{"data":{"id":"us-ar/ark.-code-ann.-24-10-704","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 24-10-704","heading":"Benefits - Rate of return","body":"(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the member on an annual basis. (c) (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 . (2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account. Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 12, eff. 7/1/2013. Acts 2003, No. 1734, § 1.\n\n(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased.\n\n(b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the member on an annual basis.\n\n(1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum.\n\n(2) The interest shall be credited to the individual account balance of the member on an annual basis.\n\n(c) (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 . (2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.\n\n(1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 .\n\n(2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).\n\n(3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.","path":["AR Code","Title 24","Chapter 10","Subchapter 7"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"8c927a5dd2ab313298972237e9e11a859da1b59ac067f87a8a24b41536008d0c","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-24-10-703","next":"us-ar/ark.-code-ann.-24-10-705"},"notice":"GroundRules: Original legal text. Not legal advice."}