§ 24-7-608 - Limitation on benefit enhancement -- Acts 1997, No. 1053. - Arkansas Statutes

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24-7-608. Limitation on benefit enhancement -- Acts 1997, No. 1053.

(a) No benefit enhancement provided for by this act shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by this act shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by 24-1-101 et seq.

State Codes and Statutes

Statutes > Arkansas > Title-24 > Chapter-7 > Subchapter-6 > 24-7-608

24-7-608. Limitation on benefit enhancement -- Acts 1997, No. 1053.

(a) No benefit enhancement provided for by this act shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by this act shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by 24-1-101 et seq.

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State Codes and Statutes

Statutes > Arkansas > Title-24 > Chapter-7 > Subchapter-6 > 24-7-608

24-7-608. Limitation on benefit enhancement -- Acts 1997, No. 1053.

(a) No benefit enhancement provided for by this act shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by this act shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by 24-1-101 et seq.