§ 24-10-510 - Service credit for former military personnel. - Arkansas Statutes

24-10-510. Service credit for former military personnel.

A person who is a member of the Arkansas Local Police and Fire Retirement System and who was not receiving benefits under the system on January 1, 2003, may purchase credited service in the system for a period not to exceed two (2) years for service rendered by the member while on active duty in the armed forces of the United States before the member's employment covered by the system, but only if:

(1) The person received an honorable discharge from the armed forces; and

(2) If the person has participated in the system for at least five (5) years or takes medical disability, he or she contributes to the member's deposit account a sum of money equal to the amount of the combined employee and employer contribution made by or on behalf of the member to the system based upon the contributions for the last month of the employee's fifth year of service, or if the employee has taken medical disability, the last month of the employee's last year of service before taking disability, multiplied by the number of months of military service the member is eligible for and desires to purchase under this section with interest thereon at the rate of six percent (6%) per annum from the date of eligibility to purchase the service to the date of purchase.