2010 Arkansas Code
Title 24 - Retirement And Pensions
Chapter 7 - Retirement of Employees of Schools and Educational Institutions
Subchapter 8 - Alternate Plan for State Colleges
§ 24-7-804 - Establishment and administration of plan.

24-7-804. Establishment and administration of plan.

(a) The board of any college and the State Board of Higher Education may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members and employees of the Department of Higher Education.

(b) Under the plan, staff members and department employees shall contribute, to the extent authorized or required, toward the purchase of the contracts, which shall be issued to and become the property of the participants.

(c) The board of any college which elects to establish and maintain an alternate retirement plan and the Director of the Department of Higher Education, if it elects to establish and maintain a plan, shall have authority to administer the plan and to perform or authorize the performance of all such functions as may be reasonably appropriate in its administration.