Ark. Code Ann. § 24-4-611
This is the official text of Ark. Code Ann. § 24-4-611, 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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Minimum monthly benefit - Lump-sum payment of reserve value
Official statutory text
(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150). (b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity. (c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid. Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023. Acts 1989, No. 547, § 1.
(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
(b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.
(1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150).
(2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.
(c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid.
Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023.
Acts 1989, No. 547, § 1.
(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150).
(b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.
(1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150).
(2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity.
(c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid.
Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023.
Acts 1989, No. 547, § 1.
Status: in_force
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