Arkansas § 24-5-136 Operation of system as qualified trust

Arkansas Statutes

§ 24-5-136 — Operation of system as qualified trust

Arkansas § 24-5-136

Title24

This text of Arkansas § 24-5-136 (Operation of system as qualified trust) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 24-5-136 (2026).

Text

(a)The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall operate the Arkansas State Highway Employees' Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2007, and applicable United States Treasury regulations as they existed on January 1, 2007, to permit the system to be operated as a qualified trust under 26 U.S.C. § 401(a) of the Internal Revenue Code, as it existed on January 1, 2007.

(b)Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules consistent with subsection (a) of this section.

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(a) The Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System shall operate the Arkansas State Highway Employees' Retirement System and interpret any provisions of this chapter consistent with the requirements under the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2007, and applicable United States Treasury regulations as they existed on January 1, 2007, to permit the system to be operated as a qualified trust under 26 U.S.C. § 401(a) of the Internal Revenue Code, as it existed on January 1, 2007. (b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules consistent with subsection (a) of this section. (c) Any rule promulgated under this section that is found to be in conflict with an applicable provision of Arkansas law is void.