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24-7-1504. Promulgation of rules — Duty of board.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1504. Promulgation of rules — Duty of board.
(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter.
(b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.
(c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system.
(d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase.
(e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one formula basis for each decade when the reduction is actuarially feasible to implement.
(f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retirant's benefits when calculating any future additional benefit increases.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1504
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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Record provenance
Stable record: arkansas_code:legal_authorities:24-7-1504
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d663e3f4d492f34c32352a95a80de54d7cde9b42b256c41ce920efdba79f8a7e
Source location: content.xml paragraph 8190
Stored source content
24-7-1504. Promulgation of rules — Duty of board.
(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter.
(b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization.
(c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system.
(d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase.
(e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one formula basis for each decade when the reduction is actuarially feasible to implement.
(f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retirant's benefits when calculating any future additional benefit increases.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1503. Ad hoc benefit formula.
The schedule of decade dollar amounts per year of credited service is:
Formula Decades in Which Credited Service Was Accrued Service Annual $ Increase Per Year of Credited Service 2000 – and later $5 1990–1999 $10 1980–1989 $20 1970–1979 $30 1960–1969 $40 1950–1959 $50 1940–1949 $60 1930–1939 $70 1920–1929 $80 1910–1919 $90
Click to view table.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1503
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 24-7-1503. This identifies an authority to review, not proof of applicability.