(a) A person who was erroneously included in the Arkansas Public Employees' Retirement System for at least two (2) years and whose disqualification from the Arkansas Public Employees' Retirement System was due to employment that caused the person to be a member of another state-supported or state-authorized retirement system may elect to restore service credit lost as a result of the erroneous dual coverage if:
(1) The person is a member of the Arkansas Public Employees' Retirement System at the time of applying to restore the lost credited service;
(2) The person applies to restore the lost service credit within two (2) years after the Arkansas Public Employees' Retirement System refunded contributions; and
(3) Any contributions and interest that were refunded by the Arkansas Public Employees' Retirement System are repaid, along with any interest accruing from the date of the refunding until the funds are actually repaid to the Arkansas Public Employees' Retirement System.
(b) A person who elects to restore credited service under this section shall not be entitled to receive credited service in the other state-supported retirement system for the same period. The other system shall refund contributions paid for the period plus reasonable interest on the contributions at the rate determined by the board of trustees of the other system.
Section: Previous 24-4-739 24-4-740 24-4-741 24-4-742 24-4-743 24-4-744 24-4-745 24-4-746 24-4-747 24-4-748 24-4-749 24-4-750 24-4-751 24-4-752 NextLast modified: November 15, 2016