Skip to main content
Find a Lawyer

Arkansas Code Title 24. Retirement and Pensions § 24-10-510. Service credit for former military personnel

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

(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's employment covered by the system, if the member:

(1) Received an honorable discharge from the armed forces;

(2)(A) Has at least five (5) years of actual service in the system.

(B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for purchase under this section; and

(3)(A) Contributes to the system an amount that is the actuarial equivalent of the value of the credited service to be purchased.

(B) The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the system.

(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall make the final determination as to the:

(1) Length of purchased service credit;

(2) Amount of regular interest to be charged; and

(3) Manner in which payment is made to the system.

(c) Service credit purchased under this section shall be used to determine the member's total credited service under the system but shall not be used to determine his or her final average pay under the system.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-10-510. Service credit for former military personnel - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-10-510/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard