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Arkansas Code Title 24. Retirement and Pensions § 24-4-517. State service under a federal grant

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

(a) As used in this section, “state service under a federal grant” means service rendered to any state agency while detailed or assigned to the agency under the terms of a federal grant agreement between an agency of the federal government and a state agency to perform services for the state agency and to be under the supervision of state administrators while being paid from federal grant funds awarded to the state agency and withheld from the federal grant moneys.

(b) From and after January 1, 1995, any person who is or was a member of the Arkansas Public Employees' Retirement System shall be entitled to purchase credited service in the system for a period not to exceed three (3) years for state service under a federal grant, but only if the person:

(1) Has at least ten (10) years of actual service with the system;

(2) Is not receiving or was not eligible to receive any retirement benefits paid by another retirement system for the period of time for which he or she is claiming state service under a federal grant, except for Social Security benefits, if the person had left on deposit the contributions to the other system;

(3)(A) Pays or causes to be paid all employee contributions at the rate and on the compensation that would have been paid had he or she been a member of the system during that time, all employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time, and regular interest on the employee and employer contributions computed from the date the service was rendered to the date payment is received by the system.

(B) The member may purchase all of the service or any portion thereof in multiples of one (1) year.

(C) The payment of funds shall be made in one (1) lump sum; and

(4) Has otherwise complied with all other rules as the Board of Trustees of the Arkansas Public Employees' Retirement System may from time to time adopt under this section.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-517. State service under a federal grant - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-517/

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