(a) The Department of Finance and Administration shall promulgate regulations providing for the recruitment of retired members of the Arkansas Public Employees' Retirement System to return to employment for the state.
(b) Before a person recruited under the Exceptional Employee Recruitment Program may be rehired by the state, the proposed employment shall be reviewed by the Legislative Council and approved by the Governor.
(c) The retirement benefits of a person rehired pursuant to this subchapter shall terminate upon reemployment. At the conclusion of the employment, the person shall receive retirement benefits with the additional service computed in his or her retirement benefits.
(d)
(1) The actuary of the system shall determine the actuarial cost of the additional retirement benefit attributable to the person's employment under the program.
(2) Upon receiving certification of the cost by the Executive Director of the Arkansas Public Employees' Retirement System, the Director of the Department of Finance and Administration shall transfer the actuarial cost from the fund of the agency that employed the person under the program to the Arkansas Public Employees' Retirement System Fund.
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