075.00.23 Ark. Code R. 002
Under Ark. Code Ann. § 24-2-503, members of the Arkansas Public Employees' Retirement System are eligible to purchase service credit for time served in the Arkansas National Guard or armed forces reserve.
A copy of the Form DD-214, or other authorized military document, is utilized to document active duty (IADT, AD). All other National Guard service (Inactive duty training (IDT), Annual Training (AT) and Active Duty for Training (ADT)) must be documented with a copy of NGB Form 23 or other authorized military document.
Annual salary is defined as "fiscal year salary" that is reported from July of one year to June of the next year. A full year of credited service is defined as "fiscal year" which is from July of one year to June of the next year.
Interest used in the calculation for the purchase of service credit under Ark. Code Ann. § 24-2-503 shall be applied at the same rate as for the purchase of service credit by a member for time served in the United States Armed Forces under Ark. Code Ann. § 24-2-502. When the final average of the three (3) highest annual salaries earned at the time of purchase are utilized, interest will be calculated from the end of the most recent year of credited service to the date of payment of full.
075.00.23 Ark. Code R. 002