21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Arkansas Retirement Benefits Plan
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US-CC-21-166
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FAQ
A member with 5 years of credited service is considered ?vested? and is eligible to apply for an Age and Service retirement annuity from ATRS if they meet eligibility requirements.
The Arkansas Public Employees Retirement System (APERS) serves more than 95,000 active state employees, retirees, and beneficiaries. Founded in 1957, APERS provides retirement, disability, and death benefits.
Established in 1957, the Arkansas Public Employees Retirement System (APERS) provides pension, retirement and disability benefits for some 60,000 members, retirees and beneficiaries employees who meet its eligibility requirements.
If you have 5 years of service, generally, you are vested (eligible) for benefits when you retire (except for certain General Assembly members who must have ten years of service to vest). To be eligible for retirement, you must meet certain age and service requirements.
Effective July 1, 2023 (Act 107 of 2023) Normal Retirement Age is defined as the age of 65 with 5 or more years of credited service OR if the member is at least age 60 and the member's age and combined years of credited service total 98 or more.
Retired ? 147 retirees with an average monthly benefit of $7,369. Funding: Employee contributions of 6% (Tier 1) or 5% (Tier II). Employer contributions of 12%.
However, there are certain things to consider if you want to retire in Arkansas. Arkansas is a relatively friendly state for retirees due to its low cost of living, low property prices, outdoor attractions, and friendly tax system. If you receive Social Security checks, you won't pay state income taxes on the money.