reglab/housing_qa huggingface dataset:
AR Code § 24-7-1302 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1302. Application — Review

 (a) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System.  (b)  (1) The member's plan application shall be reviewed by the Arkansas Teacher Retirement System within a reasonable period of time to determine whether or not the member meets the eligibility requirements under this subchapter.  (2) The member's plan date shall be July 1 next following the determination that the member is eligible for plan participation.  (3) A plan application received by the system after May 31 before the beginning of a fiscal year on July 1 shall not be eligible for participation in the plan until the following July 1.    (c) The member may withdraw his or her plan application if notice to withdraw is received by the system no later than two (2) calendar months after the member's plan date.
AR Code § 24-7-1303 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1303. Contributions to Arkansas Teacher Retirement System

 (a)  (1) When a member begins participation in the Teacher Deferred Retirement Option Plan, member contributions to the Arkansas Teacher Retirement System shall cease.  (2) Until and on August 31, 2003, employer contributions on behalf of the members participating in the Teacher Deferred Retirement Option Plan that are due the system may be retained by the school districts for the purposes under subdivision (b)(1) of this section.  (3)  (A)  (i) Beginning September 1, 2003, for members whose effective date in the Teacher Deferred Retirement Option Plan is before September 1, 2003, the employer contribution rate to the system on behalf of all members in the Teacher Deferred Retirement Option Plan shall recommence at the rate of:  (a) One percent (1%) for the period from July 1, 2003, through June 30, 2005;  (b) Three percent (3%) for the period from July 1, 2005, through June 30, 2007; and  (c) Six percent (6%) for the period from July 1, 2007, through June 30, 2009.    (ii) After July 1, 2009, the covered employer shall remit the contributions on all salary paid to the Teacher Deferred Retirement Option Plan participants in amount equal to the employer contribution rate applicable to active members.    (B) The portion of the employer contribution not required to be paid to the system for members in the Teacher Deferred Retirement Option Plan under this subdivision (a)(3), if any, may be retained by the school districts for the purposes under subdivision (b)(1) of this section.    (4) Beginning September 1, 2003, for members whose effective date in the Teacher Deferred Retirement Option Plan is on or after September 1, 2003, the employer contribution rate on behalf of members in the Teacher Deferred Retirement Option Plan shall continue at the rate established by the entity having the authority to set the employer contribution rates for the system.    (b)  (1) It is the intent of the General Assembly that the portion of the employer contribution to the system that has ceased for a participant in the Teacher Deferred Retirement Option Plan, if any, will become a part of the general operating fund of the school district to be used for any purpose, including employee salaries.  (2) Except for employer contributions to the system, the school district shall not make contributions to any tax-qualified retirement plan on behalf of any employee participating in the Teacher Deferred Retirement Option Plan. However, this prohibition shall not be applicable to the extent necessary to comply with contractual obligations incurred by a school district prior to February 1, 1999.
AR Code § 24-7-1304 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1304. Election of annuity options

 (a) A member who elects participation in the Teacher Deferred Retirement Option Plan may elect one (1) of the annuity options provided in § 24-7-706.  (b) The election will be made at the time the member separates from service and is granted a monthly retirement benefit, and will be deemed to apply to the member's plan benefit as well as to the member's monthly retirement benefit from the Arkansas Teacher Retirement System at the time it becomes payable.
AR Code § 24-7-1305 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1305. Benefits

 The member's Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to limitations.
AR Code § 24-7-1306 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1306. Amount of deposits

 (a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit.  (b) If a plan participant has at least thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, a plan deposit shall be calculated beginning with the participant's plan benefit and then reduced by one percent (1%) for each year of credited service, including fractions of a year.  (c)  (1) If a plan participant has at least twenty-eight (28) years of credited service but fewer than thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, the Board of Trustees of the Arkansas Teacher Retirement System may authorize early participation in the plan.  (2) The plan deposit of the early participant shall be calculated beginning with the plan benefit of the early participant, then initially reduced by one percent (1%) for each year of credited service, including fractions of a year, and then may be further reduced by at least an additional five-tenths of one percent (0.5%) but no more than one percent (1%) of the initially reduced plan deposit for each month of credited service under thirty (30) years.    (d) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan by board resolution to make it cost-neutral to the Arkansas Teacher Retirement System.
AR Code § 24-7-1307 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1307. Account — Credit

 (a) The member's Teacher Deferred Retirement Option Plan account shall be the account in which shall be accumulated the:  (1) Plan deposits made on behalf of the member; and  (2) Plan interest.    (b) At the end of each fiscal year, the Board of Trustees of the Arkansas Teacher Retirement System shall credit each plan participant's plan account with plan interest on the mean balance in the account for the fiscal year.  (c)  (1) The board shall determine the plan interest rate to members' plan accounts based on:  (A) A fixed interest rate that is adopted by board resolution prior to the beginning of the fiscal year and which applies to subsequent fiscal years unless modified by the board; or  (B)  (i) A variable interest rate formula that is based on investment returns and other factors adopted by board resolution prior to the beginning of the fiscal year.  (ii) If the board uses a variable interest rate formula, the board shall adopt by board resolution the plan interest rate prior to the beginning of the fiscal year in which the plan interest rate applies.      (2) In addition to the applicable interest rate for the fiscal year, the board may adopt by board resolution a Teacher Deferred Retirement Option Plan participation incentive rate during a fiscal year if investment returns justify an incentive rate for the fiscal year.    (d) If a participant continues covered employment after completing ten (10) consecutive years in the plan, the participant's plan account shall be credited on June 30 of each year or through the date of retirement, whichever occurs first, with ten (10) year plus plan interest as set by the board.  (e) For the purposes of this section, the ten (10) year plus plan interest rate shall be the rate determined to be appropriate by the board and adopted by board resolution prior to the beginning of the fiscal year in which the interest rate shall apply.
AR Code § 24-7-1308 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options

 (a)  (1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system.  (2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant:  (A) Fails to meet the termination of employment requirement of § 24-7-701; and  (B) Has not reached normal retirement age.    (3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.    (b)  (1) When the member's participation in the plan ceases, the member may elect to:  (A) Receive the balance in the plan account as a lump sum;  (B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or  (C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.    (2) A member who selects the option under subdivision (b)(1)(C) of this section may receive his or her account distribution as follows:  (A) Seventy-five percent (75%) in a lump-sum payment and twenty-five percent (25%) annuitized;  (B) Fifty percent (50%) in a lump-sum payment and the remaining fifty percent (50%) annuitized; or  (C) Twenty-five percent (25%) in a lump-sum payment and seventy-five percent (75%) annuitized.    (3) The Board of Trustees of the Arkansas Teacher Retirement System shall:  (A) Determine factors to be used for the conversion of plan balances to monthly amounts;  (B) Set requirements for the member's election under this subsection; and  (C) Modify the options under subdivision (b)(1) of this section by rule as necessary.      (c) When the member's participation in the plan ceases, the board shall cause the member's plan benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the plan date and had made the same election under § 24-7-706 that was made on or before the plan date.  (d)  (1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement.  (2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.    (e) The system may offset, adjust, or otherwise collect any benefits overpaid to a member under this subchapter.
AR Code § 24-7-1309 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1309. Benefits from Arkansas Teacher Retirement System

 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.
AR Code § 24-7-1310 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1310. Death of participant

 (a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System.  (b)  (1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System.  (2)  (A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710.  (B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.      (c) For the purposes of § 24-7-709, any amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments shall be considered to be annuity payments received by the member or his or her designated beneficiary and shall reduce or eliminate the disposition of residue that, except for the provisions of this subsection, would have been paid under § 24-7-709.
AR Code § 24-7-1311 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1311. Term of participation in Teacher Deferred Retirement Option Plan

 (a) The Arkansas Teacher Retirement System's monthly deposit into the member's Teacher Deferred Retirement Option Plan shall not exceed one (1) plan term of ten (10) consecutive years, beginning with the member's plan date.  (b) Once a member participates in the plan, the member shall no longer accrue service credit under any state-supported retirement system, even if the member returns to work.
AR Code § 24-7-1312 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1312. Federal taxation

 (a) The Teacher Deferred Retirement Option Plan is intended to operate in accordance with 26 U.S.C. § 415 and other applicable sections of the Internal Revenue Code in a manner that protects the tax-qualified status of the system.  (b) Any provision of the plan that is found to be in conflict with an applicable provision of the Internal Revenue Code is hereby declared null and void.
AR Code § 24-7-1313 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953

 (a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.  (b) A benefit enhancement provided for by § 24-7-1306 shall not be implemented by the system until the unfunded actuarial accrued liability is reduced to a level less than an eighteen-year amortization.
AR Code § 24-7-1315 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1315. Duty of board of trustees

 The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.
AR Code § 24-7-1316 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 13 - Teacher Deferred Retirement Option Plan|§ 24-7-1316. Funding objectives of Teacher Deferred Retirement Option Plan — Cost neutrality

 As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost neutral to the Arkansas Teacher Retirement System.
AR Code § 24-7-1501 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 15 - Retirants' Ad Hoc Increase Act|§ 24-7-1501. Title

 This subchapter shall be known and may be cited as the “Retirants' Ad Hoc Increase Act”.
AR Code § 24-7-1502 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 15 - Retirants' Ad Hoc Increase Act|§ 24-7-1502. Benefit generally

 (a)  (1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirants of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retirant's years of credited service that is grouped within descending decades as calculated by subtracting the total years of credited service from the date of retirement.  (2) A break in credited service is not considered under this subchapter.  (3) Teacher Deferred Retirement Option Plan participants shall have the total years of credited service subtracted from the date of entry into the plan.    (b)  (1) One-half (½) of the annual dollar increase per year of credited service shall be calculated and provided to all retirees, survivors, and beneficiaries of retirants that are eligible to receive this increase.  (2) One-half (½) of the annual dollar increase per year of credited service shall be calculated then prorated based on the amount of contributory service credit to total service on the retirant's:  (A) Retirement date; or  (B) Plan entry date.    (3) The amounts under this subsection shall be calculated and provided to all retirees, survivors, and beneficiaries of retirants.    (c) The ad hoc benefit is payable to the retirees, survivors, and beneficiaries of retirants of the system beginning on a July 1 that is at least twelve (12) full months after the effective date of a monthly benefit.  (d) The ad hoc benefit for a retirant, survivor, and beneficiary of a retirant shall not increase the retirant's current benefit by more than twenty-five percent (25%) of the annuity benefit payable as of the prior June 30.
AR Code § 24-7-1503 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 15 - Retirants' Ad Hoc Increase Act|§ 24-7-1503. Ad hoc benefit formula

 The schedule of decade dollar amounts per year of credited service is:   Formula Decades in Which Credited Service Was Accrued Service Annual $ Increase Per Year of Credited Service 2000 – and later $5 1990–1999 $10 1980–1989 $20 1970–1979 $30 1960–1969 $40 1950–1959 $50 1940–1949 $60 1930–1939 $70 1920–1929 $80 1910–1919 $90   Click to view table.
AR Code § 24-7-1504 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 15 - Retirants' Ad Hoc Increase Act|§ 24-7-1504. Promulgation of rules — Duty of board

 (a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter.  (b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.  (c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system.  (d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase.  (e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one formula basis for each decade when the reduction is actuarially feasible to implement.  (f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retirant's benefits when calculating any future additional benefit increases.
AR Code § 24-7-1602 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 16 - Arkansas Teacher Retirement System — Optional Participation by Employees of Institutions of Higher Education|§ 24-7-1602. Definitions

 As used in this subchapter:   (1) “Alternative retirement plan” means an optional retirement plan based on the purchase of contracts providing retirement and death benefits for a benefits-eligible employee of a post-secondary or higher education employer;  (2) “Benefits-eligible” means a class of employees, determined at the discretion of a post-secondary or higher education employer, eligible to participate in the Arkansas Teacher Retirement System, an alternate plan, or the Arkansas Public Employees' Retirement System;  (3) “Nonmandatory employer” means any public employer that was authorized to enroll new employees into the Arkansas Teacher Retirement System or alternate retirement plan before July 1, 2011;  (4) “PSHE employer” means a post-secondary or higher education employer:  (A) With employees that may be hired without becoming mandatory members of the Arkansas Teacher Retirement System; and  (B) That offers the Arkansas Teacher Retirement System as a retirement plan on or after July 1, 2011; and    (5) “PSHE plan” means the plan establishing the right of a new employee of a PSHE employer to participate in the Arkansas Teacher Retirement System on or after July 1, 2011.
AR Code § 24-7-1603 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 7 - Retirement of Employees of Schools and Educational Institutions|Subchapter 16 - Arkansas Teacher Retirement System — Optional Participation by Employees of Institutions of Higher Education|§ 24-7-1603. Provisions of subchapter controlling

 (a)  (1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternative retirement plan that is offered by a PSHE employer.  (2) This subchapter is enacted to supersede and specifically control any inconsistent provisions under § 24-7-801 et seq., § 24-7-901 et seq., and § 24-7-1001 et seq.    (b) The Arkansas Teacher Retirement System retirement plan is administered under the provisions of the Arkansas Teacher Retirement System Act.