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24-5-115. Benefits generally.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-5-115
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1e2f67f316c60e8c22e301f6eeb8d88a3bfe25d6d8f9674b68d99271e3ecd282
Source location: content.xml paragraph 3794
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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.
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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
24-5-112. 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
24-5-114. 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. The source passage cites 24-5-114. This identifies an authority to review, not proof of applicability.