(a) Any member who does not terminate employment and retire on the date that member meets the age and service requirements of § 24-4-508 for an unreduced annuity and has not elected to participate in the Deferred Retirement Option Plan as provided in § 24-4-801 et seq. may elect at the time of retirement to participate in the Arkansas Public Employees' Retirement Partial Annuity Withdrawal Program.
(b) A member electing to participate shall be eligible to receive, at the time of retirement, a lump-sum distribution in an amount not exceeding one (1) month of benefit for each completed month of service beyond eligibility for an unreduced benefit. The lump sum shall not exceed an amount equal to sixty (60) months of benefits.
(c) A member electing to participate shall have his or her lifetime annuity reduced by an actuarially determined equivalent in accordance with rules adopted by the Board of Trustees of the Arkansas Public Employees' Retirement System.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 4 - Arkansas Public Employees' Retirement System
§ 24-4-601. Straight life annuity generally
§ 24-4-602. Payment of annuity balance upon death of retirant or member
§ 24-4-603. Refund of contributions
§ 24-4-605. Proration of public employer share of annuity reserve
§ 24-4-607. Redetermination of benefits
§ 24-4-608. Payment of benefits upon death of member before retirement — Exception
§ 24-4-609. Effective date of benefits
§ 24-4-610. Increased benefits for persons retiring by June 1, 1985
§ 24-4-611. Minimum monthly benefit
§ 24-4-612. Increase in benefits
§ 24-4-613. Benefits for contributory members
§ 24-4-614. Increase in monthly benefit amount — 1993
§ 24-4-615. Maximum benefit limitation
§ 24-4-616. Increase in monthly benefit amount — 1995
§ 24-4-617. Increase in monthly benefit amount — 1997
§ 24-4-618. Increased benefits for persons retired before July 1, 1999
§ 24-4-619. Increased benefits for persons retired before June 1, 1999
§ 24-4-620. Partial annuity withdrawal provision