§ 24-5-121 - Life annuities for surviving spouse -- Return of funds previously withdrawn. - Arkansas Statutes

24-5-121. Life annuities for surviving spouse -- Return of funds previously withdrawn.

(a) (1) The surviving spouse of any person who had twenty (20) or more years of creditable service under the Arkansas State Highway Employees' Retirement System and who died subsequent to July 1, 1969, but on or before April 1, 1971, while drawing benefits under the system shall be entitled to receive a life annuity equal to forty-two and one-half percent (42.5%) of the annuity which the deceased member was receiving at the time of death.

(2) The surviving spouse shall be entitled to receive the benefits provided for in this section from the date application therefor is made to the Board of Trustees of the Arkansas State Highway Employees' Retirement System.

(b) If any surviving spouse of a deceased member who is otherwise entitled to receive an annuity under the provisions of this section has withdrawn any portion of the employee contributions made to the system by the deceased member, the surviving spouse shall return the funds so withdrawn with interest at the rate of three percent (3%) from the date withdrawn to the date returned to the system.