§ 24-6-208 - Members' contributions. - Arkansas Statutes

24-6-208. Members' contributions.

(a) (1) (A) The contributions of a contributory member to the State Police Retirement System covered by the contributory provisions shall be nine and one-fourth percent (9.25%) of the member's salary.

(B) However, no member may be required to pay more than nine and one-fourth percent (9.25%) of the salary of the highest permanent rank in the Department of Arkansas State Police.

(2) The officers responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the salaries of each member on each and every payroll, for each and every payroll period, from the date of his or her entrance into the system to the date his or her membership terminates.

(3) When deducted, each of the amounts shall be paid into the State Police Retirement Fund and shall be credited to each member's individual account in the members' deposit account.

(4) The contributions provided for in this section shall be made notwithstanding that the minimum salary provided by law for any member shall be thereby changed.

(5) Each member shall be deemed to consent and agree to the deductions made and provided for in this section.

(6) Payment of his or her salary less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered to the department by the member, except as to benefits provided by this subchapter.

(b) It is expressly guaranteed that all members' contributions shall be held in trust for the exclusive benefit of the individual members and that no part of the funds shall be used for any other purpose.