State Police Retirement

Ark. Code Ann. tit. 24, ch. 6

in effect

Ark. Code Ann. § 24-6-101 System for payment of disability and retirement benefits and medical fees — Rules — Fund.

(a)(1) The Arkansas State Police Commission is authorized and empowered to create and administer a system of paying disability, pension, and retirement pay funds to members of the Division of Arkansas State Police and their dependents and survivors. (2) The commission shall have the authority and power, whenever it deems best, to pay medical expenses, including hospitalization fees and charges, of state police injured while in the performance of their official duties. (3)(A) The commission shall have the authority and power to purchase and maintain in force group life, accident, and disability insurance upon the lives and members of the division upon such terms and conditions as it may deem necessary and proper. (B) However, the purchasing and maintaining of such insurance shall be discretionary, and not mandatory, on the part of the commission. (b) The commission is authorized and empowered to: (1) Promulgate and enforce all rules necessary to create and administer a system of paying medical and hospitalization fees, disability benefits, pensions, and retirement pay to members of the division; (2) Establish and prescribe the eligibility of members of the police force and their dependents and survivors in and to the benefits of the funds; and (3) Do any and all things necessary to carry out the provisions of this act. (c)(1) There is created and established the State Police Retirement Fund, to which shall be credited any and all appropriations made by the General Assembly for the purposes outlined in this section. (2) Any unexpended balance of the appropriation made for the first fiscal year of any biennial period may be used for a like purpose during the second fiscal year. (3) Vouchers drawn upon and payable from the funds shall be drawn and paid in the manner provided by law for payment of obligations of the division.

Ark. Code Ann. § 24-6-102 Early retirement incentives.

(a) In addition to the provisions of § 24-6-214: (1)(A) An employee who is an active member of the State Police Retirement System on March 12, 1987, and who is vested for a full age and service annuity and who has credit in the system for three (3) consecutive actual years of service with the Department of Arkansas State Police immediately prior to his or her retirement date, may choose two (2) of the retirement incentives from subdivisions (a)(1)(B)-(E) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the department or in which the state is the employer. (B)(i) In addition to his or her regular annuity, the system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the Arkansas State Police Employee Health Plan. (ii) The payment is to be for the retirant's coverage only and to be paid from the date of his or her retirement until the retirant's death. (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) For the purpose of computing the member's annuity, he or she will receive an additional annuity equal to ten percent (10%) of his or her computed annuity. (E)(i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (2)(A) An employee who is an active member of the system on March 12, 1987, and who has credit in the system for three (3) consecutive actual years of service with the department immediately prior to his or her retirement date and who has credit for not less than ten (10) actual years of service and has attained age forty-eight (48) or credit for not less than eighteen (18) actual years of service regardless of age, may choose two (2) of the retirement incentives from subdivisions (a)(2)(B)-(F) of this section, provided he or she retires during the period beginning with March 12, 1987, through January 1, 1988, inclusive. However, an employee who participates in this retirement incentive program is not eligible to accept further employment with the department or in which the state is the employer. (B)(i) The system will pay the cost of the member's health insurance which he or she is eligible to continue as a retirant with the plan. (ii) This payment is to be for the retirant's coverage only and is to be paid from the date of his or her retirement until the retirant has attained age sixty-five (65). (C) For the purpose of computing the member's annuity, his or her highest annual salary will be substituted for his or her final average compensation. (D) If the member is eligible for an early reduced annuity as provided in § 24-6-214(b)(1) and he or she is within two (2) years of his or her full annuity age, or if he or she has at least ten (10) years of credit and is within two (2) years of his or her full annuity age, then his or her annuity will not be reduced because of early retirement. (E) If a member has attained his or her full annuity age as provided by § 24-6-214(b)(2) and is within two (2) years of attaining the service requirement for a full annuity, then his or her annuity will not be reduced because of early retirement. (F)(i) A member may receive a retirement bonus which is a lump-sum payment equal to ten percent (10%) of the final annual salary of the employee not to exceed five thousand dollars ($5,000). (ii) The retirement bonus shall be paid from the employer's accumulation account of the system. (3)(A) For those state police officers who retire pursuant to the provisions of this section, the amount paid by the system as the cost of the employee's health and basic life insurance shall not exceed the amount of the employer's contribution for the coverage on the date of the employee's retirement and may be reduced at the time the employee qualifies under Medicare or Medicaid programs. (B) Any future increase in the cost of this coverage shall be borne by the employee and not by the system from which the employee retired. (b) No position being vacated as a result of an employee retiring pursuant to the provisions of this section shall be filled without the written approval of the Governor or the Chief Fiscal Officer of the State.

Ark. Code Ann. § 24-6-103 No waiver of sovereign immunity.

Nothing in this chapter shall be taken or interpreted as a waiver of the state's sovereign immunity.

Ark. Code Ann. § 24-6-104 Credit for service in National Guard and armed forces reserve.

(a) As used in this section, “armed forces reserve” means one (1) of the reserve components of the United States Army, United States Navy, United States Air Force, United States Marine Corps, United States Space Force, or United States Coast Guard. (b)(1) A member of the State Police Retirement System may purchase credited service in the system for a period not to exceed five (5) years for compensated service rendered by the member in the National Guard or in the armed forces reserve if the member: (A) Makes an application to the Board of Trustees of the State Police Retirement System; (B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and (C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary. (2) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions. (c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the National Guard or in the armed forces reserve. (d) The service in the National Guard or in the armed forces reserve shall not become credited service under this system until the member: (1) Pays for the year of service in the National Guard or in the armed forces reserve prior to retirement; and (2) Has established five (5) or more years of actual service in the system. (e) If a member ceases to be an active member before the service in the National Guard or in the armed forces reserve has been established as system-credited service, the member payments contributed under this section are refundable, together with regular interest. (f)(1) This section is supplemental to §§ 24-2-502 and 24-6-210, and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by §§ 24-2-502 and 24-6-210. (2) However, a member is not entitled to receive more than five (5) years of credited service rendered by the member under this section. (3) A member is not eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service in the National Guard or in the armed forces reserve. (4) Service credit in the system for active duty military service under §§ 24-2-502 and 24-6-210 and for service in the National Guard or in the armed forces reserve shall not be given for the same period of time. (5) A member's service in the National Guard or in the armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.

Ark. Code Ann. § 24-6-201 Definitions.

As used in this subchapter: (1) “Accumulated contributions” means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members' deposit account, together with regular interest credited thereon; (2) “Beneficiary” means any person, except a retirant, who is in receipt of, or who is entitled to receive, a pension or other benefit payable from funds of the State Police Retirement System; (3) “Board” means the Board of Trustees of the State Police Retirement System; (4) “Contributory member” means a state police officer who was a member of the system prior to January 1, 1978, and who continues to contribute six percent (6%) of his or her compensation to the system; (5) “Credited service” means the service credited a member by the board to the extent provided in this subchapter; (6) [Repealed.] (7) [Repealed.] (8)(A) “Final average compensation” for contributory service means the average of the annual salaries paid a member for the three (3) years of credited service rendered by the member immediately preceding his or her last termination of employment with the Division of Arkansas State Police, but the final average compensation shall not exceed that of the highest permanent rank. (B)(i) “Final average compensation” for Tier I noncontributory service means the average of the highest annual compensation paid a member during any period of sixty (60) calendar months of credited service with the division. (ii) Should a member have less than sixty (60) calendar months of credited service, “final average compensation” means the monthly average paid to the member during his or her total years of credited service; (9) “Member” means any state police officer who is included in the membership of the system; (10) “Noncontributory member” means a state police officer who does not contribute a portion of his or her compensation to the system; (11)(A) “Pension” means an annual amount payable from funds of the system throughout the life of a person. (B) All pensions shall be paid in equal monthly installments; (12) “Pension reserve” means the present value of a pension computed upon the basis of such mortality and other tables of experience, and regular interest, as the board, from time to time, may adopt; (13)(A) “Public safety member” means a state police officer in the State Police Retirement System who is a Tier I noncontributory member. (B) Employment as a public safety member shall be credited at one and one-half (1½) times the regular rate for crediting service; (14) “Regular interest” means such rates of interest per annum, compounded annually, as the board, from time to time, shall prescribe; (15) “Retirant” means any member who retires with a pension payable from funds of the system; (16) “Retirement” means a member's withdrawal from the employ of the division with a pension payable from funds of the system; (17)(A) “Salary” means the compensation paid a member for service rendered as a state police officer. (B) In no case shall the term “salary” include reimbursement for lodging, meals, or travel expenses; (18) “Service” means service rendered to the division by a state police officer and shall include previous service, if any, rendered as an Arkansas state ranger, state police officer with the Department of Arkansas State Police, or state police officer with the division; (19)(A) “State police officer” means any employee of the division or its predecessor entities who holds the rank of state trooper or higher rank, and it shall include the Director of the Division of Arkansas State Police. (B) The term “state police officer” shall not include any civilian employee of the division, nor shall it include any person who is temporarily employed as a state trooper for an emergency. (C) In any case of doubt as to who is a “state police officer”, the board shall decide the question; (20) “System” means the State Police Retirement System; (21) “Tier I” refers to covered employment for those first hired on or before April 2, 1997, as provided for in this subchapter; and (22) “Tier II” refers to covered employment for those first hired on or after April 3, 1997, as provided for in § 24-6-401 et seq.

Ark. Code Ann. § 24-6-202 Penalty.

(a) A person who knowingly makes a material false statement or who materially falsifies or permits to be materially falsified any records of the State Police Retirement System or the Division of Arkansas State Police in an attempt to defraud the system as the result of that act upon conviction is guilty of a felony. (b) Upon conviction by a court, that person shall be guilty of a Class D felony in accordance with § 5-55-301.

Ark. Code Ann. § 24-6-203 Creation.

The State Police Retirement System is created and established in conformance with this subchapter.

Ark. Code Ann. § 24-6-204 Board of trustees.

(a)(1) The Board of Trustees of the State Police Retirement System is created. (2)(A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active or retired member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v)(a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police. (B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections. (C) The regular term of office of a member trustee shall be seven (7) years. (D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections. (E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms. (F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016. (b)(1) The board by resolution shall declare the office of a trustee vacated as of the date of the adoption of the resolution if the trustee: (A) Ceases to be a state police officer; or (B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she is excused by the remaining trustees attending the meetings . (2) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (c)(1) The administration, management, and control of the State Police Retirement System shall be vested in the board. (2)(A) The executive director and administrative staff of the Arkansas Public Employees' Retirement System shall be the executive secretary and the administrative staff of the State Police Retirement System. (B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System. (3)(A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund. (B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division. (d) The Attorney General shall serve as legal advisor to the board. (e)(1) The board shall hold meetings regularly, at least one (1) in each quarter year, and shall designate the time and place of the meetings. (2) Special meetings may be held in accordance with rules as the board shall adopt. (3) Four (4) board members, including one (1) officer member, shall constitute a quorum at any meeting of the board, and at least four (4) concurring votes shall be necessary for a decision by the board at any of its meetings. (4) The board shall adopt its own rules or procedures and shall keep a record of its proceedings, which shall be open to public inspection. (f) In addition to other duties that are imposed upon the board by this subchapter, the board shall: (1) Make all rules from time to time as it shall deem necessary in the transaction of its business and in administering the State Police Retirement System; (2) Provide for the administrative direction and control of the Executive Secretary in the performance of his or her duties as Executive Secretary of the State Police Retirement System; (3) Provide for an actuarial valuation of the assets and liabilities of the State Police Retirement System or the retirement reserve account at least one (1) time in each four-year period from and after December 31, 1958; (4) Adopt mortality and other tables of experience and rates of regular interest that are required for the proper operation of the State Police Retirement System; (5) Perform the duties of trustee without additional compensation. However, trustees may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6)(A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter. (B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years. the board by resolution shall declare his or her office of trustee vacated as of the date of adoption of the resolution.

Ark. Code Ann. § 24-6-205 Correction of errors.

(a) Should any change or error in the records of the State Police Retirement System or the Department of Arkansas State Police result in any person's receiving from the system more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the State Police Retirement System shall correct the error and, as far as is practicable, shall adjust the payment in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid. (b) The board shall have the right to recover any overpayment any person may have received from funds of the system.

Ark. Code Ann. § 24-6-206 State Police Retirement Fund — Accounts.

(a)(1) There is established on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State a fund to be known as the “State Police Retirement Fund”, which shall consist of the trust funds designated by law. (2) This fund shall be used for payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law. (b) The accounts of the State Police Retirement System shall be the members' deposit account, employer accumulation account, retirement reserve account, and income account, as follows: (1) Members' Deposit Account. (A) The members' deposit account shall be the account in which members' contributions shall be accumulated at regular interest and from which shall be made transfers and refunds of contributions or accumulated contributions, as provided in this subchapter. (B) Upon the retirement of a member, his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred to the retirement reserve account; (2) Employer Accumulation Account. (A)(i) The employer accumulation account shall be the account in which shall be accumulated the contributions made by the State of Arkansas to the system. (ii) Upon the retirement of a member, the difference between his or her pension reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employer accumulation account to the retirement reserve account. (B)(i) If, at the end of any fiscal year, the sum of the balances in the employer accumulation account and the retirement reserve account is insufficient to equal an amount of ten (10) times the total of the pensions paid from the retirement reserve account during that fiscal year, the Board of Trustees of the State Police Retirement System shall certify to the Treasurer of State that a deficiency exists in the State Police Retirement Fund. (ii) Upon receipt of that certification, the Treasurer of State shall transfer from the Division of Arkansas State Police Fund to the State Police Retirement Fund an amount equal to ten percent (10%) of the deficiency so certified. When transferred, the amount shall be credited to the employer accumulation account. (C) All amounts credited to the State Police Retirement Fund in accordance with § 16-92-110 [repealed] shall be credited to the employer accumulation account; (3) Retirement Reserve Account. (A) The retirement reserve account shall be the account from which all pensions provided for in this subchapter shall be paid. (B) If a disability retirant returns to the employ of the Division of Arkansas State Police, his or her pension reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employer accumulation account in the same proportion as the pension reserve was originally transferred to the retirement reserve account; and (4) Income Account. (A) The income account shall be the account to which shall be credited all interest, dividends, and other income derived from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this subchapter. (B) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various accounts of the system except the income account. (C) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts. (c) A decision on whether to invest, not invest, or withdraw from investment the funds of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Ark. Code Ann. § 24-6-207 Membership.

(a) The Director of the Division of Arkansas State Police and all other state police officers shall become members of the State Police Retirement System. (b) All persons who became, or become, state police officers after March 19, 1951, shall become members of the system. (c) None of the other employees of the Division of Arkansas State Police shall be eligible to membership in the system, and the conferring of rank upon any such employee shall not, in itself, constitute eligibility to membership in the system. (d) Any state police officer, upon appointment as Secretary of the Department of Public Safety, shall be eligible to continue his or her membership in the State Police Retirement System.

Ark. Code Ann. § 24-6-208 Members' contributions.

(a)(1)(A) The contributions of a contributory member to the State Police Retirement System covered by the contributory provisions shall be nine and one-fourth percent (9.25%) of the member's salary. (B) However, no member may be required to pay more than nine and one-fourth percent (9.25%) of the salary of the highest permanent rank in the Department of Arkansas State Police. (2) The officers responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the salaries of each member on each and every payroll, for each and every payroll period, from the date of his or her entrance into the system to the date his or her membership terminates. (3) When deducted, each of the amounts shall be paid into the State Police Retirement Fund and shall be credited to each member's individual account in the members' deposit account. (4) The contributions provided for in this section shall be made notwithstanding that the minimum salary provided by law for any member shall be thereby changed. (5) Each member shall be deemed to consent and agree to the deductions made and provided for in this section. (6) Payment of his or her salary less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered to the department by the member, except as to benefits provided by this subchapter. (b) It is expressly guaranteed that all members' contributions shall be held in trust for the exclusive benefit of the individual members and that no part of the funds shall be used for any other purpose.

Ark. Code Ann. § 24-6-209 Employer's contribution.

(a) The Division of Arkansas State Police, as employer, shall make contributions to the State Police Retirement System of twenty-six percent (26%) of active member payroll. (b)(1) At the request of the Executive Secretary of the State Police Retirement System, the Secretary of the Department of Finance and Administration shall make annual transfers on each June 30 to the system from the remainder of insurance premium taxes enumerated in § 19-42-201(27) before those taxes are transferred to general revenues enumerated in § 19-41-201(19) the amounts of money necessary to amortize the unfunded liabilities over a period not to exceed thirty (30) years. (2) These transfers are intended to cover the unfunded accrued actuarial liabilities of the system and shall not be used for the purpose of providing any benefit enhancements for the system. (3) Members of the system shall not be entitled to any benefit enhancements from these transfers unless funds from sources other than insurance premium taxes are found to provide for the retirement benefit enhancements. (4) The amount of the transfer shall be determined by computing the dollar amount required based on the actuarially determined employer rate in the most recent annual actuarial valuation and subtracting from that amount the statutory contribution amount specified in subsection (a) of this section and the driver's license reinstatement fees provided by § 27-16-808. (5) These transfers shall be limited in use solely for the purpose of paying the unfunded accrued actuarial liabilities. (6) If the transfers under this section exceed eight hundred thousand dollars ($800,000) per fiscal year, the executive secretary shall notify the Joint Interim Committee on Public Retirement and Social Security Programs, which shall then review the use of the funds and the benefit provisions of the system and the actuarial reports on the system to ensure compliance with the intended purpose of the funds.

Ark. Code Ann. § 24-6-210 Credited service.

(a)(1) Any member who shall become separated from the employ of the Division of Arkansas State Police by reason of service in the United States Armed Forces shall have the service, not to exceed a total of five (5) years, credited to him or her as division service, but only if he or she returns to the employ of the division within one hundred eighty (180) days from and after termination of the armed service required of him or her and if he or she returns to the members' deposit account the amount of his or her accumulated contributions withdrawn by him or her, together with regular interest from the date of withdrawal to the date of repayment. (2) In any case of doubt as to the period to be so credited any member, the Board of Trustees of the State Police Retirement System shall have the final power to determine the period. (3) During the period of armed service and until his or her return to the employ of the division, his or her contributions to the members' deposit account shall be suspended, and his or her balance in the account shall be accumulated at regular interest. (4) The federal service so credited a member shall be excluded in computing his or her final average compensation. (b)(1) The board shall determine by appropriate rules the amount of service to be credited any member. (2) In no case shall less than fifteen (15) days of service rendered in any calendar month be credited as a month of service, nor shall less than ten (10) months of service rendered in any calendar year be credited as a year of service, nor shall more than one (1) year of service be credited any member for all service rendered by him or her in any calendar year. (c)(1) Except as otherwise provided in this subchapter, should any member leave the employ of the division for any reason except his or her retirement as provided in this subchapter or his or her death, he or she shall thereupon cease to be a member, and his or her credited service at that time shall be forfeited by him or her. (2) In the event he or she again becomes employed in the division as a state police officer, he or she shall again become a member of the system. (3)(A) In the event his or her reemployment occurs within a period of five (5) years from and after the date he or she last left the employ of the division, his or her credited service last forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the members' deposit account the amounts he or she may have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment. (B) Repayment shall be made according to such rules as the board shall adopt from time to time. (4) Except as otherwise provided in this subchapter, should a person return to the employment of the division after the expiration of a period of five (5) years from and after the date of his or her employment with the division last terminated, he or she shall not have his or her credited service last forfeited by him or her restored to his or her credit. (5) Upon a member's retirement or death, he or she shall cease to be a member.

Ark. Code Ann. § 24-6-211 Eligibility for benefits — Mandatory retirement.

(a) A member shall be separated from Department of Arkansas State Police employment the first day of the calendar month next following the month in which he or she attains age sixty-five (65). (b) If, upon his or her separation from department employment, the member has five (5) or more years of actual service, he or she shall receive a pension provided for in § 24-6-214.

Ark. Code Ann. § 24-6-212 Eligibility for benefits — Voluntary retirement for contributory members.

(a)(1) Any contributory member who has acquired twenty (20) or more years of credited service or any contributory member who has attained age fifty (50) and has acquired five (5) or more years of actual service may voluntarily retire upon written application filed with the Board of Trustees of the State Police Retirement System. (2) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, he or she desires to be retired. (b) Upon his or her retirement, he or she shall receive a pension provided for in § 24-6-214.

Ark. Code Ann. § 24-6-213 Eligibility for benefits — Disability retirement.

(a)(1)(A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Department of Arkansas State Police on behalf of a member, a member who is in the employ of the Department of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the department by reason of a personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member. (B) The examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the Department of Arkansas State Police in determining the extent of the disability. (2) The five (5) years of service requirement contained in this subsection shall not apply to a member whom the Board of Trustees of the State Police Retirement System finds to be in receipt of workers' compensation for his or her disability arising solely and exclusively out of and in the course of his or her employment with the department. (b)(1) Upon his or her retirement on account of disability as provided in subsection (a) of this section, a member shall receive a disability pension computed according to the contributory provisions of § 24-6-214 or the noncontributory provisions of § 24-6-227, as applicable. (2) However, a member's disability pension shall not be less than twenty percent (20%) of his or her final average compensation and shall be subject to subsections (c)-(e) of this section. (c)(1) At least one (1) time each year during the first five (5) years following a member's retirement on account of disability and at least one (1) time in every three-year period thereafter, the Board of Trustees of the State Police Retirement System may and upon the retirant's application shall require any disability retirant who has not attained fifty (50) years of age to undergo a medical examination to be made by or under the direction of the medical professionals designated by the Board of Trustees of the State Police Retirement System. (2) If the retirant refuses to submit to a medical examination in any such period, his or her disability pension may be suspended by the Board of Trustees of the State Police Retirement System until his or her withdrawal of his or her refusal. (3) If his or her refusal continues for one (1) year, all his or her rights in and to a disability pension may be revoked by the Board of Trustees of the State Police Retirement System. (4) If upon the medical examination of the retirant the medical professionals designated by the Board of Trustees of the State Police Retirement System report to the Board of Trustees of the State Police Retirement System that the retirant is physically capable of performing the duties of the rank held by him or her at the time of his or her retirement, the retirant shall be returned to the employ of the department, and his or her disability pension shall be terminated. (d)(1) Upon a disability retirant's return to the employ of the department as provided in subsection (c) of this section, his or her credited service at the time of his or her retirement shall be restored to his or her credit. (2) He or she shall be given service credit for the period he or she was receiving a disability pension if, within that period, he or she was in receipt of workers' compensation on account of his or her department employment. (e) In the event a disability retirant who has not attained age fifty (50) performs personal services in an occupation, business, or employment, his or her disability pension shall be reduced so that the sum of his or her disability pension and the compensation received by him or her from the occupation, business, or employment shall not exceed his or her annual rate of salary at the time of his or her retirement.

Ark. Code Ann. § 24-6-214 Benefits generally — Contributory member.

(a) Upon his or her retirement as provided in this subchapter, a member shall receive a straight life pension equal to the following sum: Two and nine hundred forty-nine thousandths percent (2.949%) 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 not to exceed twenty (20) years, plus the sum of two and three hundred fifty-nine thousandths percent (2.359%) 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 in excess of twenty (20) years but not in excess of twenty-five (25) years, plus one and eighteen-hundredths percent (1.18%) 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 in excess of twenty-five (25) years but not in excess of thirty (30) years. (b)(1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of age fifty (50), as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained age fifty (50). (2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years of age, computed in the same manner as the pension of other retirants under the system. (3) 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.

Ark. Code Ann. § 24-6-215 Benefits — Death of retirant.

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System. (b) If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death.

Ark. Code Ann. § 24-6-216 Benefits — Survivor's pension upon death of retirant.

(a)(1) In the event a retirant dies and leaves a spouse to whom the retirant was married, the surviving spouse shall receive a pension equal to seventy-five percent (75%) of the retirant's pension, but only if the spouse has under care the retirant's dependent children whose dates of birth are prior to the retirant's date of retirement. (2) When the spouse no longer has under care such a dependent child, the pension shall be reduced to fifty percent (50%) of the retirant's pension. (3) Upon the spouse's remarriage or death, the pension provided for in this subsection shall terminate. (b)(1) In the event a retirant dies and leaves a spouse to whom he or she was married and who does not have under care the retirant's dependent children, the surviving spouse shall receive a pension equal to fifty percent (50%) of the retirant's pension. (2) Upon the spouse's remarriage or death, the pension provided for in this subsection shall terminate. (c)(1) In the event a retirant dies and does not leave a spouse eligible for a pension as provided for in this section, or in the event the surviving spouse dies or remarries and the pension provided for in subsection (a) of this section is terminated, and there is surviving the retirant a dependent child, or children, each such child shall receive a pension of an equal share of seventy-five percent (75%) of the retirant's pension. (2) In no case shall the pension payable to any such child exceed twenty-five percent (25%) of the retirant's pension. (d)(1)(A) A child shall be a dependent child until his or her death, his or her marriage, or his or her attainment of twenty-three (23) years of age, whichever occurs first. (B) The twenty-three-year maximum age shall also be extended for any child who has been deemed physically or mentally incompetent by a court with jurisdiction over the individual or by the Board of Trustees of the State Police Retirement System, for as long as the incompetency exists. (2) Once a child ceases to be dependent, his or her annuity shall terminate and there shall be a redetermination of the amount payable to any remaining dependent children. (e)(1) If a surviving spouse who is receiving survivor's benefits under this section remarries, and the benefits are discontinued, and the surviving spouse again becomes unmarried, benefits provided in this section for the spouse shall be resumed. (2) Benefits shall be resumed for any surviving spouse who had remarried but is unmarried on that date, but no such benefits will be paid the surviving spouse for any period prior to July 1, 1991. (f) Before the date his or her first annuity payment becomes due, but not thereafter, a noncontributory Tier I member may elect to: (1) Receive his or her annuity as a straight life annuity; or (2)(A) Have his or her annuity reduced and nominate a beneficiary in accordance with the option provisions of § 24-6-408. (B) However, in the instance of Option B75 under § 24-6-408(a)(4), the reduced annuity shall be seventy-eight percent (78%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date. The reduced annuity of seventy-eight percent (78%) shall be: (i) Decreased by three-quarters of one percent (0.75%) for each year the beneficiary's age is less than the retirant's age; or (ii) Increased by three-quarters of one percent (0.75%), up to a maximum of ninety percent (90%), for each year that the beneficiary's age is more than the retirant's age.

Ark. Code Ann. § 24-6-218 Benefits — Survivors' benefits upon death of officer killed in line of duty while not member of system — Definition.

(a)(1) In the event any state police officer is killed while in the performance of his or her duties, yet the surviving spouse and surviving children of the state police officer are deprived of receiving benefits as prescribed in § 24-6-217 because the state police officer was not a member of the State Police Retirement System at the time of his or her death, or had not completed any probationary period of service required by rules of the Arkansas State Police Commission, or had not obtained sufficient service for benefits, the surviving spouse may make application to the Board of Trustees of the State Police Retirement System. (2) Upon establishing proof of the facts set forth in this subsection, the surviving spouse and surviving children shall be eligible for and receive survivors' benefits for himself or herself and the unmarried children of the deceased state police officer who was killed in the line of duty, if the children are under eighteen (18) years of age or under twenty-three (23) years of age while enrolled in an institution of higher education, as provided in § 24-6-217. (b) Upon the reaching of eighteen (18) years of age by the unmarried children or the failure to enroll in an institution of higher education if the child is under twenty-three (23) years of age, the surviving spouse shall continue to receive benefits as provided by law, but upon his or her remarriage or death, the benefits shall terminate. (c) It is the specific intent of this section that surviving spouses as described in this section be eligible for survivors' benefits for themselves and any unmarried children under eighteen (18) years of age of the deceased state police officer who was killed in the line of duty, or any children under twenty- three (23) years of age while enrolled in an institution of higher education, irrespective of whether the employee was a member of, or was eligible for benefits under, the State Police Retirement System at the time of his or her death. (d) Upon certification of these facts by the board, the Secretary of the Department of Finance and Administration shall direct the Treasurer of State to transfer from the Division of Arkansas State Police Fund, annually, to the State Police Retirement Fund an amount equal to the funds expended from the State Police Retirement Fund for the payment of survivors' benefits as authorized in this section in order to reimburse the State Police Retirement Fund therefor. (e)(1) For purposes of this section, “an institution of higher education” means any public university, college, community college, and any nonpublicly supported not-for-profit college or university. (2) The board is hereby authorized to establish through rules a means of verification of enrollment in an institution of higher education by a surviving child under this section for purposes of continuation of pension benefits.

Ark. Code Ann. § 24-6-219 Benefits — Redetermination of benefits.

(a) Each July 1 the State Police Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).

Ark. Code Ann. § 24-6-220 Benefits — Increased benefits generally.

(a) Each person receiving retirement benefits from the State Police Retirement System on July 1, 1983, shall, beginning July 1, 1983, receive an increase in monthly benefits of five percent (5%). (b) Beginning on July 1, 1984, all persons who were receiving benefits under the system on July 1, 1983, shall receive an additional increase in monthly benefits of five percent (5%).

Ark. Code Ann. § 24-6-221 Benefits — Increased benefits for persons retiring by June 1, 1982, or by July 1, 1982.

(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: (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 post-retirement 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: (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. 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% Click to view table. 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% Click to view table.

Ark. Code Ann. § 24-6-222 Refund of contributions.

(a)(1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system. (2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein. (b)(1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214. (2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of age fifty (50). (c)(1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board. (2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.

Ark. Code Ann. § 24-6-223 Interest in fund not transferable or subject to legal process.

(a) No person entitled to any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the system shall have the right to anticipate such entitlement or to sell, assign, pledge, mortgage, or otherwise dispose of or encumber such entitlement, nor shall any interest or share in any pension, any return of contributions or accumulated contributions, or any other benefit payable or to be made payable from funds of the system be liable for the debts or liabilities of the person or persons entitled thereto, or be subject to attachment, garnishment, execution, levy, sale, or judicial proceedings, or be transferable by any means, voluntarily or involuntarily, except as expressly provided for in this subchapter. (b) Should a member be covered by a group insurance or prepayment plan participated in by the Department of Arkansas State Police and should he or she be permitted to, and elect to, continue the coverage as a retirant, nothing contained in this section shall prevent the board, upon the member's written request, from deducting from his or her pension the payments required of him or her to continue coverage under the group insurance or prepayment plan. (c) An exception to the prohibition against subjection of annuity rights to any process of law applies to the following: (1) The State of Arkansas shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a member, retirant, or beneficiary. (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for such support.

Ark. Code Ann. § 24-6-224 Increase in benefits.

(a) On July 1, 1991, the monthly retirement benefit payable to retirants and beneficiaries of the State Police Retirement System who retired June 1, 1991, or before, shall be increased by four percent (4%) of the benefit payable on June 1, 1991. (b) The increase in benefits provided in subsection (a) 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 in subsection (a) of this section shall be added to the base annuity of the retirant or beneficiary.

Ark. Code Ann. § 24-6-225 Applicability of benefit provisions.

(a)(1) The noncontributory benefit provisions of this chapter shall be applicable to each person who has never been a member of the State Police Retirement System before January 1, 1978, and who is employed before April 3, 1997, in a position covered by the system and who thereby becomes a member. (2)(A)(i) Each other person who was a member before January 1, 1978, but who was not actively employed in a position covered by the system on January 1, 1978, shall become covered by the noncontributory benefit provisions of this chapter at the time the person first becomes so employed after January 1, 1978, unless he or she elects to become covered by the provisions of the system which require member contributions. The election must be in writing and received by the governing body of the system before the later of January 1, 1986, and six (6) months after he or she first becomes so employed after January 1, 1978. (ii) If the member so elects benefits requiring member contributions, he or she shall pay the member contributions from the date of the employment, together with regular interest, from the dates the contributions would normally have been received by the system to the dates of actual payment. (B)(i) The benefits of each member's becoming covered by the noncontributory benefit provisions of this chapter shall be computed by applying the benefit provisions prescribed by this subchapter for all credited service of the person rendered before and after January 1, 1978. (ii) Benefit amounts based upon employment before January 1, 1978, shall not be less than benefit amounts computed in accordance with the system benefit provisions at the time of retirement which require member contributions.

Ark. Code Ann. § 24-6-226 Eligibility for benefits — Voluntary retirement for Tier I noncontributory members.

(a)(1) Any member who has acquired five (5) years but less than twenty-eight (28) years of actual service and has attained age sixty- five (65) may retire upon written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired five (5) or more years of actual service and has attained age fifty-two (52) may retire upon written application filed with the State Police Retirement System. (3) Any member who acquired twenty-eight (28) or more years of actual service may retire at any age upon written application filed with the board. (4) For those members with less than twenty-eight (28) actual years of service, the age sixty-five (65) requirement shall be reduced by one (1) month for every two (2) months of public safety credit, but in no event to an age younger than fifty-two (52). (b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired. (c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-227.

Ark. Code Ann. § 24-6-227 Benefits generally — Tier I noncontributory member.

(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), (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. 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.

Ark. Code Ann. § 24-6-228 Payment of benefits — Survivors and beneficiaries — Definition.

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-217 or payable to an eligible survivor under § 24-6-218 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits. (b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-216 is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits.

Ark. Code Ann. § 24-6-301 Election to participate.

In lieu of terminating employment and accepting a service retirement pension, any state police officer who is a member of Tier I of the State Police Retirement System who has not less than twenty-eight (28) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas State Police Officers Deferred Option Plan and defer the receipt of benefits in accordance with the provisions of this subchapter, provided the Board of Trustees of the State Police Retirement System approves the participation in the plan.

Ark. Code Ann. § 24-6-302 Credited service.

For purposes of this subchapter, credited service shall include service credit recognized pursuant to § 24-6-201(13) .

Ark. Code Ann. § 24-6-303 Contributions.

(a) When a member begins participation in the Arkansas State Police Officers Deferred Option Plan, the employer contributions shall continue to be paid. (b) State contributions for employees who elect the plan shall be credited to the State Police Retirement System. (c) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers Deferred Option Plan Account.

Ark. Code Ann. § 24-6-304 Benefits — Rate of return.

(a) The member's monthly retirement benefit shall not change unless the Arkansas State Police Officers Deferred Option Plan receives a benefit increase. (b)(1) A member who participates in the plan shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than the actuarially assumed investment rate of return for that time. (2) The interest shall be credited to the individual account balance of the member on an annual basis.

Ark. Code Ann. § 24-6-305 Method of collection.

A participant in the Arkansas State Police Officers Deferred Option Plan shall receive, at the option of the participant, a lump-sum payment from the account equal to the payments to the account, or a true annuity based upon the account of the participant, or may elect any other method of payment if approved by the Board of Trustees of the State Police Retirement System.

Ark. Code Ann. § 24-6-306 Duration.

(a) The duration of participation in the Arkansas State Police Officers Deferred Option Plan for active state police officers shall not exceed seven (7) years. (b) At the conclusion of a member's participation in the plan, the member shall terminate employment with the Department of Arkansas State Police and shall start receiving the member's accrued monthly retirement benefit from the State Police Retirement System.

Ark. Code Ann. § 24-6-307 Death of participant.

If the participant dies during the period of participation in the Arkansas State Police Officers Deferred Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivor.

Ark. Code Ann. § 24-6-401 Creation of Tier Two Benefit Plan.

A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter.

Ark. Code Ann. § 24-6-402 Membership.

(a) All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter. (b)(1) All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve (12) months from April 3, 1997, to elect coverage under the benefit provisions of this subchapter, provided the person must be an active member on the date of the election. (2) The election shall be made as directed by the Board of Trustees of the State Police Retirement System and shall be irrevocable.

Ark. Code Ann. § 24-6-403 Definitions.

As used in this subchapter: (1) “Accumulated contribution” means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members' deposit account, together with regular interest credited thereon; (2) “Actual service” means the service credited to a member under this subchapter. Employment in a position covered by this subchapter shall be credited at the rate of one (1) month for each month of employment; (3) “Actuarial equivalent” means a benefit of equal reserve value where “reserve” means the present value of all payments paid on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time; (4) “Beneficiary” means any person except a retirant who is in receipt of or who is entitled to receive a pension or other benefit payable from funds of the State Police Retirement System; (5) “Board” means the Board of Trustees of the State Police Retirement System; (6) “Department” means the Department of Arkansas State Police; (7) “Director” means the Director of the Department of Arkansas State Police; (8)(A) “Final average compensation” means the average of the highest annual salaries paid a member during any period of forty-eight (48) calendar months of credited service with a public employer. (B) Should a member have less than forty-eight (48) calendar months of credited service, “final average compensation” means the average of the annual salaries paid to the member during his or her total years of service; (9) “Member” means any state police officer who is included in the membership of the system as provided in § 24-6-402; (10)(A) “Pension” means a monthly amount payable from the funds of the system throughout the life of a person. (B) All pensions shall be paid in equal monthly installments; (11) “Pension reserve” means the present value of a pension computed upon the basis of such mortality and other tables of experience, and regular interest as the board, from time to time, shall adopt; (12) “Regular interest” means such rates of interest per annum compounded annually as the board, from time to time, shall prescribe; (13) “Retirant” means any member who retires with a pension payable from funds of the system; (14) “Retirement” means a member's withdrawal from the employ of the department with a pension payable from the funds of the system; (15)(A) “Salary” means the compensation paid a member for service rendered as a state police officer. (B) In no case shall the term “salary” include reimbursement for lodging, meals, or travel expenses; (16) “Service” means service rendered to the department by a state police officer and shall include previous service, if any, rendered by him or her as an Arkansas state ranger; (17)(A) “State police officer” means any employee of the Department of Arkansas State Police who holds the rank of state trooper or a higher rank, and it shall include the director. (B) The term “state police officer” shall not include any civilian employee of the department, nor shall it include any person who is temporarily employed as a state trooper for an emergency. (C) In any case of doubt as to who is a state police officer, the board shall decide the question; and (18) “System” means the State Police Retirement System.

Ark. Code Ann. § 24-6-404 Eligibility for benefits — Voluntary retirement.

(a)(1) Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained age sixty- five (65) may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System. (2) Any member who has acquired twenty-eight (28) or more years of credited service may retire at any age upon his or her written application filed with the board. (3) For those members with less than twenty-eight (28) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55). (b) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired. (c) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-406.

Ark. Code Ann. § 24-6-405 Eligibility for benefits — Disability retirement.

(a)(1)(A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the division by reason of personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member. (B) This examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the division in determining the extent of the disability. (2) The five-years-of-service requirement contained in this subsection shall not apply to a member whom the Board of Trustees of the State Police Retirement System finds to be in receipt of workers' compensation for his or her disability arising solely and exclusively out of and in the course of his or her employment with the division. (b) Upon his or her retirement upon account of disability as provided in subsection (a) of this section, a member shall receive a disability pension computed according to the contributory provisions of § 24-6-214 or the noncontributory provisions of § 24-6-227, as applicable. (c)(1) At least one (1) time each year during the first five (5) years following a member's retirement on account of disability and at least one (1) time in every three-year period thereafter, the Board of Trustees of the State Police Retirement System may, and upon the retirant's application shall, require any disability retirant who has not attained age fifty (50) to undergo a medical examination to be made by or under the direction of the medical professionals designated by the Board of Trustees of the State Police Retirement System. (2) If the retirant refuses to submit to a medical examination in any such period, his or her disability pension may be suspended by the Board of Trustees of the State Police Retirement System until his or her withdrawal of his or her refusal. (3) If his or her refusal continues for one (1) year, all his or her rights in and to a disability pension may be revoked by the Board of Trustees of the State Police Retirement System. (4) If, upon the medical examination of the retirant, the medical professionals designated by the Board of Trustees of the State Police Retirement System report to the Board of Trustees of the State Police Retirement System that the retirant is physically capable of performing the duties of the rank held by him or her at the time of his or her retirement, the retirant shall be returned to the employ of the division, and his or her disability pension shall be terminated. (d)(1) Upon a disability retirant's return to the employ of the division as provided in subsection (c) of this section, his or her service at the time of his or her retirement shall be restored to his or her credit. (2) He or she shall be given service credit for the period he or she was receiving a disability pension if within that period he or she was in receipt of workers' compensation on account of his or her division employment. (e) In the event a disability retirant who has not attained age fifty-five (55) performs personal services in an occupation, business, or employment, his or her disability pension shall be reduced so that the sum of his or her disability pension and the compensation received by him or her from the occupation, business, or employment shall not exceed his or her annual rate of salary at the time of his or her retirement.

Ark. Code Ann. § 24-6-406 Benefits generally.

(a)(1) Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her 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), (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; 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 fifty-five (55) years of age 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 the member's voluntary retirement age would have been if he or she had continued state police employment from the 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 named-plan annuities shall not exceed the member's final average compensation. (e) No provision of this section shall be applicable to service that is credited at a rate other than one (1) month for each month of employment. then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service.

Ark. Code Ann. § 24-6-407 Benefits — Death of retirant.

(a) In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System. (b) If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (c) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death.

Ark. Code Ann. § 24-6-408 Benefit provisions — Election of annuity options.

(a) A member may elect to receive his or her annuity as a straight life annuity or elect to have that annuity reduced and designate a beneficiary in writing and file the elections with the system before that annuity starting date under one (1) of the following options: (1) Option A60 — Sixty (60) Months Certain and Life Annuity. (A) Under Option A60, the retirant shall be paid a reduced annuity for life with the provisions that if the retirant's death occurs before sixty (60) monthly payments have been made, then the full reduced annuity shall continue to be paid for the remainder of the sixty (60) months to such persons and in such shares as the retirant has designated . (B) If there is no beneficiary surviving, the lump- sum actuarial equivalent of the remaining monthly payments shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety-six percent (96%) of the straight life annuity; (2) Option A120 — One Hundred Twenty (120) Monthly Certain and Life Annuity. (A) Under Option A120, the retirant shall be paid a reduced annuity for life with the provision that if the retirant's death occurs before one hundred twenty (120) monthly payments have been made, the full reduced annuity shall continue to be paid for the remainder of the one hundred twenty (120) months to such persons and in such shares as the retirant has designated . (B) If there is no beneficiary surviving, the lump- sum actuarial equivalent of the remaining monthly payment shall be paid to the estate of the last survivor among the retirant and the designated beneficiary. (C) The reduced annuity shall be ninety percent (90%) of the straight life annuity; (3) Option B50 — Fifty Percent (50%) Survivor Beneficiary Annuity. (A)(i) Under Option B50, the retirant shall be paid a reduced annuity for life , and upon the retirant's death, one-half (½) of the reduced annuity shall continue throughout the future lifetime of and paid to such person as the retirant has designated . (ii) The member may elect either : (a) His or her spouse, to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the member's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be eighty- three percent (83%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by one- half percent (0.5%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by one-half percent (0.5%), up to a maximum of ninety-five percent (95%), for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B50 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively; (4) Option B75 — Seventy-Five Percent (75%) Survivor Beneficiary Annuity. (A)(i) Under Option B75, the retirant shall be paid a reduced annuity for life , and upon the retirant's death, three-fourths (¾) of the reduced annuity shall be continued throughout the future lifetime of and paid to such person as the retirant has designated in writing and filed with the plan before his or her annuity starting date; (ii) The member may elect either: (a) His or her spouse to whom the member has been married for not less than six (6) months immediately preceding the first payment due date; or (b) A dependent child forty (40) years of age or older who is claimed as a dependent upon the retirant's federal tax return for not less than one (1) year immediately preceding the first payment due date. (B) The reduced annuity to the retirant shall be seventy- five percent (75%) if the retirant's age and his or her beneficiary's age are the same on the first payment due date, which shall be decreased by three- quarters percent (0.75%) for each year that the beneficiary's age is less than the retirant's age, or which shall be increased by three-quarters percent (0.75%) up to a maximum of ninety percent (90%) for each year that the beneficiary's age is more than the retirant's age. (C) If the named beneficiary under Option B75 predeceases the retirant, the original unreduced benefit shall be paid to the retirant prospectively. (b)(1)(A) The member may elect to cancel the designation of a beneficiary under Option B50 or Option B75 in writing and file the election with the system upon the: (i) Death of a spouse; or (ii) Divorce or other marriage dissolution from the member's spouse; or (iii) Death of the member's dependent child who is forty (40) years of age or older and is designated as a beneficiary under § 24-6-408(a). (B) The member's election under subsection (b) of this section shall return the retirant to his or her straight life annuity, or the member may elect Option A60 or Option A120 annuity, to be effective the month following receipt by the system of his or her election . (2) A retirant who is receiving a straight life or Option A60 or Option A120 annuity and who marries after retirement or within six (6) months immediately preceding retirement may elect to cancel his or her straight life, Option A60, or Option A120 annuity and may elect Option B50 or Option B75 to provide continuing lifetime benefits to his or her spouse, if the election is: (A) Submitted on a form approved by the system; and (B) Received by the system no earlier than six (6) months after the date of the marriage and no later than one (1) year after that date. (3) The election shall be effective the first day of the month following its receipt. (c) If a member fails to elect an option, his or her annuity shall be paid to him or her as a straight life annuity.

Ark. Code Ann. § 24-6-410 Benefit provisions — Early retirement.

(a)(1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police 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 his or her application, he or she desires to be retired. (2) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age. (b) Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in § 24-6-406, which percentage shall be one hundred percent (100%) reduced by one-half percent (0.5%) multiplied by the number of months by which his or her age at early retirement is younger than his or her voluntary retirement age, using what his or her voluntary retirement age would have been if he or she had continued state police employment from the time of early retirement.

Ark. Code Ann. § 24-6-411 Benefit provisions — Death before retirement.

(a) If an active member with five (5) or more years of actual service, including service for the year immediately preceding his or her death, dies in employer service before retirement, the applicable benefit provided in this section shall be allowed upon the survivor's written application filed with the system. (b)(1)(A) If a member dies and is not being paid on that date by his or her employer due solely to illness incurred before he or she left the payroll and the death occurs within one (1) year of the last payroll, the member shall be considered, for purposes of this section, to have died as an active member if all other necessary provisions of this section are met. (B) To compute benefits provided by this section, the deceased member's salary at the time of death shall be his or her salary for the year immediately preceding the cessation of his or her pay. (2)(A) If an active member with five (5) or more years of actual service does not have credited service for the year immediately preceding death due to illness which eventually leads to his or her death or due to his or her employer's removing the member from the payroll because of temporary economic conditions of the employer or weather conditions, the active member shall be considered, only for eligibility purposes of the section, to have credited service for the year preceding death. (B) Benefits shall be paid according to the salary earned during the year preceding death. (c)(1) The deceased member's surviving spouse who was married to the member for at least six (6) months immediately preceding the member's death shall receive an annuity computed in the same manner in all respects as if the member had : (A) Retired on the date of his or her death with entitlement to an annuity provided for in § 24-6-406; (B) Elected the Option B75 survivor annuity provided for in § 24-6-408; and (C) Designated his or her spouse as joint beneficiary. (2)(A) If the deceased member has satisfied the age and service requirement provided for in § 24-6-404 or had acquired twenty (20) years' actual service, then the spousal annuity shall be payable for life. (B)(i) If the member had acquired fifteen (15) years' actual service, but had not attained sixty-five (65) years of age, the spousal annuity shall commence at the later of either fifty (50) years of age or his or her age at his or her death and shall be payable until the earlier of his or her remarriage or death. (ii) Otherwise, the spousal annuity shall commence at the later of either sixty-two (62) years of age or his or her age at his or her death and shall be payable until the earlier of either his or her remarriage or death. (3) The spousal annuity shall not be less than ten percent (10%) of the deceased member's covered compensation at the time of death. (4) For as long as the surviving spouse has in his or her care any of the deceased member's dependent children who receive a benefit provided for in this section, there shall be payable to him or her a spousal annuity which shall not be less than ten percent (10%) of the deceased member's compensation at the time of death. (d)(1) The deceased member's dependent child or dependent children shall each receive an annuity of the greater of either: (A) Ten percent (10%) of the member's covered compensation at the time of death; or (B) An equal share of one hundred fifty dollars ($150) monthly. (2) If there are three (3) or more dependent children, each dependent child shall receive as an annuity an equal share of the greater of: (A) Either twenty-five percent (25%) of the member's covered compensation; or (B) One hundred fifty dollars ($150) monthly. (3)(A) A child is considered a dependent child as used in subdivision (d)(1) of this section and for purposes of receiving a survivor's annuity until the child's death, marriage, or attainment of twenty-three (23) years of age, whichever occurs first. (B) The twenty-three maximum age shall be extended for any child who has been deemed physically or mentally incompetent by an Arkansas court of competent jurisdiction or by the Board of Trustees of the State Police Retirement System for as long as the incompetency exists. (4) Once a child ceases to be a dependent child, his or her annuity shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children. (e)(1) If at the time of the member's death there is neither a spouse nor a dependent child, each dependent parent shall receive an allowance of the greater of either ten percent (10%) of the deceased member's covered compensation or an equal share of one hundred fifty dollars ($150) monthly . (2) A dependent parent eligible for a survivor benefit under this section shall have been claimed as dependent upon the deceased member's or former member's federal tax return for not less than one (1) year immediately preceding the member's death. (f)(1) If no annuity can become payable to a dependent child due to the member's death , the surviving spouse or dependent parents may elect to receive a refund of the member's or former member's accumulated contributions as provided in § 24-6-222 in lieu of any benefits which could become payable under this plan if the: (A) Surviving spouse or dependent parents are the only persons who will be eligible for monthly benefits; and (B) Surviving spouse or dependent parents are also the designated beneficiaries of the deceased member . (2) The option to choose a refund of the deceased member's contribution shall also be afforded to any spouse or dependent parent qualified under this section whose eligibility for the benefit occurred before the passage of this chapter and who could not exercise that option. (3) A refund of the deceased member's accumulated contributions made to the surviving spouse or dependent parents under this subsection precludes any right or future claim to monthly retirement benefits due to the death of the member. (g)(1) In the event all the annuities provided for in this section payable on account of the member's death terminate before there has been paid an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the member's deposit account at the time of his or her death, the difference between the accumulated contributions and the aggregate amount of annuity payments shall be paid to such person as he or she shall have nominated by written designation duly executed and filed with the system. (2) If there is no designated person surviving a termination, the difference shall be paid to the member's estate. (h)(1) A surviving spouse of a deceased member whose benefits were terminated due to remarriage under the provisions of this section shall be entitled to a reinstatement of benefits upon the death of any subsequent spouse. (2) The reinstated benefits shall cease immediately upon the subsequent remarriage or death of the surviving spouse of the deceased member. (i)(1) If the member is killed while in the official line of duty and the surviving spouse is eligible for a deferred benefit under this section, the surviving spouse may elect to receive a reduced benefit beginning immediately. (2) The reduction of the benefit otherwise defined in this section shall be: (A) Five-tenths of one percent (0.5%) per month for each of the first sixty (60) months that the benefit begins before it would have otherwise begun; plus (B) Twenty-five hundredths of one percent (0.25%) per month for each month more than sixty (60) months that the benefit begins before it would have otherwise begun. (3) However, the total reduction under this subsection shall not be more than fifty percent (50%). (4) Those who otherwise would have been eligible for this benefit on or after July 1, 2002, may also elect this reduced benefit prospectively.

Ark. Code Ann. § 24-6-412 Refund of contributions.

(a)(1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the member's deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system. (2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid upon his or her written application filed with the board his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein. (b)(1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the board. (2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments wherever the representative may be with or without the appointment of a representative in this state. (c) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to the rules that the board may adopt from time to time.

Ark. Code Ann. § 24-6-413 Benefit provisions — Subjection of annuity rights to process of law.

(a) The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of this subchapter, and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter. (b) An exception to the prohibition against subjection of annuity rights to any process of law is allowed for the following: (1) An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary; and (2) A court of competent jurisdiction of this state may order the monthly benefit of a retirant to be paid into the registry of the court for disposition as the court deems just and proper if the retirant is found by the court to be willfully refusing or failing to support his or her minor dependent children in violation of a court order providing for that support.

Ark. Code Ann. § 24-6-414 Maximum benefit limitation.

(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 that are applicable to governmental retirement plans. (b)(1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415. (2) The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 enacted by the United States Congress or promulgated by the Internal Revenue Service.

Ark. Code Ann. § 24-6-415 Exclusion from plan.

Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers' Deferred Option Plan provided in § 24-6-301 et seq.

Ark. Code Ann. § 24-6-416 Payment of benefits — Survivors and beneficiaries — Definition.

(a) The effective date of monthly benefits payable to a survivor of a deceased member under § 24-6-411 is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits. (b) The effective date of monthly benefits payable to a beneficiary of a deceased retirant under § 24-6-408 is the first day of the calendar month next following the month in which the retirant died, regardless of when the survivor submits an application for the payment of the benefits.

Ark. Code Ann. § 24-6-501 Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan — Creation.

The Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan is created in conformance with this subchapter.

Ark. Code Ann. § 24-6-504 Employer contributions.

When an employee who is a member of the State Police Retirement System's Tier Two Benefit Plan begins participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan: (1) The employer contributions shall continue to be paid; (2) State contributions for the employee shall be credited to the State Police Retirement System; and (3) One hundred percent (100%) of the monthly retirement benefits that would have been payable had the employee elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan account.

Ark. Code Ann. § 24-6-505 Benefits — Rate of return.

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan: (1) Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and (2)(A) Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than five percent (5%) nor less than one percent (1%) per annum as determined by the board from time to time as promulgated by rule. (B) The interest shall be credited to the individual plan account balance of the participant on an annual basis.

Ark. Code Ann. § 24-6-506 Method of collection.

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant: (1) A lump-sum payment from the plan account equal to the payments to the plan account; (2) A true annuity based upon the plan account of the participant; or (3) Any other method of payment if approved by the Board of Trustees of the State Police Retirement System.

Ark. Code Ann. § 24-6-507 Duration.

(a) The duration of participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years. (b) At the conclusion of a state police officer's participation in the plan, the state police officer shall: (1) Terminate employment with the Department of Arkansas State Police; and (2) Start receiving his or her accrued monthly retirement benefit from the State Police Retirement System.

Ark. Code Ann. § 24-6-508 Death of participant.

If a participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant's designated beneficiary.

Source: Public.Resource.Org / UniCourt, Official Code of Arkansas Annotated, Release 78 (2020) (unicourt.github.io/cic-code-ar)URL: https://unicourt.github.io/cic-code-ar/transforms/ar/ocar/r78/gov.ar.code.title.24.htmlFetched: 11/8/2026