reglab/housing_qa huggingface dataset:
AR Code § 24-7-407 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 4 - Arkansas Teacher Retirement System — Funds and Management of Assets|§ 24-7-407. Retirement fund assets accounts — Employer accumulation account

 (a) The employer accumulation account is the account in which shall be accumulated the employer's contributions to the Arkansas Teacher Retirement System, and from which shall be made transfers as provided in this act.  (b) Upon the retirement of a member, the difference between his or her annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account at that time shall be transferred from the employer accumulation account to the retirement reserve account.  (c) Upon the death of a member, if survivor benefits become payable on account of his or her death, the difference between the reserve for the survivor benefits payable and the member's accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be transferred from the employer accumulation account to the survivor benefit account.
AR Code § 24-7-408 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 4 - Arkansas Teacher Retirement System — Funds and Management of Assets|§ 24-7-408. Retirement fund assets accounts — Retirement reserve account

 (a) The retirement reserve account shall be the account from which shall be paid all annuities and benefits in lieu of annuities payable as provided in this act to retirants who retired on account of superannuation or disability and to beneficiaries of such retirants.  (b) If a disability retirant returns to teaching service:  (1) The amount of his or her accumulated contributions at the time of his or her disability retirement shall be transferred from the retirement reserve account to the members' deposit account; and  (2) The remainder of his or her annuity reserve at the time of return shall be transferred from the retirement reserve account to the employer accumulation account.
AR Code § 24-7-409 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 4 - Arkansas Teacher Retirement System — Funds and Management of Assets|§ 24-7-409. Retirement fund assets accounts — Survivor benefit account

 The survivor benefit account shall be the account from which shall be paid survivor benefits payable as provided in this act.
AR Code § 24-7-410 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 4 - Arkansas Teacher Retirement System — Funds and Management of Assets|§ 24-7-410. Retirement fund assets accounts — Income-expense account

 (a) The income-expense account shall be the account to which shall be credited all investment income from invested assets of the Arkansas Teacher Retirement System. It shall also be the account in which shall be accumulated the contributions made by employers for the administrative expenses of the system and from which shall be made annual transfers of interest credits to the other accounts of the system and from which shall be paid all the expenses of the Board of Trustees of the Arkansas Teacher Retirement System necessary for the administration and operation of the system.  (b) The board may accept gifts and bequests, which shall be credited to the income-expense account along with all other moneys received by the system the disposition of which is not specifically provided for in this act.  (c) Each year, the General Assembly shall appropriate the amounts of money certified by the board as required to pay the proper administrative expenses of the system.  (d) [Repealed.]  (e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board may, by resolution, provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system.
AR Code § 24-7-505 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 5 - Arkansas Teacher Retirement System — Membership|§ 24-7-505. Buyout plan for inactive members — Definition

 (a) As used in this section, “buyout plan” means a voluntary program established by the Board of Trustees of the Arkansas Teacher Retirement System to make a one-time lump-sum payment to a member, surviving spouse, or alternate payee in exchange for a member's, surviving spouse's, or alternate payee's cancellation of membership and retirement benefit rights in the Arkansas Teacher Retirement System.  (b)  (1) The board may adopt rules as necessary to implement this section.  (2) A buyout plan established by the board:  (A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board;  (B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and  (C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who:  (i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and  (ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system.      (3) A buyout plan established by the board may be extended, modified, or expanded by board resolution.    (c) A member is eligible to participate in a buyout plan if the member is:  (1) Eligible for deferred retirement under § 24-7-707; and  (2) Inactive for a minimum of one (1) year following the last fiscal year that the member rendered actual service to a covered employer and received at least one-fourth (¼) year of service credit.    (d) The board may offer a buyout plan to surviving spouses or alternate payees who:  (1) Are eligible for a future retirement benefit from the system; and  (2) Have not received a retirement benefit from the system.    (e) A member who participates in a buyout plan shall receive a one-time lump-sum payment from the system that cancels interest in any retirement benefit and all future rights in the system effective upon tender of payment by the system.  (f) A buyout plan may be used to cancel both a member's contributory and noncontributory credited service in the system.  (g) A member who receives a buyout of his or her credited service under this section may repurchase his or her previously credited service as contributory service after becoming an active member of the system as if the service had been private school service.
AR Code § 24-7-603 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-603. Out-of-state service — Definition

 (a) As used in this section, “out-of-state service” means service rendered in any state except Arkansas in a position that would have been covered by the Arkansas Teacher Retirement System had the service been actual service covered by the system if rendered in the state.  (b) Out-of-state service purchased before July 1, 1987, shall be credited as service under this section in accordance with provisions in force before July 1, 1987.  (c) From and after July 1, 1987, an active member shall be eligible to establish out-of-state service to be credited as service under this subchapter under the following conditions:  (1)  (A) The out-of-state service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security, if the member had left on deposit his or her contributions to the other system.  (B) The credit under subdivision (c)(1)(A) of this section is limited to fifteen (15) years;    (2)  (A) The member shall pay to the system for each year of service credit granted the actuarial equivalent of the member's benefits.  (B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions thereto;    (3)  (A) The out-of-state service shall not become credited service under this system until the member has established five (5) or more years of actual service.  (B) If a member ceases to be an active member before the out-of-state service has been established as system-credited service, the member payments made under this section shall be refundable;    (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and  (5) Such other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.    (d) An active member may purchase a fraction of a year of out-of-state service to be credited as service under this subchapter in the same manner as provided for out-of-state service under subsection (c) of this section if the service meets the following requirements:  (1) The member has not less than one-fourth (¼) year of out-of-state credited service in the fiscal year; and  (2) The fraction of a year of out-of-state service may be credited in keeping with policies of the board under § 24-7-601.    (e) An active member shall be eligible, upon application, to purchase service rendered outside the state during a period of employment with an education coordinating council to be credited as out-of-state service under the provisions of this section, provided that the conditions of subsection (c) of this section are met.
AR Code § 24-7-604 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-604. Overseas service

 (a) As used in this section, “overseas service” means service in an American-type overseas school sponsored and approved by either the United States Department of State or the United States Department of Defense, or service rendered in the Peace Corps or AmeriCorps VISTA, Volunteers in Service to America.  (b) A member of the Arkansas Teacher Retirement System may receive membership service credit for service in an overseas school subject to the following conditions:  (1) To be eligible for overseas service credit, a member must have a minimum of five (5) years of membership service in a position covered by the system;  (2)  (A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security.  (B) The maximum overseas service credited to any member shall be ten (10) years;    (3)  (A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601.  (B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601;    (4)  (A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits.  (B) The employer's cost-of-service credit may be paid either by the employer or by the member.
AR Code § 24-7-606 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-606. Service for leave of absence to obtain advanced degree

 (a)  (1) From and after June 28, 1985, any public school teacher or administrator who is a member of the Arkansas Teacher Retirement System and takes a leave of absence from a school in order to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant shall be eligible, upon application, to receive credited service in the system for the time of actual enrollment in the institution.  (2) Evidence of the minimum days of enrollment at an institution of higher education in a fiscal year equivalent to the minimum days of service required for a fiscal year of service credit under § 24-7-601 shall be presented with the application.    (b) The service shall be credited in accordance with § 24-7-601.  (c) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of service credit being granted.
AR Code § 24-7-608 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-608. Limitation on benefit enhancement

 (a) A benefit enhancement provided for by this act shall not be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.  (b) A benefit enhancement provided for by this act shall not be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding eighteen (18) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
AR Code § 24-7-610 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-610. Credit for service in National Guard and armed forces reserve — Definition

 (a) As used in this section, “armed forces reserve” means one (1) of the reserve components of the United States Armed Forces.  (b)  (1) A member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the National Guard or the armed forces reserve if the member:  (A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System;  (B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and  (C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits.    (2) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions.    (c) A member may, one (1) time each fiscal year, purchase up to one (1) year of service credit for each one (1) year of service in the National Guard or armed forces reserve.  (d) The National Guard or armed forces reserve service shall not become credited service under this system until:  (1) The member payments specified in subdivision (b)(1)(C) of this section have been paid in full; and  (2) The member has established five (5) or more years of actual service in the system.    (e) If a member ceases to be an active member before the service in the National Guard or the armed forces reserve has been established as system-credited service, the member payments contributed as specified in subdivision (b)(1)(C) of this section shall be refundable.  (f)  (1) This section is supplemental to § 24-7-602, and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by § 24-7-602.  (2) However, a member shall not be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section.
AR Code § 24-7-611 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-611. Domestic federal service — Definition

 (a) As used in this section, “domestic federal service” means service rendered as a teacher or administrator in any school or similar institution located on a military base or installation that is administered by the United States Department of Defense.  (b) From and after January 1, 2003, an active member shall be eligible upon application to purchase domestic federal service to be credited as service under this section under the following conditions:  (1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement system similar in purpose to the Arkansas Teacher Retirement System except Social Security if the member left on deposit his or her contributions to the other system, and it shall be limited to ten (10) years;  (2)  (A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits.  (B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions;    (3) The domestic federal service shall not become credited service under this system until:  (A) The member payment under this section has been paid in full; and  (B)  (i) The member has established five (5) or more years of actual service exclusive of domestic federal service.  (ii) If a member ceases to be an active member before the domestic federal service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member;      (4) The benefit program to be applied to each year of service credit being granted shall be the benefit program in effect at the time of retirement; and  (5) The other rules consistent with this section as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.    (c) An active member may purchase a fraction of a year of domestic federal service to be credited as service under this subchapter in the manner as provided for domestic federal service under subsection (b) of this section if the service meets the following requirements:  (1) The member has not less than one-fourth (¼) year of domestic federal service in a fiscal year under § 24-7-601; and  (2) The fraction of a year of domestic federal service may be credited in keeping with policies as provided by § 24-7-601.    (d) However, the board shall not implement this section until the system has reduced its unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years to a level less than the standards prescribed for those public retirement systems under §§ 24-1-104 and 24-1-105.
AR Code § 24-7-612 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 6 - Arkansas Teacher Retirement System — Credited Service|§ 24-7-612. Service credit purchase

 (a) A member who purchases service credit in the Arkansas Teacher Retirement System shall pay the actuarial equivalent of both the employee and employer contributions, as calculated by the system.  (b)  (1) If a member has an existing service purchase account with the system before July 1, 2011, the member shall pay the balance of the account to the system according to the payment schedule agreed upon by the member and the system.  (2) The member shall agree to a reasonable payment schedule with the system on or before June 30, 2012, or the member payments, if any, shall be returned to the member by the system without interest on the member payments as allowed by law.  (3) The service purchase account shall be closed after the system has returned the member payments.    (c) Beginning July 1, 2011, service purchase accounts shall not be created for the purchase of service credit in the system.  (d) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules regarding service purchase accounts consistent with this section.
AR Code § 24-7-701 (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|§ 24-7-701. Voluntary retirement

 (a)  (1)  (A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.  (B) If a member fails to submit a complete retirement application within six (6) calendar months after the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the system.    (2)  (A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age.  (B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.  (C)  (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.  (ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205.    (D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502.      (b) Upon a member's retirement, he or she or she shall receive a life annuity as provided for in § 24-7-705.  (c) The annuity shall begin the first day of the calendar month next following the latest of:  (1) One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System;  (2) The member's termination of active membership;  (3) The member's attainment of the minimum age; or  (4) The member's completion of the minimum years of credited service.    (d) If a member has accrued a full year of service credit for a fiscal year, the annuity shall not begin earlier than on the July 1 after the fiscal year.  (e)  (1) A member may cancel an application for voluntary retirement benefits up to two (2) calendar months after 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.