2010 Arkansas Code
Title 24 - Retirement And Pensions
Chapter 4 - Arkansas Public Employees' Retirement System
Subchapter 6 - Benefits
§ 24-4-620 - Partial annuity withdrawal provision.

24-4-620. Partial annuity withdrawal provision.

(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Plan.

(b) A member electing to participate shall be eligible to receive, at the time of retirement, a lump sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. The lump sum shall not exceed an amount equal to sixty (60) months of benefits.

(c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules and regulations adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.