2010 Arkansas Code
Title 24 - Retirement And Pensions
Chapter 4 - Arkansas Public Employees' Retirement System
Subchapter 6 - Benefits
§ 24-4-603 - Refund of contributions.

24-4-603. Refund of contributions.

(a) In the event a former member has left the employ of a participating public employer and requests a refund of his accumulated contributions, he shall be paid the contributions upon his written application for a refund on a form to be supplied by the Arkansas Public Employees' Retirement System.

(b) The former member may receive interest on the contributions if he has had accumulated contributions standing to his credit in the members' deposit account for at least five (5) years between the date he became a member of the system and the date he requests the refund of contributions.

(c) The interest shall be paid at a rate and method to be determined by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be calculated on the balance in the members' deposit account on the last June 30 prior to the date he obtains his refund.

(d) If a former member has applied for a refund of contributions but returns to employment with a participating public employer prior to the date he receives his refunded contributions, his request shall be void and he must again terminate his employment to request a refund of contributions.

(e) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules and regulations as the board may adopt from time to time.