§ 24-4-611 — Minimum monthly benefit - Lump-sum payment of reserve value

(a) A member who is vested under the Arkansas Public Employees' Retirement System shall be entitled to a minimum monthly benefit of one hundred fifty dollars ($150). (b) (1) Before the first monthly benefit payment, the Arkansas Public Employees' Retirement System may pay the reserve value in lieu of the monthly benefit as a lump sum to a retiree, or to a beneficiary in the event of the death of a member before retirement, if the monthly benefit is less than one hundred fifty dollars ($150). (2) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (3) A lump-sum payment of the reserve value is a complete discharge of all liability under the Arkansas Public Employees' Retirement System for the member's annuity. (c) The Arkansas Public Employees' Retirement System shall obtain the consent of the member before the reserve value is paid.

Legislative History

Amended by Act 2023, No. 248,§ 8, eff. 7/1/2023. Acts 1989, No. 547, § 1.