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Arkansas Code Title 24. Retirement and Pensions § 24-5-109. Employer contributions

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

(a) An employer contribution shall be a set percentage rate of the compensation of the employee as defined in § 24-5-101 and described in § 24-5-202.

(b)(1) The Board of Trustees of the Arkansas State Highway Employees' Retirement System shall propose a set percentage rate after receiving recommendations from the actuary for the Arkansas State Highway Employees' Retirement System.

(2) The employer contribution rate recommended by the board shall be approved by the State Highway Commission.

(3) The percentage rate shall not be less than twelve and nine-tenths percent (12.9%) of compensation.

(4) The employer contribution rate shall be recommended based on a contribution policy established by the board.

(5) The Arkansas State Highway Employees' Retirement System shall use the contribution rate last approved by the State Highway Commission until a new contribution rate is approved by the State Highway Commission.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-5-109. Employer contributions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-5-109/

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