Ark. Code Ann. § 24-8-716 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-716
Effect on other laws
Status: in_force

The provisions of this subchapter shall be accumulative to all present laws pertaining to the retirement of judges of the circuit, chancery, and circuit-chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise specifically provided in this subchapter. Acts 1999, No. 399, § 1.

The provisions of this subchapter shall be accumulative to all present laws pertaining to the retirement of judges of the circuit, chancery, and circuit-chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise specifically provided in this subchapter.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-7-1309 — AR Code / Title 24 / Chapter 7 / Subchapter 13 / Section 24-7-1309
Benefits from Arkansas Teacher Retirement System
Status: in_force

In the event that a Teacher Deferred Retirement Option Plan participant applies for benefits from the Arkansas Teacher Retirement System pursuant to § 24-7-704 related to disability retirement, the application shall be treated as an application for voluntary retirement pursuant to § 24-7-701 , and no benefits other than those that would be payable without regard to the disability shall become payable. Acts 1995, No. 1096, § 1.

In the event that a Teacher Deferred Retirement Option Plan participant applies for benefits from the Arkansas Teacher Retirement System pursuant to § 24-7-704 related to disability retirement, the application shall be treated as an application for voluntary retirement pursuant to § 24-7-701 , and no benefits other than those that would be payable without regard to the disability shall become payable.

Acts 1995, No. 1096, § 1.
Ark. Code Ann. § 24-6-405 — AR Code / Title 24 / Chapter 6 / Subchapter 4 / Section 24-6-405
Eligibility for benefits - Disability retirement
Status: in_force

(a) (1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the division by reason of personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member. (B) This examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the division in determining the extent of the disability. (2) The five-years-of-service requirement contained in this subsection shall not apply to a member whom the Board of Trustees of the State Police Retirement System finds to be in receipt of workers' compensation for his or her disability arising solely and exclusively out of and in the course of his or her employment with the division. (b) Upon his or her retirement upon account of disability as provided in subsection (a) of this section, a member shall receive a disability pension computed according to the contributory provisions of § 24-6-214 or the noncontributory provisions of § 24-6-227 , as applicable. (c) (1) At least one (1) time each year during the first five (5) years following a member's retirement on account of disability and at least one (1) time in every three-year period thereafter, the Board of Trustees of the State Police Retirement System may, and upon the retirant's application shall, require any disability retirant who has not attained fifty (50) years of age to undergo a medical examination to be made by or under the direction of the medical professionals designated by the Board of Trustees of the State Police Retirement System. (2) If the retirant refuses to submit to a medical examination in any such period, his or her disability pension may be suspended by the Board of Trustees of the State Police Retirement System until his or her withdrawal of his or her refusal. (3) If his or her refusal continues for one (1) year, all his or her rights in and to a disability pension may be revoked by the Board of Trustees of the State Police Retirement System. (4) If, upon the medical examination of the retirant, the medical professionals designated by the Board of Trustees of the State Police Retirement System report to the Board of Trustees of the State Police Retirement System that the retirant is physically capable of performing the duties of the rank held by him or her at the time of his or her retirement, the retirant shall be returned to the employ of the division, and his or her disability pension shall be terminated. (d) (1) Upon a disability retirant's return to the employ of the division as provided in subsection (c) of this section, his or her service at the time of his or her retirement shall be restored to his or her credit. (2) He or she shall be given service credit for the period he or she was receiving a disability pension if within that period he or she was in receipt of workers' compensation on account of his or her division employment. (e) In the event a disability retirant who has not attained fifty-five (55) years of age performs personal services in an occupation, business, or employment, his or her disability pension shall be reduced so that the sum of his or her disability pension and the compensation received by him or her from the occupation, business, or employment shall not exceed his or her annual rate of salary at the time of his or her retirement. Amended by Act 2019, No. 910,§ 6035, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6034, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 6033, eff. 7/1/2019. Acts 1997, No. 1071, § 1; 1999, No. 387, § 4; 2007, No. 404, § 4.

(a) (1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the division by reason of personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member. (B) This examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the division in determining the extent of the disability. (2) The five-years-of-service requirement contained in this subsection shall not apply to a member whom the Board of Trustees of the State Police Retirement System finds to be in receipt of workers' compensation for his or her disability arising solely and exclusively out of and in the course of his or her employment with the division.

(1) (A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the division by reason of personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member. (B) This examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the division in determining the extent of the disability.

(A) Upon application filed with the Board of Trustees of the State Police Retirement System by a member or by the Director of the Division of Arkansas State Police on behalf of a member, a member who is in the employ of the Division of Arkansas State Police, who has five (5) or more years of actual service, and who becomes totally and permanently incapacitated for duty in the employ of the division by reason of personal injury or disease may be retired by the Board of Trustees of the State Police Retirement System, but only after a medical examination of the member.

(B) This examination shall be made by or under the direction of a board of medical professionals as defined in the rules of the Board of Trustees of the State Police Retirement System, using the active duty criteria supplied by the division in determining the extent of the disability.

(2) The five-years-of-service requirement contained in this subsection shall not apply to a member whom the Board of Trustees of the State Police Retirement System finds to be in receipt of workers' compensation for his or her disability arising solely and exclusively out of and in the course of his or her employment with the division.

(b) Upon his or her retirement upon account of disability as provided in subsection (a) of this section, a member shall receive a disability pension computed according to the contributory provisions of § 24-6-214 or the noncontributory provisions of § 24-6-227 , as applicable.

(c) (1) At least one (1) time each year during the first five (5) years following a member's retirement on account of disability and at least one (1) time in every three-year period thereafter, the Board of Trustees of the State Police Retirement System may, and upon the retirant's application shall, require any disability retirant who has not attained fifty (50) years of age to undergo a medical examination to be made by or under the direction of the medical professionals designated by the Board of Trustees of the State Police Retirement System. (2) If the retirant refuses to submit to a medical examination in any such period, his or her disability pension may be suspended by the Board of Trustees of the State Police Retirement System until his or her withdrawal of his or her refusal. (3) If his or her refusal continues for one (1) year, all his or her rights in and to a disability pension may be revoked by the Board of Trustees of the State Police Retirement System. (4) If, upon the medical examination of the retirant, the medical professionals designated by the Board of Trustees of the State Police Retirement System report to the Board of Trustees of the State Police Retirement System that the retirant is physically capable of performing the duties of the rank held by him or her at the time of his or her retirement, the retirant shall be returned to the employ of the division, and his or her disability pension shall be terminated.

(1) At least one (1) time each year during the first five (5) years following a member's retirement on account of disability and at least one (1) time in every three-year period thereafter, the Board of Trustees of the State Police Retirement System may, and upon the retirant's application shall, require any disability retirant who has not attained fifty (50) years of age to undergo a medical examination to be made by or under the direction of the medical professionals designated by the Board of Trustees of the State Police Retirement System.

(2) If the retirant refuses to submit to a medical examination in any such period, his or her disability pension may be suspended by the Board of Trustees of the State Police Retirement System until his or her withdrawal of his or her refusal.

(3) If his or her refusal continues for one (1) year, all his or her rights in and to a disability pension may be revoked by the Board of Trustees of the State Police Retirement System.

(4) If, upon the medical examination of the retirant, the medical professionals designated by the Board of Trustees of the State Police Retirement System report to the Board of Trustees of the State Police Retirement System that the retirant is physically capable of performing the duties of the rank held by him or her at the time of his or her retirement, the retirant shall be returned to the employ of the division, and his or her disability pension shall be terminated.

(d) (1) Upon a disability retirant's return to the employ of the division as provided in subsection (c) of this section, his or her service at the time of his or her retirement shall be restored to his or her credit. (2) He or she shall be given service credit for the period he or she was receiving a disability pension if within that period he or she was in receipt of workers' compensation on account of his or her division employment.

(1) Upon a disability retirant's return to the employ of the division as provided in subsection (c) of this section, his or her service at the time of his or her retirement shall be restored to his or her credit.

(2) He or she shall be given service credit for the period he or she was receiving a disability pension if within that period he or she was in receipt of workers' compensation on account of his or her division employment.

(e) In the event a disability retirant who has not attained fifty-five (55) years of age performs personal services in an occupation, business, or employment, his or her disability pension shall be reduced so that the sum of his or her disability pension and the compensation received by him or her from the occupation, business, or employment shall not exceed his or her annual rate of salary at the time of his or her retirement.

Amended by Act 2019, No. 910,§ 6035, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 6034, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 6033, eff. 7/1/2019.

Acts 1997, No. 1071, § 1; 1999, No. 387, § 4; 2007, No. 404, § 4.
Ark. Code Ann. § 24-4-202 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-202
Arkansas Public Employees' Retirement System Fund - Contributions
Status: in_force

(a) (1) On or after July 1, 2017, the state employer contributions made by a state agency which employs each member provided for in § 24-2-701 shall be: (A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and (B) Paid by electronic transfer by the state agency. (2) The employer's contribution shall be paid to the Arkansas Public Employees' Retirement System Fund at the time and with the frequency established by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund. (b) (1) In the case of employees receiving part or all of their compensation from federal funds, the disbursing officer of the agency receiving the federal funds shall transmit such sums to the Arkansas Public Employees' Retirement System Fund from federal funds of the agency. (2) These sums shall be those sums of money which are necessary to provide the employer contributions provided for in § 24-2-701 , based on the portions of the employees' compensation payable from federal funds. (c) (1) In the case of the Local Government Division of the Arkansas Public Employees' Retirement System, each participating public employer shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to provide the participating public employer's contributions provided for in § 24-2-701 . (2) (A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund. (B) On or after July 1, 2017, the contributions made by a participating public employer shall be made by electronic transfer. (3) The employer's contributions shall be transmitted to the Arkansas Public Employees' Retirement System Fund in such form and manner, together with such supporting data, as the board shall prescribe from time to time. (d) In the case of circuit court reporters, the public employer contributions shall be paid, when directed by the board, by the respective counties in the proportion that each county pays the total salaries of the circuit court reporters. (e) (1) If any participating public employer fails to remit to the Arkansas Public Employees' Retirement System those moneys which are required by law or rule by the date and at the frequency established by the board, the system shall impose a penalty equal to the actuarially assumed rate of return on investments of the Arkansas Public Employees' Retirement System Fund in the form of interest on an annual basis on the moneys due. (2) This interest shall be computed on the actual days of delinquency and shall be paid to the system for the purpose of reimbursing the trust fund for the money which would have been earned on the moneys had they been paid when due. (3) The interest penalty shall be determined by the system on the date the delinquent funds are received, and a statement of the interest shall be sent to the participating public employer. (4) If the interest penalty or delinquent moneys are not received by the system by the last business day of the month in which the moneys were originally due, then the system shall cause the sums of moneys, including interest, to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as approved in § 19-5-106(a)(5) . (f) (1) If any participating public employer fails to file with the system the retirement report by the date established by the board, the system shall impose a penalty of one hundred fifty dollars ($150) for each time the report is late. (2) A statement of the penalty shall be sent to the participating employer. (3) If the penalty is not received by the last business day of the month in which the report was due, then the system shall cause the amount to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as provided in § 19-5-106(a)(5) . (g) (1) A participating public employer shall submit a written request for a temporary waiver to the Board of Trustees of the Arkansas Public Employees' Retirement System on or before July 1, 2017, when the participating public employer is unable to: (A) Report contributions electronically through the Arkansas Public Employees' Retirement System; or (B) Pay contributions by electronic transfer. (2) A request for a temporary waiver shall include a timeline for when the participating public employer will be able to comply with payment and reporting requirements under this section. (h) A participating public employer shall promptly upon request by the system provide all information requested concerning the status of an employee to the system. (i) It is the sole responsibility of the reporting participating public employer to ensure that the information provided by the participating public employer, including without limitation the participating public employer's wage reporting and contribution remittances, is accurate. Amended by Act 2019, No. 315,§ 2854, eff. 7/24/2019. Amended by Act 2015, No. 91,§ 1, eff. 7/22/2015. Amended by Act 2013, No. 332,§ 8, eff. 3/14/2013. Acts 1957, No. 177, § 4; 1959, No. 42, § 4; 1961, No. 64, § 2; 1967, No. 108, § 1; 1977, No. 663, § 1; A.S.A. 1947, § 12-2504; Acts 1993, No. 286, § 4; 1995, No. 398, § 4; 1995, No. 1292, § 4; 1997, No. 76, § 5; 1997, No. 299, § 9; 2001, No. 151, § 12.

(a) (1) On or after July 1, 2017, the state employer contributions made by a state agency which employs each member provided for in § 24-2-701 shall be: (A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and (B) Paid by electronic transfer by the state agency. (2) The employer's contribution shall be paid to the Arkansas Public Employees' Retirement System Fund at the time and with the frequency established by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.

(1) On or after July 1, 2017, the state employer contributions made by a state agency which employs each member provided for in § 24-2-701 shall be: (A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and (B) Paid by electronic transfer by the state agency.

(A) Reported electronically by the state agency through the Arkansas Public Employees' Retirement System portal; and

(B) Paid by electronic transfer by the state agency.

(2) The employer's contribution shall be paid to the Arkansas Public Employees' Retirement System Fund at the time and with the frequency established by the Board of Trustees of the Arkansas Public Employees' Retirement System and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.

(b) (1) In the case of employees receiving part or all of their compensation from federal funds, the disbursing officer of the agency receiving the federal funds shall transmit such sums to the Arkansas Public Employees' Retirement System Fund from federal funds of the agency. (2) These sums shall be those sums of money which are necessary to provide the employer contributions provided for in § 24-2-701 , based on the portions of the employees' compensation payable from federal funds.

(1) In the case of employees receiving part or all of their compensation from federal funds, the disbursing officer of the agency receiving the federal funds shall transmit such sums to the Arkansas Public Employees' Retirement System Fund from federal funds of the agency.

(2) These sums shall be those sums of money which are necessary to provide the employer contributions provided for in § 24-2-701 , based on the portions of the employees' compensation payable from federal funds.

(c) (1) In the case of the Local Government Division of the Arkansas Public Employees' Retirement System, each participating public employer shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to provide the participating public employer's contributions provided for in § 24-2-701 . (2) (A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund. (B) On or after July 1, 2017, the contributions made by a participating public employer shall be made by electronic transfer. (3) The employer's contributions shall be transmitted to the Arkansas Public Employees' Retirement System Fund in such form and manner, together with such supporting data, as the board shall prescribe from time to time.

(1) In the case of the Local Government Division of the Arkansas Public Employees' Retirement System, each participating public employer shall pay into the Arkansas Public Employees' Retirement System Fund such sums of money as are necessary to provide the participating public employer's contributions provided for in § 24-2-701 .

(2) (A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund. (B) On or after July 1, 2017, the contributions made by a participating public employer shall be made by electronic transfer.

(A) The participating public employer's contributions shall be paid at the time and with the frequency established by the board and shall be paid concurrently with the contributions made by its employees to the Arkansas Public Employees' Retirement System Fund.

(B) On or after July 1, 2017, the contributions made by a participating public employer shall be made by electronic transfer.

(3) The employer's contributions shall be transmitted to the Arkansas Public Employees' Retirement System Fund in such form and manner, together with such supporting data, as the board shall prescribe from time to time.

(d) In the case of circuit court reporters, the public employer contributions shall be paid, when directed by the board, by the respective counties in the proportion that each county pays the total salaries of the circuit court reporters.

(e) (1) If any participating public employer fails to remit to the Arkansas Public Employees' Retirement System those moneys which are required by law or rule by the date and at the frequency established by the board, the system shall impose a penalty equal to the actuarially assumed rate of return on investments of the Arkansas Public Employees' Retirement System Fund in the form of interest on an annual basis on the moneys due. (2) This interest shall be computed on the actual days of delinquency and shall be paid to the system for the purpose of reimbursing the trust fund for the money which would have been earned on the moneys had they been paid when due. (3) The interest penalty shall be determined by the system on the date the delinquent funds are received, and a statement of the interest shall be sent to the participating public employer. (4) If the interest penalty or delinquent moneys are not received by the system by the last business day of the month in which the moneys were originally due, then the system shall cause the sums of moneys, including interest, to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as approved in § 19-5-106(a)(5) .

(1) If any participating public employer fails to remit to the Arkansas Public Employees' Retirement System those moneys which are required by law or rule by the date and at the frequency established by the board, the system shall impose a penalty equal to the actuarially assumed rate of return on investments of the Arkansas Public Employees' Retirement System Fund in the form of interest on an annual basis on the moneys due.

(2) This interest shall be computed on the actual days of delinquency and shall be paid to the system for the purpose of reimbursing the trust fund for the money which would have been earned on the moneys had they been paid when due.

(3) The interest penalty shall be determined by the system on the date the delinquent funds are received, and a statement of the interest shall be sent to the participating public employer.

(4) If the interest penalty or delinquent moneys are not received by the system by the last business day of the month in which the moneys were originally due, then the system shall cause the sums of moneys, including interest, to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as approved in § 19-5-106(a)(5) .

(f) (1) If any participating public employer fails to file with the system the retirement report by the date established by the board, the system shall impose a penalty of one hundred fifty dollars ($150) for each time the report is late. (2) A statement of the penalty shall be sent to the participating employer. (3) If the penalty is not received by the last business day of the month in which the report was due, then the system shall cause the amount to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as provided in § 19-5-106(a)(5) .

(1) If any participating public employer fails to file with the system the retirement report by the date established by the board, the system shall impose a penalty of one hundred fifty dollars ($150) for each time the report is late.

(2) A statement of the penalty shall be sent to the participating employer.

(3) If the penalty is not received by the last business day of the month in which the report was due, then the system shall cause the amount to be transferred from any moneys due the participating public employer from the office of the Treasurer of State or the Department of Education as provided in § 19-5-106(a)(5) .

(g) (1) A participating public employer shall submit a written request for a temporary waiver to the Board of Trustees of the Arkansas Public Employees' Retirement System on or before July 1, 2017, when the participating public employer is unable to: (A) Report contributions electronically through the Arkansas Public Employees' Retirement System; or (B) Pay contributions by electronic transfer. (2) A request for a temporary waiver shall include a timeline for when the participating public employer will be able to comply with payment and reporting requirements under this section.

(1) A participating public employer shall submit a written request for a temporary waiver to the Board of Trustees of the Arkansas Public Employees' Retirement System on or before July 1, 2017, when the participating public employer is unable to: (A) Report contributions electronically through the Arkansas Public Employees' Retirement System; or (B) Pay contributions by electronic transfer.

(A) Report contributions electronically through the Arkansas Public Employees' Retirement System; or

(B) Pay contributions by electronic transfer.

(2) A request for a temporary waiver shall include a timeline for when the participating public employer will be able to comply with payment and reporting requirements under this section.

(h) A participating public employer shall promptly upon request by the system provide all information requested concerning the status of an employee to the system.

(i) It is the sole responsibility of the reporting participating public employer to ensure that the information provided by the participating public employer, including without limitation the participating public employer's wage reporting and contribution remittances, is accurate.

Amended by Act 2019, No. 315,§ 2854, eff. 7/24/2019.

Amended by Act 2015, No. 91,§ 1, eff. 7/22/2015.

Amended by Act 2013, No. 332,§ 8, eff. 3/14/2013.

Acts 1957, No. 177, § 4; 1959, No. 42, § 4; 1961, No. 64, § 2; 1967, No. 108, § 1; 1977, No. 663, § 1; A.S.A. 1947, § 12-2504; Acts 1993, No. 286, § 4; 1995, No. 398, § 4; 1995, No. 1292, § 4; 1997, No. 76, § 5; 1997, No. 299, § 9; 2001, No. 151, § 12.
Ark. Code Ann. § 24-4-303 — AR Code / Title 24 / Chapter 4 / Subchapter 3 / Section 24-4-303
Membership - Election by municipalities - Leased water and sewer utilities
Status: in_force

(a) (1) (A) Any municipality may elect to become a participating public employer and to cover its employees under the Arkansas Public Employees' Retirement System either by a three-fifths (3/5) vote of its governing body or by a majority vote of the qualified voters of the municipality. (B) However, the mayor and city clerk of a city of the first class who are serving in a municipality that participates in the system shall become participating employees under the system upon taking office. (C) (i) If the employee elects not to continue participation in the system and opts to participate in the local retirement plan as provided under § 24-12-121 or § 24-12-123 , instead, written notice of the election shall be presented to the system in a form determined acceptable by the system not later than ninety (90) calendar days after first assuming office. (ii) The election under subdivision (a)(1)(C)(i) of this section is irrevocable. (iii) Employer contributions made to the system on behalf of employees who elect not to continue participation will be refunded to the city without interest, and the associated service credit in the system is forfeited. (2) If a newly elected city attorney or city treasurer of a city of the first class is otherwise covered under a local retirement fund, then the provisions of subdivisions (a)(1)(B) and (C) of this section also apply to those offices. (3) The clerk or recorder of each municipality electing to become a participating public employer shall certify the vote to the Board of Trustees of the Arkansas Public Employees' Retirement System within ten (10) days after the vote of the governing body or the canvass of the votes of the electorate, as the case may be. (4) The effective date of coverage under the system shall be either the first day of the calendar month next following receipt by the board of the election results or the July 1 next following the receipt, as determined by the vote. (5) (A) If a municipal employee or a former municipal employee covered by the system in a municipality with a city administration of justice fund created under § 16-10-308 that exists to provide a pension fund for the position held by the employee or former employee elects to establish participation in the public retirement system under § 24-12-101 et seq., and to waive any rights the employee or former employee may have had, or would otherwise have, in the local retirement system, then: (i) The employee or former employee may transfer his or her service credit to the system; and (ii) The municipality for which he or she is or was serving in the capacity as a district judge, may use the funds within the city's administration of justice fund to pay all contributions and interest required by the system to transfer the service credit to the system. (B) In addition, if any employee or former employee covered by the city's administration of justice fund has transferred or does transfer service credit to the system anytime after January 1, 2000, and if the municipality has used general revenue funds to pay the contribution required to fund the transfer, or if the municipality has used the city's administration of justice fund to fund the transfer, then the city's administration of justice fund shall not be refunded. However, if general funds were used, the city may reimburse the general fund from the city's administration of justice fund for the contribution paid on behalf of the employee or former employee. (C) (i) In addition to paying for the transfer of service credit for the position for which the fund is created, the municipality may also pay from the city's administration of justice fund on behalf of the employee or former employee for any additional transfer of service credit the employee or former employee elects to make regarding time as city attorney for the municipality. (ii) The municipality may reimburse itself for any payment from the city's administration of justice fund to fund the transfer made from its general fund after January 1, 2000, on behalf of the employee or former employee to purchase city attorney service credit in the system. (iii) If any payment for the service has been made directly from the city's administration of justice fund after January 1, 2000, the municipality shall not be required to reimburse the city's administration of justice fund for those transfers. (iv) If a transfer from the general fund is made to the city's administration of justice fund after payment from the city's administration of justice fund for the service credit transfers and before the effective date of this subdivision (a)(5), the municipality is entitled to reimburse the general fund from the city's administration of justice fund for the amount of the transfers. (b) (1) Any municipality which has as of March 28, 1981, taken its first vote to withdraw from participation shall be eligible to withdraw under the provisions of this section if the final vote to withdraw is certified to the board before July 1, 1981. (2) The effective date of withdrawal must be before January 1, 1982. (c) (1) When the water and sewer department of a municipal participating public employer in a city of the first class becomes leased from the municipality and operated by a nonprofit corporation, the mayor shall notify the board in writing within ten (10) days after the utility ceases to be operated by the municipality and may request a refund of the employer contributions paid to the system by the municipality on behalf of the utility employees during their period of employment with the utility. (2) As soon as practicable after notification and request, the board shall arrange for a determination by its actuary or investment counselor of the lump sum present value of future system benefits for retirants, beneficiaries, and inactive members entitled to a deferred annuity from the employment with the utility while it was operated by the municipality. (3) The refund requested shall be subject to the following: (A) (i) If the present value is more than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid to the system by the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years. (ii) The payment method shall be elected by the municipality from reasonable optional payment methods to be offered by the board; (B) If the present value is less than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid by the system to the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years as the board shall determine; (C) The board shall withhold twenty percent (20%) from the municipality's applicable employer contributions and shall maintain that amount in the employer accumulation account for noncontributory utility employees who may reenter the system and have their forfeited utility service restored to their credit; and (D) From and after the date the utility ceased to be operated by the municipality: (i) The system shall have no further obligation for payment of benefits for the municipality's employees, which benefits would be based on service with the utility, except for any refund of contributions due a former member from the members' deposit account; and (ii) The system shall retain the obligation for payment of benefits for the retirant and beneficiaries and inactive members entitled to a deferred annuity from employment with the utility while it was operated by the municipality, except that the retained obligation shall be reduced by any payment overdue or not paid to the system by the municipality for service of its utility employees before the municipality ceased operating the utility. Acts 1957, No. 177, § 6; 1961, No. 64, § 3; 1971, No. 228, § 1; 1973, No. 586, § 2; 1981, No. 882, § 1; A.S.A. 1947, § 12-2506; Acts 1987, No. 376, § 1; 2003, No. 1281, § 1.

(a) (1) (A) Any municipality may elect to become a participating public employer and to cover its employees under the Arkansas Public Employees' Retirement System either by a three-fifths (3/5) vote of its governing body or by a majority vote of the qualified voters of the municipality. (B) However, the mayor and city clerk of a city of the first class who are serving in a municipality that participates in the system shall become participating employees under the system upon taking office. (C) (i) If the employee elects not to continue participation in the system and opts to participate in the local retirement plan as provided under § 24-12-121 or § 24-12-123 , instead, written notice of the election shall be presented to the system in a form determined acceptable by the system not later than ninety (90) calendar days after first assuming office. (ii) The election under subdivision (a)(1)(C)(i) of this section is irrevocable. (iii) Employer contributions made to the system on behalf of employees who elect not to continue participation will be refunded to the city without interest, and the associated service credit in the system is forfeited. (2) If a newly elected city attorney or city treasurer of a city of the first class is otherwise covered under a local retirement fund, then the provisions of subdivisions (a)(1)(B) and (C) of this section also apply to those offices. (3) The clerk or recorder of each municipality electing to become a participating public employer shall certify the vote to the Board of Trustees of the Arkansas Public Employees' Retirement System within ten (10) days after the vote of the governing body or the canvass of the votes of the electorate, as the case may be. (4) The effective date of coverage under the system shall be either the first day of the calendar month next following receipt by the board of the election results or the July 1 next following the receipt, as determined by the vote. (5) (A) If a municipal employee or a former municipal employee covered by the system in a municipality with a city administration of justice fund created under § 16-10-308 that exists to provide a pension fund for the position held by the employee or former employee elects to establish participation in the public retirement system under § 24-12-101 et seq., and to waive any rights the employee or former employee may have had, or would otherwise have, in the local retirement system, then: (i) The employee or former employee may transfer his or her service credit to the system; and (ii) The municipality for which he or she is or was serving in the capacity as a district judge, may use the funds within the city's administration of justice fund to pay all contributions and interest required by the system to transfer the service credit to the system. (B) In addition, if any employee or former employee covered by the city's administration of justice fund has transferred or does transfer service credit to the system anytime after January 1, 2000, and if the municipality has used general revenue funds to pay the contribution required to fund the transfer, or if the municipality has used the city's administration of justice fund to fund the transfer, then the city's administration of justice fund shall not be refunded. However, if general funds were used, the city may reimburse the general fund from the city's administration of justice fund for the contribution paid on behalf of the employee or former employee. (C) (i) In addition to paying for the transfer of service credit for the position for which the fund is created, the municipality may also pay from the city's administration of justice fund on behalf of the employee or former employee for any additional transfer of service credit the employee or former employee elects to make regarding time as city attorney for the municipality. (ii) The municipality may reimburse itself for any payment from the city's administration of justice fund to fund the transfer made from its general fund after January 1, 2000, on behalf of the employee or former employee to purchase city attorney service credit in the system. (iii) If any payment for the service has been made directly from the city's administration of justice fund after January 1, 2000, the municipality shall not be required to reimburse the city's administration of justice fund for those transfers. (iv) If a transfer from the general fund is made to the city's administration of justice fund after payment from the city's administration of justice fund for the service credit transfers and before the effective date of this subdivision (a)(5), the municipality is entitled to reimburse the general fund from the city's administration of justice fund for the amount of the transfers.

(1) (A) Any municipality may elect to become a participating public employer and to cover its employees under the Arkansas Public Employees' Retirement System either by a three-fifths (3/5) vote of its governing body or by a majority vote of the qualified voters of the municipality. (B) However, the mayor and city clerk of a city of the first class who are serving in a municipality that participates in the system shall become participating employees under the system upon taking office. (C) (i) If the employee elects not to continue participation in the system and opts to participate in the local retirement plan as provided under § 24-12-121 or § 24-12-123 , instead, written notice of the election shall be presented to the system in a form determined acceptable by the system not later than ninety (90) calendar days after first assuming office. (ii) The election under subdivision (a)(1)(C)(i) of this section is irrevocable. (iii) Employer contributions made to the system on behalf of employees who elect not to continue participation will be refunded to the city without interest, and the associated service credit in the system is forfeited.

(A) Any municipality may elect to become a participating public employer and to cover its employees under the Arkansas Public Employees' Retirement System either by a three-fifths (3/5) vote of its governing body or by a majority vote of the qualified voters of the municipality.

(B) However, the mayor and city clerk of a city of the first class who are serving in a municipality that participates in the system shall become participating employees under the system upon taking office.

(C) (i) If the employee elects not to continue participation in the system and opts to participate in the local retirement plan as provided under § 24-12-121 or § 24-12-123 , instead, written notice of the election shall be presented to the system in a form determined acceptable by the system not later than ninety (90) calendar days after first assuming office. (ii) The election under subdivision (a)(1)(C)(i) of this section is irrevocable. (iii) Employer contributions made to the system on behalf of employees who elect not to continue participation will be refunded to the city without interest, and the associated service credit in the system is forfeited.

(i) If the employee elects not to continue participation in the system and opts to participate in the local retirement plan as provided under § 24-12-121 or § 24-12-123 , instead, written notice of the election shall be presented to the system in a form determined acceptable by the system not later than ninety (90) calendar days after first assuming office.

(ii) The election under subdivision (a)(1)(C)(i) of this section is irrevocable.

(iii) Employer contributions made to the system on behalf of employees who elect not to continue participation will be refunded to the city without interest, and the associated service credit in the system is forfeited.

(2) If a newly elected city attorney or city treasurer of a city of the first class is otherwise covered under a local retirement fund, then the provisions of subdivisions (a)(1)(B) and (C) of this section also apply to those offices.

(3) The clerk or recorder of each municipality electing to become a participating public employer shall certify the vote to the Board of Trustees of the Arkansas Public Employees' Retirement System within ten (10) days after the vote of the governing body or the canvass of the votes of the electorate, as the case may be.

(4) The effective date of coverage under the system shall be either the first day of the calendar month next following receipt by the board of the election results or the July 1 next following the receipt, as determined by the vote.

(5) (A) If a municipal employee or a former municipal employee covered by the system in a municipality with a city administration of justice fund created under § 16-10-308 that exists to provide a pension fund for the position held by the employee or former employee elects to establish participation in the public retirement system under § 24-12-101 et seq., and to waive any rights the employee or former employee may have had, or would otherwise have, in the local retirement system, then: (i) The employee or former employee may transfer his or her service credit to the system; and (ii) The municipality for which he or she is or was serving in the capacity as a district judge, may use the funds within the city's administration of justice fund to pay all contributions and interest required by the system to transfer the service credit to the system. (B) In addition, if any employee or former employee covered by the city's administration of justice fund has transferred or does transfer service credit to the system anytime after January 1, 2000, and if the municipality has used general revenue funds to pay the contribution required to fund the transfer, or if the municipality has used the city's administration of justice fund to fund the transfer, then the city's administration of justice fund shall not be refunded. However, if general funds were used, the city may reimburse the general fund from the city's administration of justice fund for the contribution paid on behalf of the employee or former employee. (C) (i) In addition to paying for the transfer of service credit for the position for which the fund is created, the municipality may also pay from the city's administration of justice fund on behalf of the employee or former employee for any additional transfer of service credit the employee or former employee elects to make regarding time as city attorney for the municipality. (ii) The municipality may reimburse itself for any payment from the city's administration of justice fund to fund the transfer made from its general fund after January 1, 2000, on behalf of the employee or former employee to purchase city attorney service credit in the system. (iii) If any payment for the service has been made directly from the city's administration of justice fund after January 1, 2000, the municipality shall not be required to reimburse the city's administration of justice fund for those transfers. (iv) If a transfer from the general fund is made to the city's administration of justice fund after payment from the city's administration of justice fund for the service credit transfers and before the effective date of this subdivision (a)(5), the municipality is entitled to reimburse the general fund from the city's administration of justice fund for the amount of the transfers.

(A) If a municipal employee or a former municipal employee covered by the system in a municipality with a city administration of justice fund created under § 16-10-308 that exists to provide a pension fund for the position held by the employee or former employee elects to establish participation in the public retirement system under § 24-12-101 et seq., and to waive any rights the employee or former employee may have had, or would otherwise have, in the local retirement system, then: (i) The employee or former employee may transfer his or her service credit to the system; and (ii) The municipality for which he or she is or was serving in the capacity as a district judge, may use the funds within the city's administration of justice fund to pay all contributions and interest required by the system to transfer the service credit to the system.

(i) The employee or former employee may transfer his or her service credit to the system; and

(ii) The municipality for which he or she is or was serving in the capacity as a district judge, may use the funds within the city's administration of justice fund to pay all contributions and interest required by the system to transfer the service credit to the system.

(B) In addition, if any employee or former employee covered by the city's administration of justice fund has transferred or does transfer service credit to the system anytime after January 1, 2000, and if the municipality has used general revenue funds to pay the contribution required to fund the transfer, or if the municipality has used the city's administration of justice fund to fund the transfer, then the city's administration of justice fund shall not be refunded. However, if general funds were used, the city may reimburse the general fund from the city's administration of justice fund for the contribution paid on behalf of the employee or former employee.

(C) (i) In addition to paying for the transfer of service credit for the position for which the fund is created, the municipality may also pay from the city's administration of justice fund on behalf of the employee or former employee for any additional transfer of service credit the employee or former employee elects to make regarding time as city attorney for the municipality. (ii) The municipality may reimburse itself for any payment from the city's administration of justice fund to fund the transfer made from its general fund after January 1, 2000, on behalf of the employee or former employee to purchase city attorney service credit in the system. (iii) If any payment for the service has been made directly from the city's administration of justice fund after January 1, 2000, the municipality shall not be required to reimburse the city's administration of justice fund for those transfers. (iv) If a transfer from the general fund is made to the city's administration of justice fund after payment from the city's administration of justice fund for the service credit transfers and before the effective date of this subdivision (a)(5), the municipality is entitled to reimburse the general fund from the city's administration of justice fund for the amount of the transfers.

(i) In addition to paying for the transfer of service credit for the position for which the fund is created, the municipality may also pay from the city's administration of justice fund on behalf of the employee or former employee for any additional transfer of service credit the employee or former employee elects to make regarding time as city attorney for the municipality.

(ii) The municipality may reimburse itself for any payment from the city's administration of justice fund to fund the transfer made from its general fund after January 1, 2000, on behalf of the employee or former employee to purchase city attorney service credit in the system.

(iii) If any payment for the service has been made directly from the city's administration of justice fund after January 1, 2000, the municipality shall not be required to reimburse the city's administration of justice fund for those transfers.

(iv) If a transfer from the general fund is made to the city's administration of justice fund after payment from the city's administration of justice fund for the service credit transfers and before the effective date of this subdivision (a)(5), the municipality is entitled to reimburse the general fund from the city's administration of justice fund for the amount of the transfers.

(b) (1) Any municipality which has as of March 28, 1981, taken its first vote to withdraw from participation shall be eligible to withdraw under the provisions of this section if the final vote to withdraw is certified to the board before July 1, 1981. (2) The effective date of withdrawal must be before January 1, 1982.

(1) Any municipality which has as of March 28, 1981, taken its first vote to withdraw from participation shall be eligible to withdraw under the provisions of this section if the final vote to withdraw is certified to the board before July 1, 1981.

(2) The effective date of withdrawal must be before January 1, 1982.

(c) (1) When the water and sewer department of a municipal participating public employer in a city of the first class becomes leased from the municipality and operated by a nonprofit corporation, the mayor shall notify the board in writing within ten (10) days after the utility ceases to be operated by the municipality and may request a refund of the employer contributions paid to the system by the municipality on behalf of the utility employees during their period of employment with the utility. (2) As soon as practicable after notification and request, the board shall arrange for a determination by its actuary or investment counselor of the lump sum present value of future system benefits for retirants, beneficiaries, and inactive members entitled to a deferred annuity from the employment with the utility while it was operated by the municipality. (3) The refund requested shall be subject to the following: (A) (i) If the present value is more than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid to the system by the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years. (ii) The payment method shall be elected by the municipality from reasonable optional payment methods to be offered by the board; (B) If the present value is less than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid by the system to the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years as the board shall determine; (C) The board shall withhold twenty percent (20%) from the municipality's applicable employer contributions and shall maintain that amount in the employer accumulation account for noncontributory utility employees who may reenter the system and have their forfeited utility service restored to their credit; and (D) From and after the date the utility ceased to be operated by the municipality: (i) The system shall have no further obligation for payment of benefits for the municipality's employees, which benefits would be based on service with the utility, except for any refund of contributions due a former member from the members' deposit account; and (ii) The system shall retain the obligation for payment of benefits for the retirant and beneficiaries and inactive members entitled to a deferred annuity from employment with the utility while it was operated by the municipality, except that the retained obligation shall be reduced by any payment overdue or not paid to the system by the municipality for service of its utility employees before the municipality ceased operating the utility.

(1) When the water and sewer department of a municipal participating public employer in a city of the first class becomes leased from the municipality and operated by a nonprofit corporation, the mayor shall notify the board in writing within ten (10) days after the utility ceases to be operated by the municipality and may request a refund of the employer contributions paid to the system by the municipality on behalf of the utility employees during their period of employment with the utility.

(2) As soon as practicable after notification and request, the board shall arrange for a determination by its actuary or investment counselor of the lump sum present value of future system benefits for retirants, beneficiaries, and inactive members entitled to a deferred annuity from the employment with the utility while it was operated by the municipality.

(3) The refund requested shall be subject to the following: (A) (i) If the present value is more than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid to the system by the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years. (ii) The payment method shall be elected by the municipality from reasonable optional payment methods to be offered by the board; (B) If the present value is less than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid by the system to the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years as the board shall determine; (C) The board shall withhold twenty percent (20%) from the municipality's applicable employer contributions and shall maintain that amount in the employer accumulation account for noncontributory utility employees who may reenter the system and have their forfeited utility service restored to their credit; and (D) From and after the date the utility ceased to be operated by the municipality: (i) The system shall have no further obligation for payment of benefits for the municipality's employees, which benefits would be based on service with the utility, except for any refund of contributions due a former member from the members' deposit account; and (ii) The system shall retain the obligation for payment of benefits for the retirant and beneficiaries and inactive members entitled to a deferred annuity from employment with the utility while it was operated by the municipality, except that the retained obligation shall be reduced by any payment overdue or not paid to the system by the municipality for service of its utility employees before the municipality ceased operating the utility.

(A) (i) If the present value is more than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid to the system by the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years. (ii) The payment method shall be elected by the municipality from reasonable optional payment methods to be offered by the board;

(i) If the present value is more than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid to the system by the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years.

(ii) The payment method shall be elected by the municipality from reasonable optional payment methods to be offered by the board;

(B) If the present value is less than the present system assets arising from the municipality's applicable contributions, then the difference determined by the system's actuary shall be paid by the system to the municipality, either in a single sum or in a series of actuarially equivalent payments over a period not to exceed ten (10) years as the board shall determine;

(C) The board shall withhold twenty percent (20%) from the municipality's applicable employer contributions and shall maintain that amount in the employer accumulation account for noncontributory utility employees who may reenter the system and have their forfeited utility service restored to their credit; and

(D) From and after the date the utility ceased to be operated by the municipality: (i) The system shall have no further obligation for payment of benefits for the municipality's employees, which benefits would be based on service with the utility, except for any refund of contributions due a former member from the members' deposit account; and (ii) The system shall retain the obligation for payment of benefits for the retirant and beneficiaries and inactive members entitled to a deferred annuity from employment with the utility while it was operated by the municipality, except that the retained obligation shall be reduced by any payment overdue or not paid to the system by the municipality for service of its utility employees before the municipality ceased operating the utility.

(i) The system shall have no further obligation for payment of benefits for the municipality's employees, which benefits would be based on service with the utility, except for any refund of contributions due a former member from the members' deposit account; and

(ii) The system shall retain the obligation for payment of benefits for the retirant and beneficiaries and inactive members entitled to a deferred annuity from employment with the utility while it was operated by the municipality, except that the retained obligation shall be reduced by any payment overdue or not paid to the system by the municipality for service of its utility employees before the municipality ceased operating the utility.

Acts 1957, No. 177, § 6; 1961, No. 64, § 3; 1971, No. 228, § 1; 1973, No. 586, § 2; 1981, No. 882, § 1; A.S.A. 1947, § 12-2506; Acts 1987, No. 376, § 1; 2003, No. 1281, § 1.
Ark. Code Ann. § 24-7-303 — AR Code / Title 24 / Chapter 7 / Subchapter 3 / Section 24-7-303
Board of trustees - Officers - Committees
Status: in_force

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall select from its own number a chair and a vice chair. (b) (1) The trustees shall serve as trustees without compensation for their services as such, except that: (A) Each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (B) The Arkansas Teacher Retirement System shall reimburse a trustee for reasonable expenses incurred in the performance of his or her duties as trustee, including without limitation, the cost of: (i) A substitute teacher for a trustee; and (ii) Communication services required for paperless board meetings. (2) Trustees are authorized to attend all system committee meetings, board meetings, and other official system functions without negative impact on his or her employment status. (c) The board shall appoint the Executive Director of the Arkansas Teacher Retirement System, and he or she shall serve as its chief executive officer. He or she shall perform, or cause to be performed, such duties as are required of him or her under this act and as the board shall delegate to him or her. (d) The board shall appoint an actuary or a firm of actuaries to be technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this act and as are required of him or her by the board from time to time. (e) (1) The board shall appoint a professional investment counsel to be investment advisor to the board. (2) (A) No investment shall be made by the board until it has received the advice of its investment advisor. (B) However, if the contemplated investment involves anything other than financial assets, as defined in § 4-8-102(a)(9) , then in lieu of seeking advice from its investment advisor, the board shall seek and receive advice from a person having recognized expertise with respect to the type of investment contemplated. (f) The board shall appoint a medical committee consisting of three (3) physicians to review applications for disability retirement. (g) The executive director may employ such other professional and clerical services and purchase such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board. (h) (1) The compensation of the persons engaged by the board shall be consistent with the pay plan of the state. (2) (A) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve. (B) The board may create additional committees as necessary and appropriate to fulfill the duties and responsibilities of the board under this chapter. (i) (1) An audit committee created by the board shall perform an annual employee evaluation of an internal auditor of the system. (2) The audit committee may: (A) Meet in executive session, with or without the internal auditor, for the purpose of conducting, reviewing, and discussing the employee evaluation of the internal auditor; and (B) Gather information necessary to conduct a fair review of the internal auditor. Amended by Act 2017, No. 127,§ 1, eff. 8/1/2017. Acts 1973, No. 427, § 3; A.S.A. 1947, § 80-1438; Acts 1997, No. 250, § 231; 1999, No. 555, § 12; 2009, No. 468, § 4; 2011, No. 975, § 2.

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall select from its own number a chair and a vice chair.

(b) (1) The trustees shall serve as trustees without compensation for their services as such, except that: (A) Each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (B) The Arkansas Teacher Retirement System shall reimburse a trustee for reasonable expenses incurred in the performance of his or her duties as trustee, including without limitation, the cost of: (i) A substitute teacher for a trustee; and (ii) Communication services required for paperless board meetings. (2) Trustees are authorized to attend all system committee meetings, board meetings, and other official system functions without negative impact on his or her employment status.

(1) The trustees shall serve as trustees without compensation for their services as such, except that: (A) Each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (B) The Arkansas Teacher Retirement System shall reimburse a trustee for reasonable expenses incurred in the performance of his or her duties as trustee, including without limitation, the cost of: (i) A substitute teacher for a trustee; and (ii) Communication services required for paperless board meetings.

(A) Each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.; and

(B) The Arkansas Teacher Retirement System shall reimburse a trustee for reasonable expenses incurred in the performance of his or her duties as trustee, including without limitation, the cost of: (i) A substitute teacher for a trustee; and (ii) Communication services required for paperless board meetings.

(i) A substitute teacher for a trustee; and

(ii) Communication services required for paperless board meetings.

(2) Trustees are authorized to attend all system committee meetings, board meetings, and other official system functions without negative impact on his or her employment status.

(c) The board shall appoint the Executive Director of the Arkansas Teacher Retirement System, and he or she shall serve as its chief executive officer. He or she shall perform, or cause to be performed, such duties as are required of him or her under this act and as the board shall delegate to him or her.

(d) The board shall appoint an actuary or a firm of actuaries to be technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this act and as are required of him or her by the board from time to time.

(e) (1) The board shall appoint a professional investment counsel to be investment advisor to the board. (2) (A) No investment shall be made by the board until it has received the advice of its investment advisor. (B) However, if the contemplated investment involves anything other than financial assets, as defined in § 4-8-102(a)(9) , then in lieu of seeking advice from its investment advisor, the board shall seek and receive advice from a person having recognized expertise with respect to the type of investment contemplated.

(1) The board shall appoint a professional investment counsel to be investment advisor to the board.

(2) (A) No investment shall be made by the board until it has received the advice of its investment advisor. (B) However, if the contemplated investment involves anything other than financial assets, as defined in § 4-8-102(a)(9) , then in lieu of seeking advice from its investment advisor, the board shall seek and receive advice from a person having recognized expertise with respect to the type of investment contemplated.

(A) No investment shall be made by the board until it has received the advice of its investment advisor.

(B) However, if the contemplated investment involves anything other than financial assets, as defined in § 4-8-102(a)(9) , then in lieu of seeking advice from its investment advisor, the board shall seek and receive advice from a person having recognized expertise with respect to the type of investment contemplated.

(f) The board shall appoint a medical committee consisting of three (3) physicians to review applications for disability retirement.

(g) The executive director may employ such other professional and clerical services and purchase such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.

(h) (1) The compensation of the persons engaged by the board shall be consistent with the pay plan of the state. (2) (A) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve. (B) The board may create additional committees as necessary and appropriate to fulfill the duties and responsibilities of the board under this chapter.

(1) The compensation of the persons engaged by the board shall be consistent with the pay plan of the state.

(2) (A) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve. (B) The board may create additional committees as necessary and appropriate to fulfill the duties and responsibilities of the board under this chapter.

(A) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.

(B) The board may create additional committees as necessary and appropriate to fulfill the duties and responsibilities of the board under this chapter.

(i) (1) An audit committee created by the board shall perform an annual employee evaluation of an internal auditor of the system. (2) The audit committee may: (A) Meet in executive session, with or without the internal auditor, for the purpose of conducting, reviewing, and discussing the employee evaluation of the internal auditor; and (B) Gather information necessary to conduct a fair review of the internal auditor.

(1) An audit committee created by the board shall perform an annual employee evaluation of an internal auditor of the system.

(2) The audit committee may: (A) Meet in executive session, with or without the internal auditor, for the purpose of conducting, reviewing, and discussing the employee evaluation of the internal auditor; and (B) Gather information necessary to conduct a fair review of the internal auditor.

(A) Meet in executive session, with or without the internal auditor, for the purpose of conducting, reviewing, and discussing the employee evaluation of the internal auditor; and

(B) Gather information necessary to conduct a fair review of the internal auditor.

Amended by Act 2017, No. 127,§ 1, eff. 8/1/2017.

Acts 1973, No. 427, § 3; A.S.A. 1947, § 80-1438; Acts 1997, No. 250, § 231; 1999, No. 555, § 12; 2009, No. 468, § 4; 2011, No. 975, § 2.
Ark. Code Ann. § 24-7-202 — AR Code / Title 24 / Chapter 7 / Subchapter 2 / Section 24-7-202
Definitions
Status: in_force

As used in this act: (1) "Accumulated contributions" means the total of all amounts contributed by a member credited to the member's deposit account, together with regular interest; (2) "Active member" means any member eligible for service credit rendering service to an employer that is covered by the Arkansas Teacher Retirement System; (3) "Actual service" means service rendered in a position covered by the Arkansas Teacher Retirement System and does not include purchased or free credited service or reciprocal service; (4) "Actuarial equivalent" means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time; (5) "Administrator" means: (A) A person who is: (i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and (ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or (B) A person who is: (i) Employed by an employer of the Arkansas Teacher Retirement System; and (ii) Any one (1) of the following: (a) A public school superintendent, assistant superintendent, principal, or vice principal; (b) A president, chancellor, or a director of an institution of higher education; or (c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative; (6) "Alternate retirement plan" means a retirement plan based on the purchase of contracts providing retirement and death benefits for employees under § 24-7-801 et seq., § 24-7-901 et seq., or § 24-7-1001 et seq.; (7) "Annuity" means an amount payable to a retiree each fiscal year by the Arkansas Teacher Retirement System in equal monthly installments; (8) "Arkansas Teacher Retirement System" means a governmental state agency created in 1973 and administered under Acts 1973, No. 427, as amended, to provide a system of retirement benefits to its members and includes a limited liability company or other corporate entity solely owned by the system; (9) "Beneficiary" means any person who is receiving or is designated by a member to receive an Arkansas Teacher Retirement System benefit; (10) (A) "Benefit enhancement" means any change to the current benefit policy for a retired, active, or inactive member of the Arkansas Teacher Retirement System or T-DROP participant that increases the amortization period by one (1) year or more. (B) Benefit enhancement does not include any change that is required to comply with federal law, prevent a manifest injustice, correct an error, avoid an unintended consequence of an existing statutory provision, or prevent undue hardship on any benefit participant or class of benefit participants; (11) (A) "Benefit participant" means a person or entity that receives or may receive any kind of benefit, annuity, or other payment from the system due to a member's participation in the system. (B) "Benefit participant" includes without limitation: (i) A member; (ii) A spouse or a member; (iii) A survivor; (iv) A residual beneficiary; (v) A death beneficiary; (vi) A former spouse of a member; and (vii) The estate of a member; (12) "Benefit program" means a schedule of benefits or benefit formulas from which the amounts of Arkansas Teacher Retirement System benefits can be determined; (13) "Board" means the Board of Trustees of the Arkansas Teacher Retirement System; (14) "Child of a member" means either a natural child of the member or a child who has been made a child of the member by applicable court action before the death of the member; (15) "Credited service" means service which is credited as service by the Arkansas Teacher Retirement System; (16) "Deferred member" means an inactive member who is eligible to receive benefits under § 24-7-707 ; (17) "De minimis amount" means an amount of money so small as to make accounting for it unreasonable or impractical; (18) (A) "Employee" means any person employed by an employer covered by the Arkansas Teacher Retirement System. (B) (i) "Employee" does not include a participant in a summer work program whose compensation is disbursed by a covered employer through an agreement with an administrator of a summer work program to serve as a pass-through fiscal agent if the participant is: (a) Enrolled in a secondary public school as a student; (b) Employed for a period between the first day of June and the last day of August; and (c) Participating in a program in which the covered employer is acting as a pass-through fiscal agent. (ii) The board shall promulgate rules for the implementation of subdivision (18)(B)(i) of this section; (19) "Employer" or "covered employer" means any public school, public educational agency, or other eligible employer participating in the Arkansas Teacher Retirement System unless the context clearly indicates that the employer is not a covered employer; (20) "Employment with a covered employer" means the employment of an employee that would require a covered employer to pay employer contributions to the system; (21) "Employment with a school" means, beginning July 1, 1993: (A) Employment with any of the following institutions or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) State Board of Education; (v) Regional education service cooperatives; and (vi) Arkansas Teacher Retirement System; (B) Employment in a position with any of the following organizations: (i) The Educational Television Division; and (ii) Area vocational-technical schools, except those employees of area vocational schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by §§ 24-7-901 and 24-7-903 - 24-7-908 ; (C) Employment by Arkansas Rehabilitation Services except those employees who have elected to participate in the Arkansas Public Employees' Retirement System; (D) (i) Employment in a position with an education-related agency or organization if the employee is or has been a member of the Arkansas Teacher Retirement System for a minimum of five (5) years and elects to become or remain a member of the Arkansas Teacher Retirement System. The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (ii) The employment shall not be related in any manner to private schools. (iii) Each education-related agency or organization shall: (a) Be approved according to rules established by the Board of Trustees of the Arkansas Teacher Retirement System; (b) Become a covered employer at the time that an employee elects to become or remain a member of the Arkansas Teacher Retirement System; (c) Be considered a covered employer only for each employee who elects to become or remain a member of the Arkansas Teacher Retirement System; and (d) Be responsible for all required employer contributions; (E) (i) Employment in an enterprise privatized by a public school district. (ii) If a public school district should privatize any of its services, any individual who is or was employed by the school district in one (1) of those services and who is or has been a member of the Arkansas Teacher Retirement System may elect to remain a member if: (a) The board determines pursuant to rules adopted by the board that the participation of these employees in the Arkansas Teacher Retirement System will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System; and (b) The private provider assumes all responsibility for the required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; (F) (i) Employment in positions with an educational nonprofit corporation licensed and regulated by the Division of Developmental Disabilities Services of the Department of Human Services, if: (a) The nonprofit corporation has elected to participate in the Arkansas Teacher Retirement System; and (b) The board determines pursuant to rules adopted by the board that the participation of the educational nonprofit corporation will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System. (ii) The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (iii) The employment shall not be related in any manner to private schools. (iv) Each educational nonprofit corporation shall be: (a) Approved according to rules established by the board; (b) Considered an employer under subdivision (19) of this section; and (c) Responsible for all required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and (G) Employment with a covered employer that elects to treat embedded employees of a contractor as members of the system; (22) "Final average salary" means the average of the highest salaries earned by a member in state fiscal years determined in accordance with the rules of the board as is actuarially appropriate for the Arkansas Teacher Retirement System; (23) "Gap year" means a period of time: (A) In which a member: (i) Was an inactive member; and (ii) Either: (a) Was unemployed; or (b) Did not provide qualified service; and (B) For which the system may grant the member permissive service credit; (24) "Inactive member" means a formerly active member who is: (A) No longer rendering service that is covered by the Arkansas Teacher Retirement System; and (B) Not a retiree; (25) "Interest" means the rate or rates per annum, compounded annually, as the board shall adopt from time to time, that will be charged for the purchase of service credit or to repay a refund, or repayment of benefits, but the rate shall equal no less than the Arkansas Teacher Retirement System's current assumed interest rate assumption; (26) "Internal Revenue Code" means the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as amended, as it existed on January 1, 2013; (27) "Look-back period" means a period of time that includes the current fiscal year and the four (4) fiscal years immediately preceding the current fiscal year; (28) (A) "Manifest injustice" means an obvious unfairness that has a direct and observable unconscionable effect that will occur as a result of a technical error or error of judgment, when the error made by the system, a benefit participant, or employer, and the disparity of outcome to the parties, when taken together and supported by clear and convincing evidence, show a great harm to the integrity of the system as a whole, the benefit participant, or an employer, unless the system is afforded the discretion to resolve the matter in a fair manner. (B) In determining manifest injustice the system may consider: (i) The degree of fault of the system, benefit participant, or employer; (ii) An ambiguity in the interpretation of the circumstances, rule, or law; (iii) The cost to the system of correcting the error that is far outweighed by the benefit afforded to the system, benefit participant, or employer; (iv) Whether or not an expedited decision is in the public interest; (v) The fundamental fairness of a remedy in a particular situation; and (vi) Whether or not the status quo would result in an unconscionable outcome; (29) "Member" means any person included in the membership of the Arkansas Teacher Retirement System; (30) "Nonteacher" means a member who is not a teacher or an administrator; (31) "Normal retirement age" means: (A) Sixty-five (65) years of age if the member has at least five (5) years of actual service or reciprocal service; or (B) Sixty (60) years of age or older if the member's age and the member's combined years of credited service in the Arkansas Teacher Retirement System, Teacher Deferred Retirement Option Plan, or reciprocal service in another eligible state retirement system total ninety-eight (98); (32) "Permissive service credit" means service: (A) That is credited under the system for the purpose of calculating a member's benefit; (B) That has not previously been credited under the system; and (C) For which a member contributes or pays the amount necessary to fund the benefit attributable to the service as required by the system; (33) "Qualified service" means the service described in 26 U.S.C. § 415(n)(3)(C)(i)-(iv) , as it existed on January 1, 2023; (34) "Reciprocal service" means credited service rendered under a reciprocal system as defined by § 24-2-401 ; (35) "Regular interest" means the rate or rates per annum, compounded annually, which the board shall adopt from time to time, that will be used to compute interest on members' contributions; (36) "Reserve" means the present value of all payments to be made on account of any Arkansas Teacher Retirement System benefit based upon such reasonable tables of experience and regular interest as the board shall adopt from time to time; (37) "Residue" for the purposes of § 24-7-701 et seq. means the difference between the accumulated contributions and regular interest credited to the retirement reserve account as of the member's effective date of retirement and the total amount of retirement annuities paid; (38) "Retiree" means a member receiving an Arkansas Teacher Retirement System annuity; (39) "Retires" means that a member ceases to be active and is eligible to receive retirement benefits from the Arkansas Teacher Retirement System; (40) (A) "Salary" means the remuneration paid to a member employed in a position covered by the Arkansas Teacher Retirement System on which the employer is required to withhold federal income tax from wages or on which income tax would be due under the Internal Revenue Code. (B) "Salary" includes: (i) An incentive bonus paid to an employee for the employee's certification by the National Board for Professional Teaching Standards under § 6-17-413 if the Department of Education pays the employer contribution and the member pays the required member contribution; and (ii) Employer pick-up contributions, cafeteria plans as defined in § 21-5-901 , and employee contributions to qualified retirement plans, including without limitation qualified annuities and deferred compensation plans. (C) "Salary" does not include: (i) All or part of a payment made as a result of a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment to a member; and (ii) Nonmonetary taxable income, including without limitation vehicles, housing, and personal property. (D) The board may promulgate rules to modify the definition of salary used in the calculation of benefits by the system; (41) "School" means any public school under the control of school authorities of the state and supported wholly or partially by state moneys; (42) "Service" means employment rendered as an employee; (43) (A) "Service purchase account" means an account established by a member with the Arkansas Teacher Retirement System to allow the member to buy service credit in the system as allowed under this subchapter. (B) "Service purchase account" does not include an account established by the system to allow a member to make payments on unreported or incorrectly reported contributory service credit that is not resolved through a release process; (44) "Social Security" means the Social Security, old age, survivors', and disability insurance program; (45) "State" means the State of Arkansas; (46) "System" means the Arkansas Teacher Retirement System; (47) "T-DROP" means the Teacher Deferred Retirement Option Plan established by the Arkansas Teacher Retirement System; (48) "T-DROP plan interest" means the rate or rates per annum that the board shall adopt from time to time that will be used to compute interest paid on T-DROP mean balances at the end of each fiscal year; (49) (A) "Teacher" means, beginning July 1, 1989, any person employed by a school for the purpose of giving instructions and whose employment requires state licensure. (B) In any case of a question as to who is a teacher, the board shall have the final power to decide the question; and (50) "Trustee" means a member of the board. Amended by Act 2023, No. 107,§ 19, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 18, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 17, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 16, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 15, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 14, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 13, eff. 7/1/2023. Amended by Act 2023, No. 125,§ 1, eff. 7/1/2023. Amended by Act 2023, No. 107,§ 12, eff. 7/1/2023. Amended by Act 2021, No. 290,§ 1, eff. 9/1/2021. Amended by Act 2021, No. 691,§ 1, eff. 7/28/2021. Amended by Act 2021, No. 279,§ 4, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 3, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 2, eff. 7/1/2021. Amended by Act 2021, No. 279,§ 1, eff. 7/1/2021. Amended by Act 2021, No. 427,§ 1, eff. 3/23/2021. Amended by Act 2019, No. 315,§ 2883, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2882, eff. 7/24/2019. Amended by Act 2019, No. 427,§ 5, eff. 7/1/2019. Amended by Act 2019, No. 427,§ 4, eff. 7/1/2019. Amended by Act 2019, No. 427,§ 3, eff. 7/1/2019. Amended by Act 2019, No. 427,§ 2, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2370, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 2369, eff. 7/1/2019. Amended by Act 2017, No. 575,§ 1, eff. 8/1/2017. Amended by Act 2017, No. 436,§ 2, eff. 3/9/2017. Amended by Act 2017, No. 436,§ 1, eff. 3/9/2017. Amended by Act 2017, No. 293,§ 2, eff. 2/28/2017. Amended by Act 2017, No. 293,§ 1, eff. 2/28/2017. Amended by Act 2015, No. 301,§ 1, eff. 3/4/2015. Amended by Act 2013, No. 303,§ 1, eff. 8/16/2013. Amended by Act 2013, No. 140,§ 2, eff. 8/16/2013. Amended by Act 2013, No. 140,§ 1, eff. 8/16/2013. Acts 1973, No. 427, § 2; 1983, No. 619, § 1; 1983, No. 665, § 1; 1985, No. 805, § 1; A.S.A. 1947, § 80-1437; Acts 1989, No. 652, § 1; 1989, No. 653, § 1; 1993, No. 435, § 1; 1993, No. 897, § 1; 1995, No. 460, § 1; 1995, No. 542, § 1; 1995, No. 638, §§ 1, 2; 1997, No. 142, § 1; 1997, No. 1064, § 1; 1997, No. 1137, § 3; 1999, No. 11, § 1; 1999, No. 865, § 3; 2001, No. 155, § 1; 2001, No. 461, § 1; 2005, No. 71, § 1; 2005, No. 146, § 2; 2005, No. 2190, § 23; 2007, No. 97, § 1; 2007, No. 617, § 44; 2009, No. 468, § 1; 2009, No. 1325, § 1; 2009, No. 1326, § 2; 2011, No. 45, § 1; 2011, No. 69, §§ 3, 4; 2011, No. 138, § 1; 2011, No. 163, § 1; 2011, No. 225, § 1.

As used in this act:

(1) "Accumulated contributions" means the total of all amounts contributed by a member credited to the member's deposit account, together with regular interest;

(2) "Active member" means any member eligible for service credit rendering service to an employer that is covered by the Arkansas Teacher Retirement System;

(3) "Actual service" means service rendered in a position covered by the Arkansas Teacher Retirement System and does not include purchased or free credited service or reciprocal service;

(4) "Actuarial equivalent" means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;

(5) "Administrator" means: (A) A person who is: (i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and (ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or (B) A person who is: (i) Employed by an employer of the Arkansas Teacher Retirement System; and (ii) Any one (1) of the following: (a) A public school superintendent, assistant superintendent, principal, or vice principal; (b) A president, chancellor, or a director of an institution of higher education; or (c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;

(A) A person who is: (i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and (ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or

(i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and

(ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or

(B) A person who is: (i) Employed by an employer of the Arkansas Teacher Retirement System; and (ii) Any one (1) of the following: (a) A public school superintendent, assistant superintendent, principal, or vice principal; (b) A president, chancellor, or a director of an institution of higher education; or (c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;

(i) Employed by an employer of the Arkansas Teacher Retirement System; and

(ii) Any one (1) of the following: (a) A public school superintendent, assistant superintendent, principal, or vice principal; (b) A president, chancellor, or a director of an institution of higher education; or (c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;

(a) A public school superintendent, assistant superintendent, principal, or vice principal;

(b) A president, chancellor, or a director of an institution of higher education; or

(c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;

(6) "Alternate retirement plan" means a retirement plan based on the purchase of contracts providing retirement and death benefits for employees under § 24-7-801 et seq., § 24-7-901 et seq., or § 24-7-1001 et seq.;

(7) "Annuity" means an amount payable to a retiree each fiscal year by the Arkansas Teacher Retirement System in equal monthly installments;

(8) "Arkansas Teacher Retirement System" means a governmental state agency created in 1973 and administered under Acts 1973, No. 427, as amended, to provide a system of retirement benefits to its members and includes a limited liability company or other corporate entity solely owned by the system;

(9) "Beneficiary" means any person who is receiving or is designated by a member to receive an Arkansas Teacher Retirement System benefit;

(10) (A) "Benefit enhancement" means any change to the current benefit policy for a retired, active, or inactive member of the Arkansas Teacher Retirement System or T-DROP participant that increases the amortization period by one (1) year or more. (B) Benefit enhancement does not include any change that is required to comply with federal law, prevent a manifest injustice, correct an error, avoid an unintended consequence of an existing statutory provision, or prevent undue hardship on any benefit participant or class of benefit participants;

(A) "Benefit enhancement" means any change to the current benefit policy for a retired, active, or inactive member of the Arkansas Teacher Retirement System or T-DROP participant that increases the amortization period by one (1) year or more.

(B) Benefit enhancement does not include any change that is required to comply with federal law, prevent a manifest injustice, correct an error, avoid an unintended consequence of an existing statutory provision, or prevent undue hardship on any benefit participant or class of benefit participants;

(11) (A) "Benefit participant" means a person or entity that receives or may receive any kind of benefit, annuity, or other payment from the system due to a member's participation in the system. (B) "Benefit participant" includes without limitation: (i) A member; (ii) A spouse or a member; (iii) A survivor; (iv) A residual beneficiary; (v) A death beneficiary; (vi) A former spouse of a member; and (vii) The estate of a member;

(A) "Benefit participant" means a person or entity that receives or may receive any kind of benefit, annuity, or other payment from the system due to a member's participation in the system.

(B) "Benefit participant" includes without limitation: (i) A member; (ii) A spouse or a member; (iii) A survivor; (iv) A residual beneficiary; (v) A death beneficiary; (vi) A former spouse of a member; and (vii) The estate of a member;

(i) A member;

(ii) A spouse or a member;

(iii) A survivor;

(iv) A residual beneficiary;

(v) A death beneficiary;

(vi) A former spouse of a member; and

(vii) The estate of a member;

(12) "Benefit program" means a schedule of benefits or benefit formulas from which the amounts of Arkansas Teacher Retirement System benefits can be determined;

(13) "Board" means the Board of Trustees of the Arkansas Teacher Retirement System;

(14) "Child of a member" means either a natural child of the member or a child who has been made a child of the member by applicable court action before the death of the member;

(15) "Credited service" means service which is credited as service by the Arkansas Teacher Retirement System;

(16) "Deferred member" means an inactive member who is eligible to receive benefits under § 24-7-707 ;

(17) "De minimis amount" means an amount of money so small as to make accounting for it unreasonable or impractical;

(18) (A) "Employee" means any person employed by an employer covered by the Arkansas Teacher Retirement System. (B) (i) "Employee" does not include a participant in a summer work program whose compensation is disbursed by a covered employer through an agreement with an administrator of a summer work program to serve as a pass-through fiscal agent if the participant is: (a) Enrolled in a secondary public school as a student; (b) Employed for a period between the first day of June and the last day of August; and (c) Participating in a program in which the covered employer is acting as a pass-through fiscal agent. (ii) The board shall promulgate rules for the implementation of subdivision (18)(B)(i) of this section;

(A) "Employee" means any person employed by an employer covered by the Arkansas Teacher Retirement System.

(B) (i) "Employee" does not include a participant in a summer work program whose compensation is disbursed by a covered employer through an agreement with an administrator of a summer work program to serve as a pass-through fiscal agent if the participant is: (a) Enrolled in a secondary public school as a student; (b) Employed for a period between the first day of June and the last day of August; and (c) Participating in a program in which the covered employer is acting as a pass-through fiscal agent. (ii) The board shall promulgate rules for the implementation of subdivision (18)(B)(i) of this section;

(i) "Employee" does not include a participant in a summer work program whose compensation is disbursed by a covered employer through an agreement with an administrator of a summer work program to serve as a pass-through fiscal agent if the participant is: (a) Enrolled in a secondary public school as a student; (b) Employed for a period between the first day of June and the last day of August; and (c) Participating in a program in which the covered employer is acting as a pass-through fiscal agent.

(a) Enrolled in a secondary public school as a student;

(b) Employed for a period between the first day of June and the last day of August; and

(c) Participating in a program in which the covered employer is acting as a pass-through fiscal agent.

(ii) The board shall promulgate rules for the implementation of subdivision (18)(B)(i) of this section;

(19) "Employer" or "covered employer" means any public school, public educational agency, or other eligible employer participating in the Arkansas Teacher Retirement System unless the context clearly indicates that the employer is not a covered employer;

(20) "Employment with a covered employer" means the employment of an employee that would require a covered employer to pay employer contributions to the system;

(21) "Employment with a school" means, beginning July 1, 1993: (A) Employment with any of the following institutions or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) State Board of Education; (v) Regional education service cooperatives; and (vi) Arkansas Teacher Retirement System; (B) Employment in a position with any of the following organizations: (i) The Educational Television Division; and (ii) Area vocational-technical schools, except those employees of area vocational schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by §§ 24-7-901 and 24-7-903 - 24-7-908 ; (C) Employment by Arkansas Rehabilitation Services except those employees who have elected to participate in the Arkansas Public Employees' Retirement System; (D) (i) Employment in a position with an education-related agency or organization if the employee is or has been a member of the Arkansas Teacher Retirement System for a minimum of five (5) years and elects to become or remain a member of the Arkansas Teacher Retirement System. The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (ii) The employment shall not be related in any manner to private schools. (iii) Each education-related agency or organization shall: (a) Be approved according to rules established by the Board of Trustees of the Arkansas Teacher Retirement System; (b) Become a covered employer at the time that an employee elects to become or remain a member of the Arkansas Teacher Retirement System; (c) Be considered a covered employer only for each employee who elects to become or remain a member of the Arkansas Teacher Retirement System; and (d) Be responsible for all required employer contributions; (E) (i) Employment in an enterprise privatized by a public school district. (ii) If a public school district should privatize any of its services, any individual who is or was employed by the school district in one (1) of those services and who is or has been a member of the Arkansas Teacher Retirement System may elect to remain a member if: (a) The board determines pursuant to rules adopted by the board that the participation of these employees in the Arkansas Teacher Retirement System will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System; and (b) The private provider assumes all responsibility for the required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; (F) (i) Employment in positions with an educational nonprofit corporation licensed and regulated by the Division of Developmental Disabilities Services of the Department of Human Services, if: (a) The nonprofit corporation has elected to participate in the Arkansas Teacher Retirement System; and (b) The board determines pursuant to rules adopted by the board that the participation of the educational nonprofit corporation will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System. (ii) The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (iii) The employment shall not be related in any manner to private schools. (iv) Each educational nonprofit corporation shall be: (a) Approved according to rules established by the board; (b) Considered an employer under subdivision (19) of this section; and (c) Responsible for all required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and (G) Employment with a covered employer that elects to treat embedded employees of a contractor as members of the system;

(A) Employment with any of the following institutions or agencies: (i) Arkansas School for the Blind; (ii) Arkansas School for the Deaf; (iii) Arkansas Activities Association; (iv) State Board of Education; (v) Regional education service cooperatives; and (vi) Arkansas Teacher Retirement System;

(i) Arkansas School for the Blind;

(ii) Arkansas School for the Deaf;

(iii) Arkansas Activities Association;

(iv) State Board of Education;

(v) Regional education service cooperatives; and

(vi) Arkansas Teacher Retirement System;

(B) Employment in a position with any of the following organizations: (i) The Educational Television Division; and (ii) Area vocational-technical schools, except those employees of area vocational schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by §§ 24-7-901 and 24-7-903 - 24-7-908 ;

(i) The Educational Television Division; and

(ii) Area vocational-technical schools, except those employees of area vocational schools and the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, who have elected to participate in an alternate retirement plan established by §§ 24-7-901 and 24-7-903 - 24-7-908 ;

(C) Employment by Arkansas Rehabilitation Services except those employees who have elected to participate in the Arkansas Public Employees' Retirement System;

(D) (i) Employment in a position with an education-related agency or organization if the employee is or has been a member of the Arkansas Teacher Retirement System for a minimum of five (5) years and elects to become or remain a member of the Arkansas Teacher Retirement System. The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (ii) The employment shall not be related in any manner to private schools. (iii) Each education-related agency or organization shall: (a) Be approved according to rules established by the Board of Trustees of the Arkansas Teacher Retirement System; (b) Become a covered employer at the time that an employee elects to become or remain a member of the Arkansas Teacher Retirement System; (c) Be considered a covered employer only for each employee who elects to become or remain a member of the Arkansas Teacher Retirement System; and (d) Be responsible for all required employer contributions;

(i) Employment in a position with an education-related agency or organization if the employee is or has been a member of the Arkansas Teacher Retirement System for a minimum of five (5) years and elects to become or remain a member of the Arkansas Teacher Retirement System. The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs.

(a) Training public school employees or school board members;

(b) Teaching public school students; or

(c) Adult education programs.

(ii) The employment shall not be related in any manner to private schools.

(iii) Each education-related agency or organization shall: (a) Be approved according to rules established by the Board of Trustees of the Arkansas Teacher Retirement System; (b) Become a covered employer at the time that an employee elects to become or remain a member of the Arkansas Teacher Retirement System; (c) Be considered a covered employer only for each employee who elects to become or remain a member of the Arkansas Teacher Retirement System; and (d) Be responsible for all required employer contributions;

(a) Be approved according to rules established by the Board of Trustees of the Arkansas Teacher Retirement System;

(b) Become a covered employer at the time that an employee elects to become or remain a member of the Arkansas Teacher Retirement System;

(c) Be considered a covered employer only for each employee who elects to become or remain a member of the Arkansas Teacher Retirement System; and

(d) Be responsible for all required employer contributions;

(E) (i) Employment in an enterprise privatized by a public school district. (ii) If a public school district should privatize any of its services, any individual who is or was employed by the school district in one (1) of those services and who is or has been a member of the Arkansas Teacher Retirement System may elect to remain a member if: (a) The board determines pursuant to rules adopted by the board that the participation of these employees in the Arkansas Teacher Retirement System will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System; and (b) The private provider assumes all responsibility for the required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions;

(i) Employment in an enterprise privatized by a public school district.

(ii) If a public school district should privatize any of its services, any individual who is or was employed by the school district in one (1) of those services and who is or has been a member of the Arkansas Teacher Retirement System may elect to remain a member if: (a) The board determines pursuant to rules adopted by the board that the participation of these employees in the Arkansas Teacher Retirement System will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System; and (b) The private provider assumes all responsibility for the required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions;

(a) The board determines pursuant to rules adopted by the board that the participation of these employees in the Arkansas Teacher Retirement System will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System; and

(b) The private provider assumes all responsibility for the required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions;

(F) (i) Employment in positions with an educational nonprofit corporation licensed and regulated by the Division of Developmental Disabilities Services of the Department of Human Services, if: (a) The nonprofit corporation has elected to participate in the Arkansas Teacher Retirement System; and (b) The board determines pursuant to rules adopted by the board that the participation of the educational nonprofit corporation will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System. (ii) The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs. (iii) The employment shall not be related in any manner to private schools. (iv) Each educational nonprofit corporation shall be: (a) Approved according to rules established by the board; (b) Considered an employer under subdivision (19) of this section; and (c) Responsible for all required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and

(i) Employment in positions with an educational nonprofit corporation licensed and regulated by the Division of Developmental Disabilities Services of the Department of Human Services, if: (a) The nonprofit corporation has elected to participate in the Arkansas Teacher Retirement System; and (b) The board determines pursuant to rules adopted by the board that the participation of the educational nonprofit corporation will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System.

(a) The nonprofit corporation has elected to participate in the Arkansas Teacher Retirement System; and

(b) The board determines pursuant to rules adopted by the board that the participation of the educational nonprofit corporation will not in any way impair any legal status of the Arkansas Teacher Retirement System, including without limitation its status as a governmental plan pursuant to the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, or have a substantial adverse impact on the actuarial soundness of the Arkansas Teacher Retirement System.

(ii) The employment shall be related to: (a) Training public school employees or school board members; (b) Teaching public school students; or (c) Adult education programs.

(a) Training public school employees or school board members;

(b) Teaching public school students; or

(c) Adult education programs.

(iii) The employment shall not be related in any manner to private schools.

(iv) Each educational nonprofit corporation shall be: (a) Approved according to rules established by the board; (b) Considered an employer under subdivision (19) of this section; and (c) Responsible for all required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and

(a) Approved according to rules established by the board;

(b) Considered an employer under subdivision (19) of this section; and

(c) Responsible for all required employer contributions and any fees for obtaining Internal Revenue Service rulings or Employee Retirement Income Security Act of 1974 opinions; and

(G) Employment with a covered employer that elects to treat embedded employees of a contractor as members of the system;

(22) "Final average salary" means the average of the highest salaries earned by a member in state fiscal years determined in accordance with the rules of the board as is actuarially appropriate for the Arkansas Teacher Retirement System;

(23) "Gap year" means a period of time: (A) In which a member: (i) Was an inactive member; and (ii) Either: (a) Was unemployed; or (b) Did not provide qualified service; and (B) For which the system may grant the member permissive service credit;

(A) In which a member: (i) Was an inactive member; and (ii) Either: (a) Was unemployed; or (b) Did not provide qualified service; and

(i) Was an inactive member; and

(ii) Either: (a) Was unemployed; or (b) Did not provide qualified service; and

(a) Was unemployed; or

(b) Did not provide qualified service; and

(B) For which the system may grant the member permissive service credit;

(24) "Inactive member" means a formerly active member who is: (A) No longer rendering service that is covered by the Arkansas Teacher Retirement System; and (B) Not a retiree;

(A) No longer rendering service that is covered by the Arkansas Teacher Retirement System; and

(B) Not a retiree;

(25) "Interest" means the rate or rates per annum, compounded annually, as the board shall adopt from time to time, that will be charged for the purchase of service credit or to repay a refund, or repayment of benefits, but the rate shall equal no less than the Arkansas Teacher Retirement System's current assumed interest rate assumption;

(26) "Internal Revenue Code" means the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as amended, as it existed on January 1, 2013;

(27) "Look-back period" means a period of time that includes the current fiscal year and the four (4) fiscal years immediately preceding the current fiscal year;

(28) (A) "Manifest injustice" means an obvious unfairness that has a direct and observable unconscionable effect that will occur as a result of a technical error or error of judgment, when the error made by the system, a benefit participant, or employer, and the disparity of outcome to the parties, when taken together and supported by clear and convincing evidence, show a great harm to the integrity of the system as a whole, the benefit participant, or an employer, unless the system is afforded the discretion to resolve the matter in a fair manner. (B) In determining manifest injustice the system may consider: (i) The degree of fault of the system, benefit participant, or employer; (ii) An ambiguity in the interpretation of the circumstances, rule, or law; (iii) The cost to the system of correcting the error that is far outweighed by the benefit afforded to the system, benefit participant, or employer; (iv) Whether or not an expedited decision is in the public interest; (v) The fundamental fairness of a remedy in a particular situation; and (vi) Whether or not the status quo would result in an unconscionable outcome;

(A) "Manifest injustice" means an obvious unfairness that has a direct and observable unconscionable effect that will occur as a result of a technical error or error of judgment, when the error made by the system, a benefit participant, or employer, and the disparity of outcome to the parties, when taken together and supported by clear and convincing evidence, show a great harm to the integrity of the system as a whole, the benefit participant, or an employer, unless the system is afforded the discretion to resolve the matter in a fair manner.

(B) In determining manifest injustice the system may consider: (i) The degree of fault of the system, benefit participant, or employer; (ii) An ambiguity in the interpretation of the circumstances, rule, or law; (iii) The cost to the system of correcting the error that is far outweighed by the benefit afforded to the system, benefit participant, or employer; (iv) Whether or not an expedited decision is in the public interest; (v) The fundamental fairness of a remedy in a particular situation; and (vi) Whether or not the status quo would result in an unconscionable outcome;

(i) The degree of fault of the system, benefit participant, or employer;

(ii) An ambiguity in the interpretation of the circumstances, rule, or law;

(iii) The cost to the system of correcting the error that is far outweighed by the benefit afforded to the system, benefit participant, or employer;

(iv) Whether or not an expedited decision is in the public interest;

(v) The fundamental fairness of a remedy in a particular situation; and

(vi) Whether or not the status quo would result in an unconscionable outcome;

(29) "Member" means any person included in the membership of the Arkansas Teacher Retirement System;

(30) "Nonteacher" means a member who is not a teacher or an administrator;

(31) "Normal retirement age" means: (A) Sixty-five (65) years of age if the member has at least five (5) years of actual service or reciprocal service; or (B) Sixty (60) years of age or older if the member's age and the member's combined years of credited service in the Arkansas Teacher Retirement System, Teacher Deferred Retirement Option Plan, or reciprocal service in another eligible state retirement system total ninety-eight (98);

(A) Sixty-five (65) years of age if the member has at least five (5) years of actual service or reciprocal service; or

(B) Sixty (60) years of age or older if the member's age and the member's combined years of credited service in the Arkansas Teacher Retirement System, Teacher Deferred Retirement Option Plan, or reciprocal service in another eligible state retirement system total ninety-eight (98);

(32) "Permissive service credit" means service: (A) That is credited under the system for the purpose of calculating a member's benefit; (B) That has not previously been credited under the system; and (C) For which a member contributes or pays the amount necessary to fund the benefit attributable to the service as required by the system;

(A) That is credited under the system for the purpose of calculating a member's benefit;

(B) That has not previously been credited under the system; and

(C) For which a member contributes or pays the amount necessary to fund the benefit attributable to the service as required by the system;

(33) "Qualified service" means the service described in 26 U.S.C. § 415(n)(3)(C)(i)-(iv) , as it existed on January 1, 2023;

(34) "Reciprocal service" means credited service rendered under a reciprocal system as defined by § 24-2-401 ;

(35) "Regular interest" means the rate or rates per annum, compounded annually, which the board shall adopt from time to time, that will be used to compute interest on members' contributions;

(36) "Reserve" means the present value of all payments to be made on account of any Arkansas Teacher Retirement System benefit based upon such reasonable tables of experience and regular interest as the board shall adopt from time to time;

(37) "Residue" for the purposes of § 24-7-701 et seq. means the difference between the accumulated contributions and regular interest credited to the retirement reserve account as of the member's effective date of retirement and the total amount of retirement annuities paid;

(38) "Retiree" means a member receiving an Arkansas Teacher Retirement System annuity;

(39) "Retires" means that a member ceases to be active and is eligible to receive retirement benefits from the Arkansas Teacher Retirement System;

(40) (A) "Salary" means the remuneration paid to a member employed in a position covered by the Arkansas Teacher Retirement System on which the employer is required to withhold federal income tax from wages or on which income tax would be due under the Internal Revenue Code. (B) "Salary" includes: (i) An incentive bonus paid to an employee for the employee's certification by the National Board for Professional Teaching Standards under § 6-17-413 if the Department of Education pays the employer contribution and the member pays the required member contribution; and (ii) Employer pick-up contributions, cafeteria plans as defined in § 21-5-901 , and employee contributions to qualified retirement plans, including without limitation qualified annuities and deferred compensation plans. (C) "Salary" does not include: (i) All or part of a payment made as a result of a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment to a member; and (ii) Nonmonetary taxable income, including without limitation vehicles, housing, and personal property. (D) The board may promulgate rules to modify the definition of salary used in the calculation of benefits by the system;

(A) "Salary" means the remuneration paid to a member employed in a position covered by the Arkansas Teacher Retirement System on which the employer is required to withhold federal income tax from wages or on which income tax would be due under the Internal Revenue Code.

(B) "Salary" includes: (i) An incentive bonus paid to an employee for the employee's certification by the National Board for Professional Teaching Standards under § 6-17-413 if the Department of Education pays the employer contribution and the member pays the required member contribution; and (ii) Employer pick-up contributions, cafeteria plans as defined in § 21-5-901 , and employee contributions to qualified retirement plans, including without limitation qualified annuities and deferred compensation plans.

(i) An incentive bonus paid to an employee for the employee's certification by the National Board for Professional Teaching Standards under § 6-17-413 if the Department of Education pays the employer contribution and the member pays the required member contribution; and

(ii) Employer pick-up contributions, cafeteria plans as defined in § 21-5-901 , and employee contributions to qualified retirement plans, including without limitation qualified annuities and deferred compensation plans.

(C) "Salary" does not include: (i) All or part of a payment made as a result of a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment to a member; and (ii) Nonmonetary taxable income, including without limitation vehicles, housing, and personal property.

(i) All or part of a payment made as a result of a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment to a member; and

(ii) Nonmonetary taxable income, including without limitation vehicles, housing, and personal property.

(D) The board may promulgate rules to modify the definition of salary used in the calculation of benefits by the system;

(41) "School" means any public school under the control of school authorities of the state and supported wholly or partially by state moneys;

(42) "Service" means employment rendered as an employee;

(43) (A) "Service purchase account" means an account established by a member with the Arkansas Teacher Retirement System to allow the member to buy service credit in the system as allowed under this subchapter. (B) "Service purchase account" does not include an account established by the system to allow a member to make payments on unreported or incorrectly reported contributory service credit that is not resolved through a release process;

(A) "Service purchase account" means an account established by a member with the Arkansas Teacher Retirement System to allow the member to buy service credit in the system as allowed under this subchapter.

(B) "Service purchase account" does not include an account established by the system to allow a member to make payments on unreported or incorrectly reported contributory service credit that is not resolved through a release process;

(44) "Social Security" means the Social Security, old age, survivors', and disability insurance program;

(45) "State" means the State of Arkansas;

(46) "System" means the Arkansas Teacher Retirement System;

(47) "T-DROP" means the Teacher Deferred Retirement Option Plan established by the Arkansas Teacher Retirement System;

(48) "T-DROP plan interest" means the rate or rates per annum that the board shall adopt from time to time that will be used to compute interest paid on T-DROP mean balances at the end of each fiscal year;

(49) (A) "Teacher" means, beginning July 1, 1989, any person employed by a school for the purpose of giving instructions and whose employment requires state licensure. (B) In any case of a question as to who is a teacher, the board shall have the final power to decide the question; and

(A) "Teacher" means, beginning July 1, 1989, any person employed by a school for the purpose of giving instructions and whose employment requires state licensure.

(B) In any case of a question as to who is a teacher, the board shall have the final power to decide the question; and

(50) "Trustee" means a member of the board.

Amended by Act 2023, No. 107,§ 19, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 18, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 17, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 16, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 15, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 14, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 13, eff. 7/1/2023.

Amended by Act 2023, No. 125,§ 1, eff. 7/1/2023.

Amended by Act 2023, No. 107,§ 12, eff. 7/1/2023.

Amended by Act 2021, No. 290,§ 1, eff. 9/1/2021.

Amended by Act 2021, No. 691,§ 1, eff. 7/28/2021.

Amended by Act 2021, No. 279,§ 4, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 3, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 2, eff. 7/1/2021.

Amended by Act 2021, No. 279,§ 1, eff. 7/1/2021.

Amended by Act 2021, No. 427,§ 1, eff. 3/23/2021.

Amended by Act 2019, No. 315,§ 2883, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2882, eff. 7/24/2019.

Amended by Act 2019, No. 427,§ 5, eff. 7/1/2019.

Amended by Act 2019, No. 427,§ 4, eff. 7/1/2019.

Amended by Act 2019, No. 427,§ 3, eff. 7/1/2019.

Amended by Act 2019, No. 427,§ 2, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2370, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 2369, eff. 7/1/2019.

Amended by Act 2017, No. 575,§ 1, eff. 8/1/2017.

Amended by Act 2017, No. 436,§ 2, eff. 3/9/2017.

Amended by Act 2017, No. 436,§ 1, eff. 3/9/2017.

Amended by Act 2017, No. 293,§ 2, eff. 2/28/2017.

Amended by Act 2017, No. 293,§ 1, eff. 2/28/2017.

Amended by Act 2015, No. 301,§ 1, eff. 3/4/2015.

Amended by Act 2013, No. 303,§ 1, eff. 8/16/2013.

Amended by Act 2013, No. 140,§ 2, eff. 8/16/2013.

Amended by Act 2013, No. 140,§ 1, eff. 8/16/2013.

Acts 1973, No. 427, § 2; 1983, No. 619, § 1; 1983, No. 665, § 1; 1985, No. 805, § 1; A.S.A. 1947, § 80-1437; Acts 1989, No. 652, § 1; 1989, No. 653, § 1; 1993, No. 435, § 1; 1993, No. 897, § 1; 1995, No. 460, § 1; 1995, No. 542, § 1; 1995, No. 638, §§ 1, 2; 1997, No. 142, § 1; 1997, No. 1064, § 1; 1997, No. 1137, § 3; 1999, No. 11, § 1; 1999, No. 865, § 3; 2001, No. 155, § 1; 2001, No. 461, § 1; 2005, No. 71, § 1; 2005, No. 146, § 2; 2005, No. 2190, § 23; 2007, No. 97, § 1; 2007, No. 617, § 44; 2009, No. 468, § 1; 2009, No. 1325, § 1; 2009, No. 1326, § 2; 2011, No. 45, § 1; 2011, No. 69, §§ 3, 4; 2011, No. 138, § 1; 2011, No. 163, § 1; 2011, No. 225, § 1.
Ark. Code Ann. § 24-4-105 — AR Code / Title 24 / Chapter 4 / Subchapter 1 / Section 24-4-105
Board of trustees - Meetings - Powers and duties
Status: in_force

(a) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting. (2) Special meetings may be held in accordance with such rules as the board shall adopt from time to time. (3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings. (b) In addition to such other duties as are imposed upon the board by this act, the board shall: (1) Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System; (2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system; (3) Provide for an actuarial valuation of the system as may be deemed necessary by the board; (4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act; (5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system; (6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act. Amended by Act 2019, No. 315,§ 2849, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2848, eff. 7/24/2019. Acts 1957, No. 177, § 3; 1959, No. 42, § 3; 1965, No. 153, § 4; A.S.A. 1947, § 12-2503; Acts 1997, No. 250, § 228.

(a) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting. (2) Special meetings may be held in accordance with such rules as the board shall adopt from time to time. (3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.

(1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting.

(2) Special meetings may be held in accordance with such rules as the board shall adopt from time to time.

(3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.

(b) In addition to such other duties as are imposed upon the board by this act, the board shall: (1) Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System; (2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system; (3) Provide for an actuarial valuation of the system as may be deemed necessary by the board; (4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act; (5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system; (6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.

(1) Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System;

(2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system;

(3) Provide for an actuarial valuation of the system as may be deemed necessary by the board;

(4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act;

(5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system;

(6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and

(7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.

Amended by Act 2019, No. 315,§ 2849, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2848, eff. 7/24/2019.

Acts 1957, No. 177, § 3; 1959, No. 42, § 3; 1965, No. 153, § 4; A.S.A. 1947, § 12-2503; Acts 1997, No. 250, § 228.
Ark. Code Ann. § 24-8-301 — AR Code / Title 24 / Chapter 8 / Subchapter 3 / Section 24-8-301
Subchapter cumulative
Status: in_force

This subchapter shall not repeal existing laws of this state relating to the retirement of municipal court judges and municipal court clerks but shall be cumulative thereto, specifically to §§ 24-8-401 and 24-8-403 - 24-8-408 , and acts amendatory thereof. It shall in no manner affect the rights or status of persons receiving or eligible to receive retirement benefits under the provisions of §§ 24-8-401 and 24-8-403 - 24-8-408 . Acts 1973, No. 432, § 9; 1981, No. 62, § 1; A.S.A. 1947, § 22-922.

This subchapter shall not repeal existing laws of this state relating to the retirement of municipal court judges and municipal court clerks but shall be cumulative thereto, specifically to §§ 24-8-401 and 24-8-403 - 24-8-408 , and acts amendatory thereof. It shall in no manner affect the rights or status of persons receiving or eligible to receive retirement benefits under the provisions of §§ 24-8-401 and 24-8-403 - 24-8-408 .

Acts 1973, No. 432, § 9; 1981, No. 62, § 1; A.S.A. 1947, § 22-922.
Ark. Code Ann. § 24-1-203 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-203
Rules
Status: in_force

The Arkansas Public Employees' Retirement System shall make and publish rules not inconsistent with the provisions of this subchapter it finds necessary or appropriate to the efficient administration of the functions with which it is charged under this subchapter. Amended by Act 2019, No. 315,§ 2841, eff. 7/24/2019. Acts 1951, No. 248, § 10; A.S.A. 1947, § 12-2410; Acts 2005, No. 100, § 1.

The Arkansas Public Employees' Retirement System shall make and publish rules not inconsistent with the provisions of this subchapter it finds necessary or appropriate to the efficient administration of the functions with which it is charged under this subchapter.

Amended by Act 2019, No. 315,§ 2841, eff. 7/24/2019.

Acts 1951, No. 248, § 10; A.S.A. 1947, § 12-2410; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-7-705 — AR Code / Title 24 / Chapter 7 / Subchapter 7 / Section 24-7-705
Life annuity
Status: in_force

(a) (1) (A) (i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan. (ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both. (B) (i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System. (ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs. (2) (A) For a member contributing on only the first seven thousand eight hundred dollars ($7,800) of each annual salary after June 30, 1969, each annual salary used in computing his or her final average salary shall be limited to a maximum of seven thousand eight hundred dollars ($7,800). (B) The limit shall apply to his or her total credited service. (3) For a member retiring with benefits to be computed on both contributory and noncontributory service under this subsection and free military service first credited after July 1, 1986, under § 24-7-602 , the amount of military service to be used in the computation of benefits under this subsection shall be prorated on the ratio of membership service under each plan to his or her total membership service, notwithstanding the fact that some of the military service shall be credited as noncontributory service before July 1, 1986. (4) All purchased military service, all out-of-state service credited under § 24-7-603 , and all overseas service credited under § 24-7-604 shall be counted as contributory service, and benefits based on this service shall be computed using the contributory percent of final average salary set forth in this subsection. (b) (1) The multiplier on service credit earned shall remain two and fifteen hundredths percent (2.15%) for contributory service and one and thirty-nine hundredths percent (1.39%) for noncontributory service unless the rates are adjusted by the board. (2) The board may adjust the multiplier for contributory service rendered after June 30, 2013, as follows: (A) The multiplier rate for contributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for contributory service shall not be less than one and seventy-five hundredths percent (1.75%) or higher than two and fifteen hundredths percent (2.15%); (C) An increase or decrease to a multiplier rate for contributory service shall apply to a complete fiscal year; (D) The multiplier rate for contributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for contributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for contributory service earned in previous years in effect even if the multiplier rate for contributory service is increased for future years; (G) The board may set a special contributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for contributory service used for the first ten (10) years of service shall not be less than one and seventy-five hundredths percent (1.75%) or more than two and fifteen hundredths percent (2.15%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for contributory service for all or part of the first ten (10) years of service. (3) The board may adjust the multiplier rate for noncontributory service for all service rendered after June 30, 2013, as follows: (A) The multiplier rate for noncontributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for noncontributory service shall not be less than five-tenths of one percent (0.5%) or higher than one and thirty-nine hundredths percent (1.39%); (C) An increase or decrease to a multiplier rate for noncontributory service shall apply to a complete fiscal year; (D) The multiplier rate for noncontributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for noncontributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for noncontributory service earned in previous years in effect even if the multiplier rate for noncontributory service is increased for future years; (G) The board may set a special noncontributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for noncontributory service used for the first ten (10) years of service shall not be less than five-tenths of one percent (0.5%) or more than one and twenty-five hundredths percent (1.25%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for noncontributory service for all or part of the first ten (10) years of service. (4) A lower multiplier rate set by the board for contributory service and noncontributory service earned in the first ten (10) years of service shall not be retroactively applied. (5) The board shall not reduce the multiplier rate for contributory service earned after the first ten (10) years of service unless the: (A) System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines that a reduction in the multiplier rate for contributory service is prudent to maintain actuarial soundness. (c) For all service credit earned by a member after June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service multiplied by his or her final average salary as follows: (1) Credited service for which member contributions were made under § 24-7-406 shall be multiplied by the contributory multiplier in effect for each fiscal year; (2) Credited service rendered after June 30, 1986, for which no member contributions were made under § 24-7-406 shall be multiplied by the noncontributory multiplier in effect for each fiscal year; and (3) If the member has accrued both contributory service and noncontributory service, the member's service shall be combined after calculating each amount under this subsection. (d) Upon a member's retirement, as provided in this act, he or she shall have the right to elect an option provided for in § 24-7-706 . (e) A member retiring before July 1, 1987, shall receive an annuity in accordance with provisions of law in force before July 1, 1987. Amended by Act 2023, No. 63,§ 2, eff. 7/1/2023. Amended by Act 2023, No. 63,§ 1, eff. 7/1/2023. Amended by Act 2017, No. 551,§ 1, eff. 3/21/2017. Amended by Act 2017, No. 293,§ 4, eff. 2/28/2017. Amended by Act 2013, No. 966,§ 1, eff. 7/1/2013. Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 504, § 3; A.S.A. 1947, § 80-1443; Acts 1987, No. 802, § 1; 1989, No. 652, § 9; 1991, No. 44, §§ 1, 2; 1993, No. 435, § 7; 1995, No. 542, § 6; 1997, No. 992, § 3; 1997, No. 1053, § 7; 1999, No. 221, § 1; 1999, No. 396, § 1; 2003, No. 853, § 1.

(a) (1) (A) (i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan. (ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both. (B) (i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System. (ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs. (2) (A) For a member contributing on only the first seven thousand eight hundred dollars ($7,800) of each annual salary after June 30, 1969, each annual salary used in computing his or her final average salary shall be limited to a maximum of seven thousand eight hundred dollars ($7,800). (B) The limit shall apply to his or her total credited service. (3) For a member retiring with benefits to be computed on both contributory and noncontributory service under this subsection and free military service first credited after July 1, 1986, under § 24-7-602 , the amount of military service to be used in the computation of benefits under this subsection shall be prorated on the ratio of membership service under each plan to his or her total membership service, notwithstanding the fact that some of the military service shall be credited as noncontributory service before July 1, 1986. (4) All purchased military service, all out-of-state service credited under § 24-7-603 , and all overseas service credited under § 24-7-604 shall be counted as contributory service, and benefits based on this service shall be computed using the contributory percent of final average salary set forth in this subsection.

(1) (A) (i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan. (ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both. (B) (i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System. (ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs.

(A) (i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan. (ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both.

(i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan.

(ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both.

(B) (i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System. (ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs.

(i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System.

(ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs.

(2) (A) For a member contributing on only the first seven thousand eight hundred dollars ($7,800) of each annual salary after June 30, 1969, each annual salary used in computing his or her final average salary shall be limited to a maximum of seven thousand eight hundred dollars ($7,800). (B) The limit shall apply to his or her total credited service.

(A) For a member contributing on only the first seven thousand eight hundred dollars ($7,800) of each annual salary after June 30, 1969, each annual salary used in computing his or her final average salary shall be limited to a maximum of seven thousand eight hundred dollars ($7,800).

(B) The limit shall apply to his or her total credited service.

(3) For a member retiring with benefits to be computed on both contributory and noncontributory service under this subsection and free military service first credited after July 1, 1986, under § 24-7-602 , the amount of military service to be used in the computation of benefits under this subsection shall be prorated on the ratio of membership service under each plan to his or her total membership service, notwithstanding the fact that some of the military service shall be credited as noncontributory service before July 1, 1986.

(4) All purchased military service, all out-of-state service credited under § 24-7-603 , and all overseas service credited under § 24-7-604 shall be counted as contributory service, and benefits based on this service shall be computed using the contributory percent of final average salary set forth in this subsection.

(b) (1) The multiplier on service credit earned shall remain two and fifteen hundredths percent (2.15%) for contributory service and one and thirty-nine hundredths percent (1.39%) for noncontributory service unless the rates are adjusted by the board. (2) The board may adjust the multiplier for contributory service rendered after June 30, 2013, as follows: (A) The multiplier rate for contributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for contributory service shall not be less than one and seventy-five hundredths percent (1.75%) or higher than two and fifteen hundredths percent (2.15%); (C) An increase or decrease to a multiplier rate for contributory service shall apply to a complete fiscal year; (D) The multiplier rate for contributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for contributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for contributory service earned in previous years in effect even if the multiplier rate for contributory service is increased for future years; (G) The board may set a special contributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for contributory service used for the first ten (10) years of service shall not be less than one and seventy-five hundredths percent (1.75%) or more than two and fifteen hundredths percent (2.15%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for contributory service for all or part of the first ten (10) years of service. (3) The board may adjust the multiplier rate for noncontributory service for all service rendered after June 30, 2013, as follows: (A) The multiplier rate for noncontributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for noncontributory service shall not be less than five-tenths of one percent (0.5%) or higher than one and thirty-nine hundredths percent (1.39%); (C) An increase or decrease to a multiplier rate for noncontributory service shall apply to a complete fiscal year; (D) The multiplier rate for noncontributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for noncontributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for noncontributory service earned in previous years in effect even if the multiplier rate for noncontributory service is increased for future years; (G) The board may set a special noncontributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for noncontributory service used for the first ten (10) years of service shall not be less than five-tenths of one percent (0.5%) or more than one and twenty-five hundredths percent (1.25%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for noncontributory service for all or part of the first ten (10) years of service. (4) A lower multiplier rate set by the board for contributory service and noncontributory service earned in the first ten (10) years of service shall not be retroactively applied. (5) The board shall not reduce the multiplier rate for contributory service earned after the first ten (10) years of service unless the: (A) System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines that a reduction in the multiplier rate for contributory service is prudent to maintain actuarial soundness.

(1) The multiplier on service credit earned shall remain two and fifteen hundredths percent (2.15%) for contributory service and one and thirty-nine hundredths percent (1.39%) for noncontributory service unless the rates are adjusted by the board.

(2) The board may adjust the multiplier for contributory service rendered after June 30, 2013, as follows: (A) The multiplier rate for contributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for contributory service shall not be less than one and seventy-five hundredths percent (1.75%) or higher than two and fifteen hundredths percent (2.15%); (C) An increase or decrease to a multiplier rate for contributory service shall apply to a complete fiscal year; (D) The multiplier rate for contributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for contributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for contributory service earned in previous years in effect even if the multiplier rate for contributory service is increased for future years; (G) The board may set a special contributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for contributory service used for the first ten (10) years of service shall not be less than one and seventy-five hundredths percent (1.75%) or more than two and fifteen hundredths percent (2.15%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for contributory service for all or part of the first ten (10) years of service.

(A) The multiplier rate for contributory service set by the board shall remain in effect unless adjusted by the board;

(B) The multiplier rate for contributory service shall not be less than one and seventy-five hundredths percent (1.75%) or higher than two and fifteen hundredths percent (2.15%);

(C) An increase or decrease to a multiplier rate for contributory service shall apply to a complete fiscal year;

(D) The multiplier rate for contributory service may be adjusted by resolution adopted by the board at a board meeting;

(E) Once a multiplier rate for contributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board;

(F) The board may leave the multiplier rate for contributory service earned in previous years in effect even if the multiplier rate for contributory service is increased for future years;

(G) The board may set a special contributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for contributory service used for the first ten (10) years of service shall not be less than one and seventy-five hundredths percent (1.75%) or more than two and fifteen hundredths percent (2.15%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for contributory service for all or part of the first ten (10) years of service.

(i) The multiplier rate for contributory service used for the first ten (10) years of service shall not be less than one and seventy-five hundredths percent (1.75%) or more than two and fifteen hundredths percent (2.15%); and

(ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for contributory service for all or part of the first ten (10) years of service.

(3) The board may adjust the multiplier rate for noncontributory service for all service rendered after June 30, 2013, as follows: (A) The multiplier rate for noncontributory service set by the board shall remain in effect unless adjusted by the board; (B) The multiplier rate for noncontributory service shall not be less than five-tenths of one percent (0.5%) or higher than one and thirty-nine hundredths percent (1.39%); (C) An increase or decrease to a multiplier rate for noncontributory service shall apply to a complete fiscal year; (D) The multiplier rate for noncontributory service may be adjusted by resolution adopted by the board at a board meeting; (E) Once a multiplier rate for noncontributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board; (F) The board may leave the multiplier rate for noncontributory service earned in previous years in effect even if the multiplier rate for noncontributory service is increased for future years; (G) The board may set a special noncontributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for noncontributory service used for the first ten (10) years of service shall not be less than five-tenths of one percent (0.5%) or more than one and twenty-five hundredths percent (1.25%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for noncontributory service for all or part of the first ten (10) years of service.

(A) The multiplier rate for noncontributory service set by the board shall remain in effect unless adjusted by the board;

(B) The multiplier rate for noncontributory service shall not be less than five-tenths of one percent (0.5%) or higher than one and thirty-nine hundredths percent (1.39%);

(C) An increase or decrease to a multiplier rate for noncontributory service shall apply to a complete fiscal year;

(D) The multiplier rate for noncontributory service may be adjusted by resolution adopted by the board at a board meeting;

(E) Once a multiplier rate for noncontributory service is earned in a fiscal year, the multiplier rate may be subject to an increase but not a decrease if adopted by the board;

(F) The board may leave the multiplier rate for noncontributory service earned in previous years in effect even if the multiplier rate for noncontributory service is increased for future years;

(G) The board may set a special noncontributory multiplier rate for the first ten (10) years of service credit as follows: (i) The multiplier rate for noncontributory service used for the first ten (10) years of service shall not be less than five-tenths of one percent (0.5%) or more than one and twenty-five hundredths percent (1.25%); and (ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for noncontributory service for all or part of the first ten (10) years of service.

(i) The multiplier rate for noncontributory service used for the first ten (10) years of service shall not be less than five-tenths of one percent (0.5%) or more than one and twenty-five hundredths percent (1.25%); and

(ii) After a member earns ten (10) years of credited service, the board may increase the multiplier rate earned in the first ten (10) years to the standard multiplier rate for noncontributory service for all or part of the first ten (10) years of service.

(4) A lower multiplier rate set by the board for contributory service and noncontributory service earned in the first ten (10) years of service shall not be retroactively applied.

(5) The board shall not reduce the multiplier rate for contributory service earned after the first ten (10) years of service unless the: (A) System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and (B) Board determines that a reduction in the multiplier rate for contributory service is prudent to maintain actuarial soundness.

(A) System's actuary certifies to the board that the amortization period to pay the unfunded liabilities of the system exceeds eighteen (18) years; and

(B) Board determines that a reduction in the multiplier rate for contributory service is prudent to maintain actuarial soundness.

(c) For all service credit earned by a member after June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service multiplied by his or her final average salary as follows: (1) Credited service for which member contributions were made under § 24-7-406 shall be multiplied by the contributory multiplier in effect for each fiscal year; (2) Credited service rendered after June 30, 1986, for which no member contributions were made under § 24-7-406 shall be multiplied by the noncontributory multiplier in effect for each fiscal year; and (3) If the member has accrued both contributory service and noncontributory service, the member's service shall be combined after calculating each amount under this subsection.

(1) Credited service for which member contributions were made under § 24-7-406 shall be multiplied by the contributory multiplier in effect for each fiscal year;

(2) Credited service rendered after June 30, 1986, for which no member contributions were made under § 24-7-406 shall be multiplied by the noncontributory multiplier in effect for each fiscal year; and

(3) If the member has accrued both contributory service and noncontributory service, the member's service shall be combined after calculating each amount under this subsection.

(d) Upon a member's retirement, as provided in this act, he or she shall have the right to elect an option provided for in § 24-7-706 .

(e) A member retiring before July 1, 1987, shall receive an annuity in accordance with provisions of law in force before July 1, 1987.

Amended by Act 2023, No. 63,§ 2, eff. 7/1/2023.

Amended by Act 2023, No. 63,§ 1, eff. 7/1/2023.

Amended by Act 2017, No. 551,§ 1, eff. 3/21/2017.

Amended by Act 2017, No. 293,§ 4, eff. 2/28/2017.

Amended by Act 2013, No. 966,§ 1, eff. 7/1/2013.

Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 504, § 3; A.S.A. 1947, § 80-1443; Acts 1987, No. 802, § 1; 1989, No. 652, § 9; 1991, No. 44, §§ 1, 2; 1993, No. 435, § 7; 1995, No. 542, § 6; 1997, No. 992, § 3; 1997, No. 1053, § 7; 1999, No. 221, § 1; 1999, No. 396, § 1; 2003, No. 853, § 1.
Ark. Code Ann. § 24-12-101 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-101
Definitions
Status: in_force

As used in this act, "paid nonuniformed employees": (1) Means the mayor, city attorney, city treasurer, city clerk, or municipal judge of any city to which this act is applicable when the mayor, city attorney, city treasurer, city clerk, or municipal judge elects to be so included; and (2) May include the other full-time paid nonuniformed employees of the city. Acts 1949, No. 147, § 1; 1961, No. 501, § 1; 1981, No. 909, § 5; A.S.A. 1947, § 19-922; Acts 2003, No. 1281, § 2.

As used in this act, "paid nonuniformed employees":

(1) Means the mayor, city attorney, city treasurer, city clerk, or municipal judge of any city to which this act is applicable when the mayor, city attorney, city treasurer, city clerk, or municipal judge elects to be so included; and

(2) May include the other full-time paid nonuniformed employees of the city.

Acts 1949, No. 147, § 1; 1961, No. 501, § 1; 1981, No. 909, § 5; A.S.A. 1947, § 19-922; Acts 2003, No. 1281, § 2.
Ark. Code Ann. § 24-6-503 — AR Code / Title 24 / Chapter 6 / Subchapter 5 / Section 24-6-503
[Repealed]
Status: repealed

Repealed by Act 2021, No. 280,§ 2, eff. 7/1/2021. Acts 2009, No. 1242, § 4.

Repealed by Act 2021, No. 280,§ 2, eff. 7/1/2021.

Acts 2009, No. 1242, § 4.
Ark. Code Ann. § 24-1-106 — AR Code / Title 24 / Chapter 1 / Subchapter 1 / Section 24-1-106
Benefit enhancements
Status: in_force

(a) No benefit enhancement provided for by §§ 24-2-302 , 24-2-306 , 24-2-401 , 24-2-402 , 24-2-501 , § 24-3-102 [repealed], § 24-3-106 [repealed], § 24-3-201 [repealed], § 24-3-208 [repealed], § 24-3-209 [repealed], § 24-3-301 [repealed], § 24-3-303 [repealed], § 24-3-304 [repealed], §§ 24-4-101 , 24-4-106 , 24-4-107 , 24-4-301 , 24-4-507 , 24-4-508 , 24-4-510 , 24-4-511 , 24-4-518 - 24-4-520 , 24-4-601 , 24-4-608 , 24-4-618 , § 24-4-710 [repealed], §§ 24-4-745 - 24-4-747 , 24-4-801 , 24-4-803 , 24-5-112 , 24-5-119 , 24-5-125 , 24-5-133 , 24-5-204 , 24-6-219 , 24-6-403 - 24-6-406 , 24-6-410 , 24-6-411 , 24-7-202 , 24-7-209 , 24-7-301 , 24-7-406 , § 24-7-504 [repealed], §§ 24-7-603 , 24-7-604 , 24-7-606 , 24-7-607 , 24-7-702 , 24-7-705 , 24-7-706 , and 24-7-708 , § 24-7-713(b) , §§ 24-7-720 , 24-7-727 , 24-7-728 , § 24-7-729 , § 24-7-1314 [repealed], § 24-7-1315 , §§ 24-7-1401 - 24-7-1409 [repealed], §§ 24-8-223 , 24-8-226 - 24-8-228 , 24-8-701 - 24-8-714 , § 24-8-715 [repealed], §§ 24-8-716 , 24-8-717 , 24-10-102 , 24-10-303 , 24-10-504 - 24-10-509 , 24-10-602 , 24-10-611 , 24-10-613 , 24-11-425 , 24-11-434 , 24-11-437 , 24-11-438 , 24-11-805 , 24-11-818 , and 24-11-833 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. (b) No benefit enhancement provided for by §§ 24-2-302 , 24-2-306 , 24-2-401 , 24-2-402 , 24-2-501 , § 24-3-102 [repealed], § 24-3-106 [repealed], § 24-3-201 [repealed], § 24-3-208 [repealed], § 24-3-209 [repealed], § 24-3-301 [repealed], § 24-3-303 [repealed], § 24-3-304 [repealed], §§ 24-4-101 , 24-4-106 , 24-4-107 , 24-4-301 , 24-4-507 , 24-4-508 , 24-4-510 , 24-4-511 , 24-4-518 - 24-4-520 , 24-4-601 , 24-4-608 , 24-4-618 , § 24-4-710 [repealed], §§ 24-4-745 - 24-4-747 , 24-4-801 , 24-4-803 , 24-5-112 , 24-5-119 , 24-5-125 , 24-5-133 , 24-5-204 , 24-6-219 , 24-6-403 - 24-6-406 , 24-6-410 , 24-6-411 , 24-7-202 , 24-7-209 , 24-7-301 , 24-7-406 , § 24-7-504 [repealed], §§ 24-7-603 , 24-7-604 , 24-7-606 , 24-7-607 , 24-7-702 , 24-7-705 , 24-7-706 , and 24-7-708 , § 24-7-713(b) , §§ 24-7-720 , 24-7-727 , 24-7-728 , 24-7-729 , § 24-7-1314 [repealed], § 24-7-1315 , §§ 24-7-1401 - 24-7-1409 [repealed], §§ 24-8-223 , 24-8-226 - 24-8-228 , 24-8-701 - 24-8-714 , § 24-8-715 [repealed], §§ 24-8-716 , 24-8-717 , 24-10-102 , 24-10-303 , 24-10-504 - 24-10-509 , 24-10-602 , 24-10-611 , 24-10-613 , 24-11-425 , 24-11-434 , 24-11-437 , 24-11-438 , 24-11-805 , 24-11-818 , and 24-11-833 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by this title. Acts 1999, No. 11, § 3; 1999, No. 29, § 2; 1999, No. 30, § 2; 1999, No. 81, § 3; 1999, No. 104, § 3; 1999, No. 110, § 3; 1999, No. 221, § 2; 1999, No. 311, § 2; 1999, No. 312, § 2; 1999, No. 325, § 13; 1999, No. 335, § 2; 1999, No. 387, § 8; 1999, No. 388, § 2; 1999, No. 395, § 3; 1999, No. 396, § 4; 1999, No. 399, § 5; 1999, No. 400, § 2; 1999, No. 404, § 2; 1999, No. 496, § 5; 1999, No. 535, § 2; 1999, No. 537, § 7; 1999, No. 555, § 13; 1999, No. 627, § 4; 1999, No. 705, § 2; 1999, No. 706, § 2; 1999, No. 710, § 2; 1999, No. 715, § 2; 1999, No. 716, § 3; 1999, No. 863, § 2; 1999, No. 864, § 2; 1999, No. 865, § 7; 1999, No. 866, § 8; 1999, No. 868, § 4; 1999, No. 869, § 2; 1999, No. 870, § 2; 1999, No. 883, § 2; 1999, No. 884, § 2; 1999, No. 901, § 3; 1999, No. 903, § 2; 1999, No. 907, § 3; 1999, No. 955, § 2; 1999, No. 978, § 3; 1999, No. 1010, § 3; 1999, No. 1067, § 5; 1999, No. 1070, § 6; 1999, No. 1171, § 3; 1999, No. 1325, § 9; 1999, No. 1450, § 3; 1999, No. 1453, § 4; 1999, No. 1455, § 2; 1999, No. 1458, § 3; 1999, No. 1459, § 2; 1999, No. 1460, § 2; 1999, No. 1521, § 2; 1999, No. 1587, § 2; 1999, No. 1590, § 4; 2003, No. 347, § 2.

(a) No benefit enhancement provided for by §§ 24-2-302 , 24-2-306 , 24-2-401 , 24-2-402 , 24-2-501 , § 24-3-102 [repealed], § 24-3-106 [repealed], § 24-3-201 [repealed], § 24-3-208 [repealed], § 24-3-209 [repealed], § 24-3-301 [repealed], § 24-3-303 [repealed], § 24-3-304 [repealed], §§ 24-4-101 , 24-4-106 , 24-4-107 , 24-4-301 , 24-4-507 , 24-4-508 , 24-4-510 , 24-4-511 , 24-4-518 - 24-4-520 , 24-4-601 , 24-4-608 , 24-4-618 , § 24-4-710 [repealed], §§ 24-4-745 - 24-4-747 , 24-4-801 , 24-4-803 , 24-5-112 , 24-5-119 , 24-5-125 , 24-5-133 , 24-5-204 , 24-6-219 , 24-6-403 - 24-6-406 , 24-6-410 , 24-6-411 , 24-7-202 , 24-7-209 , 24-7-301 , 24-7-406 , § 24-7-504 [repealed], §§ 24-7-603 , 24-7-604 , 24-7-606 , 24-7-607 , 24-7-702 , 24-7-705 , 24-7-706 , and 24-7-708 , § 24-7-713(b) , §§ 24-7-720 , 24-7-727 , 24-7-728 , § 24-7-729 , § 24-7-1314 [repealed], § 24-7-1315 , §§ 24-7-1401 - 24-7-1409 [repealed], §§ 24-8-223 , 24-8-226 - 24-8-228 , 24-8-701 - 24-8-714 , § 24-8-715 [repealed], §§ 24-8-716 , 24-8-717 , 24-10-102 , 24-10-303 , 24-10-504 - 24-10-509 , 24-10-602 , 24-10-611 , 24-10-613 , 24-11-425 , 24-11-434 , 24-11-437 , 24-11-438 , 24-11-805 , 24-11-818 , and 24-11-833 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.

(b) No benefit enhancement provided for by §§ 24-2-302 , 24-2-306 , 24-2-401 , 24-2-402 , 24-2-501 , § 24-3-102 [repealed], § 24-3-106 [repealed], § 24-3-201 [repealed], § 24-3-208 [repealed], § 24-3-209 [repealed], § 24-3-301 [repealed], § 24-3-303 [repealed], § 24-3-304 [repealed], §§ 24-4-101 , 24-4-106 , 24-4-107 , 24-4-301 , 24-4-507 , 24-4-508 , 24-4-510 , 24-4-511 , 24-4-518 - 24-4-520 , 24-4-601 , 24-4-608 , 24-4-618 , § 24-4-710 [repealed], §§ 24-4-745 - 24-4-747 , 24-4-801 , 24-4-803 , 24-5-112 , 24-5-119 , 24-5-125 , 24-5-133 , 24-5-204 , 24-6-219 , 24-6-403 - 24-6-406 , 24-6-410 , 24-6-411 , 24-7-202 , 24-7-209 , 24-7-301 , 24-7-406 , § 24-7-504 [repealed], §§ 24-7-603 , 24-7-604 , 24-7-606 , 24-7-607 , 24-7-702 , 24-7-705 , 24-7-706 , and 24-7-708 , § 24-7-713(b) , §§ 24-7-720 , 24-7-727 , 24-7-728 , 24-7-729 , § 24-7-1314 [repealed], § 24-7-1315 , §§ 24-7-1401 - 24-7-1409 [repealed], §§ 24-8-223 , 24-8-226 - 24-8-228 , 24-8-701 - 24-8-714 , § 24-8-715 [repealed], §§ 24-8-716 , 24-8-717 , 24-10-102 , 24-10-303 , 24-10-504 - 24-10-509 , 24-10-602 , 24-10-611 , 24-10-613 , 24-11-425 , 24-11-434 , 24-11-437 , 24-11-438 , 24-11-805 , 24-11-818 , and 24-11-833 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by this title.

Acts 1999, No. 11, § 3; 1999, No. 29, § 2; 1999, No. 30, § 2; 1999, No. 81, § 3; 1999, No. 104, § 3; 1999, No. 110, § 3; 1999, No. 221, § 2; 1999, No. 311, § 2; 1999, No. 312, § 2; 1999, No. 325, § 13; 1999, No. 335, § 2; 1999, No. 387, § 8; 1999, No. 388, § 2; 1999, No. 395, § 3; 1999, No. 396, § 4; 1999, No. 399, § 5; 1999, No. 400, § 2; 1999, No. 404, § 2; 1999, No. 496, § 5; 1999, No. 535, § 2; 1999, No. 537, § 7; 1999, No. 555, § 13; 1999, No. 627, § 4; 1999, No. 705, § 2; 1999, No. 706, § 2; 1999, No. 710, § 2; 1999, No. 715, § 2; 1999, No. 716, § 3; 1999, No. 863, § 2; 1999, No. 864, § 2; 1999, No. 865, § 7; 1999, No. 866, § 8; 1999, No. 868, § 4; 1999, No. 869, § 2; 1999, No. 870, § 2; 1999, No. 883, § 2; 1999, No. 884, § 2; 1999, No. 901, § 3; 1999, No. 903, § 2; 1999, No. 907, § 3; 1999, No. 955, § 2; 1999, No. 978, § 3; 1999, No. 1010, § 3; 1999, No. 1067, § 5; 1999, No. 1070, § 6; 1999, No. 1171, § 3; 1999, No. 1325, § 9; 1999, No. 1450, § 3; 1999, No. 1453, § 4; 1999, No. 1455, § 2; 1999, No. 1458, § 3; 1999, No. 1459, § 2; 1999, No. 1460, § 2; 1999, No. 1521, § 2; 1999, No. 1587, § 2; 1999, No. 1590, § 4; 2003, No. 347, § 2.
Ark. Code Ann. § 24-10-404 — AR Code / Title 24 / Chapter 10 / Subchapter 4 / Section 24-10-404
Members' deposit account - Contributions
Status: in_force

(a) The members' deposit account, as created by § 24-10-403 , shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter. (b) (1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602 , and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays. (2) (A) Beginning July 1, 2023, the contribution for covered members defined in subdivision (b)(1) of this section shall be nine and one-half percent (9.5%) of his or her pay. (B) Beginning July 1, 2023, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be three and one-half percent (3.5%) of his or her pay. (3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed. (4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section. (5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system. (c) (1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deducted from the pay of each member in the employ of the political subdivision, on each and every payroll, to the date his or her membership terminates. (2) (A) When deducted, each of the amounts shall be paid by the political subdivision to the system. (B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time. (3) When paid to the system, each of the amounts shall be credited to the member's individual account in the members' deposit account. (d) (1) In addition to the contributions deducted from the pays of a member, as provided in this section, a member shall deposit into the members' deposit account by a single contribution or by an increased rate of contributions, as approved by the board, the amounts he or she may have withdrawn therefrom and not repaid thereto, together with regular interest from the date of withdrawal to the date of repayment. (2) In no case shall a member be given credit for service rendered before the date he or she withdrew his or her accumulated contributions until he or she returns to the members' deposit account all amounts due the account by him or her. (e) If an annuity becomes payable from the retirement reserve account to or on behalf of a member, his or her accumulated contributions shall be transferred to the retirement reserve account. (f) (1) For purposes of deferring federal and state income tax under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the political subdivision that pays the salary of the member shall pick up the member's contributions to the system as required by this section, beginning with contributions made on and after July 1, 2009. (2) (A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member. (B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer. (3) For all other purposes, member contributions paid by the political subdivision shall be considered member contributions. Amended by Act 2023, No. 536,§ 1, eff. 7/1/2023. Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 1995, No. 474, § 2; 2009, No. 720, § 1; 2009, No. 1316, § 1.

(a) The members' deposit account, as created by § 24-10-403 , shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members' contributions as provided in this chapter.

(b) (1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602 , and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays. (2) (A) Beginning July 1, 2023, the contribution for covered members defined in subdivision (b)(1) of this section shall be nine and one-half percent (9.5%) of his or her pay. (B) Beginning July 1, 2023, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be three and one-half percent (3.5%) of his or her pay. (3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed. (4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section. (5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system.

(1) If a member's covered employment is not also covered by Social Security, or if his or her covered employment is also covered by Social Security and his or her political subdivision has elected Benefit Program 2, as provided in § 24-10-602 , and if he or she is receiving pays resulting in paid service credit, his or her contributions to the system shall be six percent (6%) of his or her pays.

(2) (A) Beginning July 1, 2023, the contribution for covered members defined in subdivision (b)(1) of this section shall be nine and one-half percent (9.5%) of his or her pay. (B) Beginning July 1, 2023, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be three and one-half percent (3.5%) of his or her pay.

(A) Beginning July 1, 2023, the contribution for covered members defined in subdivision (b)(1) of this section shall be nine and one-half percent (9.5%) of his or her pay.

(B) Beginning July 1, 2023, the contribution for paid service members not defined in subdivision (b)(1) of this section shall be three and one-half percent (3.5%) of his or her pay.

(3) The contributions shall be made notwithstanding that the minimum salary or wages provided by law for any member shall thereby be changed.

(4) Each member shall be deemed to consent and agree to the deductions made and provided for in this section.

(5) Payment of a member's pay less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by him or her to a political subdivision, except as to benefits provided by this system.

(c) (1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deducted from the pay of each member in the employ of the political subdivision, on each and every payroll, to the date his or her membership terminates. (2) (A) When deducted, each of the amounts shall be paid by the political subdivision to the system. (B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time. (3) When paid to the system, each of the amounts shall be credited to the member's individual account in the members' deposit account.

(1) The officers responsible for making up the payrolls for each political subdivision shall cause the contributions provided for in this section to be deducted from the pay of each member in the employ of the political subdivision, on each and every payroll, to the date his or her membership terminates.

(2) (A) When deducted, each of the amounts shall be paid by the political subdivision to the system. (B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time.

(A) When deducted, each of the amounts shall be paid by the political subdivision to the system.

(B) These payments shall be made in such manner and form, and in such frequency, and shall be accompanied by such supporting data, as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall prescribe from time to time.

(3) When paid to the system, each of the amounts shall be credited to the member's individual account in the members' deposit account.

(d) (1) In addition to the contributions deducted from the pays of a member, as provided in this section, a member shall deposit into the members' deposit account by a single contribution or by an increased rate of contributions, as approved by the board, the amounts he or she may have withdrawn therefrom and not repaid thereto, together with regular interest from the date of withdrawal to the date of repayment. (2) In no case shall a member be given credit for service rendered before the date he or she withdrew his or her accumulated contributions until he or she returns to the members' deposit account all amounts due the account by him or her.

(1) In addition to the contributions deducted from the pays of a member, as provided in this section, a member shall deposit into the members' deposit account by a single contribution or by an increased rate of contributions, as approved by the board, the amounts he or she may have withdrawn therefrom and not repaid thereto, together with regular interest from the date of withdrawal to the date of repayment.

(2) In no case shall a member be given credit for service rendered before the date he or she withdrew his or her accumulated contributions until he or she returns to the members' deposit account all amounts due the account by him or her.

(e) If an annuity becomes payable from the retirement reserve account to or on behalf of a member, his or her accumulated contributions shall be transferred to the retirement reserve account.

(f) (1) For purposes of deferring federal and state income tax under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the political subdivision that pays the salary of the member shall pick up the member's contributions to the system as required by this section, beginning with contributions made on and after July 1, 2009. (2) (A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member. (B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer. (3) For all other purposes, member contributions paid by the political subdivision shall be considered member contributions.

(1) For purposes of deferring federal and state income tax under the Internal Revenue Code of 1986, 26 U.S.C. § 414(h)(2) , as adopted by § 26-51-414 , the political subdivision that pays the salary of the member shall pick up the member's contributions to the system as required by this section, beginning with contributions made on and after July 1, 2009.

(2) (A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member. (B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer.

(A) Member contributions paid by the applicable political subdivision shall be paid from the same source of funds used for the payment of salary to the member.

(B) A deduction shall be made from each member's salary, equal to the amount of the member's contribution paid by the employer.

(3) For all other purposes, member contributions paid by the political subdivision shall be considered member contributions.

Amended by Act 2023, No. 536,§ 1, eff. 7/1/2023.

Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806; Acts 1995, No. 474, § 2; 2009, No. 720, § 1; 2009, No. 1316, § 1.
Ark. Code Ann. § 24-4-211 — AR Code / Title 24 / Chapter 4 / Subchapter 2 / Section 24-4-211
Disposition of funds returned to hospitals withdrawing from system
Status: in_force

Any hospital excluding its employees from the Arkansas Public Employees' Retirement System and receiving a return of any funds as provided in § 24-4-302(3) shall immediately invest the funds in a retirement system or plan for the employees of the hospital. Acts 1971, No. 303, § 2; A.S.A. 1947, § 12-2506.1.

Any hospital excluding its employees from the Arkansas Public Employees' Retirement System and receiving a return of any funds as provided in § 24-4-302(3) shall immediately invest the funds in a retirement system or plan for the employees of the hospital.

Acts 1971, No. 303, § 2; A.S.A. 1947, § 12-2506.1.
Ark. Code Ann. § 24-11-435 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-435
[Repealed]
Status: repealed

Repealed by Act 2013, No. 41,§ 19, eff. 2/6/2013. Acts 1995, No. 1012, § 1.

Repealed by Act 2013, No. 41,§ 19, eff. 2/6/2013.

Acts 1995, No. 1012, § 1.