Repayment of refunded contributions by a member to reestablish forfeited service must be made in the Arkansas Public Employees’ Retirement System in one-year increments, subject to the following conditions:

1. (1) Service credit will be restored to the member’s retirement account as each year’s full payment is received by the Arkansas Public Employees’ Retirement System;

2. (2)

   1. (A) Full payment must be made before a member, or his or her survivor, makes application for monthly benefits.
   2. (B) The interest applied to such purchases shall equal the actuarially assumed rate of return during the period of original service; and
3. (3) A person not a member of the Arkansas Public Employees’ Retirement System, but who is a member of another retirement system and eligible for reciprocal agreement coverage (Acts 1965, No. 488, as amended), will be considered a member for the purpose of repurchasing service credit under this section.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "402 – 1986 (10) – Repayment of Refunded Contributions"