24-7-1009. Retirement plan options for employees of campuses, units, and divisions of the University of Arkansas System.

24-7-1009. Retirement plan options for employees of campuses, units, and divisions of the University of Arkansas System. (a)(1) An employee of a campus, unit, or division of the University of Arkansas System, whose appointment is half-time or greater and the employment is not seasonal, extra help, temporary, or incidental to his or her education, may participate in a retirement plan sponsored by the University of Arkansas System or the Arkansas Public Employees' Retirement System as permitted by the policy adopted by the Board of Trustees of the University of Arkansas. (2) Once an employee makes an election as provided in subdivision (a)(1) of this section, the election is irrevocable during the employee's tenure of employment with the University of Arkansas System. (b)(1) If an employee who is not eligible to participate under subsection (a) of this section becomes eligible under policies adopted by the Board of Trustees of the University of Arkansas to participate in a retirement plan sponsored by the University of Arkansas System or the Arkansas Public Employees' Retirement System, the employee shall participate in a retirement plan sponsored by the University of Arkansas System or the Arkansas Public Employees' Retirement System as permitted by policies adopted by the Board of Trustees of the University of Arkansas beginning on the date the employee becomes eligible. (2) If an employee under subdivision (b)(1) of this section elects to participate in the Arkansas Public Employees' Retirement System as permitted by the Board of Trustees of the University of Arkansas policy, the employee shall receive credit for service for the period of time in which the employee was ineligible to participate if the employee buys service credit by paying in one (1) lump sum: (A) All the employee contributions at the rate and based on the compensation that would have been paid to the employee during the ineligible period of time; (B) All the employer contributions based on the Arkansas Public Employees' Retirement System employer normal cost from the most recently completed Arkansas Public Employees' Retirement System regular annual actuarial valuation and the compensation that would have been paid to the employee during the ineligible period of time; and (C) The regular interest on the employee and employer contributions computed from the date of service that was rendered to the date the payment is received by the Arkansas Public Employees' Retirement System. (c)(1) The University of Arkansas System shall comply with the Arkansas Public Employees' Retirement System rules for an employee of a campus, unit, or division of the University of Arkansas System who is eligible under policies adopted by the Board of Trustees of the University of Arkansas and elects to participate in the Arkansas Public Employees' Retirement System. (2) Notwithstanding any other provision of this section, no employee of a campus, unit, or division of the University of Arkansas System may be permitted to enroll in the Arkansas Public Employees' Retirement System who would not be eligible to enroll under Arkansas Public Employees' Retirement System rules. (d) Beginning July 1, 2011, a new employee of the University of Arkansas System shall not participate in the Arkansas Teacher Retirement System.