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24-5-204. Rules — Applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-5-204. Rules — Applicability.
(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, in consultation with its actuary, may promulgate rules to lower the required years of service for entry into the Arkansas State Highway Employees' Deferred Retirement Option Plan authorized by this subchapter, subject to any early participation reduction. The reduction will be computed in a manner that is both equitable and actuarially appropriate for the system.
(b) This section shall apply only to entry into the plan by a person who has twenty-eight (28) or twenty-nine (29) years of creditable service and whose eligibility for retirement is based on rules adopted pursuant to § 24-5-112(c).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-5-204
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:24-5-204
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: da27e4d25c2638b907a7878deb2ec4d22b38d7190d4029fc25e0bbf15a706c4a
Source location: content.xml paragraph 4113
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24-5-204. Rules — Applicability.
(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, in consultation with its actuary, may promulgate rules to lower the required years of service for entry into the Arkansas State Highway Employees' Deferred Retirement Option Plan authorized by this subchapter, subject to any early participation reduction. The reduction will be computed in a manner that is both equitable and actuarially appropriate for the system.
(b) This section shall apply only to entry into the plan by a person who has twenty-eight (28) or twenty-nine (29) years of creditable service and whose eligibility for retirement is based on rules adopted pursuant to § 24-5-112(c).
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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.