24-6-102. Early retirement incentives.

24-6-102. Early retirement incentives. (a) In addition to the provisions of § 24-6-214: (1)(A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Department of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the department or in which the state is the employer. (B)(i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity. (E)(i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (2)(A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the department immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained age forty-eight (48) or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the department or in which the state is the employer. (B)(i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained age sixty-five (65). (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement. (E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement. (F)(i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (3)(A) For those state police officers who retire pursuant to the provisions of 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. (B) 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. (b) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State.