Arkansas § 24-5-105 Cost of administration - Payment of benefits and adjustment of errors

Arkansas Statutes

§ 24-5-105 — Cost of administration - Payment of benefits and adjustment of errors

(a)The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs of the system, and forms purchased from vendors and identified by letterhead printing as those of the system.

(b)(1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or

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(a) The cost of administering the plan shall be borne by the Arkansas Department of Transportation, except that the Arkansas State Highway Employees' Retirement System shall pay the expenses incurred for the actuary, the consultant for investments, fees for the members of the medical board of the system, expenses associated with automating the accounting needs of the system, and forms purchased from vendors and identified by letterhead printing as those of the system. (b) (1) The Treasurer of State shall pay retirement benefits, as defined in this chapter, to retirants only on vouchers signed by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System, or other authorized person, and on warrants or checks issued by the Auditor of State or other designated officer of the state. (2) (A) The designated disbursing officers for the system are authorized to complete and sign one (1) certification for each state voucher or other designated document that authorizes the Auditor of State, or other official, to draw a state warrant or check on a fund administered by the system. (B) (i) The voucher or other authorizing document can consist of one (1) or more pages. (ii) In the event that more than one (1) page is used, then the designated disbursing officer is to manually sign the last page only, and any certification is to be so worded that it will apply to all pages of the document. (c) (1) Should any change or error in the records of the system result in any member's receiving more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon discovery of the error and so far as is practicable, shall adjust the payments in such a manner that the benefit to which the member was justly entitled shall be paid. (2) In the event that an overpayment is made to anyone, every legal effort shall be made to recover the overpayment.

Arkansas § 24-5-105 (Cost of administration - Payment of benefits and adjustment of errors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2017, No. 707,§ 276, eff. 8/1/2017. Acts 1949, No. 454, § 6; 1981, No. 295, § 6; A.S.A. 1947, § 76-1906; Acts 1987, No. 213, § 2; 1999, No. 32, § 1.