Skip to main content
Find a Lawyer

Arkansas Code Title 24. Retirement and Pensions § 24-8-403. Payment of benefits

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

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly.

(b)(1)(A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify the deficiency.

(B)(i) This deficiency shall be met by payment from the general funds of the city, and proportionately from the general funds of the county if the salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto.

(ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county.

(2) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer.

(c)(1) In the case of a county municipal court judge, should the fund established under this subchapter be insufficient to pay retirement benefits due any such judge, then the fund shall be prorated among those entitled by the board as may be deemed just and equitable.

(2) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if:

(A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or

(B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year.

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

Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-8-403. Payment of benefits - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-8-403/

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