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Ark. Code Ann. § 24-4-508

Eligibility for benefits — Retirement generally

Applied in 1 court decision — leading case 2022 Ark. App. 275 - LINDA BOLDING v. ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM BOARD CANDACE FRANKS, IN HER OFFICIAL AND INDIVIDUAL CAPACITY LARRY WALTHER, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY DAVID HUDSON, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY STEVE FARIS, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY DARYL BASSETT, IN HIS OFFICIAL AND INDIVIDUAL CAPACiTY GARY CARNAHAN, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY JOE HURST, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY ANDREA LEA, IN HER OFFICIAL AND INDIVIDUAL CAPACITY DENNIS MILLIGAN, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY AND DUNCAN BAIRD, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY (2022)

Most recently applied in 2022 Ark. App. 275 - LINDA BOLDING v. ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM ARKANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM BOARD CANDACE FRANKS, IN HER OFFICIAL AND INDIVIDUAL CAPACITY LARRY WALTHER, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY DAVID HUDSON, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY STEVE FARIS, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY DARYL BASSETT, IN HIS OFFICIAL AND INDIVIDUAL CAPACiTY GARY CARNAHAN, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY JOE HURST, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY ANDREA LEA, IN HER OFFICIAL AND INDIVIDUAL CAPACITY DENNIS MILLIGAN, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY AND DUNCAN BAIRD, IN HIS OFFICIAL AND INDIVIDUAL CAPACITY (June 2022)

Acts 1957, No. 177, § 10; 1959, No. 42, § 10; 1965, No. 153, § 7; 1969, No. 228, § 1; 1985, No. 938, § 2; A.S.A. 1947, § 12-2510; Acts 1993, No. 1093, § 2; 1997, No. 299, § 15; …

(1) Any member may voluntarily retire upon his or her written application filed with the Board of Trustees of the Arkansas Public Employees' Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of the application, that he or she desires to be retired if that member has: Twenty-eight (28) or more years of credited service regardless of age;

(2) Attained or attains age sixty (60) and has twenty (20) or more years of actual contributory service commenced prior to January 1, 1978; or

(3) Attained or attains age sixty-five (65) and has five (5) or more years of actual service, except for a member of the General Assembly who must have ten (10) or more years of actual service if he or she only has service as a member of the General Assembly.

(4) Total credited service to qualify for a benefit may be service with the Arkansas Public Employees' Retirement System and service with the University of Arkansas System, which service is covered by the retirement system recognized by the University of Arkansas.

(5) The benefit payable by the Arkansas Public Employees' Retirement System shall be based on credited service in the system and on the final average compensation in the system. However, should a member have less than four (4) years of credited service in the system, “final average compensation” means the monthly average of pays to the member during his or her total years of service in the system.

(6) An annuity determination shall be made promptly by the Arkansas Public Employees' Retirement System upon a member's filing a written application for retirement in accordance with subsection (a) of this section.

(7) The determination shall include the member's total years of credited service, the specific factors used to make the determination, the base annuity payable to the member, and the amount of annuity payments, if any, payable under the annuity options of § 24-4-606.

(8) If the member is not eligible for a retirement annuity, the determination shall state the reasons for the determination.

(9) A member's retirement election is irrevocable except under circumstances as may be permitted by the board by rule.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.