Arkansas § 24-8-209 Contributions - Members - Refund

Arkansas Statutes

§ 24-8-209 — Contributions - Members - Refund

(a)(1) The contribution of each member of the Arkansas Judicial Retirement System shall be six percent (6%) of each member's annual salary.

(2)A judge or justice who forfeits his or her rights to retirement benefits under § 24-8-215(c) is not required to continue to pay contributions to the system.

(b)(1) In the event a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to a refund of all contributions paid by him or her into the system.

(2)(A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system.

(B)A judge or justice who forfeited his or her rights to retireme

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(a) (1) The contribution of each member of the Arkansas Judicial Retirement System shall be six percent (6%) of each member's annual salary. (2) A judge or justice who forfeits his or her rights to retirement benefits under § 24-8-215(c) is not required to continue to pay contributions to the system. (b) (1) In the event a judge or justice ceases to be a member prior to qualifying for retirement benefits, he or she shall be entitled to a refund of all contributions paid by him or her into the system. (2) (A) In the event a judge or justice forfeits his or her rights to retirement benefits under § 24-8-215(c) , the judge or justice is entitled to receive the principal of the balance of his or her contributions to the system. (B) A judge or justice who forfeited his or her rights to retirement benefits under § 24-8-215(c) is not entitled to any interest accumulated from his or her contributions to the system. (c) (1) For purposes of deferring federal and state income tax and pursuant to the provisions of the Internal Revenue Code, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the state shall pick up the members' contributions to the judicial retirement fund as required by this section and payable on or after January 1, 1997. (2) Member contributions picked up by the state shall be paid from the same source of funds used for the payment of salary to a member. A deduction shall be made from each member's salary, equal to the amount of the member's contribution picked up by the employer. For all other purposes, member contributions picked up by the state shall be considered member contributions. (3) The provisions of subdivisions (c)(1) and (2) of this section providing for the state to pay the member's contributions for tax deferral under the Internal Revenue Code, § 26-51-414(h) , shall be effective from and retroactive to January 1, 1997.

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