Benefits — Rate of return

  1. Law
  2. Arkansas Code
  3. Retirement And Pensions
  4. Arkansas Local Police And Fire Retirement System
  5. Local Police and Fire Deferred Retirement Option Plan
  6. Benefits — Rate of return

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  1. (a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased.

  2. (b)

    1. (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum.

    2. (2) The interest shall be credited to the individual account balance of the member on an annual basis.

  3. (c)

    1. (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706, the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602.

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

    3. (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.


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