Title 24, Retirement and Pensions

Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in any attempt to defraud the Arkansas Local Police and Fire Retirement System shall be guilty of a criminal act and upon conviction thereof shall be punished acco…

No benefit enhancement provided for by § 24-10-102(23) 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 § 24-10-102(23) shall be im…

(a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local …

(a) The general administration and the responsibility for the proper operation of the Arkansas Local Police and Fire Retirement System and for making effective the provisions of this chapter are vested in a board of trustees of seven (7) persons as follows:(1) One (1) person to b…

(a) In the event any member trustee ceases to be a member of the Arkansas Local Police and Fire Retirement System, or if any employer trustee ceases to be an appointed or elected official of an employer or becomes a member of the system, or if the citizen trustee becomes a member…

(a) (1) (A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System.(B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board.(2) Three (3) trustees, of whom at least o…

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.(2) Other employees of the board shall be chosen only upo…

(a) (1) After receiving the advice of its actuary, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall from time to time adopt such mortality and other tables of experience, and rates of regular interest, as shall be necessary for the actuarial req…

(a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on Janua…

(a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons:(1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative dat…

(a) Each political subdivision without a relief fund in effect on the operative date may elect, by a majority vote of its governing body, to become an employer and cover its employees under the Arkansas Local Police and Fire Retirement System, as follows:(1) (A) The clerk or secr…

The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers that are rural fire protection corporations authorized under the provisions of § 4-34-101…

(a) Any municipal police department whose employees were covered by the Arkansas Public Employees' Retirement System on July 1, 1997, is authorized to transfer those employees hired after July 1, 1997, to the Arkansas Local Police and Fire Retirement System by:(1) Notifying the b…

(a) (1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which w…

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter.(2) The funds of the system shall be invested and re…

(1) All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely:(1) The members' deposit account;(2) The employer accumulation account;(3) The retirement reserve account; and(4) The income-expense account. (1) The members' dep…

(a) The members' deposit account, as created by § 24-10-403, shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions a…

(a) The employer accumulation account as created by this section shall be the account into which contributions made by employers for annuities shall be accumulated and from which transfers shall be made as provided in this chapter. (b) Employer contributions paid to the Arkansas …

The retirement reserve account, as created by this section, shall be the fund into which shall be made transfers as provided in this chapter and from which shall be paid to retirants and beneficiaries the annuities provided by the Arkansas Local Police and Fire Retirement System.

(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for th…

(a) Subject to the provisions of this chapter, the state shall not contribute to finance the Arkansas Local Police and Fire Retirement System, except those amounts which the political subdivision may receive under laws providing for a general apportionment of political subdivisio…

(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301, 24-11-801 — 24-11-807, 24-11-809, 24-11-813…

(a) If a political subdivision fails to make a payment or reporting due the Arkansas Local Police and Fire Retirement System within five (5) calendar days of the date the payment or reporting is due, the political subdivision shall become delinquent, and the delinquency shall be …

(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall fix and determine by rules the number of years and months of paid service to be credited to each member for his or her employment as an employee.(2) In no case shall one (1) month of paid …

(a) In the event a member who while an employee enters the United States Armed Forces during any period of compulsory or voluntary military service, the armed service actually served by him or her shall be credited him or her as service under this subchapter. (b) (1) In any case …

(a) (1) When a member is no longer employed by any employer in covered employment, he or she shall cease to be a member of the Arkansas Local Police and Fire Retirement System.(2) Except as otherwise provided in this chapter, upon termination of his or her membership his or her c…

(a) For the purpose of this section, “related system” means any of four (4) retirement systems:(1) The Arkansas Local Police and Fire Retirement System;(2) The Arkansas Public Employees' Retirement System;(3) The State Police Retirement System; or(4) The Arkansas Teacher Retireme…

(a) An active member of the Arkansas Local Police and Fire Retirement System shall be entitled to purchase credited service in the system equivalent to a period not to exceed fifteen (15) years if the member:(1) (A) Has at least five (5) years of actual service with the system.(B…

(a) (1) The Arkansas Local Police and Fire Retirement System is a reciprocal system under the provisions of §§ 24-2-401 — 24-2-405.(2) For the purpose of reciprocal service credit under the Arkansas Local Police and Fire Retirement System, only an Arkansas statewide defined benef…

(a) An active member of the Arkansas Local Police and Fire Retirement System who has at least five (5) years of actual service and who has service in an Arkansas law enforcement agency or fire department and who has been employed as a public safety or law enforcement officer in a…

Service credit granted under § 24-10-508 shall not be considered as years of service for the purpose of benefit calculation.

(a) An active member of the Arkansas Local Police and Fire Retirement System may purchase credited service in the system equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member…

No benefit shall be paid by the Arkansas Local Police and Fire Retirement System based upon pay which is covered by any other retirement plan, except Social Security.

(a) Upon a member's retirement, he or she shall receive an annuity for life in accordance with the applicable benefit program elected by his or her employer, as follows:(1) Benefit Program 1. (A) For each year of paid service resulting from employment:(i) In a position not also c…

(a) Before the date the first payment of a member's annuity becomes due, but not thereafter, a member may elect in a manner prescribed by the Arkansas Local Police and Fire Retirement System to receive his or her annuity as an Option A60 annuity under this section, or the member …

(a) (1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more th…

(a) A member's employer shall determine the compulsory separation age for its employees. (b) Upon his or her separation from his or her last covered employment, a member with five (5) or more years of credited service in force who has attained his or her normal retirement age sha…

(a) An active member in covered employment who has not attained his or her normal retirement age may retire with an early annuity as provided in this section upon his or her proper application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System settin…

(a) (1) (A) (i) An active member with five (5) years of credited service, including credited service for seventy-five percent (75%) of the two (2) years immediately preceding his or her disability, who while an active member becomes totally and permanently physically or mentally …

(a) (1) If an active member with five (5) or more years of credited paid service, including credited service for the year immediately preceding his or her death, dies in employer-paid service before retirement, the applicable benefits provided in this subsection and subsections (…

(a) (1) If an active member who has accrued five (5) or more years of credited service, including credited service for the year immediately preceding his or her death, or who has attained his or her normal retirement age dies in employer volunteer service before retirement, the a…

If a death annuity is payable on behalf of a member who dies in employer service before retirement, or for the portion of a disability annuity payable before a disability retirant's attainment of fifty-five (55) years of age, the total amount of the system annuities based on paid…

(a) A member who terminates covered employment before attaining his or her normal retirement age, for a reason other than death, early retirement, or disability retirement, shall be entitled to an annuity computed in accordance with the provisions of this section, as it provides …

(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year. (b) The redetermined amo…

(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…

(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…