The Board of Trustees of the Arkansas Judicial Retirement System adopted an installment payment plan as follows:
- (1) A member may enter in an agreement with the Arkansas Judicial Retirement System to pay the total amount due in twenty-four (24) equal monthly installments;
- (2) The service will not be credited to the member’s retirement account until full payment is received by the system;
- (3) Full payment must be made before a member makes application for monthly benefits;
- (4) The system will refund to a member the amount paid if the member does not pay in one (1) lump sum the balance due within six (6) months after termination of covered employment; and
- (5) The system will refund to the survivor eligible for the refund the amount paid if a member dies before completing payment.
Codification Notes: This part as promulgated prior to codification into the Code of Arkansas Rules provided as follows: “RULE 7 – January 16, 1986 – INSTALLMENT PAYMENT (as amended April 21, 1988)”.