§ 24-10-606 - Early retirement. - Arkansas Statutes

24-10-606. Early retirement.

(a) Any member in covered employment who has not attained his or her normal retirement age may retire with an early annuity as provided in this section upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired, but only if, at the time of his or her separation from employment and at the time so specified for his or her retirement, the member shall have:

(1) Attained age fifty (50) and have twenty (20) years of credited service in force; or

(2) Twenty-five (25) years of credited paid service in the Arkansas Local Police and Fire Retirement System at any age.

(b) He or she shall have the right to elect an option provided for in 24-10-603.

(c) (1) Upon early retirement, a member shall receive a certain percent of an annuity for life provided for in 24-10-602.

(2) The percent shall be one hundred percent (100%) reduced by one-half of one percent (0.5%) multiplied by the number of months by which his or her age at early retirement is less than his or her normal retirement age.