(a) If any change or error in the records of the Arkansas Judicial Retirement System results in a person receiving more or less than he or she would have been entitled to receive from the system had the records been correct, the Executive Director of the Arkansas Judicial Retirement System shall:(1) Correct the error; and(2) Adjust the payment in a manner that allows the actuarial equivalent of the benefit that the person was entitled to be paid, to the extent it is equitable and practicable.
(1) Correct the error; and
(2) Adjust the payment in a manner that allows the actuarial equivalent of the benefit that the person was entitled to be paid, to the extent it is equitable and practicable.
(b) (1) The system shall have the right to recover any overpayment that a person may have received from funds of the system, provided that the overpayment is determined and the person is notified within five (5) years of the date of the last overpayment.(2) If the overpayment is determined at a date later than five (5) years after the date of the last overpayment, the overpayment shall not be recouped by the Board of Trustees of the Arkansas Judicial Retirement System unless the overpayment was a result of an error caused or created through the intentional nondisclosure, fraud, misrepresentation, or gross negligence by the person receiving the overpayment.(3) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount.
(1) The system shall have the right to recover any overpayment that a person may have received from funds of the system, provided that the overpayment is determined and the person is notified within five (5) years of the date of the last overpayment.
(2) If the overpayment is determined at a date later than five (5) years after the date of the last overpayment, the overpayment shall not be recouped by the Board of Trustees of the Arkansas Judicial Retirement System unless the overpayment was a result of an error caused or created through the intentional nondisclosure, fraud, misrepresentation, or gross negligence by the person receiving the overpayment.
(3) In all instances where an overpayment is determined, any subsequent payments shall be adjusted to the correct amount.
(c) If it is determined that a person has received an underpayment from the funds of the system, regardless of the date of the determination:(1) The system shall pay in a lump sum to the person the total of any underpayments made before the date of the determination; and(2) Any subsequent payments shall be adjusted to the correct amount.
(1) The system shall pay in a lump sum to the person the total of any underpayments made before the date of the determination; and
(2) Any subsequent payments shall be adjusted to the correct amount.