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Arkansas Code Title 24. Retirement and Pensions § 24-4-804. Cessation of participation

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

(a) The member's participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan shall cease at the time the member separates from service.

(b)(1)(A) When the member's participation in the plan ceases, the member shall elect to receive the balance in the deferred option account as either a lump sum or as a monthly benefit paid in the form elected by the member for payment of the deferred retirement benefit.

(B) The Board of Trustees of the Arkansas Public Employees' Retirement System shall determine factors to be used for the conversion of deferred option account balances to monthly amounts.

(2) Furthermore, when the member's participation in the plan ceases, the board shall cause the member's annuity benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the deferred retirement option date and had made the same election pursuant to § 24-4-606 that was made on or before the deferred retirement option date.

(c)(1) When a member's participation in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan ceases, the member shall separate from service as provided in § 24-4-520 unless the separation period would prevent a popularly elected official from taking or holding office.

(2)(A)(i) This section does not apply to a member who:

(a) Was an employee of the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board;

(b) Is a participant in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan; and

(c) Is an essential seasonal staff member with the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board.

(ii) This section does not apply to a member who:

(a) Was an employee of the Department of Agriculture;

(b) Is a participant in the Arkansas Public Employees' Retirement System Deferred Retirement Option Plan; and

(c) Is an essential seasonal staff member with the department.

(B) As used in subdivision (c)(2)(A) of this section, “essential seasonal staff member” means an employee of the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board who:

(i) Has specialized knowledge, skill, or training pertaining to necessary duties or tasks to be completed by the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board in times of emergency, disaster cleanup, extreme weather, or other circumstances deemed pressing by the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board; and

(ii) Is employed by the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board on a part-time basis:

(a) During times of emergency, disaster cleanup, extreme weather, or other circumstances deemed pressing by the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board; or

(b) As an instructor to train other staff for times of emergency, disaster cleanup, extreme weather, or other circumstances deemed pressing by the department, the Arkansas Forestry Commission, the Arkansas Livestock and Poultry Commission, or the State Plant Board.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-4-804. Cessation of participation - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-4-804/

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