(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).
(b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 10 - Arkansas Local Police And Fire Retirement System
§ 24-10-602. Annuity generally
§ 24-10-604. Voluntary retirement
§ 24-10-605. Compulsory retirement
§ 24-10-607. Disability retirement — Definition
§ 24-10-608. Death of member in paid service
§ 24-10-609. Death of member in volunteer service
§ 24-10-610. Limitations on death and disability annuities
§ 24-10-611. Termination of covered employment
§ 24-10-612. Redetermination of benefits
§ 24-10-613. Disposition of accumulated contributions
§ 24-10-614. Payment of reserve value
§ 24-10-615. Suspension of payments upon request
§ 24-10-616. Subjection of benefit rights to legal process
§ 24-10-617. Survivor health benefits
§ 24-10-618. Limitation on benefits granted by Acts 1997, No. 765
§ 24-10-619. Limitation on benefits granted by Acts 1997, No. 1136