History of ASPRS

Home » Who We Are » History of ASPRS

History of ASPRS

ASPRS was established as a single-employer defined benefit pension plan for Arkansas State Troopers in 1951. In the beginning, all ASPRS members participated in a contributory plan whereby employers and employees made contributions to the system. However, Act 793 of 1977 offered employees a choice at that time under the contributory plan. They could remain under the contributory plan or change over to a new non-contributory plan in which only the employer makes contributions to the system. This choice was offered to employees who were ASPRS members at some previous time and returned to work for the system on or after January 1, 1978; however, anyone joining the system on or after January 1, 1978, who was not previously an ASPRS member is automatically covered under the new non-contributory plan.

Act 1071 of 1997 created the Tier Two Benefit Plan for ASPRS (Tier II) for all troopers hired on or after April 3, 1997. Members of the plan in effect before April 3, 1997 (Tier I) had one year from April 3, 1997, to elect participation in Tier II.

Act 1242 of 2009 merged the investable assets of ASPRS with those of the Arkansas Public Employees’ Retirement System (APERS). The act granted all authority over the investment of the merged assets to the Board of Trustees of APERS (APERS Board).

Disclaimer on Benefits and Rights

Disclaimer Concerning Benefit Calculations, Benefit Projections, Counseling, and Certain Conditions Regarding APERS Benefits and Rights

The purpose of this Disclaimer is to summarize, in plain language, existing APERS policy concerning benefit calculations, benefit projections, counseling, and certain conditions regarding APERS benefits and rights. This Disclaimer does not reflect any alteration or amendment of existing APERS policy. This site includes general information about APERS programs and benefits and may not represent or include completely the law and/or rules that govern APERS. Arkansas law and/or administrative rules will supersede any information in conflict.

APERS strives to provide accurate information and assistance to plan participants who have questions regarding their APERS benefits. All information and calculations concerning benefits are based upon current law and policy, even though information often concerns future benefits. Likewise, laws and policies affecting plan participants are subject to change from time to time. The Arkansas General Assembly, U. S. Congress, federal agencies, and the APERS Board of Trustees may change how benefits are calculated and change other rights of plan participants. Any benefit projection or information provided by APERS is subject to future law or policy that is applicable to APERS.

APERS staff depends upon information provided by the plan participants and offers counseling and projects future benefit estimates based upon that information. Such estimates can vary materially from actual results. Calculations concerning benefits, as well as the information APERS provides during counseling, can be materially affected if the plan participant provides inaccurate or incomplete information, or omits material facts. Plan participants are presumed to have knowledge of all publicly available laws and policies that affect their APERS benefits and rights. APERS is under no duty to ensure that plan participants are specifically informed of a new law or policy unless required within the law or policy itself. If APERS attempts to notify plan participants who may be affected by a change of a law or policy, the failure to notify a specific plan participant does not create any right or cause of action for the plan participant.

APERS does not provide plan participants with specific recommendations regarding retirement options, tax advice, or legal advice. Each plan participant is solely responsible for determining whether benefit calculations, benefit projections, benefit estimates, and retirement plan options are suitable for the plan participant based upon his or her specific retirement objectives and personal and financial situation. APERS encourages plan participants to consult their own lawyer, accountant, tax professional, or other retirement adviser before making a decision that affects their benefits and rights regarding APERS.

Federal law and policy, state law and policy, APERS records and documents, and accurate data always govern the final determination of plan participant benefits and rights. An error by APERS does not create any common law rights on behalf of the plan participant. The rights of a plan participant are solely governed by the rights set forth in law and policy applicable to APERS.