Ark. Code Ann. § 24-4-208
This is the official text of Ark. Code Ann. § 24-4-208, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Reduction of annuities when funds inadequate
Official statutory text
(a) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year. (b) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year. Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 15.
(a) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
(1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
(b) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
(1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 15.
(a) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
(1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.
(b) (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata. (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account. (3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
(1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.
(2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account.
(3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
Acts 1957, No. 177, § 12; 1959, No. 42, § 12; 1961, No. 64, § 6; 1965, No. 153, § 13; A.S.A. 1947, § 12-2512; Acts 2001, No. 151, § 15.
Status: in_force
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