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24-7-1310. Death of participant.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1310. Death of participant.
(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System.
(b)(1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System.
(2)(A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710.
(B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.
(c) For the purposes of § 24-7-709, any amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments shall be considered to be annuity payments received by the member or his or her designated beneficiary and shall reduce or eliminate the disposition of residue that, except for the provisions of this subsection, would have been paid under § 24-7-709.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1310
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:24-7-1310
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7371f1e8f2c6cb19f1b8eae73d2ca293dd3ac03710d99afa6c4518de57dd1eaa
Source location: content.xml paragraph 8079
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24-7-1310. Death of participant.
(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System.
(b)(1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System.
(2)(A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710.
(B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.
(c) For the purposes of § 24-7-709, any amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments shall be considered to be annuity payments received by the member or his or her designated beneficiary and shall reduce or eliminate the disposition of residue that, except for the provisions of this subsection, would have been paid under § 24-7-709.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-709. Disposition of member contributions — Residue.
(a)(1)(A) If a retirant and his or her option annuitants, if any, die before receiving annuity payments equal to the member's residue amount, then the residue amount shall be paid to such persons as the retirant shall have nominated by written designation duly executed and filed with the Arkansas Teacher Retirement System.
(B) As used in this section, “residue” means the difference between the accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date and the total amount of annuities paid.
(2) If a retirant and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retirant, the residue shall be paid to the retirant's estate.
(b) If upon the termination of the option annuity no surviving beneficiary designated by the member survives and it is impracticable to make payment to the member's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the member's estate under § 24-7-734.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-709
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 24-7-709. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-710. Survivor annuity benefits.
(a)(1) 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 before the receipt of retirement benefits from the Arkansas Teacher Retirement System, then the benefits provided in this section shall be paid to eligible survivors.
(2)(A) An immediately eligible survivor is entitled to receive monthly benefits beginning the month after the death of the member if the survivor application is filed with the system within three (3) months of the death of the member, otherwise the monthly benefits shall begin the month that the survivor application is filed with the system.
(B) If an immediately eligible survivor or the minor survivor's guardian or legal representative fails to complete the application process within six (6) calendar months after the application required under subdivision (a)(2)(A) of this section is filed, including the submission of any additional documentation required by the system, the application shall be void unless an extension is granted by the system.
(b)(1)(A)(i) Unless the member otherwise directs an alternative beneficiary by using a beneficiary form approved by the system, a member's surviving spouse, who was married to the member for at least the two (2) years immediately preceding the member's death, shall receive an annuity computed in the same manner in all respects as if the member had retired on the date of the member's death and elected Option A under § 24-7-706 to provide one hundred percent (100%) survivor annuity benefits, including benefits applicable under § 24-7-713, for his or her spouse.
(ii) The system shall continue to pay any benefits applicable under § 24-7-713 for an elig
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-710
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 24-7-710. This identifies an authority to review, not proof of applicability.