075.00.06 Ark. Code R. § 001 - Regulation 105 - Additional Funding for Initial Unfunded Liabilities
Disclosure of information from ADJRS records and meetings shall be open to the public as provided by A.C.A. 25-19-101, A.C.A. 21-12-203, and other applicable law. The Executive Director shall seek the advice of the Attorney General when necessary regarding release of information as provided herein.
The ADJRS Board of Trustees does hereby delegate to the ADJRS Executive Director the approval of all Board of Trustee travel other than travel to attend regular and special meetings of the Board and its Committees.
In accordance with the provisions of A.C.A. 24-8-809 the Board of Trustees will establish the employer contribution rates to take effect on January 1st of each year, or as deemed necessary by the Board.
In accordance with A.C.A. 24-8-804 and 24-8-809, the Board hereby adopts the following requirements for employer remittances and reporting. Employer and employee contributions shall be remitted with appropriate forms furnished by ADJRS and received by ADJRS within 10 calendar days after the payroll period ending date.
Remittances postmarked within 9 calendar days after the payroll period ending date shall not be considered delinquent. The monthly retirement report of service and earnings, either in paper form or by electronic media, shall be submitted for receipt by ADJRS on or before the tenth calendar day of the month next following the report month. If the reports are submitted by mail, either in paper form, tape, or disk, such reports will not be considered delinquent if postmarked by the ninth calendar day.
In accordance with ACA 24-8-810 and 24-8-902, the sponsoring government entity must pay any remaining liabilities based on a thirty-year amortization. This thirty-year amortization will be a closed amortization period, that is, thirty years to determine the 2005 payment, twenty-nine years to determine the 2006 payment, and so on. The assets used to determine the remaining liability will be calculated each year or as deemed necessary by the Board of Trustees, based on the initial amount contributed plus additional contributions plus any investment gains and losses. The liability used to determine the remaining liability will be the present value of the accrued benefits as of the date of calculation.
If the sponsoring government entity wishes to pay an additional amount, or all of their remaining unfunded liability, then interest will be added to the payoff in the amount of 1/12 of the annual interest rate used to determine the liability times the number of months elapsed from the date of the most recent calculation to the date of the payment.
BENEFITS
For the following, any combination of two that agree:
A member of the Arkansas District Judges Retirement System can only change beneficiary by use of the form designated by the Board of Trustees to be used for such purposes.
All monthly benefits payable to survivors of deceased members or retirants of the Arkansas District
Judges Retirement System shall be effective the last working day of the month following the month in which the member retires or the retirant dies.
Persons receiving monthly benefits from ADJRS shall be required to participate in the electronic direct deposit program. Waivers may be granted to those persons who certify in writing that they do not have a savings or checking account.
Any member may voluntarily retire upon written application filed with the Board of Trustees of the Arkansas District Judges Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of the application.
MEMBERSHIP
The accrued liability as of December 31, 2004 will include service for active, retired, and deferred members of the local district judge and court clerk retirement plan. The members' accrued liability will be based on the existing provisions of the local retirement plan as of December 31, 2004.
Times a resolution from the employer(s) of the member specifying which special retirement provisions are to be applied to that individual, the System shall apply the "default" provisions as they current exist in ACA 24-8-309 or 24-8-406 for full benefits, and ACA 24-8-319 or 24-8-410 for reduced benefits. Where there are multiple options for eligibility, as in ACA 24-8-406 (age 50 with 16 years or age 65 with 10 years), the System shall apply the provisions that will be first attained by the member in question, whether that be by virtue of attainment of age or years of service. It is the responsibility of the member and his employer(s) to supply the System with a resolution or other formal binding agreement that any other provisions to be applied.
PURCHASE, REFUND REPAYMENT, OTHER SERVICE
The rate of interest to be charged for the repayment of refunded contributions shall be the assumed rate of investment return or as established by the Board of Trustees, compounded annually.
The rate of interest to be given to employee contributions either at the time of a refund or retirement shall be 3% per annum, compounded annually. Interest will be given after a member's contributions have been in the System for five (5) fiscal years.
Repayment of refunded contributions by a member to re-establish forfeited service must be made in one lump sum if the total due, including interest, is less than $500. If $500 or more, the member may chose to enter into an agreement with the Retirement System to make partial payments in an amount and a method determined by the Executive Director, subject to the following conditions:
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.