Browse Arkansas Code titles and sections
24-5-203. Limitation on benefit enhancement.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-203. Limitation on benefit enhancement.
(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented by any publicly supported retirement 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) · 24-5-203
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:24-5-203
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 20b80b868efdc972c8eca65f315922f5e8ba809ea2905dbca27d30914a4cfc07
Source location: content.xml paragraph 4107
Stored source content
24-5-203. Limitation on benefit enhancement.
(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.
(b) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented by any publicly supported retirement 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
24-5-201. Establishment.
(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may establish a deferred retirement option plan for its members so that, in lieu of terminating employment, they might continue with employment and accept a service retirement benefit pursuant to § 24-5-101 et seq. The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system.
(b) The board shall be authorized to promulgate rules for a plan to provide this deferred retirement option to its members as is appropriate to maintain a goal of zero (0) cost to the system.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-201
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 24-5-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-202. Requirements.
(a) In the event a plan is established, the Arkansas State Highway Employees' Deferred Retirement Option Plan shall have, as a minimum, provisions which require that:
(1) The Board of Trustees of the Arkansas State Highway Employees' Retirement System approve of the person's participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan;
(2) The member's deferred retirement benefits deposited into an account in which shall be accumulated the member's deferred option contributions plus interest;
(3) The rate of interest to be credited to each member's deferred option account shall be an amount to be determined by the board, to be paid on the mean balance in the account for the fiscal year;
(4) When a member begins participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan, the member's contributions and the state's contributions, as employer, to the Arkansas State Highway Employees' Retirement System shall cease;
(5) A member's selection of the deferred retirement option, the time of the retirement deferral, and the selection of the retirement annuity are irrevocable; and
(6) The duration of participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan shall not exceed five (5) years except under subsection (b) of this section.
(b)(1) The member may participate in the Arkansas State Highway Employees' Deferred Retirement Option Plan until the later of age sixty-five (65) or the fifth anniversary of the member's entry into the plan.
(2) The member who enters the Arkansas State Highway Employees' Deferred Retirement Option Plan before age sixty (60) may continue to participate in the Arkansas State Highway Employees' Deferred Retirement Option Plan until t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-202
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 24-5-202. This identifies an authority to review, not proof of applicability.