reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 2 - STATE POLICE RETIREMENT SYSTEM (§§ 24-6-201 — 24-6-228) › Section 24-6-228 - Payment of benefits - Survivors and beneficiaries

(a)
The effective date of monthly benefits payable to a survivor of a deceased member under §
24-6-217
or payable to an eligible survivor under §
24-6-218
is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.
(b)
The effective date of monthly benefits payable to a beneficiary of a deceased retirant under §
24-6-216
is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits.
Added by Act 2023, No. 240,§ 1, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-301 - Election to participate

In lieu of terminating employment and accepting a service retirement pension, any state police officer who is a member of Tier I of the State Police Retirement System who has not less than twenty-eight (28) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas State Police Officers Deferred Option Plan and defer the receipt of benefits in accordance with the provisions of this subchapter, provided the Board of Trustees of the State Police Retirement System approves the participation in the plan.
Amended by Act 2021, No. 415,§ 5, eff. 7/28/2021.
Acts 1995, No. 967, § 1; 2001, No. 151, § 63.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-302 - Credited service

For purposes of this subchapter, credited service shall include service credit recognized pursuant to §
24-6-201(11)
.
Acts 1995, No. 967, § 1; 2001, No. 151, § 64.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-303 - Contributions

(a)
When a member begins participation in the Arkansas State Police Officers Deferred Option Plan, the employer contributions shall continue to be paid.
(b)
State contributions for employees who elect the plan shall be credited to the State Police Retirement System.
(c)
The monthly retirement benefits that would have been payable had the member elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers Deferred Option Plan Account.
Acts 1995, No. 967, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-304 - Benefits - Rate of return

(a)
The member's monthly retirement benefit shall not change unless the Arkansas State Police Officers Deferred Option Plan receives a benefit increase.
(b)
(1)
A member who participates in the plan shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than the actuarially assumed investment rate of return for that time.
(2)
The interest shall be credited to the individual account balance of the member on an annual basis.
Acts 1995, No. 967, § 1; 2005, No. 1024, § 1; 2005, No. 1969, § 2; 2007, No. 404, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-305 - Method of collection

A participant in the Arkansas State Police Officers Deferred Option Plan shall receive, at the option of the participant, a lump-sum payment from the account equal to the payments to the account, or a true annuity based upon the account of the participant, or may elect any other method of payment if approved by the Board of Trustees of the State Police Retirement System.
Acts 1995, No. 967, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-306 - Duration

(a)
The duration of participation in the Arkansas State Police Officers Deferred Option Plan for active state police officers shall not exceed seven (7) years.
(b)
At the conclusion of a member's participation in the plan, the member shall terminate employment with the Division of Arkansas State Police and shall start receiving the member's accrued monthly retirement benefit from the State Police Retirement System.
Acts 1995, No. 967, § 1; 2005, No. 1969, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 3 - DEFERRED OPTION PLAN (§§ 24-6-301 — 24-6-307) › Section 24-6-307 - Death of participant

If the participant dies during the period of participation in the Arkansas State Police Officers Deferred Option Plan, a lump-sum payment equal to the account balance of the participant shall be paid to the participant's survivor.
Acts 1995, No. 967, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-401 - Creation of Tier Two Benefit Plan

A Tier Two Benefit Plan for the State Police Retirement System is created and established in conformance with this subchapter.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-402 - Membership

(a)
All state police officers first hired on or after April 3, 1997, shall be covered by the benefit provision of this subchapter.
(b)
(1)
All state police officers who were hired prior to April 3, 1997, and who are active members of the State Police Retirement System on April 3, 1997, shall have twelve (12) months from April 3, 1997, to elect coverage under the benefit provisions of this subchapter, provided the person must be an active member on the date of the election.
(2)
The election shall be made as directed by the Board of Trustees of the State Police Retirement System and shall be irrevocable.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-404 - Eligibility for benefits - Voluntary retirement

(a)
(1)
Any member who has acquired five (5) years but less than twenty-eight (28) years of credited service and has attained sixty-five (65) years of age may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System.
(2)
Any member who has acquired twenty-eight (28) or more years of credited service may retire at any age upon his or her written application filed with the board.
(3)
For those members with less than twenty-eight (28) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55) years of age.
(b)
This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired.
(c)
Upon the member's retirement, he or she shall receive a pension provided for in §
24-6-406
.
Amended by Act 2021, No. 415,§ 6, eff. 7/28/2021.
Amended by Act 2019, No. 950,§ 1, eff. 7/24/2019.
Acts 1997, No. 1071, § 1; 1999, No. 387, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-406 - Benefits generally

(a)
(1)
Upon retirement as provided in this subchapter, a member shall receive a straight life pension equal to two and sixty-five-hundredths percent (2.65%) of the member's final average compensation multiplied by the number of years and any fraction of a year of his or her service.
(2)
(A)
In addition, if a member has service resulting from employment in a position covered at any time by Social Security or another federal retirement plan supported wholly or in part by employer contributions, and if that member's age at retirement is younger than:
(i)
Social Security's minimum age for an immediate retirement benefit; and
(ii)
Sixty-two (62) years of age,
then the member shall receive a temporary annuity equal to five hundred thirteen thousandths percent (0.513%) of the member's final average compensation for each year of his or her actual service.
(B)
The temporary annuity shall terminate at the end of the calendar month in which the earliest of the following events occurs:
(i)
The member's death;
(ii)
The member's attainment of the Social Security minimum age; or
(iii)
The member's attainment of sixty-two (62) years of age.
(b)
In the event a member with five (5) years or more of actual service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty-five (55) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching what the member's voluntary retirement age would have been if he or she had continued state police employment from the time of termination of employment.
(c)
Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.
(d)
It is considered sound public policy that retirement pay not exceed working pay except for increases after retirement caused by inflation. Accordingly, at the time of retirement, the total of named-plan annuities shall not exceed the member's final average compensation.
(e)
No provision of this section shall be applicable to service that is credited at a rate other than one (1) month for each month of employment.
Amended by Act 2021, No. 415,§ 7, eff. 7/28/2021.
Acts 1997, No. 1071, § 1; 1999, No. 387, § 5; 2001, No. 151, § 66.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-407 - Benefits - Death of retirant

(a)
In the event a retirant who is in receipt of a straight life pension dies before he or she has received in straight life pension payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her retirement, then the difference between his or her accumulated contributions and the aggregate amount of straight life pension payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the State Police Retirement System.
(b)
If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.
(c)
The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state.
(d)
In no case shall any benefits be paid under this section on account of the death of a retirant if any pensions become payable from funds of the State Police Retirement System on account of his or her death.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-409 - Redetermination of benefits - Definition

(a)
Each July 1 the State Police Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months.
(b)
Subject to the maximum stated in subsection (c) of this section, the redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).
(c)
In no event shall the redetermined amount be more than the amount of the benefit payable as of the immediately preceding July 1 multiplied by the following fraction:
(1)
The numerator shall be the average of the consumer price index for the twelve (12) calendar months in the calendar year immediately preceding July 1, but in no event an amount less than the denominator; and
(2)
The denominator shall be the average of the consumer price index for the twelve (12) calendar months in the second calendar year preceding the redetermination date.
(d)
(1)
As used in this section, "consumer price index" means the Consumer Price Index for All Urban Consumers, as determined by the United States Department of Labor and in effect January 1, 1987.
(2)
However, should the consumer price index be restructured subsequent to 1988 in a manner materially changing its character, the Board of Trustees of the State Police Retirement System, after receiving the advice of the actuary, shall change the application of the consumer price index so that, as far as is practicable, the 1986 intent of the use of the consumer price index shall be continued.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-410 - Benefit provisions - Early retirement

(a)
(1)
Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in §
24-6-404
may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired.
(2)
The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age.
(b)
Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in §
24-6-406
, which percentage shall be one hundred percent (100%) reduced by one-half percent (0.5%) multiplied by the number of months by which his or her age at early retirement is younger than his or her voluntary retirement age, using what his or her voluntary retirement age would have been if he or she had continued state police employment from the time of early retirement.
Acts 1997, No. 1071, § 1; 1999, No. 387, § 6.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-412 - Refund of contributions

(a)
(1)
In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from the funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the member's deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system.
(2)
If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid upon his or her written application filed with the board his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein.
(b)
(1)
In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the board.
(2)
If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.
(3)
The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments wherever the representative may be with or without the appointment of a representative in this state.
(c)
Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to the rules that the board may adopt from time to time.
Amended by Act 2019, No. 315,§ 2879, eff. 7/24/2019.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-413 - Benefit provisions - Subjection of annuity rights to process of law

(a)
The right of a person to an annuity, to the return of accumulated contributions, the annuity itself, any annuity option, any other right accrued or accruing under the provisions of this subchapter, and all moneys belonging to a plan shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever and shall be unassignable, except as is specifically provided in this chapter.
(b)
An employer shall have the right of setoff for any claim arising from embezzlement by or fraud of a member, retirant, or beneficiary.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-414 - Maximum benefit limitation

(a)
Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code,
26 U.S.C. § 415
, that are applicable to governmental retirement plans.
(b)
(1)
The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code,
26 U.S.C. § 415
.
(2)
The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code,
26 U.S.C. § 415
, enacted by the United States Congress or promulgated by the Internal Revenue Service.
Amended by Act 2019, No. 315,§ 2880, eff. 7/24/2019.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-415 - Exclusion from plan

Members of the State Police Retirement System participating in the benefit program provided by this subchapter shall not be eligible for participation in the Arkansas State Police Officers' Deferred Option Plan provided in §
24-6-301
et seq.
Acts 1997, No. 1071, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 4 - TIER TWO BENEFIT PLAN (§§ 24-6-401 — 24-6-416) › Section 24-6-416 - Effective date of survivor and beneficiary payments

(a)
The effective date of monthly benefits payable to a survivor of a deceased member under §
24-6-411
is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.
(b)
The effective date of monthly benefits payable to a beneficiary of a deceased retirant under §
24-6-408
is the first day of the calendar month next following the month in which the retirant died, regardless of when the beneficiary submits an application for the payment of the benefits.
Added by Act 2023, No. 240,§ 2, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-501 - Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan - Creation

The Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan is created in conformance with this subchapter.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-502 - Election to participate in Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan

In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if:
(1)
The state police officer:
(A)
Is a member of the State Police Retirement System's Tier Two Benefit Plan under §
24-6-401
et seq.;
(B)
Has at least twenty-eight (28) years of actual service as a member of the State Police Retirement System's Tier Two Benefit Plan under §
24-6-401
et seq., including service credit a member earns after April 3, 1997, as a member of the plan under §
24-6-401
et seq., and the member's service credit from a reciprocal retirement system under §
24-2-401
et seq.; and
(C)
Is eligible to receive a service retirement pension; and
(2)
The Board of Trustees of the State Police Retirement System approves the participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan.
Amended by Act 2021, No. 415,§ 8, eff. 7/28/2021.
Amended by Act 2021, No. 280,§ 1, eff. 7/1/2021.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-503 - [Repealed]

Repealed by Act 2021, No. 280,§ 2, eff. 7/1/2021.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-504 - Employer contributions

When an employee who is a member of the State Police Retirement System's Tier Two Benefit Plan begins participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:
(1)
The employer contributions shall continue to be paid;
(2)
State contributions for the employee shall be credited to the State Police Retirement System; and
(3)
Seventy-two percent (72%) of the monthly retirement benefits that would have been payable had the employee elected to cease employment and receive a service retirement shall be paid into the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan account.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-505 - Benefits - Rate of return

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan:
(1)
Shall not have a change in his or her monthly retirement benefit unless the plan receives a benefit increase; and
(2)
(A)
Shall earn interest at a rate set by the Board of Trustees of the State Police Retirement System that shall not be greater than five percent (5%) nor less than one percent (1%) per annum as determined by the board from time to time as promulgated by rule.
(B)
The interest shall be credited to the individual plan account balance of the participant on an annual basis.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-506 - Method of collection

A participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan shall receive, at the option of the participant:
(1)
A lump-sum payment from the plan account equal to the payments to the plan account;
(2)
A true annuity based upon the plan account of the participant; or
(3)
Any other method of payment if approved by the Board of Trustees of the State Police Retirement System.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-507 - Duration

(a)
The duration of participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan for an active state police officer shall not exceed seven (7) years.
(b)
At the conclusion of a state police officer's participation in the plan, the state police officer shall:
(1)
Terminate employment with the Division of Arkansas State Police; and
(2)
Start receiving his or her accrued monthly retirement benefit from the State Police Retirement System.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 6 - STATE POLICE RETIREMENT (§§ 24-6-101 — 24-6-508) › Subchapter 5 - ARKANSAS STATE POLICE OFFICERS' TIER TWO DEFERRED RETIREMENT OPTION PLAN (§§ 24-6-501 — 24-6-508) › Section 24-6-508 - Death of participant

If a participant in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan dies during the period of participation in the plan, a lump-sum payment equal to the plan account balance of the participant shall be paid to the participant's designated beneficiary.
Acts 2009, No. 1242, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-7-101 — 24-7-105) › Section 24-7-101 - Special allowances to encourage early retirement

(a)
In order to effect a net savings in personnel costs paid by colleges and universities, the presidents and chancellors of the various publicly supported colleges and universities may, upon the approval of their respective boards of trustees, negotiate with tenured faculty members of their institutions so that, in order to secure the faculty members' early retirement, special allowances may be paid to them or into retirement plans for their benefit.
(b)
The board of trustees of each institution is authorized to pay such allowances as the board may approve from any appropriation provided for regular salaries for the benefit of its institution and from any source of funds available to its institution.
(c)
The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution.
(d)
The board of trustees of each institution shall report the exact disposition of the special allowances to the Legislative Joint Auditing Committee each year.
Amended by Act 2021, No. 425,§ 1, eff. 7/28/2021.
Acts 1983, No. 271, § 8; A.S.A. 1947, § 80-1465.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-7-101 — 24-7-105) › Section 24-7-102 - Management of early retirement window incentives

(a)
The purpose of this section is to create incentives for the efficient management of the public higher education resources of the State of Arkansas by allowing public higher education institutions to establish early retirement window incentives for qualified nontenured faculty and staff who elect voluntary separation from the institution.
(b)
The boards of trustees of the publicly supported institutions of higher education may provide special allowances for nontenured faculty and staff to effect a saving in personnel salaries and fringe benefits costs when it is determined by the boards that such saving will provide for more efficient operation of the institutions.
(c)
(1)
The boards of trustees shall approve criteria to determine qualifications to be met by the institutions and the employee.
(2)
Such qualifications shall include, but are not limited to:
(A)
Assurance that participation is strictly voluntary for employees;
(B)
Only full-time employees who are at least fifty-five (55) years of age or meet the retirement requirements for the Civil Service Retirement System; and
(C)
A savings in personnel cost will be realized by the institution.
(d)
The amount of all such allowances for any institution shall not exceed, in the aggregate during any fiscal year, an amount equal to five percent (5%) of the aggregate paid for personnel costs during the preceding fiscal year for the institution.
(e)
The boards of trustees are authorized to pay such allowances from any appropriation provided for regular salaries for the benefit of their institutions and from any sources of funds available to the institutions.
(f)
The board of trustees of each institution shall report the exact disposition of the special allowance to the Legislative Joint Auditing Committee by July 1 of each year.
Amended by Act 2021, No. 425,§ 2, eff. 7/28/2021.
Acts 1995, No. 296, §§ 1-5.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-7-101 — 24-7-105) › Section 24-7-103 - Payment of employer contribution rate

Local school districts shall pay the teacher retirement employer contribution rate for any eligible employee in accordance with rules established by the Board of Trustees of the Arkansas Teacher Retirement System.
Amended by Act 2019, No. 315,§ 2881, eff. 7/24/2019.
Acts 1995, No. 1194, § 13.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-7-101 — 24-7-105) › Section 24-7-104 - Employer early retirement incentives

An employer's offer to encourage an employee to terminate his or her employment with the employer shall not include a requirement that the employee file an application for retirement with the Arkansas Teacher Retirement System.
Added by Act 2017, No. 503,§ 1, eff. 3/15/2017.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-7-101 — 24-7-105) › Section 24-7-105 - Socially responsible investments

A decision on whether to invest, not invest, or withdraw from investment the funds of the Arkansas Teacher Retirement System or an alternate retirement plan of the system shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.
Added by Act 2017, No. 767,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-201 - Title

This act, which establishes the Arkansas Teacher Retirement System, may be cited as the "Arkansas Teacher Retirement System Act".
Acts 1973, No. 427, § 1; 1975, No. 549, § 1; A.S.A. 1947, § 80-1436.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-203 - Penalty

Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in an attempt to defraud the Arkansas Teacher Retirement System shall be guilty of a Class A misdemeanor and upon conviction shall be punished as provided by law.
Acts 1973, No. 427, § 10; A.S.A. 1947, § 80-1444; Acts 2005, No. 1994, § 207.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-204 - Tax status of system assets

The assets of the Arkansas Teacher Retirement System are exempt from taxes by the state, any political subdivision, or an agency thereof.
Acts 1973, No. 427, § 10; 1985, No. 486, § 4; A.S.A. 1947, § 80-1444.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-206 - [Repealed]

Repealed by Act 2023, No. 776,§ 5, eff. 8/1/2023.
Acts 1985, No. 105, §§ 1-3; A.S.A. 1947, §§ 80-1475 -- 80-1477; Acts 1989, No. 376, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-207 - Increase in benefit amount

(a)
(1)
The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.
(2)
The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate.
(b)
The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system.
Amended by Act 2023, No. 107,§ 20, eff. 7/1/2023.
Amended by Act 2019, No. 315,§ 2884, eff. 7/24/2019.
Acts 1997, No. 1137, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-208 - Benefit enhancements - Restrictions

(a)
No benefit enhancement provided for by this chapter shall be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.
(b)
No benefit enhancement provided for by this chapter shall be implemented by the system if the system 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.
Amended by Act 2021, No. 279,§ 5, eff. 7/1/2021.
Amended by Act 2019, No. 427,§ 6, eff. 7/1/2019.
Acts 1997, No. 1137, § 5.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-209 - Suspension of benefit payments upon request

(a)
Subject to the minimum distribution provisions of §
24-7-730
, a person entitled to receive an annuity may submit a request to the system in writing, for personal reasons and without disclosure thereof, to suspend the payment of all the benefit otherwise payable to him or her by the system.
(b)
Upon receipt of the request, the system shall authorize the suspension, and the person shall be deemed to have forfeited all rights to the benefit so suspended but shall have the right to have the full benefit otherwise payable reinstated as to future monthly payment upon written notice to the system to revoke the prior request for suspension under this section.
Acts 1999, No. 29, § 1; 2007, No. 97, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-210 - Federal taxation

(a)
The Executive Director of the Arkansas Teacher Retirement System is authorized and directed to operate the Arkansas Teacher Retirement System and interpret any provisions of §
24-7-101
et seq. consistent with the requirements under the Internal Revenue Code and applicable United States Department of the Treasury regulations necessary to permit the system to be operated as a "qualified trust" under Internal Revenue Code,
26 U.S.C. § 401(a)
.
(b)
Notwithstanding any language to the contrary set forth in this chapter, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to promulgate rules consistent with these directions.
(c)
Any rule promulgated under this section that is found to be in conflict with an applicable provision of the code is null and void.
Amended by Act 2019, No. 315,§ 2885, eff. 7/24/2019.
Acts 2001, No. 155, § 2; 2005, No. 71, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 2 - ARKANSAS TEACHER RETIREMENT SYSTEM - GENERAL PROVISIONS (§§ 24-7-201 — 24-7-211) › Section 24-7-211 - Appeals

A benefit participant or employer may appeal a final administrative decision of the Board of Trustees of the Arkansas Teacher Retirement System by filing a complaint in the Pulaski County Circuit Court.
Added by Act 2013, No. 45,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 3 - ARKANSAS TEACHER RETIREMENT SYSTEM - BOARD OF TRUSTEES (§§ 24-7-301 — 24-7-305) › Section 24-7-301 - Board of trustees - Members

The general administration and responsibility for the proper operation of the Arkansas Teacher Retirement System and for making effective the provisions of this act are vested in a board of trustees of fifteen (15) persons as follows:
(1)
The Bank Commissioner, the Treasurer of State, the Auditor of State, and the Commissioner of Elementary and Secondary Education shall be ex officio trustees;
(2)
(A)
Seven (7) members shall be elected active member trustees, each of whom shall have at least five (5) years of actual service in force and be an active member. For the purpose of this section and §
24-7-302
, participants in the Teacher Deferred Retirement Option Plan shall be considered active members.
(B)
Four (4) active member trustees shall be employed in a position that requires state licensure, but not an administrator's license. One (1) member trustee will be elected from each of the four (4) congressional districts. The four (4) member trustees shall be elected by the members employed in positions that require state licensure, but not an administrator's license.
(C)
(i)
Two (2) active member trustees shall be employed in a position requiring an administrator's license, one (1) of whom shall be a superintendent or an educational cooperative director.
(ii)
These two (2) active member trustees shall be elected by members employed in positions requiring an administrator's license.
(D)
One (1) active member trustee shall be employed in a position not requiring state licensure. This member trustee shall be elected by members employed in positions not requiring state licensure;
(3)
One (1) trustee shall be a minority, as defined under §
1-2-503
, who:
(A)
Is an active or retired member of the system;
(B)
Is elected from the active and retired membership of the system; and
(C)
Has at least five (5) years of actual service;
(4)
(A)
Three (3) retirees shall be elected retiree trustees by the retirees of the system.
(B)
Each retiree trustee shall be a retiree with an annuity being paid by the system at the beginning of his or her term of office;
(5)
The member and retiree trustees shall be elected in accordance with rules as have been adopted by the board to govern the elections; and
(6)
An employee working for the system is not eligible to be:
(A)
Elected or appointed to the board; or
(B)
A candidate to be elected or appointed to the board.
Amended by Act 2023, No. 107,§ 21, eff. 7/1/2023.
Amended by Act 2021, No. 279,§ 6, eff. 7/1/2021.
Amended by Act 2019, No. 427,§ 7, eff. 7/1/2019.
Amended by Act 2015, No. 301,§ 2, eff. 3/4/2015.
Acts 1973, No. 427, § 3; 1983, No. 126, § 1; A.S.A. 1947, § 80-1438; Acts 1995, No. 523, § 1; 1997, No. 418, § 1; 1999, No. 866, § 1; 2007, No. 97, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 3 - ARKANSAS TEACHER RETIREMENT SYSTEM - BOARD OF TRUSTEES (§§ 24-7-301 — 24-7-305) › Section 24-7-302 - Term of office and vacancies

(a)
(1)
The term of office of each member-elected trustee shall be six (6) years.
(2)
(A)
(i)
An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer.
(ii)
A member trustee who participates in the Teacher Deferred Retirement Option Plan is considered active for purposes of this subsection.
(B)
A retiree trustee is ineligible to serve after becoming active.
(b)
(1)
(A)
If any member trustee fails to attend three (3) consecutive regular meetings of the Board of Trustees of the Arkansas Teacher Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, the member trustee shall be considered to have resigned from the board, and the board shall by resolution declare his or her office of trustee vacated.
(B)
A regular meeting of the board shall include one (1) or more days of official business to be considered by the board.
(2)
If a vacancy occurs in the office of an elected trustee, the board by majority vote may fill the vacancy by:
(A)
A special election; or
(B)
Appointment of a trustee until the next system election.
(c)
The board shall adopt its own rules pertaining to attendance and vacancies as provided in subsection (b) of this section.
Amended by Act 2023, No. 107,§ 22, eff. 7/1/2023.
Amended by Act 2015, No. 301,§ 3, eff. 3/4/2015.
Acts 1973, No. 427, § 3; 1983, No. 126, § 2; A.S.A. 1947, § 80-1438; Acts 1991, No. 43, § 1; 1997, No. 418, § 2; 2001, No. 156, § 1; 2003, No. 196, § 1; 2009, No. 468, § 3; 2011, No. 975, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 3 - ARKANSAS TEACHER RETIREMENT SYSTEM - BOARD OF TRUSTEES (§§ 24-7-301 — 24-7-305) › Section 24-7-304 - Meetings

(a)
The Board of Trustees of the Arkansas Teacher Retirement System shall hold regular meetings at least quarterly.
(b)
Eight (8) trustees constitute a quorum at any meeting of the board.
(c)
Each trustee shall be entitled to one (1) vote on each question before the board, and at least eight (8) concurring votes shall be required for a decision by the board at any meeting.
(d)
The board shall adopt its own rules of procedure and shall keep a record of its proceedings.
(e)
All meetings of the board shall be public.
Acts 1973, No. 427, § 3; A.S.A. 1947, § 80-1438; Acts 1987, No. 4, § 1; 1995, No. 523, § 2; 1997, No. 418, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 7 - RETIREMENT OF EMPLOYEES OF SCHOOLS AND EDUCATIONAL INSTITUTIONS (§§ 24-7-101 — 24-7-1607) › Subchapter 4 - ARKANSAS TEACHER RETIREMENT SYSTEM - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-7-401 — 24-7-411) › Section 24-7-402 - Assets as trust fund - Custodian

(a)
All assets of the Arkansas Teacher Retirement System shall constitute a single trust fund, and the Board of Trustees of the Arkansas Teacher Retirement System shall be the trustees of the fund.
(b)
(1)
The custodian of system assets shall be the Treasurer of State or other financial institutions or depositories as allowed under this subchapter.
(2)
When acting as custodian of system assets, the Treasurer of State shall act in accordance with the instructions of the board.
Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2009, No. 468, § 6.