Arkansas Administrative Code › Agency 088 - Arkansas Teacher Retirement System › Rule 088.00.07-004 - Rule # 11-1 -- Survivor Benifits; and Rule # 11-2 -- Lump-Sum Death Benifit

Current through Register Vol. 49, No. 6, June, 2024
DEFINITIONS
1.
Refund beneficiary
means a
		  person(s) designated by the member in writing on file with ATRS to receive the
		  member's accumulated contributions standing to his or her credit in the
		  member's deposit account at the time of the member's death, together with
		  regular interest thereon from the time of death to the time of
		  payment.
2.
Residue
		  beneficiary
means a person(s) designated by the member in writing on
		  file with ATRS to receive the residue amount, if any, at the termination of the
		  survivor benefit annuities payable on account of the member's death under
		  § 24-7-711.
3.
Residue
means the amount of the member's accumulated contributions, including
		  regular interest, standing to the member's credit in the members' deposit
		  account at the time of his/her death
RULES
If an active member with five (5) or more years of actual and
			 reciprocal service, including credited service for the year immediately
			 preceding his or her death, dies in employer service before retirement,
			 survivor benefits as provided in A.C.A. § 24-7-710 shall be paid to the
			 following qualifying dependents:
1.
SPOUSE
A. The member's surviving
		  spouse, who was married to the member for at least the two (2) years
		  immediately prior to the member's death, shall receive a surviving spouse
		  annuity.
B. If at f the member's
		  death there are no dependent children eligible to receive a dependent child
		  annuity under § 24-7-710, a surviving spouse who qualifies to receive a
		  surviving spouse annuity may file with the System a written waiver of any
		  rights to the spouse annuity,.
If the surviving spouse files a waiver of the spouse annuity, the
			 deceased member's residue beneficiary(ies) will receive a single distribution
			 of the member's residue amount, if any. .
C. The surviving spouse annuity shall
		  commence when the spouse reaches age 62 and is payable until the spouse's
		  remarries or dies.
D. However, if
		  the member, prior to his of her death, had:
i.
		  Satisfied the age and service requirements provided for in § 24-7-701 or
		  had acquired twenty (20) years of credited service before his/her death, the
		  spouse annuity shall be payable immediately and be payable for the spouse's
		  life; or
ii. Acquired fifteen (15)
		  years of credited service but had not attained age sixty (60) before his/her
		  death, then the surviving spouse annuity shall commence at age 50 and be
		  payable until the spouse remarries or dies.
E. Amount of Surviving Spouse Annuity
The surviving spouse annuity shall be calculated as if the member
			 retired the date of his /her death under § 24-7-705 and elected Option A,
			 nominating his/ her spouse as the Option A beneficiary.
However if the amount payable to the surviving spouse under
			 Option A is less than the amount payable to dependent children as provided in
			 this Policy, the greater of the two annuities shall be paid.
F. If a surviving spouse does not otherwise
		  qualify for a spouse annuity but has in his/her custody any of the deceased
		  member's dependent children receiving a dependent child annuity under No. 2
		  below, a spouse annuity shall be paid to the spouse in the same amount payable
		  to the dependent children under No. 2 below. The annuity paid to the custodial
		  spouse will begin immediately and continue until all the dependent child
		  annuities terminate or the spouse no longer has custody of the dependent
		  children.
To be considered to have "custody" of a dependent child, the
			 spouse must be the primary custodian of the dependent child(ren), having at
			 least 50% custody.