§ 24-5-115 - Benefits generally. - Arkansas Statutes

24-5-115. Benefits generally.

(a) (1) Members retired for the reasons set forth in 24-5-112 -- 24-5-114 shall be eligible for annual retirement benefits based on two and two-tenths percent (2.2%) of their average compensation, as defined in 24-5-101, limited to the amount upon which contributions, including supplemental contributions under the provisions of 24-5-108(b), have been made, multiplied by the number of years of creditable service in the Arkansas State Highway Employees' Retirement System.

(2) Payments shall be made in equal monthly installments.

(b) (1) In the event a member has not completed payment of his or her service contributions as provided for in 24-5-108(b) and is current in his or her service contributions at the time of retirement, the Board of Trustees of the Arkansas State Highway Employees' Retirement System is authorized to deduct from each monthly annuity payment an amount equal to one-twelfth (1/12) of the unpaid balance of the service contributions.

(2) The deductions shall continue until all service contributions have been paid in full.