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24-7-607. Private school service — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-607. Private school service — Definition.
(a) As used in this section, “private school service” means service rendered in a private school or agency that would have been covered by the Arkansas Teacher Retirement System if the service had been:
(1) Rendered in a public school; and
(2) The private school or agency:
(A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or
(B)(i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System.
(ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.
(b) An active member purchasing certified private school service shall be eligible, upon application, to purchase private school service for a period not to exceed fifteen (15) years, to be credited as certified service under this subchapter under the following conditions:
(1) The private school service credit to be purchased shall be limited to service for which no benefit could be paid by another system similar in purpose to the Arkansas Teacher Retirement System, except Social Security, if the member left on deposit his or her contributions to the other system;
(2)(A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased.
(B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions thereto;
(3) The private school
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-607
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:24-7-607
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f61277e9519ddb8624e57374bdfb2cb69e675b3275c14ca4a6fe601f60c47404
Source location: content.xml paragraph 6578
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24-7-607. Private school service — Definition.
(a) As used in this section, “private school service” means service rendered in a private school or agency that would have been covered by the Arkansas Teacher Retirement System if the service had been:
(1) Rendered in a public school; and
(2) The private school or agency:
(A) Has positions that would require the issuance of a teaching license in a public school based upon a determination by the Arkansas Teacher Retirement System; or
(B)(i) Is recognized as a private educationally related entity by resolution adopted by the Board of Trustees of the Arkansas Teacher Retirement System.
(ii) Private educationally related entity service purchased for employment at a private educationally related entity to obtain system-credited service is limited to five (5) years or less.
(b) An active member purchasing certified private school service shall be eligible, upon application, to purchase private school service for a period not to exceed fifteen (15) years, to be credited as certified service under this subchapter under the following conditions:
(1) The private school service credit to be purchased shall be limited to service for which no benefit could be paid by another system similar in purpose to the Arkansas Teacher Retirement System, except Social Security, if the member left on deposit his or her contributions to the other system;
(2)(A) The member shall pay the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of private school service credit being purchased.
(B) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions thereto;
(3) The private school service shall not become credited service under the Arkansas Teacher Retirement System until:
(A) The member payment under this section has been paid in full; and
(B)(i) The member has established five (5) or more years of actual service, exclusive of private school service.
(ii) If a member ceases to be an active member before the private school service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member;
(4) The benefit program to be applied to each year of private school service credit and private educationally related entity service credit being purchased shall be the benefit program in effect at the time of retirement; and
(5) Such other rules consistent with this subchapter as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.
(c)(1) An active member is eligible to purchase noncertified private school service or private educationally related entity private school service for a period of five (5) years or less that will be credited as noncertified service under this subchapter when:
(A) The member properly submits an application to purchase noncertified private school service or private educationally related entity private school service;
(B) The noncertified service credit to be purchased is limited to service for which no benefit could be paid by another state-supported pension system or a system with a similar purpose when the contributions of the member were left on deposit with the other system; and
(C)(i) The member pays the actuarial equivalent of benefits as set forth under § 24-7-202 to the Arkansas Teacher Retirement System for each year of service credit being purchased.
(ii) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions thereto.
(2) The noncertified service shall not become credited service under the Arkansas Teacher Retirement System until:
(A) The member payment under this section has been paid in full; and
(B)(i) The member has established five (5) or more years of actual service in the Arkansas Teacher Retirement System.
(ii) If a member ceases to be an active member before the noncertified service has been established as system-credited service, the member payments contributed under this section shall be refunded to the member upon request.
(3) The benefit program applied to each year of private school service or private educationally related entity private school service credit being purchased shall be the benefit program in effect at the time of retirement.
(4) The purchase and application of the noncertified service credit shall be subject to the rules consistent with this subchapter as the Arkansas Teacher Retirement System may from time to time adopt.
(d) An active member may purchase a fraction of a year of private school service to be credited as service under this subchapter in the same manner as provided for private school service under subsection (b) of this section if the service meets the following requirements:
(1) The member has not less than one-fourth (¼) of a year of private school service in a fiscal year under § 24-7-601; and
(2) The fraction of a year of private school service may be credited in keeping with policies as provided by § 24-7-601.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-202. Definitions.
As used in this act:
(1) “Accumulated contributions” means the total of all amounts contributed by a member credited to the member's deposit account, together with regular interest;
(2) “Active member” means any member eligible for service credit rendering service to an employer that is covered by the Arkansas Teacher Retirement System;
(3) “Actual service” means service rendered in a position covered by the Arkansas Teacher Retirement System and does not include purchased or free credited service or reciprocal service;
(4) “Actuarial equivalent” means a benefit of equal reserve value when reserve is the present value of all payment to be made on account of any benefit based upon such reasonable rate of interest and table of experience as a plan shall adopt from time to time;
(5) “Administrator” means:
(A) A person who is:
(i) Employed by an education-related agency that participates in the Arkansas Teacher Retirement System; and
(ii) An active member employed in a position that is a grade GS13, a grade above a GS13, or the equivalent of a grade GS13; or
(B) A person who is:
(i) Employed by a participating employer of the Arkansas Teacher Retirement System; and
(ii) Any one (1) of the following:
(a) A public school superintendent, assistant superintendent, principal, or vice principal;
(b) A president, chancellor, or a director of an institution of higher education; or
(c) A president, vice president, or a director of a community college vocational, technical, or educational cooperative;
(6) “Annuity” means an amount payable to a retirant each fiscal year by the Arkansas Teacher Retirement System in equal monthly installments;
(7) “Arkansas Teacher Retirement System” means a governmental state agency created in 197
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-202
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 24-7-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-601. Credited service generally.
(a) By rule, the Board of Trustees of the Arkansas Teacher Retirement System shall fix and determine the number of years, and fraction thereof, of service to be credited each member for his or her employment as an employee.
(b)(1) A member shall be employed by an employer covered by the Arkansas Teacher Retirement System for a minimum of one hundred sixty (160) days per fiscal year to earn one (1) year of credited service.
(2) Fractional years of service may be granted beginning July 1, 1971, as prescribed by the board.
(3) A member shall not receive more than one (1) year of service in any one (1) fiscal year.
(4)(A) Beginning July 1, 2011, a contributory member who accrues less than one-fourth (¼) year of service credit in a fiscal year may accumulate and carry forward days of service until the first fiscal year in which the contributory member accrues the minimum days of service required to credit one-fourth (¼) year of service credit.
(B) Upon the contributing member's accruing of a minimum of one-fourth (¼) year of service credit, the:
(i) Service credit shall be applied to the latest fiscal year; and
(ii) Carry-forward days shall be reset to zero (0).
(c)(1) Days of absence from service because of sickness shall be considered as service if the days are paid sick leave.
(2)(A) Except as provided under subdivision (c)(2)(B) of this section, paid or unpaid accrued, unused sick leave shall not be credited as service in the Arkansas Teacher Retirement System.
(B) If a member dies during active service on or after July 1, 2013, the member's accrued unused sick leave, whether paid or unpaid, shall be credited as service in the fiscal year of the member's death to determine the member's retirement eligibility, fi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-601
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 24-7-601. This identifies an authority to review, not proof of applicability.