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24-8-409. Clerks' benefits — Actuarial valuations — Transfer of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-8-409. Clerks' benefits — Actuarial valuations — Transfer of funds.
(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408. In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officers as provided by § 24-8-408, the city treasurer shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature and the extent that the city's member liabilities will exceed the amount of employee and employer contributions and interest thereon.
(b)(1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408. He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits.
(2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members.
(c)(1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund.
(2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-8-409
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:24-8-409
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 44b399a6d0597e702e8d3dd3b487c22cc2929b2956b47bbd2dd0e72503454060
Source location: content.xml paragraph 9136
Stored source content
24-8-409. Clerks' benefits — Actuarial valuations — Transfer of funds.
(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408. In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officers as provided by § 24-8-408, the city treasurer shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature and the extent that the city's member liabilities will exceed the amount of employee and employer contributions and interest thereon.
(b)(1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408. He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits.
(2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members.
(c)(1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund.
(2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by the city an amount as computed pursuant to this section required to pay retirement benefits for its elected municipal clerk.
(3) The moneys to be transferred from the Municipal Aid Fund shall not be charged against the total of the Municipal Aid Fund moneys available for distribution to cities, since it is the intent of this section that each city shall pay annually, from its municipal aid general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its city employee members.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-8-408. Eligibility for benefits — Clerks.
(a)(1) Any clerk of a municipal court to which this subchapter applies, appointed by the judge or judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who:
(A) Attains age sixty (60) and has served in office as clerk for at least ten (10) years;
(B) Attains age sixty-five (65) and has served in office for at least eight (8) years; or
(C) Has served in office for at least twenty (20) years, irrespective of age.
(2) If the clerk resigns, retires from office, or is succeeded in office by another clerk, the clerk shall receive retirement pay for and during the remainder of the person’s natural life in an amount equal to one-half (½) of the salary payable to the clerk at the time of resignation, retirement, or succession in office.
(3) The governing body of the municipality or the county may by ordinance provide that after the death of the clerk, the surviving spouse of a qualifying court clerk can continue to receive the retirement benefits under this subchapter until the surviving spouse dies or remarries.
(b)(1) Any clerk of a municipal court who is covered by the provisions of this subchapter and who has seven (7) or more years of service in any position in the office of the county sheriff shall be entitled to have the service in the office of the county sheriff credited as municipal court clerk service.
(2) The service so converted shall be treated the same as if it were service as clerk of a municipal court in the county for purposes of determining eligibility for retirement under the provisions of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-8-408
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 24-8-408. This identifies an authority to review, not proof of applicability.