Arkansas Administrative Code › Agency 088 - Arkansas Teacher Retirement System › Rule 088.00.07-006 - Rules Nos. 9-1 - Age and Service (Voluntary) Retirement; 9-4 - Deferred Retirement; 9-6 - Annuity Options & Disposition of Residue after Retirement; 10-1 - Rescinding Retirement; 10-3 - Teacher Deferred Retirement Option Plan (T-DROP)

Current through Register Vol. 49, No. 6, June, 2024
RULES
1.
ELIGIBILITY/QUALIFICATIONS
A.
		  Any active or inactive member who attains age 60 and has five (5) or more years
		  of actual and reciprocal service may voluntarily retire upon written
		  application filed with the System.
B. Any active or inactive member who has 28
		  or more years of credited service but has not attained age 60 years may
		  voluntarily retire without reduction in benefits upon written application filed
		  with the System.
i. For active members,
		  annuities payable under the provisions of this rule shall commence the calendar
		  month following the member's eligibility to receive the annuity under §
		  24-7-701.
ii. For inactive members,
		  annuities payable under the provisions of this rule shall commence the calendar
		  month following the member's eligibility to receive the annuity under §
		  24-7-707.
C. Effective
		  July 1, 2001:
i. A member who has not attained
		  normal retirement age (65) must terminate covered employment to be eligible for
		  retirement.
ii. A member shall not
		  be considered terminated from employment for retirement purposes if the person
		  returns to a position that would otherwise be covered by ATRS within thirty
		  (30) days of the person's effective date of retirement.
iii. A person failing to meet these
		  termination of employment requirements shall not be eligible to retire and
		  shall forfeit retirement benefits until the requirements are met. Moreover, any
		  retirement benefits received shall be repaid to the System.
D. In no event shall such annuity
		  begin earlier than the July 1 next following a fiscal school year for which the
		  member has signed an employment contract unless his/her contract is terminated
		  with employer consent before the year of service is rendered.
E. The official postmark date may be used as
		  the official received date of the retirement application.
F. The date of application for disability
		  retirement benefits may be used to determine the effective date of age and
		  service retirement benefits under the provisions of the law. The date of
		  application for age and service retirement benefits may be used to determine
		  the effective date of disability retirement under the provisions of the
		  law.
G. A member may cancel an
		  application for retirement benefits any time prior to thirty (30) days after
		  the later of the effective date of benefits or the receipt of the first
		  retirement check. The member shall notify the Teacher Retirement System of such
		  cancellation in writing within the 30-day period, and shall again become
		  eligible for active membership in the System. This shall be in effect for the
		  1993-94 fiscal year and thereafter.
H. Leave earned prior to the date of
		  termination of employment does not change the date of termination, although a
		  lump-sum payment is made subsequent to the date of termination. The key to
		  termination is the date the employee actually goes off the payroll.