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24-5-131. Limitation on benefit enhancement of Acts 1997, No. 1089.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-131. Limitation on benefit enhancement of Acts 1997, No. 1089.
No benefit enhancement provided for by § 24-5-116 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-116 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-131
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:24-5-131
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1ba03c3bdeeb4a7b4e04a46c72f4ec8f09fbaf71eefd6c3e2d6e53bfccb10010
Source location: content.xml paragraph 4018
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24-5-131. Limitation on benefit enhancement of Acts 1997, No. 1089.
No benefit enhancement provided for by § 24-5-116 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-116 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-1-101. Assets and income for retirement systems.
All assets and income of any state-supported retirement system administered by an agency of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses, including the acquisition of a building for the permanent offices of the state-supported retirement systems, and shall not be encumbered for or diverted to any other purposes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-1-101
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 24-1-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-116. Benefits — Death of member or retirant.
(a)(1) In the case of death of a member prior to retirement or of a member's beneficiary whose benefits have been deferred or who for any other reason has not withdrawn the member's contributions, the member's accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the estate of the person having the deferred benefits if a beneficiary has not been designated or is deceased.
(2)(A) The designated beneficiary may be changed by the member or member's beneficiary in the manner prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System, but the designated beneficiary shall have no legal claim on any contribution made by the state with a view to the retirement of the member or member's beneficiary.
(B) A member may designate different persons to be the beneficiaries for a member's retirement and for his or her life insurance policy in the manner prescribed by the board.
(b)(1) If a retired member with a straight life annuity dies before he or she has been paid benefits equivalent to his or her contributions to the Arkansas State Highway Employees' Retirement System, the difference between the benefits received and his or her contributions while an active member of the system, together with any other balance to his or her credit in the system, shall be paid to his or her designated beneficiary.
(2) In the event there is no designated beneficiary, refund of the unpaid balance shall be paid to his or her estate.
(3)(A) Payment of the refund shall be made in full or in installments, as determined by the board.
(B) The benefits may be paid directly to a curator or guardian, to an administrator or to an executor author
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-116
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 24-5-116. This identifies an authority to review, not proof of applicability.