1. (a)

   1. (1) In accordance with Acts 2001, No. 357, only years and months of service will be utilized to determine the amount of eligible service in the calculation of the PAW.
   2. (2) The actuarial reduction to be used in computing a PAW benefit, as provided by Acts 2001, No. 357, shall be a 50/50 gender blend of the 1983 Group Annuity Mortality Table with interest at eight percent (8%) and three percent (3%) annual compounded post-retirement benefit increases.
2. (b) Any service purchased after a member becomes eligible for an unreduced benefit will not be included in the number of months of PAW eligibility.

3. (c)

   1. (1) The date a member purchases service and becomes eligible for an unreduced benefit determines the date the member is eligible for the PAW.
   2. (2) Any service rendered in the Arkansas Public Employees’ Retirement System after this date is eligible for PAW.

4. (d)

   1. (1) Reciprocal and credited service will be utilized to determine the date a member was eligible for an unreduced benefit.
   2. (2) However, only actual Arkansas Public Employees’ Retirement System service after the date eligible for an unreduced benefit will be used in the calculation of the number of eligible PAW months.

   3. (3)

      1. (A) The exception is Arkansas Rehabilitation Services members as defined in Arkansas Code § 24-2-302.
      2. (B) Arkansas Rehabilitation Services members’ service in the Arkansas Teacher Retirement System will be used in the monthly benefit amount and in determining the number of months eligible for the PAW.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "218– 2001 (5) – Partial Annuity Withdrawal" "PAW" means partial annuity withdrawal.