24 CAR § 1-402. Repayment of refunded contributions

Repayment of refunded contributions by a member to reestablish forfeited service must be made in the Arkansas Public Employees’ Retirement System in one-year increments, subject to the following conditions: (1) Service credit will be restored to the member’s retirement account as each year’s full payment is received by the Arkansas Public Employees’ Retirement System; (2)(A) Full payment must be made before a member, or his or her survivor, makes application for monthly benefits. (B) The interest applied to such purchases shall equal the actuarially assumed rate of return during the period of original service; and (3) A person not a member of the Arkansas Public Employees’ Retirement System, but who is a member of another retirement system and eligible for reciprocal agreement coverage (Acts 1965, No. 488, as amended), will be considered a member for the purpose of repurchasing service credit under this section.