§ 24-7-1005 - Option of employees of former Arkansas Agricultural and Mechanical College and former Arkansas Agricultural, Mechanical, and Normal College to participate in University of Arkansas re
24-7-1005. Option of employees of former Arkansas Agricultural and Mechanical College and former Arkansas Agricultural, Mechanical, and Normal College to participate in University of Arkansas retirement plan.
(a) (1) Any staff member of the former Arkansas Agricultural and Mechanical College, which is now the University of Arkansas at Monticello, or of the former Arkansas Agricultural, Mechanical, and Normal College, which is now the University of Arkansas at Pine Bluff, who elects to terminate his membership in the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System and to participate in the retirement plan in operation for University of Arkansas employees may do so on the same basis that University of Arkansas employees on its other campuses may participate.
(2) The election shall be in writing and filed with the chief fiscal officer of the University of Arkansas campus where the member is employed.
(3) The University of Arkansas shall forward to each of the former retirement plans described in this subsection the written applications of those employees on these campuses who elect to terminate their participation in the former retirement plan according to the provisions of this section.
(b) (1) All accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of Acts 1973, No. 427 or Acts 1957, No. 177 shall be returned to the staff member, and all of his credited service under the retirement system shall be cancelled.
(2) (A) Any staff member with five (5) or more years of actual service or upon reaching five (5) years of actual service who elects to participate in the plan in operation for the University of Arkansas and who leaves his contributions in the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System shall be eligible to receive an annuity upon reaching the age for normal age and service retirement benefits, as determined by the benefit formula of the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System, and on his retirement from covered employment.
(B) The amount of the annuity shall be determined by the benefit formula of the Arkansas Teacher Retirement System or the Arkansas Public Employees' Retirement System at the time of retirement.