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Arkansas Code Title 24. Retirement and Pensions § 24-10-505. Public service with other Arkansas systems

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

(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 Retirement System.

(b) The benefit payable by each related system shall be based upon:

(1) The service credit with that system;

(2) The benefit program the related system had in effect at the time the member terminated service covered by the related system; and

(3) The member's service and pay covered by the related system while the service was being rendered.

(c) During any period that a person is employed in a position covered by a related system, that employee is ineligible to receive a refund of accumulated contributions from any related system in which that employee has service credits and accumulated contributions standing in his or her account. Accumulated contributions may only be refunded when the employee terminates all employment covered by a related system and does not have, in the aggregate, sufficient years of credited service to be eligible for an age and service benefit from any of the related systems.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-10-505. Public service with other Arkansas systems - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-10-505/

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