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Arkansas Code Title 24. Retirement and Pensions § 24-10-706. Duration

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

(a) The duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters shall not exceed ten (10) years.

(b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the employer and shall start receiving the member's monthly retirement benefit that would have been received if the member had retired at the time the member elected to participate in the plan.

(c)(1) At the conclusion of a member's participation in the plan, the member may defer receiving payment of the participant's account and continue with the funds deposited in the plan.

(2) Interest credited under subdivision (c)(1) of this section shall be calculated in the same manner as § 24-10-704(b), except the interest shall be credited at a rate of two percent (2%) per annum.

(d)(1) The payment of funds accumulated in the plan may be deferred one (1) time.

(2)(A) All funds in the plan shall be distributed in a manner prescribed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than April 1 of the year following the calendar year in which the participant attains the applicable age.

(B) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age.

(C) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-10-706. Duration - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-10-706/

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