Arkansas Statutes
§ 24-6-414 — Maximum benefit limitation
Arkansas·Title 24
(a)Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans.
(b)(1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415 .
(2)The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 , enacted by the United States Congress or promulgated by the Internal Revenue Service.
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Related
§ 415
26 U.S.C. § 415
Legislative History
Amended by Act 2019, No. 315,§ 2880, eff. 7/24/2019. Acts 1997, No. 1071, § 1.
Nearby Sections
15
§ 24-1-101
Assets and income for retirement systems§ 24-1-102
Annual valuation§ 24-1-103
Change of contribution rate§ 24-1-105
Liabilities exceeding thirty-year amortization period - Legislated benefit enhancement prohibited§ 24-1-106
Benefit enhancements§ 24-1-201
Declaration of policy§ 24-1-202
Definitions§ 24-1-203
Rules§ 24-1-206
Agents§ 24-1-207
Contributions - State employees