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24-7-611. Domestic federal service — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-611. Domestic federal service — Definition.
(a) As used in this section, “domestic federal service” means service rendered as a teacher or administrator in any school or similar institution located on a military base or installation that is administered by the United States Department of Defense.
(b) From and after January 1, 2003, an active member shall be eligible upon application to purchase domestic federal service to be credited as service under this section under the following conditions:
(1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement 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, and it shall be limited to ten (10) years;
(2)(A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits.
(B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions;
(3) The domestic federal service shall not become credited service under this 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 domestic federal service.
(ii) If a member ceases to be an active member before the domestic federal 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 service credit being granted shall be the benefit p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-611
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:24-7-611
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85f6731881d92e25e2619e35838e68f5ac27af82eda92b2a82555881aad9fb80
Source location: content.xml paragraph 6659
Stored source content
24-7-611. Domestic federal service — Definition.
(a) As used in this section, “domestic federal service” means service rendered as a teacher or administrator in any school or similar institution located on a military base or installation that is administered by the United States Department of Defense.
(b) From and after January 1, 2003, an active member shall be eligible upon application to purchase domestic federal service to be credited as service under this section under the following conditions:
(1) The domestic federal service credit to be granted shall be limited to service for which no benefit could be paid by a retirement 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, and it shall be limited to ten (10) years;
(2)(A) For each year of domestic federal service credit granted, the member shall pay to the system the employee and employer contributions based on the actuarial equivalent of the member's benefits.
(B) The payment is credited to the member's account in the members' deposit account and is in addition to regular member contributions;
(3) The domestic federal service shall not become credited service under this 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 domestic federal service.
(ii) If a member ceases to be an active member before the domestic federal 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 service credit being granted shall be the benefit program in effect at the time of retirement; and
(5) The other rules consistent with this section as the Board of Trustees of the Arkansas Teacher Retirement System may from time to time adopt.
(c) An active member may purchase a fraction of a year of domestic federal service to be credited as service under this subchapter in the manner as provided for domestic federal service under subsection (b) of this section if the service meets the following requirements:
(1) The member has not less than one-fourth (¼) year of domestic federal service in a fiscal year under § 24-7-601; and
(2) The fraction of a year of domestic federal service may be credited in keeping with policies as provided by § 24-7-601.
(d) However, the board shall not implement this section until the system has reduced its unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years to a level less than the standards prescribed for those public retirement systems under §§ 24-1-104 and 24-1-105.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-1-104. Liabilities not to exceed thirty-year amortization.
No legislated benefit enhancement shall be enacted which would cause the system's unfunded accrued actuarial liabilities to exceed a thirty-year amortization.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-1-104
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 24-1-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-1-105. Liabilities exceeding thirty-year amortization period — Legislated benefit enhancement prohibited.
When any retirement system on or after March 14, 1995, has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years, that system shall not have a legislated benefit enhancement until the unfunded actuarial accrued liability is reduced to a level less than the standards set by this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-1-105
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 24-1-105. 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.