Ark. Code Ann. § 24-4-620
This is the official text of Ark. Code Ann. § 24-4-620, 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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Partial annuity withdrawal provision
Official statutory text
(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program. (b) A member electing to participate shall be eligible to receive, at the time of retirement, a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. The lump sum shall not exceed an amount equal to sixty (60) months of benefits. (c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System. Amended by Act 2019, No. 315,§ 2860, eff. 7/24/2019. Acts 2001, No. 357, § 1.
(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program.
(b) A member electing to participate shall be eligible to receive, at the time of retirement, a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. The lump sum shall not exceed an amount equal to sixty (60) months of benefits.
(c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.
Amended by Act 2019, No. 315,§ 2860, eff. 7/24/2019.
Acts 2001, No. 357, § 1.
(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program.
(b) A member electing to participate shall be eligible to receive, at the time of retirement, a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. The lump sum shall not exceed an amount equal to sixty (60) months of benefits.
(c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.
Amended by Act 2019, No. 315,§ 2860, eff. 7/24/2019.
Acts 2001, No. 357, § 1.
Status: in_force
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