As used in this chapter:
(1) "Accumulated contribution" means the sum of all amounts deducted from the salary or wages of a member, or paid by a member, and credited to his or her individual account, together with any interest the Board of Trustees of the Arkansas State Highway Employees' Retirement System may have authorized to be credited to the member's account;
(2) "Actuarial equivalent" means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;
(3) "Average compensation" means the average of the highest annual compensation paid a member during any period of thirty-six (36) consecutive months of creditable service with a state employer, as the term "state employer" is defined in § 24-2-401;
(4) "Board" means the Board of Trustees of the Arkansas State Highway Employees' Retirement System;
(5) (A) "Creditable service" means the current service of the member plus the portion of prior service time for which contributions have been made or elected to be made by the member.
(B) Retirement benefits shall be computed upon the creditable service of the member.
(C) The board shall determine by appropriate rules how much service in any fiscal year is the equivalent of a year of creditable service;
(6) "Current service" means service as an employee of the Arkansas State Highway and Transportation Department after the date of establishment of the system and may include the period of time during which the employee's service may have been interrupted by service in the United States Armed Forces. The annual earnings for a military service period shall be computed in the manner set forth for prior service in subdivision (12) of this section;
(7) (A) "Employee" means any employee of the Arkansas State Highway and Transportation Department whose compensation is, or was, payable on an hourly, biweekly, monthly, annual, or other basis by the department, including any employee of the department whose salary is paid or reimbursed, in whole or in part, from federal or other funds.
(B) "Employee" does not include persons who are employees of the Arkansas State Highway and Transportation Department on or after July 1, 1997, and who are eligible for benefits under, or who are earning a retirement benefit from, another state-supported retirement system;
(8) "Employer" means the Arkansas State Highway and Transportation Department;
(9) "Lump-sum service" means that, upon termination of employment with the Arkansas State Highway and Transportation Department for whatever reason, all lump-sum payments of leave, salary, or other compensation shall not be considered for purposes of computing average earnings and time of service for the Arkansas State Highway Employees' Retirement System;
(10) "Member" means any person who has, by due process, had issued to him or her a certificate of membership in the Arkansas State Highway Employees' Retirement System;
(11) "Prior service" means all service as an employee of the Arkansas State Highway and Transportation Department before the date of establishment of the system;
(12) (A) "Prior service earnings" means the authenticated record filed with and approved by the board setting forth the salary received by the member for each fiscal year, or portion thereof, of his or her prior service as an employee, beginning with his or her last year of prior service and continuing in reverse chronological order.
(B) Prior service earnings records may include the period of time during which the employee's service may have been interrupted for service in the United States Armed Forces, in which case the annual earnings for the military service period of the member shall be computed upon the average of his or her last twelve (12) months' compensation from the Arkansas State Highway and Transportation Department before his or her entry into the armed forces and the first twelve (12) months' compensation after reemployment by the department;
(13) "Prorate" means the amount obligated in § 24-5-125 using a ratio of the years of service credit with the Arkansas State Highway Employees' Retirement System divided by the sum of all years of service credit with the reciprocal systems enumerated in § 24-2-401;
(14) "Salary" or "compensation" means the total remuneration earned by an employee for services rendered during any consecutive twelve (12) months or fraction thereof; and
(15) "System" means the Arkansas State Highway Employees' Retirement System.
Section: 24-5-102 24-5-103 24-5-104 24-5-105 24-5-106 24-5-107 24-5-108 24-5-109 24-5-110 24-5-112 24-5-113 24-5-114 24-5-115 24-5-116 NextLast modified: November 15, 2016