24 CAR § 10-602 – State employee transfers to the Arkansas Public Employees’ Retirement System

(a) An Act 808 employee shall make the election to transfer to the Arkansas Public Employees’ Retirement System on a form approved by the Arkansas Teacher Retirement System.
(b) The transfer from the Arkansas Teacher Retirement System to the Arkansas Public Employees’ Retirement System shall be effective on the employee’s effective date of retirement.
(c) The Arkansas Teacher Retirement System shall certify to the Arkansas Public Employees’ Retirement System a record of the Act 808 employee's service credit in the Arkansas Teacher Retirement System.
(d)
1. (1) If an Act 808 employee is a noncontributory member of the Arkansas Teacher Retirement System at the time of his or her retirement, the Act 808 employee shall:
  1. (A) Retire under the noncontributory provisions of Acts 1987, No. 187; and
  2. (B) Be entitled to a refund of his or her Act 808 employee contributions made since January 1, 1978, to the Arkansas Teacher Retirement System.
2. (2) If an Act 808 employee was a contributory member of the Arkansas Teacher Retirement System at the time of his or her retirement, the Act 808 employee shall retire under the contributory provisions of Acts 1987, No. 187.
(e)
1. (1) The Arkansas Public Employees’ Retirement System shall pay the monthly benefits of an Act 808 employee who elects to transfer to the Arkansas Public Employees’ Retirement System.
2. (2) The Arkansas Public Employees’ Retirement System shall certify monthly to the Arkansas Teacher Retirement System the amount of monthly benefits paid and the Arkansas Teacher Retirement System shall transfer its pro rata portion to the Arkansas Public Employees’ Retirement System.
(f) Upon receipt of a death certificate from the Arkansas Public Employees’ Retirement System for a retiree who chose a straight life annuity and has a balance remaining in his or her account, the Arkansas Teacher Retirement System shall transfer the remaining balance in the retiree's account to the Arkansas Public Employees’ Retirement System for refunding to the retiree’s designated beneficiary.