§ 24-7-1004 - Continuation of participation in respective systems by employees of former Arkansas Agricultural and Mechanical College and University of Arkansas at Monticello.
24-7-1004. Continuation of participation in respective systems by employees of former Arkansas Agricultural and Mechanical College and University of Arkansas at Monticello.
(a) (1) The employees of the Arkansas Agricultural and Mechanical College who were, on July 1, 1971, participants making regular contributions to the Arkansas Teacher Retirement System shall continue to participate therein.
(2) The University of Arkansas is authorized to expend from its funds to match their contributions to that system as provided by law, and this shall be the retirement plan for those persons, excluding only social security.
(b) Those employees of the Arkansas Agricultural and Mechanical College who were, on July 1, 1971, participating in the alternate retirement plan authorized by 24-7-801 and 24-7-803 -- 24-7-808 shall participate thereafter to the same extent, and in like manner, in the retirement plan in operation for University of Arkansas employees, and this shall be the retirement plan for those persons, excluding only social security.
(c) (1) Those employees of the Arkansas Agricultural and Mechanical College who were, on July 1, 1971, participating in the Arkansas Public Employees' Retirement System and currently making regular contributions thereto shall continue to participate therein.
(2) The University of Arkansas is authorized to expend from its funds to match their contributions to that system as provided by law, and this shall be the retirement plan for those persons, excluding only social security.
(d) All persons first employed by the University of Arkansas at Monticello on or after July 1, 1971, and any employees of the Arkansas Agricultural and Mechanical College who were not participating in either the Arkansas Teacher Retirement System, the Arkansas Public Employees' Retirement System, or the alternate retirement plan on July 1, 1971, and who become employees of the University of Arkansas, shall be eligible to participate in the retirement plan in operation for University of Arkansas employees on the same basis that University of Arkansas employees on other campuses may participate, and this shall be the retirement plan for those persons, excluding only social security.