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24-5-114. Eligibility for benefits — Early retirement.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-5-114. Eligibility for benefits — Early retirement.

24-5-114. Eligibility for benefits — Early retirement. (a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113, a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday. (b)(1) However, the annuity otherwise payable, as provided in § 24-5-115, shall be reduced eight-tenths of one percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity. (2) The annuity shall be reduced three-tenths of one percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-114

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:24-5-114
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6202dc288710f2eaec50f20b32662e26ff357604a749fa05cbed39915ef73990

Source location: content.xml paragraph 3787

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Arkansas Code — all titles (historical 2020) · legal_authorities

24-5-112. Eligibility for benefits — Voluntary retirement.

24-5-112. Eligibility for benefits — Voluntary retirement. (a) A member may retire voluntarily as follows: (1) At age sixty-five (65), or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees' Retirement System; (2) At age sixty-two (62), with a minimum of fifteen (15) years of creditable service in the system; (3) At age sixty (60), with a minimum of twenty (20) years of creditable service in the system; or (4) Regardless of age, with thirty (30) years of creditable service in the system. (b)(1) Any retired member who has creditable service with the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation for more than thirty-five (35) years and who is not receiving benefits based on his or her actual creditable service time, on February 27, 1991, shall have his or her annuity adjusted at that time. (2) The adjustment shall be equivalent to the retirant's original annuity, adjusted for actual service time and subsequent cost-of-living and any ad hoc increases. (3) The retirant shall be paid such adjusted annuity for each month thereafter. (c) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, by rule, may reduce the amount of creditable service required to retire voluntarily regardless of age from thirty (30) years of creditable service to an amount of no less than twenty-eight (28) years of creditable service, if the board determines that the change is fair and just to the members of the system and that it is actuarially appropriate.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-112

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 24-5-112. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-5-113. Eligibility for benefits — Disability retirement — Definition.

24-5-113. Eligibility for benefits — Disability retirement — Definition. (a) A member shall be eligible for disability retirement benefits after five (5) or more years of creditable service in the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, but no member shall be eligible to receive benefits for a disability incurred prior to his or her becoming a member of the Arkansas State Highway Employees' Retirement System. (b) No member may be retired on account of disability until conclusive evidence, based on a proper medical examination, has been submitted to the Board of Trustees of the Arkansas State Highway Employees' Retirement System that the member is disabled to the extent that he or she can no longer perform his or her assigned duties. (c) A member who is retired because of disability shall be required to undergo periodic medical examinations at the discretion of the board. (d) If and when a medical examination shows that the disability has been removed, disability retirement benefits shall cease. (e) A disability allowance shall not be granted unless there is conclusive evidence that the disability will be permanent or of long duration. (f)(1) If a disability retirant secures employment with an employer not considered a state employer, as defined by § 24-2-401, for the purpose of determining whether he or she is capable of returning to employment, then the disability retirant shall be allowed to earn compensation from the employment for a period of time not to exceed nine (9) months, during which period of time the retirant shall receive no monthly benefits from the system. (2) If the retirant becomes unable to continue his or her employment before the nine-month period expires, then his or her disab

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-113

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 24-5-113. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-5-115. Benefits generally.

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.