Arkansas § 24-10-614 Payment of reserve value

Arkansas Statutes

§ 24-10-614 — Payment of reserve value

Arkansas § 24-10-614

Title24

This text of Arkansas § 24-10-614 (Payment of reserve value) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 24-10-614 (2026).

Text

(a)The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).

(b)The reserve value shall be the actuarial equivalent of the annuity otherwise payable.

(c)Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.

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(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750). (b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.