§ 24-8-904 — Reciprocal system

Arkansas § 24-8-904

• Jurisdiction: Arkansas
• Title: 24

Text

(a) Court clerks placed in the Arkansas Public Employees' Retirement System under this subchapter shall be covered by the reciprocal provisions of §§ 24-2-401 - 24-2-404 . (b) There is no reciprocal service between the local municipal judge retirement systems and the reciprocal systems listed in § 24-2-401 before January 1, 2005. (c) In establishing eligibility for a benefit from each system, the credited service under all reciprocal systems is totaled, and the credited service is used in determining eligibility for each system benefit. (d) (1) Only the credited service under that system and the benefit formula of that system are used in determining the amount of a benefit from each system. (2) This subchapter is not intended to decrease the benefits earned nor increase the eligibility requirements for members who were participants in a local plan, as authorized by law, prior to January 1, 2005. (3) The benefits earned and those eligibility requirements shall transfer to the Arkansas Public Employees' Retirement System. (e) If a system provides a benefit amount that is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.

Legislative History

Acts 2005, No. 1022, § 17; 2007, No. 177, § 14.