As used in this subchapter:
(1)"Accumulated contributions" means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members' deposit account, together with regular interest credited thereon;
(2)"Beneficiary" means any person, except a retirant, who is in receipt of, or who is entitled to receive, a pension or other benefit payable from funds of the State Police Retirement System;
(3)"Board" means the Board of Trustees of the State Police Retirement System;
(4)"Contributory member" means a state police officer who was a member of the system prior to January 1, 1978, and who continues to contribute six percent (6%) of his or her compensation to the system;
(5)"Credited service" means the service credited a member by the boa
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As used in this subchapter: (1) "Accumulated contributions" means the sum of all amounts deducted from the salaries of a member and credited to his or her individual account in the members' deposit account, together with regular interest credited thereon; (2) "Beneficiary" means any person, except a retirant, who is in receipt of, or who is entitled to receive, a pension or other benefit payable from funds of the State Police Retirement System; (3) "Board" means the Board of Trustees of the State Police Retirement System; (4) "Contributory member" means a state police officer who was a member of the system prior to January 1, 1978, and who continues to contribute six percent (6%) of his or her compensation to the system; (5) "Credited service" means the service credited a member by the board to the extent provided in this subchapter; (6) (A) "Final average compensation" for contributory service means the average of the annual salaries paid a member for the three (3) years of credited service rendered by the member immediately preceding his or her last termination of employment with the Division of Arkansas State Police, but the final average compensation shall not exceed that of the highest permanent rank. (B) (i) "Final average compensation" for Tier I noncontributory service means the average of the highest annual compensation paid a member during any period of sixty (60) calendar months of credited service with the division. (ii) Should a member have less than sixty (60) calendar months of credited service, "final average compensation" means the monthly average paid to the member during his or her total years of credited service; (7) "Member" means any state police officer who is included in the membership of the system; (8) "Noncontributory member" means a state police officer who does not contribute a portion of his or her compensation to the system; (9) (A) "Pension" means an annual amount payable from funds of the system throughout the life of a person. (B) All pensions shall be paid in equal monthly installments; (10) "Pension reserve" means the present value of a pension computed upon the basis of such mortality and other tables of experience, and regular interest, as the board, from time to time, may adopt; (11) (A) "Public safety member" means a state police officer in the State Police Retirement System who is a Tier I noncontributory member. (B) Employment as a public safety member shall be credited at one and one-half (1½) times the regular rate for crediting service; (12) "Regular interest" means such rates of interest per annum, compounded annually, as the board, from time to time, shall prescribe; (13) "Retirant" means any member who retires with a pension payable from funds of the system; (14) "Retirement" means a member's withdrawal from the employ of the division with a pension payable from funds of the system; (15) (A) "Salary" means the compensation paid a member for service rendered as a state police officer. (B) In no case shall the term "salary" include reimbursement for lodging, meals, or travel expenses; (16) "Service" means service rendered to the division by a state police officer and shall include previous service, if any, rendered as an Arkansas state ranger, state police officer with the Department of Arkansas State Police, or state police officer with the division; (17) (A) "State police officer" means any employee of the division or its predecessor entities who holds the rank of state trooper or higher rank, and it shall include the Director of the Division of Arkansas State Police. (B) The term "state police officer" shall not include any civilian employee of the division, nor shall it include any person who is temporarily employed as a state trooper for an emergency. (C) In any case of doubt as to who is a "state police officer", the board shall decide the question; (18) "System" means the State Police Retirement System; (19) "Tier I" refers to covered employment for those first hired on or before April 2, 1997, as provided for in this subchapter; and (20) "Tier II" refers to covered employment for those first hired on or after April 3, 1997, as provided for in § 24-6-401 et seq.
Amended by Act 2019, No. 910,§ 6029, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6028, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6027, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6026, eff. 7/1/2019. Acts 1951, No. 311, § 1; 1959, No. 484, § 1; 1973, No. 441, § 1; A.S.A. 1947, § 42-451; Acts 2001, No. 151, § 54.