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Arkansas Code Title 24. Retirement and Pensions § 24-2-401. Definitions

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

As used in this subchapter:

(1) “Deferred retirement option plan” means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;

(2) “Public safety service covered by the Arkansas Public Employees' Retirement System” means service as a public safety member as defined in § 24-4-101(34);

(3) “Reciprocal system” means:

(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202--24-7-205, 24-7-301--24-7-305, 24-7-401--24-7-411, 24-7-501, 24-7-502, 24-7-601--24-7-604, 24-7-606, 24-7-701, 24-7-702, 24-7-704--24-7-713, 24-7-715, and 24-7-716;

(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103;

(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103;

(D) The State Police Retirement System, established by § 24-6-203;

(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;

(F) An alternate retirement plan as defined in § 24-7-202; or

(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.;

(4) “State employer” means:

(A) The public employer whose employees are covered under:

(i) The Arkansas Teacher Retirement System;

(ii) The Arkansas State Highway Employees' Retirement System;

(iii) The Arkansas Public Employees' Retirement System; or

(iv) The State Police Retirement System;

(B) The public employer whose employees are circuit court judges, judges of the Court of Appeals, and justices of the Supreme Court, whether elected or appointed to office, covered under the Arkansas Judicial Retirement System;

(C) The public employer whose employees are district court judges, whether elected or appointed to office, covered under the Arkansas Public Employees' Retirement System; or

(D) A public employer that has an alternate retirement plan as defined in § 24-7-202;

(5) “Member” means an employee of a state-retirement-plan-covered employer as defined under the plan of the retirement system;

(6)(A) “Retirement benefit” means a benefit that is offered to a retired member in accordance with the law applicable to the retirement system and includes without limitation a:

(i) Monthly retirement benefit; and

(ii) Deferred retirement plan benefit or annuity, if available.

(B) “Retirement benefit” does not exclusively mean a monthly retirement benefit that is offered to a retired member in accordance with the law applicable to the retirement system; and

(7) “Service credit” means retirement credit earned by a member for time worked that is used as a factor that is applied to a retirement benefit formula under the law applicable to the retirement system in order to determine the monthly retirement benefit of the member.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-2-401. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-2-401/

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