(a) (1) Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund.
(2) The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees.
(3) All costs for the actuarial valuation shall be borne by the local funds.
(b) (1) If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees.
(2) The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.
(c) Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system.
(d) This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class.
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