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24-2-401. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-2-401. Definitions.
As used in this subchapter:
(1) “Deferred retirement option plan” means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;
(2) “Public safety service covered by the Arkansas Public Employees' Retirement System” means service as a public safety member as defined in § 24-4-101(34);
(3) “Reciprocal system” means:
(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 — 24-7-205, 24-7-301 — 24-7-305, 24-7-401 — 24-7-411, 24-7-501, 24-7-502, 24-7-601 — 24-7-604, 24-7-606, 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716;
(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103;
(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103;
(D) The State Police Retirement System, established by § 24-6-203;
(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;
(F) An alternate retirement plan for:
(i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; or
(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; or
(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-2-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-2-401
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 35a3d1ceec949caacd203e04c1fb063603e692265599706e4ab129746398dbfc
Source location: content.xml paragraph 589
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24-2-401. Definitions.
As used in this subchapter:
(1) “Deferred retirement option plan” means an option for retirement under a reciprocal system whereby the retirement system members, in lieu of terminating employment, can continue with employment with covered employers and can accept a service retirement benefit pursuant to deferred retirement option plan provisions in § 24-7-1301 et seq. for the Arkansas Teacher Retirement System or for any other deferred retirement option plan which might be created by, or authorized for creation by, law under a reciprocal system;
(2) “Public safety service covered by the Arkansas Public Employees' Retirement System” means service as a public safety member as defined in § 24-4-101(34);
(3) “Reciprocal system” means:
(A) The Arkansas Teacher Retirement System in operation June 30, 1957, and continued by §§ 24-7-202 — 24-7-205, 24-7-301 — 24-7-305, 24-7-401 — 24-7-411, 24-7-501, 24-7-502, 24-7-601 — 24-7-604, 24-7-606, 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716;
(B) The Arkansas State Highway Employees' Retirement System, established by § 24-5-103;
(C) The Arkansas Public Employees' Retirement System, established by § 24-4-103;
(D) The State Police Retirement System, established by § 24-6-203;
(E) The Arkansas Judicial Retirement System, established by § 24-8-201 et seq.;
(F) An alternate retirement plan for:
(i) A college, university, or the Division of Higher Education provided for under § 24-7-801 et seq.; or
(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, provided for under § 24-7-901 et seq.; or
(G) The Arkansas Local Police and Fire Retirement System provided for under § 24-10-101 et seq.; and
(4) “State employer” means:
(A) The public employer whose employees are covered under:
(i) The Arkansas Teacher Retirement System;
(ii) The Arkansas State Highway Employees' Retirement System;
(iii) The Arkansas Public Employees' Retirement System; or
(iv) The State Police Retirement System;
(B) The public employer whose employees are circuit court judges, judges of the Court of Appeals, and justices of the Supreme Court, whether elected or appointed to office, covered under the Arkansas Judicial Retirement System;
(C) The public employer whose employees are district court judges, whether elected or appointed to office, covered under the Arkansas Public Employees' Retirement System; or
(D) A public employer who is:
(i) A college, university, or the Division of Higher Education whose employees are covered by an alternate retirement plan provided for under § 24-7-801 et seq.; or
(ii) A vocational-technical school or the Division of Career and Technical Education, the Adult Education Section, and the Office of Skills Development, whose employees are covered by an alternate retirement plan provided for under § 24-7-901 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-4-101. Definitions.
As used in this act:
(1) “Accumulated contributions” means the sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the member's deposit account, together with regular interest as may have been credited thereon;
(2) “Actual service” means service credited at the rate of one (1) month for each month of service;
(3) “Actuarial equivalent” means a benefit of equal reserve value when “reserve” means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as a plan shall adopt from time to time;
(4) “Actuary” means a qualified actuary with experience in retirement plan financing. Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;
(5) “Age” means age on last birthday;
(6)(A) “Annuity” means a monthly amount payable from funds of the Arkansas Public Employees' Retirement System throughout the life of a person.
(B) All annuities shall be paid in equal monthly installments;
(7) “Annuity reserve” means the present value of an annuity computed upon the basis of mortality and other such tables of experience and regular interest, as the Board of Trustees of the Arkansas Public Employees' Retirement System shall adopt;
(8) “Beneficiary” means any person except a retirant who is receiving or is designated by a member to receive a plan benefit;
(9) “Benefit program” means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined;
(10) “Board” means the Board of Trustees of the Arkansas Public Employees' Retirement System, as created in this act;
(11)(A) “Compensation” means the recurring remunerat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-4-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-4-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1301. Election to participate — Conditions.
(a) In lieu of terminating employment and accepting a service retirement benefit pursuant to § 24-7-101 et seq., any person who is a member of the Arkansas Teacher Retirement System and who meets the conditions specified in subsection (b) of this section may elect to participate in the Teacher Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter.
(b) The condition required for participation in the plan is that the member must have at least thirty (30) years of service credit in the system.
(c) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary for the orderly administration of the plan, including without limitation the rules for eligibility for continuance of deposits for part-time employment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-7-1301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-202. Definitions.
As used in this act:
(1) “Accumulated contributions” means the total of all amounts contributed by a member credited to the member's deposit account, together with regular interest;
(2) “Active member” means any member eligible for service credit rendering service to an employer that is covered by the Arkansas Teacher Retirement System;
(3) “Actual service” means service rendered in a position covered by the Arkansas Teacher Retirement System and does not include purchased or free credited service or reciprocal service;
(4) “Actuarial equivalent” means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;
(5) “Administrator” means:
(A) A person who is:
(i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and
(ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or
(B) A person who is:
(i) Employed by a participating employer of the Arkansas Teacher Retirement System; and
(ii) Any one (1) of the following:
(a) A public school superintendent, assistant superintendent, principal, or vice principal;
(b) A president, chancellor, or a director of an institution of higher education; or
(c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;
(6) “Annuity” means an amount payable to a retirant each fiscal year by the Arkansas Teacher Retirement System in equal monthly installments;
(7) “Arkansas Teacher Retirement System” means a governmental state agency created in 197
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-202
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-7-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-205. Correction of errors.
(a)(1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the records had been correct, the system or its designee shall correct the record and, as far as practicable, shall adjust the obligation, liability, contribution, or other right to payment.
(2) A refund payable to a benefit participant shall be paid based on the corrected record.
(3) The system may withhold an amount owed to the system from a benefit participant to correct an overpayment made to the benefit participant.
(b)(1) If a benefit participant has a balance due to the system or receives any benefit or other distribution by the system to which the benefit participant is not entitled or the benefit participant or employer has an unpaid obligation to the system, the system or its designee, under rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System, may:
(A) Withhold the amount due from any benefit or payment due the benefit participant;
(B) Collect the amount in any other manner provided by law; or
(C)(i) Cancel any contributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system cancel the contributory service rather than pay the balance due.
(ii) If contributory service credit is canceled under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year witho
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-205
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-7-205. This identifies an authority to review, not proof of applicability.