Arkansas Code Title 24. Retirement and Pensions § 24-4-611. Minimum monthly benefit--Lump sum payment of reserve value

(b)(1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150).

(2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.

(3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.