(a) In the event a former member has left the employ of a participating public employer and requests a refund of his or her accumulated contributions, he or she shall be paid the contributions upon his or her 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 or she has had accumulated contributions standing to his or her credit in the members' deposit account for at least five (5) years between the date he or she became a member of the system and the date he or she 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 or she obtains his or her 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 or she receives his or her refunded contributions, his or her request shall be void and he or she must again terminate his or her 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.
Section: Previous 24-4-602 24-4-603 24-4-605 24-4-606 24-4-607 24-4-608 24-4-609 24-4-610 24-4-611 24-4-612 24-4-613 24-4-614 24-4-615 24-4-616 NextLast modified: November 15, 2016