(a) The city or utility manager of any municipality in this state having a city manager form of government and a population of fewer than fifty thousand (50,000) inhabitants, according to the most recent federal decennial census, at his or her option may be included in or excluded from membership in the Municipal Division of the Arkansas Public Employees' Retirement System.
(b) If any such city or utility manager shall elect not to be covered by the Municipal Division, a statement in writing to that effect shall be filed with the city manager board of the city, and a copy thereof shall be furnished to the Director of the Arkansas Public Employees' Retirement System.
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