§ 24-6-412 - Refund of contributions. - Arkansas Statutes

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Statutes > Arkansas > Title-24 > Chapter-6 > Subchapter-4 > 24-6-412

24-6-412. Refund of contributions.

(a) (1) In the event a member leaves the employ of the Department of Arkansas State Police prior to the date he becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he shall be paid, upon his written application filed with the board, the accumulated contributions standing to his credit in the member's deposit account if his separation from the employ of the department occurs after five (5) years from the date he last became a member of the system.

(2) If his separation from the employ of the department occurs within a period of five (5) years from and after the date he last became a member of the system, he shall be paid upon his written application filed with the board his accumulated contributions standing to his credit in the members' deposit account less the total interest credited to his individual account therein.

(b) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his accumulated contributions standing to his credit in the members' deposit account at the time of his death shall be paid to such persons as he shall have nominated by written designation duly executed and filed with the board.

(2) If there is no designated person surviving the member, his accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.

(3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments wherever the representative may be with or without the appointment of a representative in this state.

(c) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to the rules and regulations that the board may adopt from time to time.

State Codes and Statutes

Statutes > Arkansas > Title-24 > Chapter-6 > Subchapter-4 > 24-6-412

24-6-412. Refund of contributions.

(a) (1) In the event a member leaves the employ of the Department of Arkansas State Police prior to the date he becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he shall be paid, upon his written application filed with the board, the accumulated contributions standing to his credit in the member's deposit account if his separation from the employ of the department occurs after five (5) years from the date he last became a member of the system.

(2) If his separation from the employ of the department occurs within a period of five (5) years from and after the date he last became a member of the system, he shall be paid upon his written application filed with the board his accumulated contributions standing to his credit in the members' deposit account less the total interest credited to his individual account therein.

(b) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his accumulated contributions standing to his credit in the members' deposit account at the time of his death shall be paid to such persons as he shall have nominated by written designation duly executed and filed with the board.

(2) If there is no designated person surviving the member, his accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.

(3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments wherever the representative may be with or without the appointment of a representative in this state.

(c) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to the rules and regulations that the board may adopt from time to time.

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State Codes and Statutes

Statutes > Arkansas > Title-24 > Chapter-6 > Subchapter-4 > 24-6-412

24-6-412. Refund of contributions.

(a) (1) In the event a member leaves the employ of the Department of Arkansas State Police prior to the date he becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he shall be paid, upon his written application filed with the board, the accumulated contributions standing to his credit in the member's deposit account if his separation from the employ of the department occurs after five (5) years from the date he last became a member of the system.

(2) If his separation from the employ of the department occurs within a period of five (5) years from and after the date he last became a member of the system, he shall be paid upon his written application filed with the board his accumulated contributions standing to his credit in the members' deposit account less the total interest credited to his individual account therein.

(b) (1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his accumulated contributions standing to his credit in the members' deposit account at the time of his death shall be paid to such persons as he shall have nominated by written designation duly executed and filed with the board.

(2) If there is no designated person surviving the member, his accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.

(3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments wherever the representative may be with or without the appointment of a representative in this state.

(c) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to the rules and regulations that the board may adopt from time to time.