Highway Employees' Retirement System Fund and thereafter be entitled to retirement benefits as otherwise provided in this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-107
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 24-5-107. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-109. Employer's contribution.
(a)(1) The employer contribution shall be a set percentage rate of the compensation of the employee as defined in § 24-5-101.
(2)(A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System shall determine the set percentage rate after receiving recommendations from the actuary for the Arkansas State Highway Employees' Retirement System.
(B) The set percentage rate shall not be:
(i) Less than twelve and nine-tenths percent (12.9%) of compensation; or
(ii) Greater than fourteen and nine-tenths percent (14.9%) of compensation.
(b) In matching contributions paid under the provisions of § 24-5-108(b), the employer shall match all member contributions for authenticated prior and current service as follows:
(1) Four percent (4%) contribution for service through August 15, 1969;
(2) Six percent (6%) contribution for service from August 15, 1969, to July 1, 1975;
(3) Nine and nine-tenths percent (9.9%) contribution for service from June 30, 1975, to March 20, 1977;
(4) Eleven percent (11%) contribution for service from March 19, 1977, to July 1, 1979;
(5) Twelve and sixty-five hundredths percent (12.65%) contribution for service from June 30, 1979, to June 25, 1981; and
(6) Twelve and nine-tenths percent (12.9%) contribution for service from June 24, 1981.
(c)(1) In the event that sufficient money is provided to the system to pay the increase in annuities as authorized by § 24-7-714 from other than the fund from which the employees are paid their gross earnings, then the employer's contribution rate for the then-current year shall be twenty-five hundredths of one percent (0.25%) less than the rate stated in subsection (a) of this section.
(2) In matching contributions under the provisions of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-109
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 24-5-109. This identifies an authority to review, not proof of applicability.