Title 24 — Retirement and Pensions
12 chapters · 740 sections in this title.
Ark. Code Ann. § 24-5-101 Definitions
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(1) As used in this chapter:(1) “Accumulated contribution” means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highwa…
Ark. Code Ann. § 24-5-102 Penalty
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Any person who knowingly makes any false statement or who falsifies any record or records in an attempt to defraud the Arkansas State Highway Employees' Retirement System as a result of such an act shall be guilty of a Class A misdemeanor.
Ark. Code Ann. § 24-5-103 Establishment of system
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There is created and established a retirement system for employees of the Arkansas Department of Transportation to be known as the “Arkansas State Highway Employees' Retirement System”, all the business of which shall be transacted through a board of trustees as provided for in t…
Ark. Code Ann. § 24-5-104 Board of trustees
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(a) The administration and control of the Arkansas State Highway Employees' Retirement System shall be vested in a board known as the “Board of Trustees of the Arkansas State Highway Employees' Retirement System”. (b) (1) The board shall consist of seven (7) members:(A) The Direc…
Ark. Code Ann. § 24-5-105 Cost of administration — Payment of benefits and adjustment of errors
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(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the med…
Ark. Code Ann. § 24-5-106 Establishment of retirement fund
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(a) There is created a trust fund to be known as the “Arkansas State Highway Employees' Retirement System Fund”, which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter. (b) The employer shall draw vouchers or cause vo…
Ark. Code Ann. § 24-5-107 Membership
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(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, as defined in § 24-5-101(7), shall become a member of the Arkansas State Highway Employees' Retirement System in the manner and under the conditions provided…
Ark. Code Ann. § 24-5-108 Members' contributions
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(a) (1) A member of the Arkansas State Highway Employees' Retirement System shall be assessed six percent (6%) of his or her salary or wages by payroll deductions, and the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shal…
Ark. Code Ann. § 24-5-109 Employer contributions
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(a) An employer contribution shall be a set percentage rate of the compensation of the employee as defined in § 24-5-101 and described in § 24-5-202. (b) (1) The Board of Trustees of the Arkansas State Highway Employees' Retirement System shall propose a set percentage rate after…
Ark. Code Ann. § 24-5-110 Credit for prior and current service in department
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(a) (1) Any employee of the Arkansas Department of Transportation may make application within one (1) year from the date of becoming a member of the Arkansas State Highway Employees' Retirement System and receive credit for any authenticated prior service rendered as an employee …
Ark. Code Ann. § 24-5-111 [Repealed.]
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A.C.A. § 24-5-111Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 24-5-112 Eligibility for benefits — Voluntary retirement
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(a) A member may retire voluntarily as follows:(1) At sixty-five (65) years of age, or during any year thereafter until the age of compulsory retirement has been attained, with a minimum of five (5) years of creditable service in the Arkansas State Highway Employees' Retirement S…
Ark. Code Ann. § 24-5-113 Eligibility for benefits — Disability retirement — Definition
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(a) A member shall be eligible for disability retirement benefits after five (5) or more years of creditable service in the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation, but no member shall be eligible to receive benefits for a…
Ark. Code Ann. § 24-5-114 Eligibility for benefits — Early retirement
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(a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113, a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday. (b) (1) However, the annuity otherwise payable, as provided in § 24-5-115, shall be reduced eigh…
Ark. Code Ann. § 24-5-115 Benefits generally
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(a) (1) Members retired for the reasons set forth in §§ 24-5-112 — 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in § 24-5-101, limited to the amount upon which contributions, includi…
Ark. Code Ann. § 24-5-116 Benefits — Death of member or retirant
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(a) (1) In the case of death of a member prior to retirement, the member's accumulated contributions and any life insurance policy proceeds shall become payable to the designated beneficiary or to the estate of the person having the deferred benefits if a beneficiary has not been…
Ark. Code Ann. § 24-5-117 Benefits — Withdrawal from service
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(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the m…
Ark. Code Ann. § 24-5-118 Benefits — Annuity options
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(1) Before the date the first payment of an annuity becomes due, but not thereafter, a person about to become a retirant may elect, in lieu of a straight life annuity as set forth in § 24-5-115, to have the annuity reduced and to nominate a beneficiary, as provided by Option A or…
Ark. Code Ann. § 24-5-119 Redetermination of benefits
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(a) Beginning with the July 1 which is at least twelve (12) full months after the effective date of each benefit, the amount of each benefit shall be redetermined, and the redetermined amount shall be payable for the ensuing year. (b) (1) The redetermined amount shall be the amou…
Ark. Code Ann. § 24-5-120 Increase in monthly retirement benefit — Schedule
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(a) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who retired prior to July 1, 1985, and who receive an annuity for July 1987, shall be increased by no more than fifteen …
Ark. Code Ann. § 24-5-121 [Repealed.]
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A.C.A. § 24-5-121Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 24-5-122 Early retirement incentives
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(a) (1) Any member of the Arkansas State Highway Employees' Retirement System who retires as provided in § 24-5-112, shall receive an annuity consisting of the benefits provided in §§ 24-5-115 and 24-5-118, provided the member is an active member of the system on March 12, 1987, …
Ark. Code Ann. § 24-5-123 Credit for military service
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(a) Any person who is a member of the Arkansas State Highway Employees' Retirement System shall be entitled to purchase creditable service in the system for a period not to exceed three (3) years for active service rendered by the member in the United States Armed Forces, after t…
Ark. Code Ann. § 24-5-124 Minimum monthly benefit
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All persons who are now vested or who hereafter vest under the Arkansas Public Employees' Retirement System or the Arkansas State Highway Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
Ark. Code Ann. § 24-5-125 Eligibility to receive increase in benefits
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(a) (1) In order to help offset the cost of health insurance and health care, a member who is receiving benefits from the Arkansas State Highway Employees' Retirement System before, on, or subsequent to July 1, 1999, shall have added to his or her annuity as determined under § 24…
Ark. Code Ann. § 24-5-126 Increase in benefits
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(a) Effective July 1, 1991, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1991 shall be increased by four percent (4%) above the annuity such reti…
Ark. Code Ann. § 24-5-127 Creditable service
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(a) Any employee of the Arkansas State Highway and Transportation Department or the Arkansas Department of Transportation who is a member of the Arkansas State Highway Employees' Retirement System and who has served as a member of the State Highway Commission shall receive partia…
Ark. Code Ann. § 24-5-128 Increase in monthly retirement benefit — 1993
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(a) Effective July 1, 1993, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1993 shall be increased by two and nine-tenths percent (2.9%) above the …
Ark. Code Ann. § 24-5-129 Increase in monthly retirement benefit — Acts 1997, No. 349
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(a) Effective July 1, 1997, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1997 shall be increased by two and two-tenths percent (2.2%) above the a…
Ark. Code Ann. § 24-5-130 Increase in monthly retirement benefit — Acts 1997, No. 386
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(a) Effective July 1, 1997, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1997 shall be increased by two percent (2%) above the annuity such retir…
Ark. Code Ann. § 24-5-131 Limitation on benefit enhancement of Acts 1997, No. 1089
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No benefit enhancement provided for by § 24-5-116 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 § 24-5-116 shall be implemented …
Ark. Code Ann. § 24-5-132 Limitation on benefit enhancement of Acts 1997, No. 1067
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No benefit enhancement provided for by § 24-5-118 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 § 24-5-118 shall be implemented …
Ark. Code Ann. § 24-5-133 Early participation
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The Board of Trustees of the Arkansas State Highway Employees' Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establ…
Ark. Code Ann. § 24-5-134 Death benefit enhancement
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(a) (1) Beginning on March 1, 2001, the Arkansas State Highway Employees' Retirement System shall pay an amount not to exceed seven thousand five hundred dollars ($7,500) to the named beneficiary of the retiree or a member in the Arkansas State Highway Employees' Deferred Retirem…
Ark. Code Ann. § 24-5-135 Annuity benefit enhancement
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(a) Beginning July 1, 2001, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 2001 shall be increased by four and eight-tenths percent (4.8%) above th…
Ark. Code Ann. § 24-5-136 Operation of system as qualified trust
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(a) The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall operate the Arkansas State Highway Employees' Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal R…
Ark. Code Ann. § 24-5-137 Compliance with Internal Revenue Code section 415
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(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans. (b) The Board of Trustees of t…
Ark. Code Ann. § 24-5-201 Establishment
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(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may establish a deferred retirement option plan for its members so that, in lieu of terminating employment, they might continue with employment and accept a service retirement benefit pursuant to…
Ark. Code Ann. § 24-5-202 Requirements
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(a) In the event a plan is established, the Arkansas State Highway Employees' Deferred Retirement Option Plan shall have, as a minimum, provisions which require that:(1) The Board of Trustees of the Arkansas State Highway Employees' Retirement System approve of the person's parti…
Ark. Code Ann. § 24-5-203 Limitation on benefit enhancement
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(a) No benefit enhancement provided by §§ 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided by §§ 24-5-201 and 24…
Ark. Code Ann. § 24-5-204 Rules — Applicability
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(a) The Board of Trustees of the Arkansas State Highway Employees' Retirement System, in consultation with its actuary, may promulgate rules to lower the required years of service for entry into the Arkansas State Highway Employees' Deferred Retirement Option Plan authorized by t…