§ 24-4-603 — Refund of contributions

(a) In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her written application for a refund on a form to be supplied by the Arkansas Public Employees' Retirement System. (b) The former member may receive interest on the contributions if he or she has had accumulated contributions standing to his or her credit in the members' deposit account for at least five (5) years between the date he or she became a member of the system and the date he or she requests the refund of contributions. (c) The interest shall be paid at a rate and method to be determined by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be calculated on the balance in the members' deposit account on the last June 30 prior to the date he or she obtains his or her refund. (d) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date he or she receives his or her refunded contributions, his or her request shall be void and he or she must again terminate his or her employment to request a refund of contributions. (e) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time. (f) (1) If a member receives a refund of contributions from the system upon termination of covered employment and is reemployed by a participating public employer, then the member is considered first hired under this subchapter as of the date of reemployment. (2) (A) Upon reemployment, the member may reestablish forfeited service credit in the system by depositing the total amount of the refund with regular interest from the date of withdrawal to the date of deposit. (B) A member who has reestablished service credit is restored to the date of hire that corresponds to the reestablished actual service.

Legislative History

Amended by Act 2023, No. 248,§ 7, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2858, eff. 7/24/2019. Acts 1957, No. 177, § 11; 1959, No. 42, § 11; 1975, No. 907, § 1; A.S.A. 1947, § 12-2511.