§ 24-6-222 — Refund of contributions

Arkansas § 24-6-222

• Jurisdiction: Arkansas
• Title: 24

Text

(a) (1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system. (2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein. (b) (1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214 . (2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of fifty (50) years of age. (c) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board. (2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas. (3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state. (d) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.

Legislative History

Amended by Act 2019, No. 315,§ 2878, eff. 7/24/2019. Acts 1951, No. 311, § 7; 1953, No. 309, § 3; 1959, No. 484, § 7; 1971, No. 309, § 6; 1977, No. 460, § 2; A.S.A. 1947, § 42-457.