24-7-806. Procedure for designation of companies to provide benefit contracts.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-7-806. Procedure for designation of companies to provide benefit contracts.

24-7-806. Procedure for designation of companies to provide benefit contracts. (a) The board of each college or university, or the Arkansas Higher Education Coordinating Board, shall designate the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts. (b) In making the designation and giving the approval, the board or state board shall give due consideration to: (1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries; (2) The relation of the rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter; (3) The suitability of the rights and benefits to the needs of the staff members and the interests of the college in the recruitment and retention of staff members; and (4) The ability of the designated company or companies to provide the suitable rights and benefits under the contracts.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-806

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.