1. (a)

   1. (1) If any change or error in the records of the Arkansas District Judge Division of the Arkansas Public Employees’ Retirement System or any audit of a member’s annuity calculations results in any person’s receiving more or less than the person is entitled to receive had the records or the calculations been correct, the Board of Trustees of the Arkansas Public Employees’ Retirement System shall correct the error and adjust the payment in accordance with this part so that the actuarial equivalent of the benefit to which the person was correctly entitled is paid.
   2. (2) However, no monthly adjustment of less than one dollar ($1.00) shall be made.
2. (b) If an overpayment is determined, any subsequent payments shall be adjusted to the correct amount.
3. (c) If an underpayment is determined, regardless of the date of the determination, the Arkansas Public Employees’ Retirement System shall pay in a lump sum to the person the total of any underpayments made prior to the date of determination, and any subsequent payments shall be adjusted to the correct amount.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "621 – 2009 (5) – Adjustment of Erroneous Payments"