Browse Arkansas Code titles and sections
24-5-109. Employer's contribution.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-5-109
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ad51b1cb999eb7f74a8ca3e543b16eeac1255465d90bcbda8999c3ee46234b94
Source location: content.xml paragraph 3709
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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 § 24-5-108(b), the rate shall be the employer's contribution rate for the then-current year.
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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
24-5-108. 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. The source passage cites 24-5-108. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-714. Increase in monthly benefits — Acts 1979, No. 655, and Acts 1981, No. 885.
(a) The monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Teacher Retirement System who were retired on or before July 1, 1978, and who were receiving benefits on July 1, 1979, shall be increased as follows:
(1) For all benefits to retirants and beneficiaries of the system whose total credited service is before July 1, 1961, a monthly benefit increase equal to one dollar ($1.00) per each year of credited service;
(2) For all benefits to retirants and beneficiaries of the system which are based in whole or in part upon credited service rendered after July 1, 1961, a monthly benefit increase equal to seventy-five cents (75¢) per each year of credited service;
(3) For benefit increases authorized by subdivisions (a)(1) and (2) of this section, fractional years of service shall be disregarded, and the increase shall be added to the monthly annuity after the annual postretirement increase based on the consumer price index has been applied to the retirant's base annuity; and
(4) In the event that there is more than one (1) beneficiary or survivor of a member or retirant receiving benefits, the increases in subdivisions (a)(1) and (2) of this section shall be based upon the member's total credited service. The benefit increase so determined shall be divided between the survivors or beneficiaries in proportion to their base annuities.
(b) For retirements effective after July 1, 1978, for which a monthly benefit is payable for the month of July 1981 or later, calculations shall be made as provided in subdivisions (b)(1) and (2) of this section. If the monthly benefit calculated using subdivision (b)(1) of this section is more than the monthly benefit c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-714
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 24-7-714. This identifies an authority to review, not proof of applicability.