Skip to main content
Find a Lawyer

Arkansas Code Title 24. Retirement and Pensions § 24-4-1103. Benefits generally

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

(a)(1) Upon retirement under this subchapter, a member shall receive a straight life pension equal to two and three-hundredths percent (2.03%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service for each year of contributory service rendered prior to July 1, 2007.

(2) For each year of contributory service in the Arkansas Public Employees' Retirement System rendered after June 30, 2007, the member shall receive two percent (2%) of the member's final average compensation multiplied by the number of years and any fraction of a year of the member's service.

(3) For each year of actual service in the system in excess of twenty-eight (28) years that is rendered on or after July 1, 2009, a member shall receive a straight life annuity equal to an additional five-tenths of one percent (0.5%) of the member's final average compensation.

(b) Any member may voluntarily retire upon filing a written application with the Board of Trustees of the Arkansas Public Employees' Retirement System not less than thirty (30) days nor more than ninety (90) days before the date the member desires to be retired if that member has:

(1) Twenty-eight (28) or more years of credited service regardless of age; or

(2)(A) Attained or attains sixty-five (65) years of age and has five (5) or more years of actual service.

(B) However, a member of the General Assembly must have ten (10) or more years of actual service if the member only has service as a member of the General Assembly.

(c) No temporary annuity will be provided to members covered by this subchapter.

(d) The maximum benefit payable upon retirement shall be one hundred percent (100%) of the member's final average compensation without regard to any postretirement increases enacted by the General Assembly.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-1103. Benefits generally - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-1103/

Read this complete Arkansas Code Title 24. Retirement and Pensions § 24-4-1103. Benefits generally on Westlaw. Westlaw subscription required.

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 or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Arkansas Codes

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