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24-5-125. Eligibility to receive increase in benefits.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-125. Eligibility to receive increase in benefits.
(a)(1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24-5-115 no less than the sum of one hundred twenty-five dollars ($125) per month, provided that:
(A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care;
(B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and
(C) A member who initiates receiving benefits:
(i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or
(ii) July 1, 2009, has at least ten (10) years of service in the system.
(2) No benefit enhancements provided by this section shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) In its discretion, the board may prorate the benefits provided under this section for any individual retiring after June 30, 1999, but before July 1, 2009, if the individual is also eligible for an additional monthly benefit as a result of credited service under one (1) or more of the other reciprocal systems, as such systems are enumerated in § 24-2-401.
(c) A member who initiates receiving benefits on or after July 1, 2009, shall be eligible for a minimum increase in benefits as determined
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-125
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:24-5-125
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ba59702c65f98524ff4bb9e658ef86e4bd6ea2c6d3aee6d3da26da81fab6bf72
Source location: content.xml paragraph 3947
Stored source content
24-5-125. Eligibility to receive increase in benefits.
(a)(1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24-5-115 no less than the sum of one hundred twenty-five dollars ($125) per month, provided that:
(A) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may elect and is granted the authority to increase that additional monthly sum to all such eligible individuals in an amount determined by the board as necessary to help offset the ever-escalating costs of health insurance and health care;
(B) The additional monthly sum shall not exceed two hundred fifty dollars ($250) per month; and
(C) A member who initiates receiving benefits:
(i) July 1, 2005, through June 30, 2009, has at least five (5) years of service in the system; or
(ii) July 1, 2009, has at least ten (10) years of service in the system.
(2) No benefit enhancements provided by this section shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) In its discretion, the board may prorate the benefits provided under this section for any individual retiring after June 30, 1999, but before July 1, 2009, if the individual is also eligible for an additional monthly benefit as a result of credited service under one (1) or more of the other reciprocal systems, as such systems are enumerated in § 24-2-401.
(c) A member who initiates receiving benefits on or after July 1, 2009, shall be eligible for a minimum increase in benefits as determined under § 24-5-115 under the following schedule:
(1) A member who has accrued ten (10) years but less than fifteen (15) years of service in the system is eligible to receive sixty percent (60%) of the healthcare offset as provided in subdivision (a)(1) of this section;
(2) A member who has accrued fifteen (15) years but less than twenty (20) years of service in the system is eligible to receive eighty percent (80%) of the healthcare offset as provided in subdivision (a)(1) of this section;
(3) A member who has accrued twenty (20) years or more of service in the system is eligible to receive one hundred percent (100%) of the healthcare offset as provided in subdivision (a)(1) of this section; and
(4) If the member is receiving retirement benefits as a result of credited service under one (1) or more of the reciprocal systems, as such systems are enumerated in § 24-2-401, the board shall prorate the benefits provided under this section for all members retiring after August 16, 2013.
(d) Nothing contained in this section shall require the system to pay any portion of the benefits provided for in this section.
(e) Members from a reciprocal system will continue to receive their current benefits they are receiving under this section.
(f)(1) Beginning on July 1, 2019, § 24-5-119 shall not apply to an additional monthly benefit that is available to a member under this section.
(2)(A) A member shall continue to receive any previous increases to an additional monthly benefit that he or she received under § 24-5-119 before July 1, 2019.
(B) Section 24-5-119 shall apply to all previous increases to an additional monthly benefit that a member received under § 24-5-119 before July 1, 2019.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-401. Definitions.
As used in this subchapter:
(1) “Deferred retirement option plan” means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;
(2) “Public safety service covered by the Arkansas Public Employees' Retirement System” means service as a public safety member as defined in § 24-4-101(34);
(3) “Reciprocal system” means:
(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 — 24-7-205, 24-7-301 — 24-7-305, 24-7-401 — 24-7-411, 24-7-501, 24-7-502, 24-7-601 — 24-7-604, 24-7-606, 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716;
(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103;
(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103;
(D) The State Police Retirement System, established by § 24-6-203;
(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;
(F) An alternate retirement plan for:
(i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; or
(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; or
(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-401
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 24-2-401. 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
24-5-119. Redetermination of benefits.
(a) Beginning with the July 1 which is at least twelve (12) full months after the effective date of each benefit, the amount of each benefit shall be redetermined, and the redetermined amount shall be payable for the ensuing year.
(b)(1) The redetermined amount shall be the amount of the benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated.
(2) However, the redetermined amount of the benefit to be paid shall not be less than the redetermined amount of the benefit paid in the preceding year.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-119
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 24-5-119. This identifies an authority to review, not proof of applicability.