§ 24-10-705 - Method of payment.
24-10-705. Method of payment.
At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive:
(1) A lump-sum payment from the account equal to the payments into the plan account;
(2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under 24-10-603; or
(3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System.
At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive:
(1) A lump-sum payment from the account equal to the payments into the plan account;
(2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under 24-10-603; or
(3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System.
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