§ 24-11-421 - Credited service -- Restoration. - Arkansas Statutes

24-11-421. Credited service -- Restoration.

(a) (1) In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment.

(2) The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%).

(3) The repayment shall be made according to such rules and regulations as the board shall adopt.

(b) Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.