(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.
(b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(c) (1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.
(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:
(A) The benefit calculated under ยง 24-10-602, as in effect on July 1, 2009, using the member's final average salary at retirement; or
(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.
(3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.
(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.
Section: Previous 24-10-605 24-10-606 24-10-607 24-10-608 24-10-609 24-10-610 24-10-611 24-10-612 24-10-613 24-10-614 24-10-615 24-10-616 24-10-617 24-10-618 24-10-619 NextLast modified: November 15, 2016