Section 24-4-402 - Contributions of state and local government division employers - Accounts of retirement system(a)(1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System.(2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account.(b)(1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701.(2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account.(c)(1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520. The rate of percentage shall be set by the board as provided for by § 24-2-701.(2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account.(d)(1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act.(2) If a disability retirant returns to the employ of a public employer, the retirant's annuity reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employers' accumulation account in the same proportion as the annuity reserve was originally transferred to the retirement reserve account.(e)(1) The income account shall be the account to which shall be credited all interest, dividends, and other income from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this act.(2) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various divisions of the members' deposit account, employers' accumulation account, and the retirement reserve account, as provided in this act.(3) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts.Acts 1957, No. 177, § 9; 1959, No. 42, § 9; 1961, No. 64, § 4; 1967, No. 175, § 1; 1969, No. 632, § 2; 1971, No. 103, § 3; 1973, No. 666, § 3; 1975, No. 907, § 11; A.S.A. 1947, §§ 12-2509, 12-2509.1; Acts 1997, No. 299, § 14; 2001, No. 151, § 20; 2011, No. 558, § 1.