Skip to main content
Find a Lawyer

Arkansas Code Title 24. Retirement and Pensions § 24-6-221. Benefit increases--Restrictions

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

(a)(1) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the State Police Retirement System who retired prior to July 1, 1982, shall be increased as follows:

        Date of Retirement

Percent of Increase

        7-1-82 and after

 0%

        7-1-80 through 6-30-82

 6%

        7-1-75 through 6-30-80

12%

        Before 7-1-75

18%

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before July 1, 1975, shall receive a maximum increase of eighteen percent (18%).

(3) The increase in benefits provided in subdivision (a)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (a)(1) of this section shall be added to the base annuity of the member or beneficiary.

(b)(1) On July 1, 1985, the monthly retirement benefit payable to retirants and beneficiaries of retirants of the system who retired June 1, 1982, or before shall be increased as follows:

(A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit.

(B) The following schedule shall be used to determine the percent of increase due:

        Date of Retirement

Percent of Increase

        7-1-82 and after

 0%

        7-1-81 through 6-1-82

 1%

        7-1-80 through 6-1-81

 2%

        7-1-79 through 6-1-80

 3%

        7-1-78 through 6-1-79

 4%

        7-1-77 through 6-1-78

 5%

        7-1-76 through 6-1-77

 6%

        7-1-75 through 6-1-76

 7%

        7-1-74 through 6-1-75

 8%

        7-1-73 through 6-1-74

 9%

        7-1-72 through 6-1-73

10%

        Before 7-1-72

10%

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before June 1, 1973, shall receive a maximum increase of ten percent (10%).

(3) The increase in benefits provided in subdivision (b)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (b)(1) of this section shall be added to the base annuity of the member or beneficiary.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-6-221. Benefit increases--Restrictions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-6-221/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard