(a)
(1) In the case of withdrawal from service within less than one (1) year after having become a member of the Arkansas State Highway Employees' Retirement System, the Board of Trustees of the Arkansas State Highway Employees' Retirement System, upon request, shall pay to the member all of his or her accumulated contributions without interest.
(2)
(A) If withdrawal occurs after one (1) year of membership in the system, the board, upon request, shall pay to the member all of his or her accumulated contributions plus interest as determined by the board.
(B) The member so reimbursed shall have no legal claim on any contribution made by the state with a view to his or her retirement.
(3) Payment to a member under the conditions set forth in this subsection shall be made as provided by the board.
(4) A member's interest in the Arkansas State Highway Employees' Retirement System shall be exempt from attachment and execution.
(b)
(1) In the case of an employee's withdrawal from service after becoming a member of the system and when the employee's contribution has accumulated to a total of less than two hundred fifty dollars ($250), then the employee's accumulated contribution shall become forfeit to the Arkansas State Highway Employees' Retirement System Fund unless withdrawn by the former employee from the fund within the first three (3) years following the employee's termination of service with the Arkansas Department of Transportation, provided that such employee is not a member of a reciprocal system.
(2) In the event of forfeiture to the fund, the former employee shall have no further claim upon the Arkansas State Highway Employees' Retirement System.
(c) The payment of the cost of the refunded service shall be based on an actuarial equivalent as prescribed by the board if a member:
(1) Is reemployed by a state employer;
(2) Has received a refund from the Arkansas State Highway Employees' Retirement System; and
(3) Seeks to reinstate time withdrawn.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 5 - Arkansas State Highway Employees' Retirement
Subchapter 1 - General Provisions
§ 24-5-103. Establishment of system
§ 24-5-105. Cost of administration — Payment of benefits and adjustment of errors
§ 24-5-106. Establishment of retirement fund
§ 24-5-108. Members' contributions
§ 24-5-109. Employer's contribution
§ 24-5-110. Credit for prior and current service in department
§ 24-5-112. Eligibility for benefits — Voluntary retirement
§ 24-5-113. Eligibility for benefits — Disability retirement — Definition
§ 24-5-114. Eligibility for benefits — Early retirement
§ 24-5-115. Benefits generally
§ 24-5-116. Benefits — Death of member or retirant
§ 24-5-117. Benefits — Withdrawal from service
§ 24-5-118. Benefits — Annuity options
§ 24-5-119. Redetermination of benefits
§ 24-5-120. Increase in monthly retirement benefit — Schedule
§ 24-5-122. Early retirement incentives
§ 24-5-123. Credit for military service
§ 24-5-124. Minimum monthly benefit
§ 24-5-125. Eligibility to receive increase in benefits
§ 24-5-126. Increase in benefits
§ 24-5-127. Creditable service
§ 24-5-128. Increase in monthly retirement benefit — 1993
§ 24-5-129. Increase in monthly retirement benefit — Acts 1997, No. 349
§ 24-5-130. Increase in monthly retirement benefit — Acts 1997, No. 386
§ 24-5-131. Limitation on benefit enhancement of Acts 1997, No. 1089
§ 24-5-132. Limitation on benefit enhancement of Acts 1997, No. 1067
§ 24-5-133. Early participation
§ 24-5-134. Death benefit enhancement
§ 24-5-135. Annuity benefit enhancement
§ 24-5-136. Operation of system as qualified trust
§ 24-5-137. Compliance with Internal Revenue Code section 415