Arkansas Code § 24-6-221 - Benefits -- Increased Benefits for Persons Retiring by June 1, 1982, or by July 1, 1982

(a) (1) Effective July 1, 1987, the monthly retirement benefit payable to the retirees and beneficiaries of the State Police Retirement System who retired prior to July 1, 1982, shall be increased as follows: Click here to view image.

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before July 1, 1975, shall receive a maximum increase of eighteen percent (18%).

(3) The increase in benefits provided in subdivision (a)(1) of this section shall be added to the monthly benefit after the annual post-retirement increase based on the consumer price index has been applied, and the increase provided in subdivision (a)(1) of this section shall be added to the base annuity of the member or beneficiary.

(b) (1) On July 1, 1985, the monthly retirement benefit payable to retirants and beneficiaries of retirants of the system who retired June 1, 1982, or before shall be increased as follows:

(A) Those retirants and beneficiaries who retired June 1, 1982, or before, shall receive one percent (1%) of the benefit amount payable June 1, 1982, for each full year from the date of retirement through June 1, 1983, with a maximum increase payable of ten percent (10%) of the June 1, 1982, retirement benefit.

(B) The following schedule shall be used to determine the percent of increase due: Click here to view image.

(2) It is the specific intent of this subsection that those retirants or beneficiaries who retired before June 1, 1973, shall receive a maximum increase of ten percent (10%).

(3) The increase in benefits provided in subdivision (b)(1) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied, and the increase provided in subdivision (b)(1) of this section shall be added to the base annuity of the member or beneficiary.

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Last modified: November 15, 2016