§ 24-8-304 - Benefits -- Frequency of payment -- Deficiencies. - Arkansas Statutes

24-8-304. Benefits -- Frequency of payment -- Deficiencies.

(a) All payments of retirement benefits under this subchapter shall be payable semimonthly.

(b) (1) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any persons under this subchapter, the city treasurer shall verify the deficiency.

(2) This deficiency shall be met by payment from the general funds of the city and proportionately from the general funds of the county if the salary of the judge of the municipal courts in the county is paid partially by the county, in such amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto.

(3) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer.