§ 24-12-111 - Moneys added to fund -- Refunds. - Arkansas Statutes

24-12-111. Moneys added to fund -- Refunds.

(a) There shall be added to the fund the following moneys:

(1) All moneys given or donated to the fund; and

(2) Not less than six percent (6%) of the monthly salary of each employee, to be deducted each month by the city or its proper agency and immediately paid to the board of trustees of the pension and relief fund for paid nonuniformed employees.

(b) Employers shall contribute to the fund not less than six percent (6%) of the employee's salary.

(c) Both the employees and employers shall contribute to the fund equal amounts of covered payroll.

(d) (1) Upon leaving employment with the city, any employee shall be entitled to apply for and receive a refund of the aggregate amount withheld from his or her monthly salary during his or her period of employment with the city and paid into the pension and relief fund for paid nonuniformed employees of the city.

(2) Upon receiving a refund of the amounts deducted from his or her monthly salary from the pension and relief fund for paid nonuniformed employees of the city, the employee shall forfeit his or her credited service as a member of the pension and relief fund and shall not be eligible thereafter to receive any benefits under the provisions of this act for his or her service.