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24-5-108. Members' contributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-108. Members' contributions.
(a)(1) A member of the Arkansas State Highway Employees' Retirement System shall be assessed six percent (6%) of his or her salary or wages by payroll deductions, and the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall transmit the payroll deductions from the member's salary or wages to the bank designated as the depository for the funds of the system or to the Treasurer of State, as appropriate.
(2)(A) Beginning on July 1, 2019, the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall assess the member contribution rate after receiving recommendations from the actuary of the system.
(B) An assessed member contribution rate shall be:
(i) Not more than seven percent (7%) of compensation; and
(ii) Increased by no more than five-tenths of one percent (0.5%) in a single year.
(b)(1)(A) As a means of increasing his or her annual annuity benefits, a member may elect, upon approval by the Board of Trustees of the Arkansas State Highway Employees' Retirement System, to pay into the Arkansas State Highway Employees' Retirement System Fund to the credit of his or her account an amount equal to four percent (4%) of his or her earnings for each year of his or her authenticated prior and current service not covered, plus such interest as the board may prescribe.
(B) Each year, or fractional part thereof, for which such prior and current service contributions are paid shall be added to the current service record of the member in computing his or her retirement benefits under the provisions of §§ 24-5-115 — 24-5-118, subject to the provision that no member may accrue more than thirty-five (35) years of creditable service.
(2)(A)(i) As a means of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-108
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:24-5-108
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 89e07cf485461b88522661d654f1bb4ac6ad8e4b26b85e3a54a458c2250c1556
Source location: content.xml paragraph 3690
Stored source content
24-5-108. Members' contributions.
(a)(1) A member of the Arkansas State Highway Employees' Retirement System shall be assessed six percent (6%) of his or her salary or wages by payroll deductions, and the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall transmit the payroll deductions from the member's salary or wages to the bank designated as the depository for the funds of the system or to the Treasurer of State, as appropriate.
(2)(A) Beginning on July 1, 2019, the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall assess the member contribution rate after receiving recommendations from the actuary of the system.
(B) An assessed member contribution rate shall be:
(i) Not more than seven percent (7%) of compensation; and
(ii) Increased by no more than five-tenths of one percent (0.5%) in a single year.
(b)(1)(A) As a means of increasing his or her annual annuity benefits, a member may elect, upon approval by the Board of Trustees of the Arkansas State Highway Employees' Retirement System, to pay into the Arkansas State Highway Employees' Retirement System Fund to the credit of his or her account an amount equal to four percent (4%) of his or her earnings for each year of his or her authenticated prior and current service not covered, plus such interest as the board may prescribe.
(B) Each year, or fractional part thereof, for which such prior and current service contributions are paid shall be added to the current service record of the member in computing his or her retirement benefits under the provisions of §§ 24-5-115 — 24-5-118, subject to the provision that no member may accrue more than thirty-five (35) years of creditable service.
(2)(A)(i) As a means of increasing his or her annual annuity benefits, a member may elect, upon approval by the board, to pay into the fund to the credit of his or her account an amount equal to four percent (4%) of the amount that his or her earnings exceeded seven thousand five hundred dollars ($7,500) per annum for periods previously covered through June 30, 1969, plus such interest as the board may prescribe.
(ii) These earnings in excess of seven thousand five hundred dollars ($7,500) per annum on which supplemental contributions have been paid shall be credited to his or her average compensation in his or her service record in computing his or her retirement benefits under the provisions of §§ 24-5-115 — 24-5-118.
(B) The plan for such payment shall be as prescribed by the board.
(c) It is expressly guaranteed that all member contributions shall be held in trust for the exclusive benefit of the individual contributor.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-115. Benefits generally.
(a)(1) Members retired for the reasons set forth in §§ 24-5-112 — 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101, limited to the amount upon which contributions, including supplemental contributions under the provisions of § 24-5-108(b), have been made, multiplied by the number of years of creditable service in the Arkansas State Highway Employees' Retirement System.
(2) Payments shall be made in equal monthly installments.
(b)(1) In the event a member has not completed payment of his or her service contributions as provided for in § 24-5-108(b) and is current in his or her service contributions at the time of retirement, the Board of Trustees of the Arkansas State Highway Employees' Retirement System is authorized to deduct from each monthly annuity payment an amount equal to one-twelfth (1/12) of the unpaid balance of the service contributions.
(2) The deductions shall continue until all service contributions have been paid in full.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-115
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 24-5-115. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-118. Benefits — Annuity options.
(a) Before the date the first payment of an annuity becomes due, but not thereafter, a person about to become a retirant may elect, in lieu of a straight life annuity as set forth in § 24-5-115, to have the annuity reduced and to nominate a beneficiary, as provided by Option A or Option B:
(1) Option A.
(A)(i) Under Option A, an annuity payable to the retirant shall be reduced by an amount calculated to provide an actuarially equivalent benefit to the annuity payable under § 24-5-115.
(ii) This subdivision (a)(1)(A) shall apply to all members and retirants.
(B) If the retirant dies before having received one hundred twenty (120) monthly payments of the reduced annuity, the reduced annuity to which the retirant would have been entitled, if living, shall be paid for the remainder of the one-hundred-twenty-month period to such person as the deceased retirant shall have nominated by written designation, duly executed and filed with the Board of Trustees of the Arkansas State Highway Employees' Retirement System.
(C) If the beneficiary does not survive the retirant, the retirant may name another beneficiary, or failing to name a beneficiary, the annuity reserve for the annuity for the remainder of the one-hundred-twenty-month period shall be paid to the retirant's estate.
(D) If the beneficiary survives the retirant but dies before the end of the one-hundred-twenty-month period, the annuity reserve for the annuity for the remainder of the one-hundred-twenty-month period shall be paid to the beneficiary's designated beneficiary; or
(2) Option B.
(A)(i)(a) Under Option B, an annuity payable to the retirant and surviving beneficiary shall be reduced by an amount calculated to provide an actuarially equivalent benefit to th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-118
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 24-5-118. This identifies an authority to review, not proof of applicability.