§ 24-10-613 - Disposition of accumulated contributions. - Arkansas Statutes

24-10-613. Disposition of accumulated contributions.

(a) (1) If a retirant and his or her eligible beneficiary, if any, both die before they have received in annuity payments a total amount equal to the accumulated contributions, including any interest credits standing to the retirant's credit in the Arkansas Local Police and Fire Retirement System at the time of his or her retirement, the difference between the accumulated contributions and the total amount of annuities received by them shall be paid to the persons the retirant nominated by written designation duly executed and filed with the Board of Trustees of the Arkansas Local Police and Fire Retirement System.

(2) If no designated person survives the retirant and his or her beneficiary, the difference shall be paid to the estate of the survivor of the retirant and his or her beneficiary.

(b) In the event a member ceases to be a member, other than by death, before the date he or she becomes vested to receive an annuity payable by the system, he or she shall be paid the accumulated contributions standing to his or her credit in the members' deposit account upon his or her written application filed with the board.

(c) (1) In the event a member dies and no annuity becomes or will become payable by the system on account of his or her death, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to the persons he or she nominated by written designation duly executed and filed with the board.

(2) If there are no designated persons surviving the member, the accumulated contributions shall be paid to his or her surviving spouse, or to his or her estate if there is no surviving spouse.

(d) (1) In the event a member's membership in the system terminates and no annuity becomes or will become payable on his or her account, any accumulated contributions standing to his or her credit in the members' deposit account and unclaimed by the member or his or her legal representative within three (3) years from and after the date his or her membership terminated shall be transferred to the income-expense account.

(2) If, thereafter, proper application is made for the accumulated contributions, the board shall pay them from the income-expense account but without interest after the date payment was first due.