Act 38 of 2011
Act 38 of 2011, which was signed by the Governor and became effective on February 16, 2011, prohibits members who enroll in APERS’ Deferred Retirement Option Plan (DROP) from returning to work for any Arkansas authorized plan after completion of the DROP participation. This Act affects those who enroll in APERS DROP with an effective date of March 1, 2011 and later.
Any change in legislation to ACA 24-4-520 may impact this Act. DROP participants already enrolled in the DROP as of February 1, 2011 are not affected by this provision, but will be required to be terminated from employment in compliance with ACA 24-4-520 before being allowed to return to work for a public employer.
Change in Interest Paid
Effective July 1, 2011, the interest paid on accrued on monthly benefit contributions to the Arkansas Public Employees Retirement System (APERS) Deferred Retirement Option Plan (DROP) members’ accounts will be 3%. At their regularly scheduled quarterly board meeting on February 16, 2011, the APERS Board of Trustees voted for the new rate after considering the current economic environment, the future viability of the APERS plan, and interest rates available on other investment vehicles in making their decision.
If you have specific questions regarding your DROP account, please submit them in writing to the APERS Member Services Section at the address listed above (please include your social security number and current mailing address). General questions can be answered via telephone by either our Call Center representative or a retirement counselor in the Member Services Section.