(a) (1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest.
(2) (A) If withdrawal occurs after one (1) year of membership in the system, the board, upon request, shall pay to the member all of his or her accumulated contributions plus interest as determined by the board.
(B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement.
(3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board.
(4) A member's interest in the Arkansas State Highway Employees' Retirement System shall be exempt from attachment and execution.
(b) (1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas State Highway and Transportation Department, provided that such employee is not a member of a reciprocal system.
(2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the Arkansas State Highway Employees' Retirement System.
(c) The payment of the cost of the refunded service shall be based on an actuarial equivalent as prescribed by the board if a member:
(1) Is reemployed by a state employer;
(2) Has received a refund from the Arkansas State Highway Employees' Retirement System; and
(3) Seeks to reinstate time withdrawn.
Section: Previous 24-5-109 24-5-110 24-5-112 24-5-113 24-5-114 24-5-115 24-5-116 24-5-117 24-5-118 24-5-119 24-5-120 24-5-122 24-5-123 24-5-124 24-5-125 NextLast modified: November 15, 2016