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24-7-1101. Membership in Arkansas Public Employees' Retirement System.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1101. Membership in Arkansas Public Employees' Retirement System.
(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103, all nonteaching employees of the public schools of this state who are not members of, or eligible for membership in, some other existing state-supported retirement system other than Social Security.
(b)(1) The board shall establish a Division of Nonteaching Public School Employees in the Arkansas Public Employees' Retirement System Fund which shall be maintained and operated in the same manner as the State Division, the County Division, and the Municipal Division of the fund.
(2) The several school districts of the state, as participating public employers, shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to match the contributions of its nonteaching employees in the same form and manner and subject to all the provisions of §§ 24-4-101 — 24-4-105, 24-4-201, 24-4-202, 24-4-205, 24-4-207 — 24-4-209, 24-4-301 — 24-4-304, 24-4-401, 24-4-402, 24-4-507, 24-4-508, 24-4-510 — 24-4-512, 24-4-513[repealed], 24-4-601 — 24-4-603, 24-4-605, and 24-4-606 to the same extent as other participating employers.
(c)(1) The effective date of membership of the employees in the Arkansas Public Employees' Retirement System shall be October 1, 1965.
(2) All employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in §§ 24-4-101 — 24-4-105, 24-4-201, 24-4-202, 24-4-205, 24-4-207 — 24-4-209, 24-4-301 — 24-4-304, 24-4-401, 24-4-402, 24-4-507, 24-4-508, 24-4-510 — 24-4-512, 24-4-513[repealed], 24-4-601 — 24-4-603, 24-4-6
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1101
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:24-7-1101
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7754d4d8f08d5be7fc5c07929c8703a59041da488f7cafeadcac19a1c7f6af44
Source location: content.xml paragraph 7884
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24-7-1101. Membership in Arkansas Public Employees' Retirement System.
(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103, all nonteaching employees of the public schools of this state who are not members of, or eligible for membership in, some other existing state-supported retirement system other than Social Security.
(b)(1) The board shall establish a Division of Nonteaching Public School Employees in the Arkansas Public Employees' Retirement System Fund which shall be maintained and operated in the same manner as the State Division, the County Division, and the Municipal Division of the fund.
(2) The several school districts of the state, as participating public employers, shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to match the contributions of its nonteaching employees in the same form and manner and subject to all the provisions of §§ 24-4-101 — 24-4-105, 24-4-201, 24-4-202, 24-4-205, 24-4-207 — 24-4-209, 24-4-301 — 24-4-304, 24-4-401, 24-4-402, 24-4-507, 24-4-508, 24-4-510 — 24-4-512, 24-4-513[repealed], 24-4-601 — 24-4-603, 24-4-605, and 24-4-606 to the same extent as other participating employers.
(c)(1) The effective date of membership of the employees in the Arkansas Public Employees' Retirement System shall be October 1, 1965.
(2) All employees enrolled in the system shall be subject to the rights, privileges, and limitations prescribed in §§ 24-4-101 — 24-4-105, 24-4-201, 24-4-202, 24-4-205, 24-4-207 — 24-4-209, 24-4-301 — 24-4-304, 24-4-401, 24-4-402, 24-4-507, 24-4-508, 24-4-510 — 24-4-512, 24-4-513[repealed], 24-4-601 — 24-4-603, 24-4-605, and 24-4-606.
(3) Every employee shall become a member of the system as a condition of continuing or obtaining employment.
(d) Any employee included within the membership of the retirement system pursuant to this section shall be given credit for service rendered prior to October 1, 1957, as an employee of a public employer, as defined in § 24-4-101, or as a nonteaching employee of any public school of this state, if the employee was so employed on October 1, 1957, and on October 1, 1965.
(e)(1)(A) Any employee included within the membership of the retirement system who was a nonteaching employee of the public schools in this state on October 1, 1965, or who was an employee of one (1) of the institutions of higher learning and who became a member on July 1, 1963, may apply for and receive current service credit in multiples of one (1) year for service rendered from October 1, 1957, to October 1, 1965, in the case of a nonteaching employee of the public schools of this state, or, in the case of an employee of one (1) of the institutions of higher learning, for service rendered as an employee of the institution from July 1, 1957, to July 1, 1963.
(B) The employee may receive service credit only if the employee pays to the retirement system fund all necessary contributions, at the rate of four percent (4%) for the employee and four percent (4%) for the employer, that would have been paid had the employee been a member of the retirement system during that time, together with interest at three percent (3%) per annum compounded annually, from October 1, 1965, to the date of payment in the case of a nonteaching employee of the public schools, or, in the case of an employee of one of the institutions of higher learning, from July 1, 1957, to the date of payment.
(2) The contributions shall have been paid in full on or before January 1, 1972.
(f) In no case shall less than ten (10) days of service in any calendar month rendered by any member mentioned in this section be credited as a month of service, nor shall less than nine (9) months of service rendered in any one (1) fiscal school year be credited as a year of service.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-101. Definitions.
As used in this act:
(1) “Accumulated contributions” means the sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the member's deposit account, together with regular interest as may have been credited thereon;
(2) “Actual service” means service credited at the rate of one (1) month for each month of service;
(3) “Actuarial equivalent” means a benefit of equal reserve value when “reserve” means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time;
(4) “Actuary” means a qualified actuary with experience in retirement plan financing. Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;
(5) “Age” means age on last birthday;
(6)(A) “Annuity” means a monthly amount payable from funds of the Arkansas Public Employees' Retirement System throughout the life of a person.
(B) All annuities shall be paid in equal monthly installments;
(7) “Annuity reserve” means the present value of an annuity computed upon the basis of mortality and other such tables of experience and regular interest, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall adopt;
(8) “Beneficiary” means any person except a retirant who is receiving or is designated by a member to receive a plan benefit;
(9) “Benefit program” means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined;
(10) “Board” means the Board of Trustees of the Arkansas Public Employees' Retirement System, as created in this act;
(11)(A) “Compensation” means the recurring remunerat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-101
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 24-4-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-103. Creation of retirement system.
(a) There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the “Arkansas Public Employees' Retirement System”.
(b) All business of the system shall be transacted through a board of trustees as provided for in this act.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-103
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 24-4-103. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-105. Board of trustees — Meetings — Powers and duties.
(a)(1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting.
(2) Special meetings may be held in accordance with such rules as the board shall adopt from time to time.
(3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.
(b) In addition to such other duties as are imposed upon the board by this act, the board shall:
(1) Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System;
(2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system;
(3) Provide for an actuarial valuation of the system as may be deemed necessary by the board;
(4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act;
(5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system;
(6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and
(7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-105
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 24-4-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-201. Arkansas Public Employees' Retirement System Fund — Creation — System accounts.
(a)(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the “Arkansas Public Employees' Retirement System Fund”.
(2) This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.
(b)(1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System.
(2) The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-201
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 24-4-201. This identifies an authority to review, not proof of applicability.