(a) Any member of a policemen's pension and relief fund who has police-related service with the municipal government shall be entitled to purchase credited service in the system equivalent to the amount of employment service he or she has with the municipal police department in a position as police-related employment service up to a maximum of three (3) years of credited service, provided that the member contributes to the system an amount the Arkansas Fire and Police Pension Review Board determines would be actuarially equivalent to the value of the service purchased.
(b) The board shall have the final power to determine the value of the service purchased.
(c) Service credit purchased under this section may be used to determine the member's total credited service for the amount upon retirement and shall not be used to determine his or her final average pay for service under the system.
(d) As used in this section, “police-related service” means service with a municipality that has police officers covered under a policemen's pension and relief fund in a job or in a paid position within a covered police department or fire department where the person performs duties that are related to the delivery of police and law enforcement services, including service such as a police department radio dispatcher or other similar service.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 11 - Local Police And Fire Pension And Relief Funds
Subchapter 4 - Police Pension and Relief Funds — Cities of the First Class
§ 24-11-402. Vote to effect subchapter
§ 24-11-403. Creation of fund — Tax levy
§ 24-11-404. Tax levy for pensions in cities of first and second class
§ 24-11-405. Board of trustees
§ 24-11-406. Administration of small funds by Arkansas Local Police and Fire Retirement System
§ 24-11-407. List of retired police officers
§ 24-11-408. Treasurer as custodian of fund
§ 24-11-409. Deposit of moneys
§ 24-11-412. Report on condition of fund
§ 24-11-413. Moneys added to fund — Contributions
§ 24-11-415. Proceeds derived from sale of confiscated goods
§ 24-11-416. Proration where fund insufficient
§ 24-11-417. Subjection of fund to legal process
§ 24-11-418. Former military service credit purchase
§ 24-11-421. Credited service — Restoration
§ 24-11-422. Benefits — Voluntary retirement
§ 24-11-423. Benefits — Disability retirement
§ 24-11-424. Benefits — Retirant receiving less than one-half salary
§ 24-11-425. Benefits — Death of active or retired member
§ 24-11-426. Optional vesting rights policy
§ 24-11-428. Return of salary deductions
§ 24-11-432. Additional benefits for certain officers hired prior to January 1, 1983
§ 24-11-433. Police pension funds — Partial disability pensions
§ 24-11-434. Deferred retirement option plan
§ 24-11-437. Credited service — Purchase of former law enforcement service