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 24-7-701 - Voluntary retirement

(a)
(1)
(A)
Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.
(B)
If a member fails to submit a complete retirement application 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 has been granted by the Executive Director of the Arkansas Teacher Retirement System.
(2)
(A)
A member shall meet the termination of covered employment requirements under §
24-7-502
to be eligible for retirement unless the member has attained normal retirement age.
(B)
A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.
(C)
(i)
A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.
(ii)
The system may adjust and collect any benefits that have been overpaid to a member under §
24-7-205
.
(D)
A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under §
24-7-502
.
(b)
Upon a member's retirement, he or she or she shall receive a life annuity as provided for in §
24-7-705
.
(c)
The annuity shall begin the first day of the calendar month next following the latest of:
(1)
One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System;
(2)
The member's termination of covered employment;
(3)
The member's attainment of the minimum age; or
(4)
The member's completion of the minimum years of credited service.
(d)
If a member has accrued a full year of service credit for a fiscal year, the annuity shall not begin earlier than on July 1 after the fiscal year ends unless the board adopts by rule or resolution an earlier beginning date for all members whose retirement will not result in a reduction of classroom teachers.
(e)
(1)
A member may cancel an application for voluntary 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,§ 32, eff. 7/1/2023.
Amended by Act 2023, No. 107,§ 31, eff. 7/1/2023.
Amended by Act 2021, No. 279,§ 18, eff. 7/1/2021.
Amended by Act 2021, No. 279,§ 17, eff. 7/1/2021.
Amended by Act 2019, No. 595,§ 2, eff. 7/1/2019.
Amended by Act 2013, No. 720,§ 1, eff. 7/1/2013.
Acts 1973, No. 427, § 9; 1979, No. 681, § 5; 1983, No. 17, § 1; A.S.A. 1947, § 80-1443; Acts 1993, No. 1091, § 2; 1995, No. 282, § 1; 1997, No. 992, § 1; 1997, No. 1053, § 5; 2001, No. 461, § 2; 2007, No. 97, § 10; 2009, No. 468, § 15; 2009, No. 743, § 2; 2011, No. 45, §§ 5, 6.