(a)The members' deposit account, as created by § 24-10-403 , shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter.
(b)(1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602 , and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays.
(2)(A) Beginning July 1, 2023, the contribution for covered members defined in subdivis
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The members' deposit account, as created by § 24-10-403 , shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter. (b) (1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602 , and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays. (2) (A) Beginning July 1, 2023, the contribution for covered members defined in subdivision (b)(1) of this section shall be nine and one-half percent (9.5%) of his or her pay. (B) Beginning July 1, 2023, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be three and one-half percent (3.5%) of his or her pay. (3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed. (4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section. (5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system. (c) (1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deducted from the pay of each member in the employ of the political subdivision, on each and every payroll, to the date his or her membership terminates. (2) (A) When deducted, each of the amounts shall be paid by the political subdivision to the system. (B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time. (3) When paid to the system, each of the amounts shall be credited to the member's individual account in the members' deposit account. (d) (1) In addition to the contributions deducted from the pays of a member, as provided in this section, a member shall deposit into the members' deposit account by a single contribution or by an increased rate of contributions, as approved by the board, the amounts he or she may have withdrawn therefrom and not repaid thereto, together with regular interest from the date of withdrawal to the date of repayment. (2) In no case shall a member be given credit for service rendered before the date he or she withdrew his or her accumulated contributions until he or she returns to the members' deposit account all amounts due the account by him or her. (e) If an annuity becomes payable from the retirement reserve account to or on behalf of a member, his or her accumulated contributions shall be transferred to the retirement reserve account. (f) (1) For purposes of deferring federal and state income tax under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the political subdivision that pays the salary of the member shall pick up the member's contributions to the system as required by this section, beginning with contributions made on and after July 1, 2009. (2) (A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member. (B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer. (3) For all other purposes, member contributions paid by the political subdivision shall be considered member contributions.