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24-7-305. Board of trustees — Duties and responsibilities.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-7-305. Board of trustees — Duties and responsibilities.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-305

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Stable record: arkansas_code:legal_authorities:24-7-305
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 157189a31562909f050b2343690ea6a00162246c4c6e1c9caae127db2a0f1bcc

Source location: content.xml paragraph 5673

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24-7-305. Board of trustees — Duties and responsibilities. (a)(1) Both the contributory plan provided by this act and the noncontributory plan established by §§ 24-7-401 — 24-7-411 and 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716 [repealed] shall be under the administration and control of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-301. (2) It is the intent of the General Assembly that neither the composition, responsibilities, nor the authority of the board be changed as a result of §§ 24-7-401 — 24-7-411 and 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and 24-7-716 [repealed]. (b)(1) The board shall promulgate rules as it deems necessary from time to time in the transaction of its business and in administering the Arkansas Teacher Retirement System. (2) In order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter, and to limit the impact of changes in federal requirements on members or the members' benefits, the board may promulgate rules to: (A) Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code, 26 U.S.C. § 411; (B) Maintain the system's retirement plan tax qualification status by the United States Government to remain tax-exempt and tax-qualified under the Internal Revenue Code, 26 U.S.C. § 401(a); and (C) Modify or eliminate a plan provision that was originally established to comply with Internal Revenue Code requirements but is no longer necessary to maintain the plan's tax-qualified status under the Internal Revenue Code, 26 U.S.C. § 1 et seq., including without limitation provisions concerning: (i) Penalties; (ii) Restrictions; (iii) Time limitations; and (iv) Other requirements that impact a member, members' benefits, or the plan. (3) The board may adopt rules, procedures, plans, programs, and actions necessary to enable the system to pay all benefits earned by the system's members and reduce penalties or restrictions required by the Internal Revenue Service while maintaining compliance with the Internal Revenue Service. (4) The board may adopt or amend by motion or resolution at any board meeting investment policies, investment procedures, and investment asset allocation targets that are consistent with the board's fiduciary obligations under the prudent investor rule and other obligations under this subchapter. (5) The board may set or amend by a motion or resolution at any board meeting a de minimis amount of twenty-five dollars ($25.00) or less concerning the system's obligation to distribute or collect payments, penalties, interest, funds, or moneys. (6) The rulemaking authority specifically granted under this chapter shall not limit the general rulemaking authority of the board under subdivision (b)(1) of this section. (c) The board shall adopt from time to time such reasonable mortality and other tables of experience and a rate or rates of regular interest as shall be necessary for the actuarial requirements of the Arkansas Teacher Retirement System. (d) The Executive Director of the Arkansas Teacher Retirement System shall keep, or cause to be kept, in convenient form such data as shall be necessary for actuarial investigations of the experiences of the system, and such data as shall be necessary for annual actuarial valuations of the system. (e)(1) The board shall annually render a report to each employer showing the financial condition of the system as of the preceding June 30. (2) The report shall contain, but shall not be limited to: (A) A financial balance sheet; (B) A statement of income and disbursements; (C) A detailed statement of investments acquired and disposed of during the year, together with a detailed statement of the annual rates of investment income from all assets and from each type of investment; (D) An actuarial balance sheet prepared by means of the last valuation of the system; and (E) Such other data as the board shall deem necessary to comply with § 24-2-702. (3) In addition to the distribution of the report provided by this subsection, it shall also be distributed to the Legislative Council and to the Governor. (f) All records of the system shall be kept and maintained in the office of the system. (g)(1) The board shall arrange for adequate surety bonds covering the executive director and any other custodian of the funds or investments of the board. (2) When approved by the board, the bonds shall be deposited in the office of the Treasurer of State. (h) The records and accounts of the system shall be audited by Arkansas Legislative Audit. (i) The headquarters of the system shall be in Little Rock.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

Page 25 TITLE 26—INTERNAL REVENUE CODE § 1 1 Section catchline amended by Pub. L. 95–30 without cor- responding amendment of analysis. 2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A), Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi- ronmental tax’’. 1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103 Stat. 1980, repealed Pub. L. 100–360, § 111, and provided that the provisions of law amended by such section are restored or revived as if such section had not been en- acted, see 1988 Amendment note below. 1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102 Stat. 697, added part VIII ‘‘Supplemental medicare pre- mium’’. 1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986, 100 Stat. 1771, added part VII. 1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976, 90 Stat. 1792, struck out part V ‘‘Tax surcharge’’. 1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969, 83 Stat. 585, added part VI. 1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82 Stat. 259, added part V. PART I—TAX ON INDIVIDUALS Sec. 1. Tax imposed. 2. Definitions and special rules. 3. Tax tables for individuals having taxable in- come of less than $20,000.1 [4. Repealed.] 5. Cross references relating to tax on individ- uals. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90 Stat. 1559, substituted ‘‘Tax tables for individuals hav- ing taxable income of less than $20,000’’ for ‘‘Optional tax tables for individuals’’ in item 3 and struck out item 4 relating to rules for optional tax. 1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969, 83 Stat. 685, substituted ‘‘Definitions and special rules’’ and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in case of joint return or return

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 401 — Qualified pension, profit-sharing, and stock bonus plans

**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section— (1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan; (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination)); (3) if the plan of which such trust is a part satisfies the requireme

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 401

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 401. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 401 — Qualified pension, profit-sharing, and stock

Page 1178 TITLE 26—INTERNAL REVENUE CODE § 401 1983—Pub. L. 98–21, title III, § 321(e)(2)(D)(ii), Apr. 20, 1983, 97 Stat. 120, substituted ‘‘Employees of foreign af- filiates covered by section 3121(l) agreements’’ for ‘‘Cer- tain employees of foreign subsidiaries’’ in item 406. 1980—Pub. L. 96–603, § 2(d)(1), Dec. 28, 1980, 94 Stat. 3510, added item 404A. Pub. L. 96–222, title I, § 101(a)(7)(L)(v)(VIII), Apr. 1, 1980, 94 Stat. 200, substituted ‘‘tax credit employee stock ownership plans’’ for ‘‘ESOPS’’ in item 409A. 1978—Pub. L. 95–600, title I, § 141(f)(8), Nov. 6, 1978, 92 Stat. 2795, added item 409A. 1974—Pub. L. 93–406, title II, § 1016(b)(1), Sept. 2, 1974, 88 Stat. 932, inserted heading ‘‘Subpart A—General Rule’’ and added analysis of subparts. Pub. L. 93–406, title II, § 2002(h)(2), Sept. 2, 1974, 88 Stat. 970, added items 408 and 409. 1964—Pub. L. 88–272, title II, § 220(c)(1), Feb. 26, 1964, 78 Stat. 62, added items 406 and 407. 1962—Pub. L. 87–792, § 5(b), Oct. 10, 1962, 76 Stat. 827, added item 405. § 401. Qualified pension, profit-sharing, and stock bonus plans (a) Requirements for qualification A trust created or organized in the United States and forming part of a stock bonus, pen- sion, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section— (1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relat- ing to deduction for contributions to profit- sharing and stock bonus plans), or by a chari- table remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the p

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 401

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 401. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 411 — Minimum vesting standards

**(a) General rule** A trust shall not constitute a qualified trust under section 401(a) unless the plan of which such trust is a part provides that an employee’s right to his normal retirement benefit is nonforfeitable upon the attainment of normal retirement age (as defined in paragraph (8)) and in addition satisfies the requirements of paragraphs (1), (2), and (11) of this subsection and the requirements of subsection (b)(3), and also satisfies, in the case of a defined benefit plan, the requirements of subsection (b)(1) and, in the case of a defined contribution plan, the requirements of subsection (b)(2). (1) **Employee contributions** — A plan satisfies the requirements of this paragraph if an employee’s rights in his accrued benefit derived from his own contributions are nonforfeitable. (2) **Employer contributions** (A) *Defined benefit plans* (i) *In general* — In the case of a defined benefit plan, a plan satisfies the requirements of this paragraph if it satisfies the requirements of clause (ii) or (iii). (ii) *5-year vesting* — A plan satisfies the requirements of this clause if an employee who has completed at least 5 years of service has a nonforfeitable right to 100 percent of the employee’s accrued benefit derived from employer contributions. (iii) *3 to 7 year vesting* — A plan satisfies the requirements of this clause if an employee has a nonforfeitable right to a percentage of the employee’s accrued benefit derived from employer contributions determined under the following table: Years of service:The nonforfeitable percentage is: 320 440 560 680 7 or more100. (B) *Defined contribution plans* (i) *In general* — In the case of a defined contribution plan, a plan satisfies the requirements of this paragraph if it satisfies the

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 411

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 411. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 411 — Minimum vesting standards

Page 1360 TITLE 26—INTERNAL REVENUE CODE § 411 § 411. Minimum vesting standards (a) General rule A trust shall not constitute a qualified trust under section 401(a) unless the plan of which such trust is a part provides that an employee’s right to his normal retirement benefit is non- forfeitable upon the attainment of normal re- tirement age (as defined in paragraph (8)) and in addition satisfies the requirements of para- graphs (1), (2), and (11) of this subsection and the requirements of subsection (b)(3), and also satis- fies, in the case of a defined benefit plan, the re- quirements of subsection (b)(1) and, in the case of a defined contribution plan, the requirements of subsection (b)(2). (1) Employee contributions A plan satisfies the requirements of this paragraph if an employee’s rights in his ac- crued benefit derived from his own contribu- tions are nonforfeitable. (2) Employer contributions (A) Defined benefit plans (i) In general In the case of a defined benefit plan, a plan satisfies the requirements of this paragraph if it satisfies the requirements of clause (ii) or (iii). (ii) 5-year vesting A plan satisfies the requirements of this clause if an employee who has completed at least 5 years of service has a nonforfeit- able right to 100 percent of the employee’s accrued benefit derived from employer contributions. (iii) 3 to 7 year vesting A plan satisfies the requirements of this clause if an employee has a nonforfeitable right to a percentage of the employee’s ac- crued benefit derived from employer con- tributions determined under the following table: Years of service: The nonforfeitable percentage is: 3 ........................................ 20 4 ........................................ 40 5 .........................

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 411

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 411. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-7-401. Fund contributions — Fund rates.

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

24-7-411. Compelling payment upon delinquency of employer.

24-7-411. Compelling payment upon delinquency of employer. (a)(1) If any participating employer fails to remit to the Arkansas Teacher Retirement System contributions that are required by law, rule, or regulation by the fifteenth day of the month in which the moneys are due, then the system shall impose an interest penalty of eight percent (8%) per annum with a daily interest accrual. (2) For purposes of this subsection, an employer's remittance is not delinquent if the employer's remittance is: (A) Received by the system by the fifteenth day of the month in which the payment is due; or (B) Postmarked by the fourteenth day of the month in which the payment is due. (3) The interest penalty shall be determined by the system on the date the delinquent funds are received, and a statement of the interest penalty shall be sent to the participating public employer. (4) If the interest penalty or delinquent moneys are not received by the system by the last business day of the month in which the moneys were originally due, then the system shall cause the sums of moneys, including the interest penalty, to be transferred from any moneys due the participating employer from the Treasurer of State and the Department of Education as provided in § 19-5-106(a)(5). (5) This interest penalty shall be computed on the actual days of delinquency and shall be paid to the system to reimburse the trust fund for the money that would have been earned on the moneys had they been paid when due. (b)(1) If a participating employer fails to file with the system a report required by the Board of Trustees of the Arkansas Teacher Retirement System by the fifteenth day of the month in which the report is due, then the system shall impose a penalty of one hundred fifty dollars ($150) for ea

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-411

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 24-7-411. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

24-7-701. Voluntary retirement.

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

24-7-702. Early voluntary retirement.

24-7-702. Early voluntary retirement. (a)(1)(A) Except as provided under subdivision (a)(2) of this section, an active or inactive member who has a combined total of twenty-five (25) or more years of actual and reciprocal service, including purchased or free credited service, but has not attained sixty (60) years of age and is not eligible for retirement under § 24-7-701 may voluntarily retire early by filing a written application with the Board of Trustees of the Arkansas Teacher Retirement System. (B) If a member fails to submit a complete retirement application within six (6) calendar months of the effective date of benefits, including all additional documentation required by the Arkansas Teacher Retirement System, the application shall be void unless an extension is 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 except if the member has attained normal retirement age. (B) A member who fails to meet the termination of covered employment requirements under 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)(1) Upon an active or inactive member's retirement as p

Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-702

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 24-7-702. This identifies an authority to review, not proof of applicability.