§ 24-8-223 - Redetermination of benefits. - Arkansas Statutes

24-8-223. Redetermination of benefits.

(a) Each July 1 the Arkansas Judicial Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months.

(b) The redetermined amount shall be the amount of benefit payable as of the immediately preceding July 1 increased by three percent (3%).

(c) This method of redetermination of the amount of the retirement benefits shall be applicable to any judge first elected after July 1, 1983.