Ark. Code Ann. » Title 24 Chapter 04
Arkansas Code Annotated

Ark. Code Ann. § 24-4-401 (2020)

Contributions of members

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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    1. The members' deposit account shall be the account in which members' contributions shall be accumulated with interest as stipulated by § 24-4-209(a) and from which shall be made transfers and refunds of contributions or accumulated contributions as provided in this act.
    2. Upon the retirement of a member, his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred to the retirement reserve account.
      1. Until July 1, 2005, the contributions of a contributory member shall be six percent (6%) of the member's annual compensation.
      2. Beginning July 1, 2005, the contribution rate shall be five percent (5%) of the member's annual compensation for a contributory member.
      3. The member's deposit account shall be credited interest at a rate of four percent (4%) per annum beginning July 1, 2005.
    2. The officer responsible for making up the payroll for each public employer shall cause the contributions provided for in this section to be deducted from the compensation of each member in the employ of a public employer.
    3. The contributions shall be deducted on every payroll, for every payroll period, from the date of the member's entrance into the Arkansas Public Employees' Retirement System to the date his or her membership terminates.
    4. When deducted, each of the amounts shall be paid by the public employer to the Arkansas Public Employees' Retirement System Fund and shall be credited to the individual account in the members' deposit account of the member from whose compensation the contributions were deducted.
    5. The contributions provided for in this section shall be made notwithstanding that the minimum salary or wages for any member shall be thereby changed.
    6. Each member shall be deemed to consent and agree to the deductions made and provided for in this section.
    7. Payment of a member's compensation less deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered to a public employer by the member, except as to benefits provided by this act.
    1. The official designated by the board of each participating public employer shall remit to the board the contributions deducted from the compensations of members in the employ of the employer.
    2. The remittances shall be made in such manner and form, shall be made in such frequency, and shall from time to time be accompanied by such supporting data as the board shall prescribe.
  4. 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 ever be used for any other purpose.

History. Acts 1957, No. 177, § 8; 1959, No. 42, § 8; 1965, No. 153, § 6; 1967, No. 108, § 2; 1969, No. 632, § 1; 1971, No. 103, § 2; 1973, No. 666, § 2; 1975, No. 907, § 10; A.S.A. 1947, §§ 12-2508, 12-2508.1; Acts 1997, No. 299, § 13; 2001, No. 151, § 19; 2005, No. 2084, § 1.

Meaning of “this act”. Acts 1957, No. 177, codified as §§ 24-4-101 — 24-4-105, 24-4-201, 24-4-202, 24-4-205, 24-4-207 — 24-4-209, 24-4-301 — 24-4-304, 24-4-401, 24-4-402, 24-4-507, 24-4-508, 24-4-510 — 24-4-512, 24-4-513 [repealed], 24-4-601 — 24-4-603, 24-4-605, 24-4-606.

Case Notes

Effect of Retirement.

Employee who retired prior to pension increase no longer had individual account when increase became effective and was not eligible for increased benefits. Snuggs v. Board of Trustees, 241 Ark. 402, 407 S.W.2d 933 (1966).

Settlement Proceeds.

Substantial evidence supported the finding that a school district was responsible for paying the employer contribution to the Arkansas Teacher Retirement System (ATRS) on settlement proceeds a teacher received and that a school district failed to follow the calculation of damages designated in the settlement as back pay because a 14% employer contribution had to be paid on all salary, and ATRS could treat as salary any remuneration paid to a member for settlement with an employer. Palestine-Wheatley Sch. Dist. v. Hopkins, 2016 Ark. App. 112, 484 S.W.3d 682 (2016).

Notes of Decisions
Cited in 1 case, 2016–2016 · leading case: Palestine-Wheatley Sch. Dist. v. Hopkins, 2016 Ark. App. 112, 484 S.W.3d 682.
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Palestine-Wheatley Sch. Dist. v. Hopkins, 2016 Ark. App. 112, 484 S.W.3d 682. · cites it 2× “34 after attorney’s fees |nwere paid; (4) ATRS interpreted Ark.Code Ann. § 24-4-401(c)(4) to require a 14 percent employer contribution to.”
Ark. Code Ann. § 24-4-401(c)(4): 1 case
Palestine-Wheatley Sch. Dist. v. Hopkins, 2016 Ark. App. 112, 484 S.W.3d 682. “34 after attorney’s fees |nwere paid; (4) ATRS interpreted Ark.Code Ann. § 24-4-401(c)(4) to require a 14 percent employer contribution to.”
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