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24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options.
(a)(1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system.
(2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant:
(A) Fails to meet the termination of employment requirement of § 24-7-701; and
(B) Has not reached normal retirement age.
(3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.
(b)(1) When the member's participation in the plan ceases, the member may elect to:
(A) Receive the balance in the plan account as a lump sum;
(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or
(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.
(2) A member who selects the option under subdivision (b)(1)(C) of this section may receive his or her account distribution as follows:
(A) Seventy-five percent (75%) in a lump-sum payment and twenty-five percent (25%) annuitized;
(B) Fifty percent (50%) in a lump-sum payment and the remaining fifty percent (50%) annuitized; or
(C) Twenty-five percent (25%) in a lump-sum payment and seventy-five percent (75%) annuitized.
(3) The Board of Trustees of the Arkansas Teacher Retirement System shall:
(A) Determine factors to be used for the conversion of plan balances to monthly
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1308
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:24-7-1308
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 44bed325b561b955686509554bf622c38ca819facbe66cf13106c97274765352
Source location: content.xml paragraph 8045
Stored source content
24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options.
(a)(1) The member's participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system.
(2) The system shall cancel a plan participant's retirement benefits, and the plan participant forfeits any retirement benefits, including plan account benefits, if the participant:
(A) Fails to meet the termination of employment requirement of § 24-7-701; and
(B) Has not reached normal retirement age.
(3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.
(b)(1) When the member's participation in the plan ceases, the member may elect to:
(A) Receive the balance in the plan account as a lump sum;
(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or
(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.
(2) A member who selects the option under subdivision (b)(1)(C) of this section may receive his or her account distribution as follows:
(A) Seventy-five percent (75%) in a lump-sum payment and twenty-five percent (25%) annuitized;
(B) Fifty percent (50%) in a lump-sum payment and the remaining fifty percent (50%) annuitized; or
(C) Twenty-five percent (25%) in a lump-sum payment and seventy-five percent (75%) annuitized.
(3) The Board of Trustees of the Arkansas Teacher Retirement System shall:
(A) Determine factors to be used for the conversion of plan balances to monthly amounts;
(B) Set requirements for the member's election under this subsection; and
(C) Modify the options under subdivision (b)(1) of this section by rule as necessary.
(c) When the member's participation in the plan ceases, the board shall cause the member's plan benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the plan date and had made the same election under § 24-7-706 that was made on or before the plan date.
(d)(1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement.
(2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.
(e) The system may offset, adjust, or otherwise collect any benefits overpaid to a member under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-701. Voluntary retirement.
(a)(1)(A) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.
(B) If a member fails to submit a complete retirement application within six (6) calendar months after the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension has been granted by the system.
(2)(A) A member shall meet the termination of covered employment requirements under § 24-7-502 to be eligible for retirement unless the member has attained normal retirement age.
(B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.
(C)(i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.
(ii) The system may adjust and collect any benefits that have been overpaid to a member under § 24-7-205.
(D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under § 24-7-502.
(b) Upon a member's retirement, he or she or she shall receive a life annuity as provided for in § 24-7-705.
(c) The annuity shall begin the first day of the calendar month next following
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-701
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 24-7-701. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-706. Annuity options.
(a)(1) Before the date the first payment of his or her annuity becomes due, a member may elect to receive his or her annuity as a straight life annuity, or he or she may elect to receive the actuarial equivalent, at that time, of his or her straight life annuity in a reduced annuity payable throughout his or her life.
(2) The member may nominate a beneficiary, in accordance with one (1) of the following options:
(A) Option A — 100% Survivor Annuity.
(i) Under Option A, upon the death of a retirant, his or her reduced annuity shall be continued throughout the life of and paid to such person as he or she shall have nominated by written designation executed and filed with the Board of Trustees of the Arkansas Teacher Retirement System before the date the first payment of his or her annuity becomes due.
(ii) The person designated as a beneficiary by the retirant shall be:
(a) The retirant's spouse for not less than one (1) year immediately preceding the first payment due date; or (b) A dependent child of the retirant who has been adjudged physically or mentally incapacitated by a court of competent jurisdiction;
(B) Option B — 50% Survivor Annuity.
(i) Under Option B, upon the death of a retirant, one-half (1/2) of his or her reduced annuity shall be continued throughout the life of and paid to such person as he or she has nominated by written designation executed and filed with the board before the date the first payment of his or her annuity becomes due.
(ii) The person designated as a beneficiary by the retirant shall be:
(a) The retirant's spouse for not less than one (1) year immediately preceding the first payment due date; or (b) A dependent child of the retirant who has been adjudged physically or mentally i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-706
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 24-7-706. This identifies an authority to review, not proof of applicability.