Title 24 — Retirement and Pensions
12 chapters · 740 sections in this title.
Ark. Code Ann. § 24-10-613 Disposition of accumulated contributions
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(a) (1) On or after July 1, 2013, if a retirant and his or her eligible beneficiary, if any, both die before they have received in annuity payments a total amount equal to the accumulated contributions standing to the retirant's credit in the Arkansas Local Police and Fire Retire…
Ark. Code Ann. § 24-10-614 Payment of reserve value
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(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fif…
Ark. Code Ann. § 24-10-615 Suspension of payments upon request
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(a) Notwithstanding any other provision of a plan, a person entitled to receive a plan benefit may request in a manner prescribed by the system, for personal reasons and without disclosure thereof, to suspend for any period the payment of all or any part of the benefit otherwise …
Ark. Code Ann. § 24-10-616 Subjection of benefit rights to legal process
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(a) (1) Except as otherwise provided in this chapter, the right of a person to an annuity, the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under this chapter, and all moneys belonging to a plan:(A) Are not subje…
Ark. Code Ann. § 24-10-617 Survivor health benefits
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(a) When a municipal employee who is vested in a municipal retirement system under the Arkansas Local Police and Fire Retirement System, § 24-10-101 et seq., or under a local policemen's pension and relief fund, § 24-11-401 et seq., or under a firemen's relief and pension fund, §…
Ark. Code Ann. § 24-10-618 Limitation on benefits granted by Acts 1997, No. 765
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No benefit enhancement provided for by § 24-10-610 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-610 shall be implemente…
Ark. Code Ann. § 24-10-619 Limitation on benefits granted by Acts 1997, No. 1136
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No benefit enhancement provided for by §§ 24-10-604, 24-10-605, and 24-10-611 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by §§ 2…
Ark. Code Ann. § 24-10-620 Limitations on benefits
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(a) (1) Notwithstanding any language to the contrary under this chapter, benefits attributable to employer contributions and paid under the Arkansas Local Police and Fire Retirement System shall not exceed the limitations of the Internal Revenue Code of 1986, 26 U.S.C. § 415, as …
Ark. Code Ann. § 24-10-701 Election to participate
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(a) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in t…
Ark. Code Ann. § 24-10-702 Credited service
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(a) For purposes of this subchapter, “credited service”:(1) Includes military service credit under § 24-10-502; and(2) Does not include service credit that is purchased under the Arkansas Local Police and Fire Retirement System. (1) Includes military service credit under § 24-10-…
Ark. Code Ann. § 24-10-703 Contributions
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(a) If a member begins participation in the Local Police and Fire Deferred Retirement Option Plan, the employer and employee contributions shall continue to be paid. (b) Employer and employee contributions for employees who participate in the plan shall be credited to the Arkansa…
Ark. Code Ann. § 24-10-704 Benefits — Rate of return
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(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in the Local Police and Fire Deferred Retirement Option Plan shall be credited interest at a rate of six percent (6…
Ark. Code Ann. § 24-10-705 Method of payment
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(1) At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive:(1) A lump-sum payment from the account equal to the payments into the plan account;(2) A monthly annuity that is the actuarial equivalent of the lump-…
Ark. Code Ann. § 24-10-706 Duration
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(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed ten (10) years. (b) At the conclusion of a member's participation in the plan, the member shall terminate emplo…
Ark. Code Ann. § 24-10-707 Death of participant
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(a) If the participant dies during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivors or if none, to the participant's estate. (b…
Ark. Code Ann. § 24-10-708 Disability of participant
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If the participant becomes disabled during the period of participation in the Local Police and Fire Deferred Retirement Option Plan, the participant shall be treated as any other member who has elected to conclude the other member's participation.
Ark. Code Ann. § 24-10-709 Partial-annuity-and-lump-sum option
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(a) If a member does not terminate employment and retire on the date the member meets the service requirements of § 24-10-604 for an unreduced annuity and was not eligible for or has not elected to participate in the Local Police and Fire Deferred Retirement Option Plan as provid…