Title 24, Retirement and Pensions

A participant in the Arkansas State Police Officers Deferred Option Plan shall receive, at the option of the participant, a lump-sum payment from the account equal to the payments to the account, or a true annuity based upon the account of the participant, or may elect any other …

(a) The duration of participation in the Arkansas State Police Officers Deferred Option Plan for active state police officers shall not exceed seven (7) years. (b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the Division o…

If the participant dies during the period of participation in the Arkansas State Police Officers Deferred Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivor.

A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter.

(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter. (b) (1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3,…

(1) As used in this subchapter:(1) “Accumulated contribution” means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members' deposit account, together with regular interest credited thereon;(2) “Actual service” me…

(a) (1) Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained sixty-five (65) years of age may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System.(2) Any…

(a) (1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five …

(a) (1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her serv…

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the tim…

(a) A member may elect to receive his or her annuity as a straight life annuity or elect to have that annuity reduced and designate a beneficiary in writing and file the elections with the State Police Retirement System before that annuity starting date under one (1) of the follo…

(a) Each July 1 the State Police Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) …

(a) (1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon…

(a) If an active member with five (5) or more years of actual service, including service for the year immediately preceding his or her death, dies in employer service before retirement, the applicable benefit provided in this section shall be allowed upon the survivor's written a…

(a) (1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he or she shall be paid, upon his or her written applicatio…

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of this subchapter, and all moneys belonging to a plan shall not be subject to execution, garnishm…

(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415, that are applicable to governmental retirement plans. (b) (1) The Board of Trustees of the …

Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers' Deferred Option Plan provided in § 24-6-301 et seq.

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-411 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.…

The Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan is created in conformance with this subchapter.

(1) In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter i…

(1) When an employee who is a member of the State Police Retirement System's Tier Two Benefit Plan begins participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:(1) The employer contributions shall continue to be paid;(2) State contributions…

(1) A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:(1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and(2) (A) Shall earn interest at a rate set by the Board of Trustee…

(1) A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant:(1) A lump-sum payment from the plan account equal to the payments to the plan account;(2) A true annuity based upon the plan account …

(a) The duration of participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years. (b) At the conclusion of a state police officer's participation in the plan, the state police off…

If a participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant's designated beneficiary.

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103, all employees of Arkansas Tech University, Southern Arkansas University, Unive…

(a) All persons, except those who are eligible for membership in the Arkansas Teacher Retirement System as provided for under the Arkansas Teacher Retirement System Act, § 24-7-201 et seq., and except those who are eligible for membership in an alternate system as provided for un…

(a) (1) Each instructor and administrative staff member of a state-supported postsecondary vocational-technical school employed on July 1, 1991, shall, within ninety (90) days following the transfer to the technical and community college system established under the Two-Year Post…

(a) (1) An employee of a campus, unit, or division of the University of Arkansas system, whose appointment is half-time or greater and the employment is not seasonal, extra help, temporary, or incidental to his or her education, may participate in a retirement plan sponsored by t…

(a) The presidents and chancellors of the various publicly supported colleges and universities may, upon the approval of their respective boards of trustees, negotiate with faculty and staff members of their institutions so that, in order to secure early retirement, special allow…

(a) The purpose of this section is to create incentives for the efficient management of the public higher education resources of the State of Arkansas by allowing public higher education institutions to establish early retirement window incentives for qualified faculty and staff …

Local school districts shall pay the teacher retirement employer contribution rate for any eligible employee in accordance with rules established by the Board of Trustees of the Arkansas Teacher Retirement System.

An employer's offer to encourage an employee to terminate his or her employment with the employer shall not include a requirement that the employee file an application for retirement with the Arkansas Teacher Retirement System.

A decision on whether to invest, not invest, or withdraw from investment the funds of the Arkansas Teacher Retirement System or an alternate retirement plan of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type o…

(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to include within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103, all nonteaching employees of the public schools of this state who are not memb…

(a) In lieu of terminating employment and accepting a service retirement benefit pursuant to § 24-7-101 et seq., any person who is a member of the Arkansas Teacher Retirement System and who meets the conditions specified in subsection (b) of this section may elect to participate …

(a) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) The member's plan application shall be reviewed by the Arkansas Teacher Ret…

(a) (1) When a member begins participation in the Teacher Deferred Retirement Option Plan, member contributions to the Arkansas Teacher Retirement System shall cease.(2) Until and on August 31, 2003, employer contributions on behalf of the members participating in the Teacher Def…

(a) A member who elects participation in the Teacher Deferred Retirement Option Plan may elect one (1) of the annuity options provided in § 24-7-706. (b) The election will be made at the time the member separates from service and is granted a monthly retirement benefit, and will …

The member's Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to …

(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit. (b) If a plan participant has at least thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, a plan depo…

(a) The member's Teacher Deferred Retirement Option Plan account shall be the account in which shall be accumulated the:(1) Plan deposits made on behalf of the member; and(2) Plan interest. (1) Plan deposits made on behalf of the member; and (2) Plan interest. (b) At the end of e…

(a) (1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system.(2) T…

In the event that a Teacher Deferred Retirement Option Plan participant applies for benefits from the Arkansas Teacher Retirement System pursuant to § 24-7-704 related to disability retirement, the application shall be treated as an application for voluntary retirement pursuant t…

(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System. (b) (1) However, the plan participant's eligib…