Title 24, Retirement and Pensions

(a) Currently, the municipal judges and court clerks in Arkansas are covered under numerous and separate retirement plans run independently by each municipal government. Under Arkansas Constitution, Amendment 80, all municipal courts in existence shall be known as district courts…

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004.

(a) (1) In cities in a county having a population of one hundred fifty thousand (150,000) or more, in which county there are two (2) or more municipal courts with a judge of a municipal court licensed to practice law, there is created a board of trustees which shall consist of th…

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly. (b) (1) (A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify th…

Any judge of a municipal court or county municipal court, licensed to practice law, established in any county having a population of one hundred fifty thousand (150,000) or more, according to the most recent federal census, in which county there are two (2) or more municipal cour…

(a) A judge of a municipal court upon reaching sixty-eight (68) years of age and having served for a minimum of seven (7) years immediately prior to retirement may retire. (b) (1) If incapacitating illness or disability should occur during any term to which a judge has been elect…

(a) (1) Any judge of a municipal court or county municipal court prior to January 1, 1995, to which this subchapter applies who shall attain fifty (50) years of age and who shall have served at least sixteen (16) years in office as municipal judge, or at least sixteen (16) years …

(a) Any judge of a municipal court to which this subchapter applies who shall have served at least twenty (20) years in office as municipal judge, irrespective of age, shall be eligible to receive retirement benefits provided by this subchapter. (b) If the judge resigns, retires …

(a) (1) Any clerk of a municipal court to which this subchapter applies, appointed by the judge or judges of the court, shall be eligible to receive retirement benefits provided by this subchapter who:(A) Attains sixty (60) years of age and has served in office as clerk for at le…

(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408. In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officer…

(1) Any person participating in a retirement plan authorized under this subchapter on or after July 1, 1999, shall be entitled to a retirement benefit if that person has ten (10) or more years of actual service in a plan covered by this subchapter and is at least sixty (60) years…

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004.

(a) (1) Any person who has held office as municipal judge or police judge for a period of thirty (30) years or more shall receive during the remainder of his or her life, as a pension, one-half (½) of the salary payable to the municipal judge of the court he or she served upon hi…

(a) Any clerk of a city court established in any county, appointed by the judges thereof, may be entitled to the benefits prescribed in this section for such clerks. (b) (1) Any clerk of a city court to which this section applies, appointed by the judges of the court, who shall a…

(1) Any person participating in a retirement plan authorized under this subchapter on or after July 1, 1999, shall be entitled to a retirement benefit if that person has ten (10) or more years of actual service in a plan covered by this subchapter and is at least sixty (60) years…

(a) The municipal judge and clerk retirement funds defined in this subchapter are closed effective December 31, 2004. (b) There will be no new members in these funds after December 31, 2004.

(a) It is found and determined by the General Assembly that the creation of the Tier Two Actual Judicial Service Benefit Plan is part of a history of judicial retirement legislation that has sought to develop a more equitable retirement system for judges and thereby remove the ne…

(1) As used in this subchapter:(1) “Board” means the Board of Trustees of the Arkansas Judicial Retirement System;(2) “Consumer price index” means the Consumer Price Index for all Urban Consumers, as determined by the United States Department of Labor, in effect on January 1, 199…

A Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System is established pursuant to this subchapter.

(a) Whether elected or appointed to office, all chancery, circuit, and circuit-chancery judges, judges of the Court of Appeals, and justices of the Supreme Court shall participate in the Arkansas Judicial Retirement System. (b) A person who becomes a member of the system on or af…

(a) A member electing coverage under this subchapter shall be entitled to:(1) A refund to the member for any credited service purchased under the Arkansas Judicial Retirement System together with six percent (6%) interest compounded annually from the date of payment;(2) Restorati…

(a) (1) The contribution of each member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System shall be five percent (5%) of each member's annual salary.(2) (A) A judge or justice who forfeits his or her rights to retirement benefits unde…

(a) The state, as employer, shall make contributions to the Arkansas Judicial Retirement System of twelve percent (12%) of the active member payroll. (b) The Chief Fiscal Officer of the State is authorized and directed to make annual transfers each July 1 to the Judges Retirement…

When a judge or justice has sufficient service to receive the maximum benefit under § 24-8-713(a), no further contribution shall be required.

Benefits and eligibility for benefits under this subchapter shall be based on actual service in the Arkansas Judicial Retirement System. Laws allowing the purchase of credited service or providing free credited service shall not apply to this subchapter. However, the provisions o…

(a) Any member who has a minimum of twenty (20) years of actual service may retire regardless of age, and any judge or justice who has served at least eight (8) years shall be eligible for benefits upon reaching sixty-five (65) years of age. (b) (1) Any judge or justice who becom…

(a) Any member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System who has eight (8) years or more of actual service in the system may elect to retire and receive retirement benefits at any time after reaching sixty-two (62) years of a…

(a) Any member under the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years as a member of the system shall receive retirement benefits if any incapacitating disability as determined by …

(a) The retirement benefits to be paid an eligible and qualified member or retiree under the provisions of this section shall be an amount equal to three and two-tenths percent (3.2%) of annual salary payable to the last judicial office held multiplied by the number of years of a…

(a) The sections of this subchapter are to be complementary, except that no person may take benefits under two (2) or more sections of this subchapter at the same time. (b) Retirement and survivors' benefits shall be measured by the salary payable for the position last held by th…

The provisions of this subchapter shall be accumulative to all present laws pertaining to the retirement of judges of the circuit, chancery, and circuit-chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise…

Notwithstanding § 24-8-715 [repealed], each July 1 the Arkansas Judicial Retirement System shall redetermine the amount of each monthly benefit which has been paid by the system under the Tier Two Actual Judicial Service Benefit Plan for at least twelve (12) full calendar months.…

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under the Tier Two Actual Judicial Service Benefit Plan is the first day of the calendar month next following the month in which the member died, regardless of wh…

As used in this subchapter, “municipal judge's retirement fund” means a local municipal judge and clerk retirement fund established by a local government under § 24-8-301 et seq., § 24-8-401 et seq., or § 24-8-501 et seq.

(a) A local government that has established a municipal judge's retirement fund shall contribute an amount of money to the Arkansas Public Employees' Retirement System that shall represent the actuarially determined accrued liability for those court clerks and former court clerks…

(a) All municipal court clerks and district court clerks who are members of a municipal judge's retirement fund on December 31, 2004, shall become members of the Arkansas Public Employees' Retirement System on January 1, 2005. (b) If the local government employing the district co…

(a) Court clerks placed in the Arkansas Public Employees' Retirement System under this subchapter shall be covered by the reciprocal provisions of §§ 24-2-401 — 24-2-404. (b) There is no reciprocal service between the local municipal judge retirement systems and the reciprocal sy…

Authorized investments of moneys by the governing bodies of the various trust funds within this state are now provided by law. It is not the intent of this subchapter to change or prescribe the allowable investments in certificates of deposit, registered securities, or negotiable…

As used in this subchapter, unless the context otherwise requires, “trust funds” means all assets and holdings of the various firemen’s relief and pension funds and policemen’s pension and relief funds of this state. In addition, other assets and holdings which are of a trust nat…

This subchapter shall apply to all funds as defined in § 24-9-202 and administered by any political subdivision of this state.

(a) By board action, the board of trustees may employ a commercial firm normally engaged in providing trust services, if each employee of the trust department who handles the trust funds is covered by a good and sufficient fidelity bond, to act as the agent for the board of the t…

(1) When the governing body of a trust deposits money of that trust into a commercial bank account or into a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:(1) Funds must be …

(1) When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:(1) The certificate of deposit must be issued in the name of the trust;(2) The certificate, when received, must be maintained…

(a) (1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities.(2) …

(a) When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities. (b) The board shall require the dealers to certify to the authenticity of the securities. …

(a) The board shall maintain a detailed listing of all securities owned by the trust. (b) Purchases and sales of securities shall be by official board action documented in the board minutes.