Arkansas § 24-5-117 Benefits - Withdrawal from service

Arkansas Statutes

§ 24-5-117 — Benefits - Withdrawal from service

(a)(1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest.

(2)(A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board.

(B)The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement.

(3)Payment to a member under the conditions set forth in this subsection shall be made as provided by the boar

Free access — add to your briefcase to read the full text and ask questions with AI

(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest. (2) (A) If withdrawal occurs after one (1) year of membership in the system, the board upon request shall pay to the member all of his or her accumulated contributions plus interest as determined by the board. (B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement. (3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board. (4) A member's interest in the system shall be exempt from attachment and execution. (b) (1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas Department of Transportation, provided that such employee is not a member of a reciprocal system. (2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the system. (c) The payment of the cost of the refunded service shall be based on an actuarial equivalent as prescribed by the board if a member: (1) Is reemployed by a state employer; (2) Has received a refund from the system; and (3) Seeks to reinstate time withdrawn.

Arkansas § 24-5-117 (Benefits - Withdrawal from service) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2017, No. 707,§ 281, eff. 8/1/2017. Acts 1949, No. 454, § 12; 1969, No. 167, § 9; 1979, No. 126, § 2; A.S.A. 1947, § 76-1912; Acts 1999, No. 33, § 1; 2011, No. 564, § 3.