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24-7-411. Compelling payment upon delinquency of employer.
Arkansas Code — all titles (historical 2020) · legal_authorities
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-7-411
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3914b3c32b6ad57aeca7f5f87e5ea2fcc735f7d2036e3f5d9f63ec740bed8e5b
Source location: content.xml paragraph 6093
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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 each late report.
(2) For purposes of this subsection, a report is not late if the report is:
(A) Received by the system by the fifteenth day of the month in which the report is due; or
(B) Postmarked by the fourteenth day of the month in which the report is due.
(3) A statement of the penalty shall be sent to the participating employer.
(4) If the penalty is not received by the last business day of the month in which the report was due, then the system shall cause the penalty amount 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) The penalty amounts collected shall be deposited to the credit of the administrative funds of the system to help defray the cost of additional expenses incurred due to the additional work required to process late reports.
(6) In addition to the late report penalty under subdivision (b)(1) of this section, the system may impose an additional penalty of five hundred dollars ($500) for a report that is filed with the system over one (1) month late.
(c) The board or its designee may waive penalties and interest for an employer delinquency under this section if the board or its designee finds that:
(1) The delinquency was not the result of the employer's nondisclosure, fraud, or misrepresentation; and
(2) Under the circumstances, requiring payment of the delinquency by the employer would be unduly penal, burdensome, or result in a manifest injustice.
(d)(1) If an employer fails to remit system contributions and reports required under subsections (a) and (b) of this section, the amount of delinquent funds including contributions, penalties, and interest owed to the system may be deducted from the operating funds designated to the employer through the department and remitted directly by the department to the system's appropriate account for the use and benefits of the members.
(2) The operating funds from which delinquent funds may be deducted for a public school district or open-enrollment public charter school are limited to:
(A) State funding distributed under § 6-20-2305, including without limitation state foundation funding and state categorical funding;
(B) Federal funding to the extent allowed under federal law; and
(C) The net assets of an open-enrollment public charter school deemed property of the state upon revocation or nonrenewal of the charter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-106. Transfer of funds.
(a) The Chief Fiscal Officer of the State may direct a transfer of funds on the books of the Treasurer of State, the Auditor of State, and the Department of Finance and Administration for the following purposes:
(1) To correct accounting errors;
(2) To make loans to authorized funds, fund accounts, or accounts and to repay such loans when they become due and payable, all of which as may be authorized by law;
(3) To reimburse the Miscellaneous Revolving Fund or successor funds, fund accounts, or accounts for the payment of claims, refunds, or other authorized disbursements as may be authorized by law;
(4) For such other purposes as may be specifically authorized by law;
(5)(A) To transfer funds on deposit in the State Treasury containing operating moneys for any:
(i) Political entity, including any state agency, board, commission, department, institution, state-supported community college, college, or university;
(ii) Political subdivision of the state, including a regional, county, or municipal government; or
(iii) School district,
to the state agency responsible for administering federal Social Security and state retirement programs for public employees, public school teachers as defined by law, highway employees, and state police employees in such amounts as shall be certified as being due, including any penalties due to delinquency of obligations.
(B)(i) The head of the state agency responsible for administering the programs shall certify to the Chief Fiscal Officer of the State the agencies, funds, amounts involved, and any other pertinent information.
(ii) The Chief Fiscal Officer of the State shall then notify the Auditor of State and the Treasurer of State of the transfers; or
(6) To transfer funds between sta
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-106
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 19-5-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-2305. School funding.
(a)(1)(A) For each school year, each school district shall receive state foundation funding aid computed as the foundation funding amount under subdivision (a)(2) of this section less the sum of:
(i) Ninety-eight percent (98%) of the uniform rate of tax multiplied by the property assessment of the school district; and
(ii) An amount of miscellaneous funds of the school district calculated under § 6-20-2308.
(B) The Division of Elementary and Secondary Education shall distribute state foundation funding aid to each school district in twelve (12) monthly payments.
(2)(A) For the 2019-2020 school year, the foundation funding amount is equal to six thousand eight hundred ninety-nine dollars ($6,899) multiplied by the school district's average daily membership for the previous school year.
(B) For the 2020-2021 school year and each school year thereafter, the foundation funding amount is equal to seven thousand eighteen dollars ($7,018) multiplied by the school district's average daily membership for the previous school year.
(3)(A) A school district that has experienced a decline in average daily membership over the two (2) immediately preceding school years shall receive:
(i) Declining enrollment funding equal to the difference between the average of the two (2) immediately preceding years' average daily memberships and the average daily membership for the previous school year multiplied by the amount of foundation funding set forth in subdivision (a)(2) of this section; or
(ii) Special needs isolated funding under § 6-20-604.
(B) Any funding appropriated and available for declining enrollment funding under subdivision (a)(3)(A)(i) of this section or special needs isolated funding under § 6-20-604 that is not distributed under
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-2305
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 6-20-2305. This identifies an authority to review, not proof of applicability.