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Title XXIVBoard RegulationsParticipating EmployersACT177

APERS GLOSSARY OF TERMS

On this page you will find definitions to terms used by APERS and found throughout the web site and literature.
Click on the letter to quickly move to words that begin with that letter, or just scroll down.
A Printable version can be found here

A - -B - -C- - D- - E- - F- - G- - H- - I- - J- - K- - L- - M- - N- - O- - P- - Q- - R- - S- - T- - U- -V- - W- - X- - Y- - Z
     

A

 
Actual Service   Service credited at the rate of one (1) month for each month of service.
Actuary   A qualified actuary with experience in retirement plan financing. Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary.
Annuity   An annual benefit payable from funds of the Arkansas Public Employees Retirement System throughout the life of a person. All annuities shall be paid in equal monthly installments.
APERS or PERS  

Arkansas Public Employees Retirement System.

B

 
Beneficiary   Any person except a retirant who is receiving or is designated by a member to receive a plan benefit.
Benefit Options  

Alternatives enabling an APERS member to name a beneficiary to receive a monthly benefit upon the member’s death.

Board   The Board of Trustees of the Arkansas Public Employees Retirement System.

C

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Compensation  

The recurring remuneration paid a member by public employers for personal services rendered by a member in a position covered by an employer participating in the Arkansas Public Employees Retirement System.

Contributory Plan   Contributory Plan A plan that originated with APERS on July 1, 1957 whereby APERS employees made contributions to the System, along with their employers. A new contributory plan enacted for APERS by Act 2084 of 2005. The new plan requires all new members hired on or after July 1, 2005, to contribute 5% of their pre-taxed earnings to the System.
Credited Service   The sum of the prior service and current service to the extent credited a member by the board, in accordance with the provisions of § 24-4-521
Current Service   Service rendered to a public employer by a member from and after the date he or she became a member.

D

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Death-In-Service  

Death of an active member who works in a covered position whose survivor(s) qualify for an annuity, or the death of a deferred vested member who dies before receiving a monthly annuity.

Disability   An illness or injury which mentally or physically renders a person unable to perform his/her duties and which is judged to be permanent.
DROP   Deferred Retirement Option Plan which states if you have at least 28 years of actual service, you can participate in the DROP, where your retirement benefit is computed as if you retired on the date of DROP participation and you may continue to work for a maximum of 7 years while a percentage of your chosen benefit is deposited into an account that accrues interest.

E

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Employee  

All officers and employees of any office, agency, board, or commission whose compensations were or are payable from funds appropriated by the public employer or other eligible employees whose compensations were or are payable in whole or part from federal funds, and who is eligible for participation in the Arkansas Public Employees Retirement System due to employment with a public employer.

Employee Contributions  

Under the Contributory plan, the amount set by the Board of Trustees that is deducted from a member’s salary and deposited in his/her account with APERS.

Employer Contributions  

The amount set by the Board of Trustees that is necessary to fund the schedule of benefits provided to APERS members.

F

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Final Average Compensation  

See Final Average Salary

Final Average Salary   The average of the highest annual compensation paid a member during any period of three (3) years of credited service with a public employer.
Fiscal Year   The uniform period between one annual balancing of financial accounts and the next. For Arkansas and APERS, the fiscal year begins July 1 and ends June 30.

I

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Interim Service   Service rendered by a municipal employee, a non-teaching public school employee, a college or university employee, or another non-state employee during the period between July 1, 1957 and the time that his/her employer became a participant in the System.

L

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Local Units of Government   Those entities participating in the Arkansas Public Employees Retirement System under the provisions of § 24-4-746.

M

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Member   Any person who is included in the active membership of the Arkansas Public Employees Retirement System.

N

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Normal Retirement Age   The age at which you are eligible for retirement with full benefits.

P

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PAW   Partial Annuity Withdrawal is an option for APERS members who work beyond the date they are eligible for an unreduced monthly benefit. With this option they are eligible to take an advance payment of up to 60 months of their monthly annuity.
Prior Service   Service rendered by an employee before his/her employer became a member of the System.

R

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Reciprocal System   An agreement between the Arkansas Public Employees Retirement System and another recognized state retirement system that allows an employee to use his/her credited service in two or more of the retirement systems to meet the minimum service requirement for retirement purposes in each System.
Reduced Benefit  

A benefit decreased in amount due to early retirement.

Refund   Return of employee contributions and interest to an employee, as requested, after termination from an APERS covered position.
Regular Interest   Rate or rates of interest per annum, compounded annually, as set by the Board of Trustees for purchases of service, repayments, etc.
Retirant, Retired Member, Retiree   A former member receiving a plan annuity by reason of having been a member.
Retirement   A member’s withdrawal from the service of a public employer, with an annuity payable from funds of the Arkansas Public Employees Retirement System.

S

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Survivor   A spouse, child, or parent who, as a result of a member’s or retirant’s death, is designated by law to receive a benefit.
System  

Arkansas Public Employees Retirement System.

V

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Vested   Entitled to receive a monthly benefit upon attaining a specified age with 5 years of actual service credited to your account.

W

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Warrant   A voucher authorizing payment or receipt of money. For retirees and beneficiaries without direct deposit accounts, benefit payments in the form of warrants are mailed on the last working day of each month.
     
     
     

 

 

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