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Arkansas Code Title 24. Retirement and Pensions § 24-4-106. Limitations

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

(a)(1)(A) Notwithstanding any provisions to the contrary, it is considered sound public policy to limit contributions by public employers to one (1) state-authorized retirement plan. Accordingly, effective July 1, 1999, employers participating in the Arkansas Public Employees' Retirement System shall not establish any other state-authorized plan that requires contributions by the employer.

(B) The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate such rules as are required to prohibit the establishment of such plans in the future.

(2) An employer that, in addition to participating in the system, has another state-authorized plan that was in existence on July 1, 1999, shall not be prohibited from:

(A) Changing vendors for the plan;

(B) Adding employees to the plan; or

(C) Modifying a plan pursuant to federal guidelines.

(3) If an employer merges with another employer and either employer has a plan that was in existence on July 1, 1999, then the merged entity may continue to provide the plan for employees of the entity.

(b) The system shall notify all participating employers on an annual basis of the requirements of this section and the board rules governing this subject.

(c) For the purpose of this section, “state-authorized plan” means any retirement plan authorized by state or federal law.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-106. Limitations - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-106/

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