§ 24-5-109 - Employer's contribution. - Arkansas Statutes

24-5-109. Employer's contribution.

(a) The employer shall match all member contributions with a twelve and nine-tenths percent (12.9%) contribution from the fund from which the employees are paid their gross earnings, computed on the basis of the payroll earnings, including overtime and lump sum payments, of the members of the Arkansas State Highway Employees' Retirement System.

(b) In matching contributions paid under the provisions of 24-5-108(b), the employer shall match all member contributions for authenticated prior and current service as follows:

(1) Four percent (4%) contribution for service through August 15, 1969;

(2) Six percent (6%) contribution for service from August 15, 1969, to July 1, 1975;

(3) Nine and nine-tenths percent (9.9%) contribution for service from June 30, 1975, to March 20, 1977;

(4) Eleven percent (11%) contribution for service from March 19, 1977, to July 1, 1979;

(5) Twelve and sixty-five hundredths percent (12.65%) contribution for service from June 30, 1979, to June 25, 1981; and

(6) Twelve and nine-tenths percent (12.9%) contribution for service from June 24, 1981.

(c) (1) In the event that sufficient money is provided to the system to pay the increase in annuities as authorized by 24-7-714 from other than the fund from which the employees are paid their gross earnings, then the employer's contribution rate for the then current year shall be twenty-five hundredths percent (.25%) less than the rate stated in subsection (a) of this section.

(2) In matching contributions under the provisions of 24-5-108(b), the rate shall be the employer's contribution rate for the then current year.