reglab/housing_qa huggingface dataset:
AR Code § 24-7-707 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-707. Deferred retirement

 (a)  (1)  (A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505, then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.  (B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505, and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.    (2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.  (3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.    (b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705.  (c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711.  (d) If a member fails to submit a complete deferred retirement application within six (6) calendar months of the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the system.  (e)  (1) A member may cancel an application for deferred retirement benefits any time before two (2) calendar months from the effective date of benefits.  (2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.
AR Code § 24-7-708 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-708. Employment of retired members by covered employers

 (a) Effective July 1, 2009, after terminating employment under § 24-7-502 or reaching the age of normal retirement, a retirant may:  (1) Accept employment with an employer covered by the Arkansas Teacher Retirement System without a limitation of his or her retirement annuity; and  (2) Continue to receive his or her monthly retirement annuity.    (b) Employers covered by the system that hire an employee who meets the conditions under subsection (a) of this section shall report the hiring of the retirant to the system in a time and a manner that the system may reasonably require.  (c) A retirant who receives monthly benefits and is employed by a covered employer shall not accrue additional service credit.  (d)  (1) For a retired member employed in a position covered by the system, the covered employer shall remit the contributions on all salary paid to the retirant in an amount equal to the employer contribution rate applicable to active members.  (2) Contributions shall be paid by the employer and are not the responsibility of the retirant.    (e)  (1) The Board of Trustees of the Arkansas Teacher Retirement System shall adopt rules to carry out the provisions of this section.  (2) A covered employer that employs retirants is subject to the rules adopted by the board.
AR Code § 24-7-709 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-709. Disposition of member contributions — Residue

 (a)  (1)  (A) If a retirant and his or her option annuitants, if any, die before receiving annuity payments equal to the member's residue amount, then the residue amount shall be paid to such persons as the retirant shall have nominated by written designation duly executed and filed with the Arkansas Teacher Retirement System.  (B) As used in this section, “residue” means the difference between the accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date and the total amount of annuities paid.    (2) If a retirant and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retirant, the residue shall be paid to the retirant's estate.    (b) If upon the termination of the option annuity no surviving beneficiary designated by the member survives and it is impracticable to make payment to the member's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the member's estate under § 24-7-734.
AR Code § 24-7-711 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-711. Refund of member contributions upon termination

 (a)  (1) If a member discontinues covered employment, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System.  (2) Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law.    (b)  (1) If an active member dies and a survivor annuity is not payable under § 24-7-710, the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system.  (2) If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate.  (3) If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter.  (4) For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011.  (5) Interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death.    (c) A member or surviving spouse who elects to receive a refund of member contributions under this section also cancels all the member's service credit, including noncontributory service credit, and all membership rights and beneficiary designations in the Arkansas Teacher Retirement System.
AR Code § 24-7-712 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-712. Determination of benefit program

 Any member last terminating teacher service before July 1, 1973, shall receive, or shall have paid on his or her behalf, benefits in accordance with the benefit program in effect at the time of retirement.
AR Code § 24-7-718 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-718. Minimum financial conditions for benefit increases

 (a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).  (b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.  (c)  (1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met.  (2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1).
AR Code § 24-7-725 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-725. Limitation on benefit enhancement of § 24-7-702

 (a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization.  (b) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
AR Code § 24-7-726 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-726. Computation of benefits based on contract salary

 If a person employed in a public school district of this state has received an actual salary reduced below the contract salary due to military service or other government service, the Arkansas Teacher Retirement System shall compute retirement benefits based upon the contract salary and not the reduced salary resulting from the military service or other government service, provided that the system receives the employee and employer contributions in effect at the time service is rendered, plus interest, on the difference between the actual salary and the contract salary.
AR Code § 24-7-728 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-728. Computation of benefits based on life annuity

 The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this section to raise the level of benefit to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate. The amount of any increase for retirants and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. Prior to 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, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.
AR Code § 24-7-729 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-729. Adjustment of § 24-7-713 base amount

 The base amount in § 24-7-713 will be adjusted at the same time a benefit increase is granted to active members under § 24-7-728.
AR Code § 24-7-730 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-730. Required distributions

 (a)  (1) Notwithstanding the provisions of this subchapter regarding the required dates of distribution of benefits under the Arkansas Teacher Retirement System to former members, the distribution of a former member's benefits under the system shall in any event be made or begun by April 1 of the calendar year following the later of the calendar year in which the member attains age seventy and one-half (70½) or the calendar year in which the member retires.  (2) Distributions shall be made over the life of the member or over the lives of the member and the member's designated beneficiary or over a period not extending beyond the life expectancy of the member or the life expectancy of the member and the member's designated beneficiary.    (b)  (1) If the member dies after the distribution of benefits under the system commences, the distribution of the benefits shall be continued in accordance with the form of benefit in effect prior to the member's death.  (2)  (A) If the member dies before the distribution of benefits under the system commences, the entire death benefit, if any, due as a result of the member's death shall be distributed no later than five (5) years after the member's death except to the extent that a written election is made to receive distributions in accordance with subdivisions (b)(2)(B) or (C) of this section.  (B) If any portion of the member's benefit is payable to a designated beneficiary, distributions shall be made in substantially equal installments over the life or life expectancy of the designated beneficiary commencing no later than one (1) year after the member's death.  (C) If the designated beneficiary is the member's surviving spouse, the date distributions required to begin in accordance with subdivision (b)(2)(A) of this section shall not be earlier than the date on which the member would have attained age seventy and one-half (70½). If the spouse dies before payments begin, subsequent distributions shall be made as if the spouse had been the member.  (D) Notwithstanding the provisions of this subchapter, all distributions of benefits under the system shall comply with the requirements of the Internal Revenue Code, 26 U.S.C. 401(a)(9) and the regulations under the Internal Revenue Code, including United States Treasury Regulation, 26 C.F.R. § 1.401(a)(9)-2 and those provisions shall override any distribution options in this chapter that are inconsistent with section 401(a)(9) of the Internal Revenue Code, 26 U.S.C. 401(a)(9).
AR Code § 24-7-731 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-731. Forfeitures

 Notwithstanding the provisions of this subchapter, any forfeitures arising from severance of employment, death, or for any other reason shall not be applied to increase the benefit any member would otherwise receive under the Arkansas Teacher Retirement System at any time prior to the termination of the system or the complete discontinuance of employer contributions thereunder.
AR Code § 24-7-732 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-732. System termination or discontinuance — Vesting

 Notwithstanding the provisions of this subchapter, members' accrued benefits under the Arkansas Teacher Retirement System shall be one hundred percent (100%) vested:   (1) To the extent those benefits are then funded, in the event there is a partial or complete termination of the system or in the event of a complete discontinuance of employer contributions to the system; and  (2) Upon a member's attaining normal retirement age.
AR Code § 24-7-733 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-733. Limitation on benefits

 (a)  (1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. 415, that are applicable to governmental retirement plans, including without limitation the dollar limitations in of the Internal Revenue Code, 26 U.S.C. 415(b)(1)(A).  (2) The annual benefits, as may be increased in subsequent years, that are paid to retirants by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. 415(b), applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. 415(d), and benefits shall be paid in a manner that protects the tax-qualified status of the system.    (b) For purposes of determining compliance with the Internal Revenue Code, 26 U.S.C. 415, “compensation” is defined as set forth in United States Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2), as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code, 26 U.S.C. 132(f)(4), as it existed on January 1, 2011.
AR Code § 24-7-734 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-734. Lost payees

 (a)  (1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary.  (2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.    (b)  (1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system.  (2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered:  (A) To the member's residual beneficiary, if any;  (B) To the member's lump-sum death beneficiary, if any;  (C) To the member's estate, if any; or  (D) To the system.      (c) If a provision of this section conflicts with a provision of the Unclaimed Property Act, § 18-28-201 et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, § 18-28-201 et seq.
AR Code § 24-7-735 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-735. Contract buyout agreement — Settlements — Judgments — Calculation of benefits

 (a) A member shall not accumulate service credit in the Arkansas Teacher Retirement System during the time that payments under a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment are paid to the member by the employer unless the member continues to work on-site for the employer.  (b)  (1) The employer shall provide a copy of a settlement agreement or court order under this section to the system so that the system can prevent the accumulation of service credit for any payments that are not for on-site work for the employer.  (2) A member shall not receive service credit or additional salary from the system under a settlement agreement or court order unless permitted under this section.    (c) The system shall allow a member or employer to purchase service credit or additional salary for the member for salary that should have been paid under a settlement agreement or court order to resolve a claim of wrongful termination or the underpayment of salary that should have been paid if the service credit is:  (1)  (A)  (i) Purchased as additional salary by an employer or member to be added to the final average salary of the member calculated at the time of the purchase.  (ii) The member's official salary record shall include the purchased additional salary years which may be used to compute the final average salary at the time of retirement if the salary in any of the additional purchased salary years qualifies for the final average salary calculation.    (B) Service credit earned by the member from an employer from the date of termination by an employer to the date of the settlement agreement or court order shall be subtracted from the amount of service credit allowed for purchase under subdivision (c)(1)(A) of this section; and    (2) Paid using the actuarial equivalent, as calculated by the system, of the member's benefits to the system.    (d)  (1) The system shall use the same factors as used to determine the cost of the additional salary purchase to calculate an additional monthly benefit in the annuitization of a Teacher Deferred Retirement Option Plan distribution.  (2) The calculation shall be made with the assumption that the member would have immediately retired at the time of the additional salary purchase.
AR Code § 24-7-738 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 7 - Arkansas Teacher Retirement System — Benefits|§ 24-7-738. Return to regular covered employment for service credit after disability retirement — Alternate option to return to disability retirement — Incentive to work

 (a) If a member who has been on disability retirement with the Arkansas Teacher Retirement System returns to regular, covered employment and then returns to disability retirement with the system, the disability retirement benefit shall be the higher of the:  (1) Amount that the member would have received if he or she did not return to regular, covered employment; or  (2) Recomputed benefit using the additional salary and additional service credit earned by the member under the covered employment.    (b)  (1) A member who returns to covered employment under this section after disability retirement shall not receive a disability retirement benefit from the system in any month that the member is paid a salary from a covered employer for a work period that is concurrent with the receipt of the disability retirement.  (2) Any disability retirement benefit erroneously paid to the member or retirant for a month in which the member receives salary from a covered employer may be recovered by the system as an overpayment as allowed by law.