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24-7-1604. Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-1604. Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011.
(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if:
(1) The employee is:
(A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or
(B) Full-time and the employee continues to provide services in each fiscal year;
(2) The nonmandatory employer chooses to continue reporting service to the system for the employee;
(3) The nonmandatory employer determines that the employee will contribute at least part-time services in subsequent months of the fiscal year if services are not rendered throughout the fiscal year;
(4) The nonmandatory employer remits contributions to the system on behalf of the employee during the fiscal year beginning July 1, 2011, and each fiscal year thereafter; and
(5) The employee's service with the nonmandatory employer is not terminated.
(b) The nonmandatory employer shall remit employer contributions under § 24-7-401 et seq. for an employee under this section and shall be subject to the rights and obligations of an employer under the Arkansas Teacher Retirement System Act.
(c) The employee under this section shall remit employee contributions under § 24-7-406 et seq. and shall be subject to the rights and obligations of an employee under the Arkansas Teacher Retirement System Act.
(d) The nonmandatory employer shall provide information in a format requested by the system to allow the system to monitor and track all employees who participate in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-1604
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:24-7-1604
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b2f2d63ad73b8f68049ce9725a856687c5dca13e3a4f082c785e9883e10110c9
Source location: content.xml paragraph 8263
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24-7-1604. Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011.
(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if:
(1) The employee is:
(A) Part-time and the employee continues to provide services in each fiscal year at approximately the same level of service; or
(B) Full-time and the employee continues to provide services in each fiscal year;
(2) The nonmandatory employer chooses to continue reporting service to the system for the employee;
(3) The nonmandatory employer determines that the employee will contribute at least part-time services in subsequent months of the fiscal year if services are not rendered throughout the fiscal year;
(4) The nonmandatory employer remits contributions to the system on behalf of the employee during the fiscal year beginning July 1, 2011, and each fiscal year thereafter; and
(5) The employee's service with the nonmandatory employer is not terminated.
(b) The nonmandatory employer shall remit employer contributions under § 24-7-401 et seq. for an employee under this section and shall be subject to the rights and obligations of an employer under the Arkansas Teacher Retirement System Act.
(c) The employee under this section shall remit employee contributions under § 24-7-406 et seq. and shall be subject to the rights and obligations of an employee under the Arkansas Teacher Retirement System Act.
(d) The nonmandatory employer shall provide information in a format requested by the system to allow the system to monitor and track all employees who participate in the system.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-401. Fund contributions — Fund rates.
(a)(1) The financial objective of the Arkansas Teacher Retirement System is to establish and receive contributions that expressed as percentages of active member payroll will remain approximately level from generation to generation of Arkansas citizens.
(2) Contributions received each year shall be sufficient:
(A) To fully cover the costs of benefit commitments being made to members for their service being rendered in that year; and
(B) To make a level payment that if paid annually over a reasonable period of future years will fully cover the unfunded costs of benefit commitments for service previously rendered.
(3) If the costs of benefit commitments for service previously rendered are overfunded, the plan may deduct a level payment that if deducted annually over a reasonable period of future years will fully liquidate the overfunded portion of the costs.
(b) An actuarial valuation of the entire system shall be made at least annually by the Board of Trustees of the Arkansas Teacher Retirement System's actuary.
(c)(1) For each fiscal year, the Board of Trustees of the Arkansas Teacher Retirement System shall establish employer contribution rates for the system prospectively and for each fiscal year thereafter.
(2) The employer contribution rates shall be based on the actuary's determination of the rate required to fund the plan in accordance with the objectives stated in subsection (a) of this section.
(3) The employer contribution rates shall be the rates determined by the board based on the annual actuarial valuation.
(4) For the fiscal years ending June 30, 2008, through June 30, 2013, the employer contribution rate shall not exceed fourteen percent (14%).
(5)(A)(i) Beginning July 1, 2015, and for each
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-401
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 24-7-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-406. Retirement fund assets accounts — Members' deposit account — Contributions.
(a)(1) The members' deposit account is the account:
(A) In which member contributions are accumulated;
(B) From which member refunds of contributions are paid; and
(C) From which transfers are made as provided in this act.
(2) Employer contributions that are paid by an employee instead of an employer shall be:
(A) Credited to the members' deposit account; and
(B) Subject to refund under the same conditions that regular member contributions are refunded.
(3) In the event survivor benefits become payable on account of the death of a member, his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred to the survivor benefit account.
(b)(1) Except as provided otherwise in this section, the contributions of a member to the Arkansas Teacher Retirement System shall be the amounts set forth in this subsection.
(2)(A) Each member who first became a member July 1, 1971, or later shall contribute to the system six percent (6%) of his or her salary for all salary earned on or before June 30, 2013.
(B) Beginning July 1, 2013, each member who first became a member July 1, 1971, or later shall contribute to the system the percentage of his or her salary set by the Board of Trustees of the Arkansas Teacher Retirement System under subdivision (b)(8) of this section.
(3) Member contributions before July 1, 1969, shall be in accordance with provisions in force before July 1, 1969.
(4)(A) For each member who first became a member before July 1, 1971, member contributions for the period after June 30, 1969, shall be six percent (6%) of the first seven thousand eight hundred dollars ($7,800) of his or her annual salary thr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-406
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 24-7-406. This identifies an authority to review, not proof of applicability.