§ 24-7-1006 - Retirement system for employees of University of Arkansas agricultural experiment stations. - Arkansas Statutes

24-7-1006. Retirement system for employees of University of Arkansas agricultural experiment stations.

(a) In order to provide for the retirement on annuity or otherwise of the employees of the cooperative work in agriculture and home economics and employees of the branch agricultural experiment stations of the University of Arkansas, who are on regular full-time appointment, the Board of Trustees of the University of Arkansas is authorized to use agricultural extension service funds and branch agricultural experiment station funds under its control as employer contributions to a retirement system to be established by the board.

(b) The contribution of the employer to an annuity or other retirement income plan for any employee shall not exceed five percent (5%) of the employee's salary and shall be matched by an equal contribution from the employee.

(c) The business manager of the University of Arkansas is designated as trustee and shall hold and disburse these funds according to the rules promulgated by the board.