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24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953.
(a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.
(b) A benefit enhancement provided for by § 24-7-1306 shall not be implemented by the system until the unfunded actuarial accrued liability is reduced to a level less than an eighteen-year amortization.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1313
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:24-7-1313
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 132d98b219411bcc87c7e9e4a59a17db2a0177a3db06fce0a240478e037e6ec8
Source location: content.xml paragraph 8110
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24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953.
(a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.
(b) A benefit enhancement provided for by § 24-7-1306 shall not be implemented by the system until the unfunded actuarial accrued liability is reduced to a level less than an eighteen-year amortization.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1306. Amount of deposits.
(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit.
(b) If a plan participant has at least thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, a plan deposit shall be calculated beginning with the participant's plan benefit and then reduced by one percent (1%) for each year of credited service, including fractions of a year.
(c)(1) If a plan participant has at least twenty-eight (28) years of credited service but fewer than thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, the Board of Trustees of the Arkansas Teacher Retirement System may authorize early participation in the plan.
(2) The plan deposit of the early participant shall be calculated beginning with the plan benefit of the early participant, then initially reduced by one percent (1%) for each year of credited service, including fractions of a year, and then may be further reduced by at least an additional five-tenths of one percent (0.5%) but no more than one percent (1%) of the initially reduced plan deposit for each month of credited service under thirty (30) years.
(d) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan by board resolution to make it cost-neutral to the Arkansas Teacher Retirement System.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1306
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 24-7-1306. This identifies an authority to review, not proof of applicability.