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Arkansas Code Title 24. Retirement and Pensions § 24-1-107. Recognition of federal retirement programs

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall establish policies and promulgate rules to recognize the service credit for members of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System earned in the retirement systems of federal government agencies.

(2) A former federal employee who becomes a member of the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System shall receive service credit for the member's service with the federal retirement system as prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System.

(b)(1)(A) An active member of the Arkansas Public Employees' Retirement System shall receive credit for the member's federal service upon the payment of the employee and employer contributions prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System together with interest from the date the federal service began to the date of payment.

(B)(i) A member of the Arkansas Teacher Retirement System shall receive credit for the member's federal service upon the payment of the cost of service under § 24-7-502(b) and as prescribed by the Board of Trustees of the Arkansas Teacher Retirement System.

(ii) At the member's request, a member's payment for federal service credit under this section shall be refunded if the:

(a) Member ceases to be an active member before the federal service credit is established as credited service in the system; or

(b) Federal service credit is not otherwise used to establish the member's eligibility for retirement under the system.

(2) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall determine what constitutes a year of federal service credit.

(3) The member may qualify for age and service retirement in the Arkansas Public Employees' Retirement System or the Arkansas Teacher Retirement System using the federal credited service plus the member's credited service from employment from the state employers to meet the minimum service requirements of the Arkansas Public Employees' Retirement System and the Arkansas Teacher Retirement System.

(c) The Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules necessary for the effective administration of this section.

(d) The member shall certify in a manner prescribed by the Board of Trustees of the Arkansas Public Employees' Retirement System and the Board of Trustees of the Arkansas Teacher Retirement System that the member is not eligible to receive a retirement benefit from the federal retirement system in which he or she had previously been a member.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-1-107. Recognition of federal retirement programs - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-1-107/

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