Title 24 — Retirement and Pensions
12 chapters · 740 sections in this title.
Ark. Code Ann. § 24-10-204 Employees
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(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…
Ark. Code Ann. § 24-10-205 Records and reports
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(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…
Ark. Code Ann. § 24-10-206 Federal taxation
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(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…
Ark. Code Ann. § 24-10-301 Generally
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(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…
Ark. Code Ann. § 24-10-302 Coverage by employer
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(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…
Ark. Code Ann. § 24-10-303 Rules governing participation
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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…
Ark. Code Ann. § 24-10-304 Transfer of municipal police department officers from Arkansas Public Employees' Retirement System
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(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…
Ark. Code Ann. § 24-10-401 Financial objectives and actuarial valuations
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(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…
Ark. Code Ann. § 24-10-402 Investments — Definition
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(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…
Ark. Code Ann. § 24-10-403 Asset accounts
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(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…
Ark. Code Ann. § 24-10-404 Members' deposit account — Contributions
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(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…
Ark. Code Ann. § 24-10-405 Employer accumulation account — Contributions
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(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 …
Ark. Code Ann. § 24-10-406 Retirement reserve account
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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.
Ark. Code Ann. § 24-10-407 Income-expense account
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(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…
Ark. Code Ann. § 24-10-408 State contributions — System administrative expenses
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(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…
Ark. Code Ann. § 24-10-409 Proration of state revenues between political subdivision and its relief fund
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(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…
Ark. Code Ann. § 24-10-410 Delinquency
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(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 …
Ark. Code Ann. § 24-10-411 [Repealed.]
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A.C.A. § 24-10-411Current 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. § 24-10-501 Paid and volunteer service
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(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 …
Ark. Code Ann. § 24-10-502 Military service
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(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 …
Ark. Code Ann. § 24-10-503 [Repealed.]
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A.C.A. § 24-10-503Current 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. § 24-10-504 Forfeiture and restoration
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(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…
Ark. Code Ann. § 24-10-505 Public service with other Arkansas systems — Definition
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(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…
Ark. Code Ann. § 24-10-506 Other local police and fire service
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(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…
Ark. Code Ann. § 24-10-507 Reciprocal system
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(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…
Ark. Code Ann. § 24-10-508 Service credit
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(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…
Ark. Code Ann. § 24-10-509 Service credit not years of service
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Service credit granted under § 24-10-508 shall not be considered as years of service for the purpose of benefit calculation.
Ark. Code Ann. § 24-10-510 Service credit for former military personnel
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(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…
Ark. Code Ann. § 24-10-601 Generally
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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.
Ark. Code Ann. § 24-10-602 Annuity generally — Definitions
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(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…
Ark. Code Ann. § 24-10-603 Annuity options
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(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 …
Ark. Code Ann. § 24-10-604 Voluntary retirement
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(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…
Ark. Code Ann. § 24-10-605 Compulsory retirement
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(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…
Ark. Code Ann. § 24-10-606 Early retirement
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(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…
Ark. Code Ann. § 24-10-607 Disability retirement — Definitions
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(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 …
Ark. Code Ann. § 24-10-608 Death of member in paid service
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(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 (…
Ark. Code Ann. § 24-10-609 Death of member in volunteer service
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(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…
Ark. Code Ann. § 24-10-610 Limitations on death and disability annuities
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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…
Ark. Code Ann. § 24-10-611 Termination of covered employment
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(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 …
Ark. Code Ann. § 24-10-612 Redetermination of benefits
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(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…
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-…