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Arkansas Code Title 24. Retirement and Pensions § 24-4-802. Election to participate in plan; procedures

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

(a) When a member of the Arkansas Public Employees' Retirement System elects participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan, the member shall fill out an application form as developed by the Board of Trustees of the Arkansas Public Employees' Retirement System. The member's application shall be reviewed to determine whether or not the member meets the eligibility requirements specified in this subchapter. The member's deferred retirement option date shall be the later of:

(1) The first day of the month following the system's determination that the member is eligible for plan participation; or

(2) The date requested by the member on the application.

(b)(1) A member who elects participation in the plan may elect one (1) of the annuity options provided in § 24-4-606.

(2) The election shall be deemed to apply to the member's deferred retirement option plan benefit as well as to the member's monthly retirement benefit from the system at the time it becomes payable.

(c)(1) The election to participate in the plan is irrevocable and the duration of participation in the plan for active members shall not exceed ten (10) years.

(2) Under no circumstances shall a member receive service credit under any state-supported retirement system during a period of participation or following a period of such participation in the same retirement system's plan.

(d) When a member begins participation in the plan, the:

(1) Employee contributions to the system on behalf of the member shall cease; and

(2) Employer contributions to the system on behalf of the member shall continue.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-802. Election to participate in plan; procedures - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-802/

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