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Arkansas Code Title 24. Retirement and Pensions § 24-10-507. Reciprocal system

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

(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 benefit retirement system that is qualified under the Internal Revenue Code is eligible.

(b) Once a member has vested in the Arkansas Local Police and Fire Retirement System, in establishing the eligibility of the member for a voluntary retirement benefit, early retirement benefit, or duty death benefit from the Arkansas Local Police and Fire Retirement System, the credited service under all reciprocal systems shall be totaled, and the total credited service shall be used in determining the eligibility of the member for a benefit from the Arkansas Local Police and Fire Retirement System.

(c) In determining the amount of a benefit from the Arkansas Local Police and Fire Retirement System, only the following shall be used:

(1) Credited service under the Arkansas Local Police and Fire Retirement System;

(2) The benefit formula of the Arkansas Local Police and Fire Retirement System; and

(3)(A) The final average pay of the Arkansas Local Police and Fire Retirement System.

(B) The Arkansas Local Police and Fire Retirement System shall use the final average pay of the reciprocal system furnishing the highest final average pay at the time of retirement if the member has:

(i) Established reciprocity before April 1, 2021; and

(ii) Member contributions on account with the Arkansas Local Police and Fire Retirement System.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-10-507. Reciprocal system - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-10-507/

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