Arkansas Administrative Code › Agency 088 - Arkansas Teacher Retirement System › Rule 088.00.06-001 - Rule No. 9-1: Age and Service "Voluntary" -- Retirement H - Annuity Options; Rule No. 11-1: Survivor Benefits; Rule 11-2: Lump-Sum Death Benefit

Current through Register Vol. 49, No. 6, June, 2024
AGE AND SERVICE (VOLUNTARY) RETIREMENT
1.
ELIGIBILITY/QUALIFICATIONS
(Amended by Acts 281 and 282 of 1995; Acts 992 and 1053 of 1997; Act 461
		  of 2001) (A.C.A. §24-7-701)
A. Effective
		  July 1, 1998, any active member who attains age 60 and has five (5) or more
		  years of actual service may voluntarily retire upon written application filed
		  with the Board of Trustees.
B.
		  Active membership will continue beyond a fiscal year in which credited service
		  was rendered provided the employing institution certified continuing
		  employment. Leave of absence with pay upon which the member is making
		  contributions also continues active membership.
C. Effective April 1, 1997, 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 Board.
i.
		  For active members, said annuity shall begin the first day of the calendar
		  month next following the latest of:
(a) one
		  month after the date the written application is filed with the Board;
(b) the member's termination of active
		  membership;
(c) the member's
		  attainment of the minimum age; or
(d) the member's completion of the minimum
		  years of credited service.
ii. For inactive members, said annuity shall
		  begin the first of the month following the date of application.
D. 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 forfeit retirement benefits until
		  the requirements are met.
E. 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 contract is terminated with
		  employer consent before the year of service is rendered.
F. Effective July 1, 1995, a member retiring
		  with an effective date other than July 1, who has not completed his employment
		  contract and who wants to retain credit for service within the current fiscal
		  year may make application to retire one (1) full month prior to the month
		  benefits are to be effective. No salary earned during the fiscal year may be
		  used in the computation of benefits, and no more than one-fourth (1/4) of a
		  year of service credit shall be given for each quarter completed regardless of
		  the number of days worked in a quarter. If a member has signed an employment
		  contract for a fiscal year and has been paid in full for that year, benefits
		  shall not become effective until July 1.
G. The official postmark date may be used as
		  the official date of a transaction when the use of the mails is the usual and
		  customary method of communication for handling such transactions.
H. 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.
I. A er may cancel his
		  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 he shall again become
		  eligible for active membership in the System. This shall be in effect for the
		  1993-94 fiscal year and thereafter.
J. 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.