§ 24-10-705 - Method of payment. - Arkansas Statutes

24-10-705. Method of payment.

At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive:

(1) A lump-sum payment from the account equal to the payments into the plan account;

(2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under 24-10-603; or

(3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System.