§ 24-5-203 - Limitation on benefit enhancement. - Arkansas Statutes

24-5-203. Limitation on benefit enhancement.

(a) No benefit enhancement provided by 24-5-201 and 24-5-202 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided by 24-5-201 and 24-5-202 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by 24-1-101 et seq.