This text of Arkansas § 24-6-403 (Definitions) 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.
As used in this subchapter:
(1)"Accumulated contribution" 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)"Actual service" means the service credited to a member under this subchapter. Employment in a position covered by this subchapter shall be credited at the rate of one (1) month for each month of employment;
(3)"Actuarial equivalent" means a benefit of equal reserve value where "reserve" means the present value of all payments paid on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time;
(4)"Beneficiary" means any person except a retirant who is in receip
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As used in this subchapter: (1) "Accumulated contribution" 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) "Actual service" means the service credited to a member under this subchapter. Employment in a position covered by this subchapter shall be credited at the rate of one (1) month for each month of employment; (3) "Actuarial equivalent" means a benefit of equal reserve value where "reserve" means the present value of all payments paid on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time; (4) "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; (5) "Board" means the Board of Trustees of the State Police Retirement System; (6) "Director" means the Director of the Division of Arkansas State Police; (7) "Division" means the Division of Arkansas State Police; (8) (A) "Final average compensation" means the average of the highest annual salaries paid a member during any period of forty-eight (48) calendar months of credited service with a public employer. (B) Should a member have less than forty-eight (48) calendar months of credited service, "final average compensation" means the average of the annual salaries paid to the member during his or her total years of service; (9) "Member" means any state police officer who is included in the membership of the system as provided in § 24-6-402 ; (10) (A) "Pension" means a monthly amount payable from the funds of the system throughout the life of a person. (B) All pensions shall be paid in equal monthly installments; (11) "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, shall adopt; (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 the 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 by him or her as an Arkansas state ranger; (17) (A) "State police officer" means any employee of the Division of Arkansas State Police who holds the rank of state trooper or a higher rank, and it shall include the director. (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; and (18) "System" means the State Police Retirement System.