(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 Program.
(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.
Section: Previous 24-4-609 24-4-610 24-4-611 24-4-612 24-4-613 24-4-614 24-4-615 24-4-616 24-4-617 24-4-618 24-4-619 24-4-620 24-4-621 24-4-622 NextLast modified: November 15, 2016