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Arkansas Code Title 24. Retirement and Pensions § 24-6-227. Benefits generally--Tier I noncontributory member

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

(a)(1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to one and sixty-six-hundredths percent (1.66%) of his or her final average compensation multiplied by the number of years and any fraction of a year of his or her credited service.

(2)(A) In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than:

(i) Social Security's minimum age for an immediate retirement benefit; and

(ii) Age sixty-two (62),

then the member shall receive a temporary annuity equal to three hundred and twenty-two-thousandths of one percent (0.322%) of the member's final average compensation for each year of his or her credited service.

(B) The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs:

(i) The member's death;

(ii) The member's attainment of the Social Security minimum age for an immediate monthly benefit; or

(iii) The member's attainment of age sixty-two (62).

(b) In the event a member with five (5) years or more of actual service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching the required age for voluntary retirement and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching what his or her voluntary retirement age would have been if he or she had continued state police employment from time of termination of employment.

(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.

(d) It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement, the total of the system annuity shall not exceed the member's final average compensation.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-6-227. Benefits generally--Tier I noncontributory member - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-6-227/

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