§ 24-4-607 — Redetermination of benefits

(a) Each July 1 the Arkansas Public Employees' Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. (b) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%). (c) (1) If a person is first hired by a system-covered employer on or after July 1, 2022, and retires under the eligibility requirements of the system, the monthly benefit for the person shall be redetermined in accordance with subdivision (c)(2) of this section. (2) (A) The redetermined amount for a person described in subdivision (c)(1) of this section shall be the amount of the monthly benefit otherwise payable as of the immediately preceding July 1 increased by the lesser of three percent (3%) or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the United States Department of Labor over the one-year period ending in the December immediately preceding the date for which the redetermined amount is being calculated. (B) The redetermined amount of the monthly benefit to be paid to the person shall not be less than the redetermined amount of the monthly benefit paid to the person in the preceding year.

Legislative History

Amended by Act 2021, No. 366,§ 1, eff. 7/28/2021. Acts 1973, No. 666, § 5; 1979, No. 715, § 1; A.S.A. 1947, § 12-2511.6; Acts 1987, No. 477, § 1; 1991, No. 432, § 2; 1997, No. 299, § 19; 1999, No. 39, § 2.