AR HB1366

Amends Arkansas Code § 24-4-804 to clarify procedures when a member's participation in the Deferred Retirement Option Plan ceases upon separation from service.

Members must elect to receive their deferred option account balance either as a lump sum or as monthly benefit payments in the form chosen for their deferred retirement benefit.

The Board of Trustees of the Arkansas Public Employees' Retirement System shall determine conversion factors to convert deferred option account balances to monthly payment amounts.

Members' annuity benefits must be paid directly in regular monthly amounts in the same form as if the member had retired on the deferred retirement option date and made the same election under § 24-4-606.

Members who cease participation in the plan are ineligible for employment in any position covered by the plans identified in § 24-2-401(3), except as provided in § 24-4-520.