reglab/statecodes huggingface dataset:
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 24-7-403 - Restrictions on use of assets

(a)
All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or construct a building to be used for the permanent offices of the system upon approval of the Board of Trustees of the Arkansas Teacher Retirement System.
(b)
(1)
Except as to the rights of a member, retiree, or beneficiary, a trustee, officer, or employee of the board shall not have any direct or indirect interest in the gains or profits of any investment made by the board.
(2)
A trustee, officer, or employee of the board shall not directly or indirectly use the assets of the system in any manner for himself or herself or as an agent.
(3)
A trustee, officer, or employee of the board shall not in any manner become an endorser, surety, or obligor for moneys loaned by or borrowed from the board.
(4)
A trustee, officer, or employee of the board may make such current and necessary payments as are authorized by the board.
Amended by Act 2023, No. 107,§ 24, eff. 7/1/2023.
Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 1989, No. 652, § 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 4 - ARKANSAS TEACHER RETIREMENT SYSTEM - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-7-401 — 24-7-411) › Section 24-7-404 - Default where issuer receives money from State of Arkansas

In the event of default in payment of the principal or interest of any investment obligation held by the Arkansas Teacher Retirement System where the issuer of the obligation receives moneys from the State of Arkansas, the default shall be certified by the Board of Trustees of the Arkansas Teacher Retirement System to the Treasurer of State, who shall withhold all moneys due the issuer from the State of Arkansas until the default, together with interest thereon, is satisfied.
Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 2011, No. 45, § 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 4 - ARKANSAS TEACHER RETIREMENT SYSTEM - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-7-401 — 24-7-411) › Section 24-7-405 - Retirement fund assets accounts generally

The assets of the Arkansas Teacher Retirement System shall be recorded in accounts established by the Board of Trustees of the Arkansas Teacher Retirement System, as necessary, to manage the system's fund assets.
Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442; Acts 2011, No. 41, § 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 4 - ARKANSAS TEACHER RETIREMENT SYSTEM - FUNDS AND MANAGEMENT OF ASSETS (§§ 24-7-401 — 24-7-411) › Section 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.
Acts 1973, No. 427, § 8; A.S.A. 1947, § 80-1442.
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 24-7-408 - 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 retirees who retired on account of superannuation or disability and to beneficiaries of such retirees.
(b)
If a disability retiree 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.
Amended by Act 2023, No. 107,§ 25, eff. 7/1/2023.
Acts 1973, No. 427, § 8; 1979, No. 681, § 3; A.S.A. 1947, § 80-1442.
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 24-7-409 - 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.
Acts 1973, No. 427, § 8; 1981, No. 365, § 5; A.S.A. 1947, § 80-1442.
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 24-7-410 - 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)
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.
Amended by Act 2015, No. 301,§ 6, eff. 3/4/2015.
Acts 1973, No. 427, § 8; 1979, No. 681, § 4; 1983, No. 619, § 12; 1983, No. 665, § 12; A.S.A. 1947, § 80-1442; Acts 2009, No. 962, § 43.
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 5 - ARKANSAS TEACHER RETIREMENT SYSTEM - MEMBERSHIP (§§ 24-7-501 — 24-7-507) › Section 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.
Amended by Act 2017, No. 647,§ 1, eff. 3/24/2017.
Added by Act 2013, No. 606,§ 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 5 - ARKANSAS TEACHER RETIREMENT SYSTEM - MEMBERSHIP (§§ 24-7-501 — 24-7-507) › Section 24-7-507 - Youth participants - Summer work programs

(a)
At the request of the Arkansas Teacher Retirement System, a covered employer shall provide the system with a memorandum of understanding, partnership agreement, or another similar document related to the covered employer's actions as a pass-through fiscal agent for participants described in §
24-7-202(18)(B)
.
(b)
A covered employer who acts as a pass-through fiscal agent shall not be required to report participants described in §
24-7-202(18)(B)
as "employees" for purposes of the system.
(c)
The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the implementation of this section.
Added by Act 2021, No. 691,§ 2, eff. 7/28/2021.
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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 24-7-604 - Overseas service - Definition

(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.
(c)
At the member's request, a member's payment under this section shall be refundable if the:
(1)
Member ceases to be an active member before the overseas service is established as credited service in the system; or
(2)
Overseas service is not otherwise used to establish the member's eligibility for retirement under the system.
Amended by Act 2023, No. 55,§ 4, eff. 7/1/2023.
Acts 1973, No. 427, § 5; 1979, No. 681, § 1; 1981, No. 365, §§ 1, 2; 1983, No. 619, §§ 4, 5; 1983, No. 665, §§ 4, 5; 1985, No. 805, § 4; A.S.A. 1947, § 80-1440; Acts 1987, No. 4, § 2; 1989, No. 670, § 1; 1991, No. 43, § 6; 1997, No. 142, § 5; 1997, No. 1053, § 3; 1999, No. 866, § 4; 2011, No. 69, § 17; 2011, No. 974, § 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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 24-7-606 - Service for leave of absence to obtain advanced degree

(a)
(1)
A 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.
(d)
At the member's request, a member's payment under this section shall be refunded if the:
(1)
Member ceases to be an active member before the service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is established as credited service in the system; or
(2)
Service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is not otherwise used to establish the member's eligibility for retirement under the system.
Amended by Act 2023, No. 55,§ 7, eff. 7/1/2023.
Amended by Act 2023, No. 55,§ 6, eff. 7/1/2023.
Acts 1985, No. 897, § 1; A.S.A. 1947, § 80-1440.4; Acts 1989, No. 652, § 8; 1991, No. 184, § 1; 1995, No. 542, § 5; 1997, No. 142, § 6; 1999, No. 866, § 5; 2003, No. 1473, § 58; 2011, No. 69, § 18; 2011, No. 974, § 6.
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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 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.
Amended by Act 2019, No. 427,§ 11, eff. 7/1/2019.
Acts 1997, No. 1053Acts 1997, No. 1053, § 27.
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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 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 purchase 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)
Service in the National Guard or armed forces reserve service shall be credited to the year in which it was rendered even if the member has concurrent service with a covered employer.
(f)
At the member's request, a member's payment under this section shall be refunded if the:
(1)
Member ceases to be an active member before the service in the National Guard or the armed forces reserve is established as credited service in the system; or
(2)
Service in the National Guard or the armed forces reserve is not otherwise used to establish the member's eligibility for retirement under the system.
(g)
(1)
This section is supplemental to §
24-7-602
, and this section does not diminish the right of a 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.
Amended by Act 2023, No. 55,§ 10, eff. 7/1/2023.
Amended by Act 2021, No. 279,§ 14, eff. 7/1/2021.
Amended by Act 2021, No. 279,§ 13, eff. 7/1/2021.
Amended by Act 2019, No. 427,§ 12, eff. 7/1/2019.
Acts 2001, No. 1296, § 1; 2003, No. 1473, § 60; 2009, No. 468, § 13; 2011, No. 66, § 1; 2011, No. 69, § 20.
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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 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.
(e)
All payments for service credit purchases shall be received by the system before the member's first annuity installment or T-DROP deposit occurs.
Amended by Act 2021, No. 279,§ 16, eff. 7/1/2021.
Acts 2011, No. 69, § 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 6 - ARKANSAS TEACHER RETIREMENT SYSTEM - CREDITED SERVICE (§§ 24-7-601 — 24-7-613) › Section 24-7-613 - Permissive service credit - Gap year service

(a)
A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if:
(1)
The member:
(A)
Has five (5) years of actual service in the system;
(B)
Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years;
(C)
Returns to his or her position as a classroom teacher after one (1) or more gap years;
(D)
Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher;
(E)
Was inactive during the gap year or gap years; and
(F)
Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and
(2)
Each gap year amounts to an entire fiscal year.
(b)
(1)
A member may purchase one (1) year of permissive service credit for each one (1) gap year.
(2)
A member shall not purchase more than five (5) years of permissive service credit.
(c)
Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system.
(d)
Permissive service credit shall be credited in accordance with §
24-7-601
.
(e)
(1)
The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased.
(2)
A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.
(f)
At the member's request, a member's payment for permissive service credit under this section shall be refunded if the:
(1)
Member ceases to be an active member before the permissive service credit is established as credited service in the system; or
(2)
Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.
Added by Act 2023, No. 125,§ 2, eff. 7/1/2023.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-707 - Deferred retirement

(a)
(1)
(A)
If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under §
24-7-505
, then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.
(B)
The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under §
24-7-505
, and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.
(2)
Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.
(3)
A member shall elect an option provided for in §
24-7-706
at the time of filing the written application.
(b)
An inactive member's deferred annuity shall be a life annuity as provided for in §
24-7-705
.
(c)
In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of §
24-7-711
.
(d)
If a member fails to submit a complete deferred retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the Executive Director of the Arkansas Teacher Retirement System.
(e)
(1)
A member may cancel an application for deferred retirement benefits any time before the end of the second full calendar month immediately following 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.
Amended by Act 2023, No. 107,§ 43, eff. 7/1/2023.
Amended by Act 2023, No. 107,§ 42, eff. 7/1/2023.
Amended by Act 2013, No. 606,§ 2, eff. 8/16/2013.
Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 7; A.S.A. 1947, § 80-1443; Acts 1995, No. 281, § 1; 1997, No. 1053, § 8; 2007, No. 97, § 13; 2009, No. 468, § 18; 2011, No. 45, § 10.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-708 - Employment of retired members by covered employers

(a)
Effective July 1, 2009, after terminating employment under §
24-7-502
or reaching the normal retirement age, a retiree may:
(1)
Accept employment with an employer covered by the Arkansas Teacher Retirement System without a limitation of his or her retirement annuity; and
(2)
Continue to receive his or her monthly retirement annuity.
(b)
Employers covered by the system that hire an employee who meets the conditions under subsection (a) of this section shall report the hiring of the retiree to the system in a time and a manner that the system may reasonably require.
(c)
A retiree who receives monthly benefits and is employed by a covered employer shall not accrue additional service credit.
(d)
(1)
For a retired member employed in a position covered by the system, the covered employer shall remit the contributions on all salary paid to the retiree in an amount equal to the employer contribution rate applicable to active members.
(2)
Contributions shall be paid by the employer and are not the responsibility of the retiree.
(e)
(1)
The Board of Trustees of the Arkansas Teacher Retirement System shall adopt rules to carry out the provisions of this section.
(2)
A covered employer that employs retirees is subject to the rules adopted by the board.
Amended by Act 2021, No. 279,§ 22, eff. 7/1/2021.
Acts 1973, No. 427, § 9; 1975, No. 549, § 13; 1977, No. 541, § 8; A.S.A. 1947, § 80-1443; Acts 1991, No. 43, § 7; 1991, No. 239, § 1; 1995, No. 1293, § 1; 1997, No. 384, § 1; 1999, No. 30, § 1; 2001, No. 1146, § 2; 2005, No. 911, § 1; 2007, No. 97, § 14; 2007, No. 612, § 1; 2007, No. 698, § 1; 2009, No. 743, § 6.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-709 - Disposition of retiree contributions - Residue

(a)
(1)
If a retiree and his or her option annuitants, if any, die before receiving annuity payments equal to the retiree's residue, then the residue shall be paid to one (1) or more beneficiaries nominated by the retiree in a written designation that is executed and filed with the Arkansas Teacher Retirement System.
(2)
If a retiree designates more than one (1) beneficiary, the residue shall be divided equally among each designated beneficiary.
(3)
If a retiree and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retiree, the residue shall be paid to the retiree's estate.
(4)
If all designated beneficiaries predecease the retiree, the residue shall be paid to the estate of the most recently deceased designated beneficiary.
(b)
If upon the termination of the option annuity no surviving beneficiary designated by the retiree survives and it is impracticable to make payment to the retiree's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the retiree's estate under §
24-7-734
.
Amended by Act 2023, No. 107,§ 44, eff. 7/1/2023.
Amended by Act 2021, No. 279,§ 23, eff. 7/1/2021.
Acts 1973, No. 427, § 9; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 1; 2007, No. 97, § 15; 2009, No. 468, § 19.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-711 - Refund of member contributions upon termination

(a)
(1)
If a member discontinues covered employment and does not plan to be rehired by a covered employer, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System.
(2)
Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law.
(b)
(1)
If an active member dies and a survivor annuity is not payable under §
24-7-710
, the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system.
(2)
If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate.
(3)
If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter.
(4)
For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011.
(5)
Regular interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death.
(c)
A member or surviving spouse who elects to receive a refund of member contributions under this section also cancels all the member's service credit, including noncontributory service credit, and all membership rights and beneficiary designations in the Arkansas Teacher Retirement System.
Amended by Act 2021, No. 279,§ 25, eff. 7/1/2021.
Amended by Act 2021, No. 279,§ 24, eff. 7/1/2021.
Amended by Act 2017, No. 293,§ 6, eff. 2/28/2017.
Amended by Act 2013, No. 140,§ 5, eff. 8/16/2013.
Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 8; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 3; 2007, No. 97, § 17; 2009, No. 468, § 20; 2011, No. 136, § 1; 2011, No. 976, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-712 - Determination of benefit program

Any member last terminating teacher service before July 1, 1973, shall receive, or shall have paid on his or her behalf, benefits in accordance with the benefit program in effect at the time of retirement.
Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 9; A.S.A. 1947, § 80-1443.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-716 - [Repealed]

Repealed by Act 2015, No. 225,§ 1, eff. 7/1/2015.
Acts 1973, No. 427, § 9; 1985, No. 805, § 10; A.S.A. 1947, § 80-1443.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-718 - Minimum financial conditions for benefit increases

(a)
For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).
(b)
For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.
(c)
(1)
On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met.
(2)
Such delayed increase shall only be given on a July 1 and shall be the increase set out in §
24-7-713(b)(1)
.
Amended by Act 2019, No. 427,§ 15, eff. 7/1/2019.
Acts 1991, No. 44, § 4; 2009, No. 468, § 22.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-725 - Limitation on benefit enhancement of section 24-7-702

(a)
A benefit enhancement provided by §
24-7-702
shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization.
(b)
If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by §
24-7-702
shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by §
24-1-101
et seq.
Amended by Act 2019, No. 427,§ 17, eff. 7/1/2019.
Acts 1997, No. 1074, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-726 - Computation of benefits based on contract salary

If a person employed in a public school district of this state has received an actual salary reduced below the contract salary due to military service or other government service, the Arkansas Teacher Retirement System shall compute retirement benefits based upon the contract salary and not the reduced salary resulting from the military service or other government service, provided that the system receives the employee and employer contributions in effect at the time service is rendered, plus interest, on the difference between the actual salary and the contract salary.
Acts 1999, No. 906, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-728 - Computation of benefits based on life annuity

(a)
(1)
The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefit to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.
(2)
The board may raise the level of benefit to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in §
24-7-705(a)(1)
in accordance with any rules the board might promulgate.
(b)
(1)
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.
(2)
Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.
Amended by Act 2023, No. 107,§ 54, eff. 7/1/2023.
Amended by Act 2019, No. 315,§ 2891, eff. 7/24/2019.
Acts 1999, No. 396, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-729 - Adjustment of section 24-7-713 base amount

The base amount in §
24-7-713
will be adjusted at the same time a benefit increase is granted to active members under §
24-7-728
.
Acts 1999, No. 396, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-731 - Forfeitures

Notwithstanding the provisions of this subchapter, any forfeitures arising from severance of employment, death, or for any other reason shall not be applied to increase the benefit any member would otherwise receive under the Arkansas Teacher Retirement System at any time prior to the termination of the system or the complete discontinuance of employer contributions thereunder.
Acts 2001, No. 155, § 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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-732 - System termination or discontinuance - Vesting

Notwithstanding the provisions of this subchapter, members' accrued benefits under the Arkansas Teacher Retirement System shall be one hundred percent (100%) vested:
(1)
To the extent those benefits are then funded, in the event there is a partial or complete termination of the system or in the event of a complete discontinuance of employer contributions to the system; and
(2)
Upon a member's attaining normal retirement age.
Acts 2001, No. 155, § 4; 2011, No. 45, § 17.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-733 - Limitation on benefits

(a)
(1)
Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code,
26 U.S.C. § 415
, that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code,
26 U.S.C. § 415(b)(1)(A)
.
(2)
The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code,
26 U.S.C. § 415(b)
, applicable to the annuity effective date under the Internal Revenue Code,
26 U.S.C. § 415(d)
, and benefits shall be paid in a manner that protects the tax-qualified status of the system.
(b)
For purposes of determining compliance with the Internal Revenue Code,
26 U.S.C. § 415
, "compensation" is defined as set forth in United States Treasury Regulation,
26 C.F.R. § 1.415-2(d)(2)
, as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code,
26 U.S.C. § 132(f)(4)
, as it existed on January 1, 2011.
Amended by Act 2023, No. 107,§ 56, eff. 7/1/2023.
Amended by Act 2015, No. 301,§ 9, eff. 3/4/2015.
Acts 2001, No. 155, § 4; 2005, No. 71, § 4; 2009, No. 1202, § 1; 2011, No. 45, § 18.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-734 - Lost payees

(a)
(1)
Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary.
(2)
Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.
(b)
(1)
If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system.
(2)
If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered:
(A)
To the member's residual beneficiary, if any;
(B)
To the member's lump-sum death beneficiary, if any;
(C)
To the member's estate, if any; or
(D)
To the system.
(c)
If a provision of this section conflicts with a provision of the Unclaimed Property Act, §
18-28-201
et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, §
18-28-201
et seq.
Amended by Act 2013, No. 140,§ 8, eff. 8/16/2013.
Acts 2001, No. 155, § 4; 2005, No. 385, § 9.
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 7 - ARKANSAS TEACHER RETIREMENT SYSTEM - BENEFITS (§§ 24-7-701 — 24-7-738) › Section 24-7-737 - [Repealed]

Repealed by Act 2013, No. 521,§ 3, eff. 3/28/2013.
Acts 2011, No. 225, § 2.