Browse Arkansas Code titles and sections
24-5-122. Early retirement incentives.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-122. Early retirement incentives.
(a)(1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112, shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118, provided the member is an active member of the system on March 12, 1987, and is vested for a full age and service annuity on March 12, 1987, and has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the member's effective retirement date, and he or she may choose two (2) of the retirement incentives from subdivisions (a)(2)-(5) of this section, provided the member retires during the period between March 12, 1987, and January 1, 1988, inclusive.
(2) In addition to the member's regular annuity, the system will pay to the State Employees Group Insurance Plan, or a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, provided that the member was insured by the state group plan at the date of retirement.
(3) For the purpose of computing the member's annuity, the highest twelve (12) months' salary for which contributions have been paid to the system will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 — 24-5-118.
(4) For the purpose of computing the member's annuity, an additional service credit equal to ten percent (10%) shall be added to the member's service credit at the date of retirement, even though the service thus added exceeds the thirty-five (35) years maximum stated in § 24-5-112(b).
(5)(A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the fina
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-122
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:24-5-122
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 06669de7a89aab96911313701407edfc6fb4070fe7660bec520e3c1eff058f94
Source location: content.xml paragraph 3891
Stored source content
24-5-122. Early retirement incentives.
(a)(1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112, shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118, provided the member is an active member of the system on March 12, 1987, and is vested for a full age and service annuity on March 12, 1987, and has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the member's effective retirement date, and he or she may choose two (2) of the retirement incentives from subdivisions (a)(2)-(5) of this section, provided the member retires during the period between March 12, 1987, and January 1, 1988, inclusive.
(2) In addition to the member's regular annuity, the system will pay to the State Employees Group Insurance Plan, or a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, provided that the member was insured by the state group plan at the date of retirement.
(3) For the purpose of computing the member's annuity, the highest twelve (12) months' salary for which contributions have been paid to the system will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 — 24-5-118.
(4) For the purpose of computing the member's annuity, an additional service credit equal to ten percent (10%) shall be added to the member's service credit at the date of retirement, even though the service thus added exceeds the thirty-five (35) years maximum stated in § 24-5-112(b).
(5)(A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000).
(B) The retirement bonus shall be paid from funds appropriated to the system.
(b)(1) An active member of the system on March 12, 1987, whose benefits are vested and who is entitled to a reduced annuity as provided by § 24-5-114 on July 1, 1987, and who has credit in the system for thirty-six (36) consecutive months of actual service with the system immediately prior to the effective retirement date may choose two (2) of the retirement incentives from subdivisions (b)(2)-(6) of this section, provided the member retires during the period July 1, 1987, through January 1, 1988, inclusive.
(2) In addition to the member's reduced early annuity, the system will pay to the State Employees Group Insurance Plan, or to a successor plan by whatever name it may be known, the total insurance premium for the health, hospitalization, and basic life insurance for the member only, until the retired member has attained age sixty-five (65) years of age, provided that the member was insured by the state group plan at the date of retirement.
(3) For the purpose of computing the member's reduced annuity, the highest twelve (12) months' salary, for which contributions have been paid to the system, will be substituted for the member's average compensation as provided by §§ 24-5-112 and 24-5-114 — 24-5-118.
(4) If the member is eligible for an early reduced annuity as provided by § 24-5-114 and is within two (2) years of full annuity age, then the member's annuity will not be reduced because of early retirement.
(5) If the member has attained the full benefit age as provided by § 24-5-114 and is within two (2) years of attaining the service requirement for a full annuity, then the member's annuity will not be reduced because of early retirement.
(6)(A) The retiring member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final twelve (12) months' actual salary earned by the member to the date of retirement, not to exceed five thousand dollars ($5,000).
(B) The retirement bonus shall be paid from funds appropriated to the Arkansas Department of Transportation for salaries.
(c) Any employee of the department retired under this law shall not be eligible for subsequent employment, as an employee, by any state agency whose employees are covered by a state-supported retirement system.
(d)(1) For those department employees who retire pursuant to this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs.
(2) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired.
(e) No position being vacated as a result of an employee's retiring pursuant to this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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.
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.