(a) A member of a firemen's relief and pension fund who has fire-related service with the municipal government is entitled to purchase credited service in the system equivalent to the amount of employment service he or she has with the municipal fire department in a position as fire-related employment service up to a maximum of three (3) years of credited service, provided that the member contributes to the system an amount as the Arkansas Fire and Police Pension Review Board shall determine 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, “fire-related service” means service with a municipality that has firefighters covered under a firemen's relief and pension fund in a job or in a paid position within a covered fire department or fire department where the person performs duties that are related to the delivery of fire services, including service such as a fire 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 8 - Firemen's Relief and Pension Funds
§ 24-11-801. Board of trustees — Members
§ 24-11-802. Board of trustees — Proceedings
§ 24-11-803. Board of trustees — Powers
§ 24-11-804. Administration of small funds by Arkansas Local Police and Fire Retirement System
§ 24-11-806. Payments generally
§ 24-11-809. Apportionment of insurance premium tax generally
§ 24-11-812. Tax levy by city council
§ 24-11-813. Clerk's report to pension review board
§ 24-11-814. Subjection of fund to legal process
§ 24-11-816. Membership — Contributions
§ 24-11-818. Benefits — Voluntary retirement
§ 24-11-819. Benefits — Disability retirement
§ 24-11-822. Benefits — Payments upon death of retirant or beneficiary
§ 24-11-823. Increase in benefits for certain persons retired due to total permanent disability
§ 24-11-824. Fire protection districts
§ 24-11-825. Pensions for volunteer firefighters
§ 24-11-827. Retired member returning to active status
§ 24-11-829. Increase in surviving spouse benefits
§ 24-11-830. Deferred retirement option plan
§ 24-11-832. Applicability of § 24-11-820