§ 24-8-312 - Right of transfer from or purchase of credit in Arkansas Public Employees' Retirement System or a reciprocal system. - Arkansas Statutes

24-8-312. Right of transfer from or purchase of credit in Arkansas Public Employees' Retirement System or a reciprocal system.

(a) (1) A judge of a municipal court and a clerk of a municipal court who, on March 23, 1973, were covered by the provisions of the Municipal Section of the Arkansas Public Employees' Retirement System shall, prior to January 1, 1982, make an election in writing as to whether to continue as a member of the Arkansas Public Employees' Retirement System in lieu of participating in the retirement benefits in this subchapter.

(2) In the event any such municipal judge or municipal court clerk shall elect to receive retirement benefits under this subchapter, they shall cease to be members of the Arkansas Public Employees' Retirement System.

(b) (1) In the case of all municipal judges and municipal court clerks who elected, in the manner provided in this subchapter, to receive retirement benefits under the provisions of this subchapter in lieu of benefits provided as a member of the Arkansas Public Employees' Retirement System, all contributions paid by the municipal judge or the municipal court clerk and all employer matching contributions paid to the Arkansas Public Employees' Retirement System in behalf of the municipal judge or the municipal court clerk shall be remitted, upon written request therefor by the board of trustees, as established in 24-8-302 by the Arkansas Public Employees' Retirement System from the employer and employee accounts of the Municipal Section of the Arkansas Public Employees' Retirement System Fund to the board of trustees.

(2) Upon receipt of the contributions, the board of trustees shall deposit the contributions in the fund established for the payment of retirement benefits to retired municipal judges and municipal court clerks in the city as provided in this subchapter.

(c) (1) Any municipal court clerk or former municipal court clerk who was covered by the Arkansas Public Employees' Retirement System at the time of the municipal service or was eligible for coverage at that time who withdrew the service and the accumulated contributions to the system and who later becomes a member of the Arkansas Public Employees' Retirement System or of a reciprocal system shall, upon meeting the requirements prescribed in this subsection, be entitled to have the time of complete municipal service restored to his or her credit.

(2) In order for the member of the system or of the reciprocal system to be eligible to have the service credit restored, the member:

(A) Shall not be currently receiving benefits under the system or a reciprocal system;

(B) Shall be entitled to purchase no more than ten (10) years for the service rendered by the member as a municipal court clerk;

(C) Shall have at least ten (10) years' credited service with the system or a reciprocal system at the time of the purchase;

(D) Shall not have received credited service in the system or a reciprocal system in another state-supported retirement system or in a retirement system of the city in which the member was employed for the time period for which credit is being sought; and

(E) Contributes to the members' deposit account a sum of money equal to the amount he, and if the employer contributions were returned, the amount the employer, would have contributed to the account had he been a member of the system or a reciprocal system during the period of service with the municipal court for which the member is establishing credit. This amount shall be based upon his, and if the employer contributions were returned, the employer's, monthly contribution at the time of the member's service with the municipal court for which the member is establishing credit and interest thereon at the rate of six percent (6%) with interest compounded annually.