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24-7-701. Voluntary retirement.
Arkansas Code — all titles (historical 2020) · legal_authorities
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-7-701
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f027534507afdcef4c0d832d55a0c0e72cabf1d9732d97f6edb512b7239d6f2c
Source location: content.xml paragraph 6845
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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 the latest of:
(1) One (1) month after the date the written application is filed with the Board of Trustees of the Arkansas Teacher Retirement System;
(2) The member's termination of active membership;
(3) The member's attainment of the minimum age; or
(4) The member's completion of the minimum years of credited service.
(d) If a member has accrued a full year of service credit for a fiscal year, the annuity shall not begin earlier than on the July 1 after the fiscal year.
(e)(1) A member may cancel an application for voluntary retirement benefits up to two (2) calendar months after the effective date of benefits.
(2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-205. Correction of errors.
(a)(1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the records had been correct, the system or its designee shall correct the record and, as far as practicable, shall adjust the obligation, liability, contribution, or other right to payment.
(2) A refund payable to a benefit participant shall be paid based on the corrected record.
(3) The system may withhold an amount owed to the system from a benefit participant to correct an overpayment made to the benefit participant.
(b)(1) If a benefit participant has a balance due to the system or receives any benefit or other distribution by the system to which the benefit participant is not entitled or the benefit participant or employer has an unpaid obligation to the system, the system or its designee, under rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System, may:
(A) Withhold the amount due from any benefit or payment due the benefit participant;
(B) Collect the amount in any other manner provided by law; or
(C)(i) Cancel any contributory service credit for the fiscal year for which there is a member contribution balance due to the system, if the member that owes the member contribution balance elects to have the system cancel the contributory service rather than pay the balance due.
(ii) If contributory service credit is canceled under subdivision (b)(1)(C)(i) of this section, the system shall return any member contributions for the affected portion of that fiscal year witho
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-205
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 24-7-205. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-502. Termination of active membership — Definitions.
(a)(1) A member of the Arkansas Teacher Retirement System shall terminate covered employment and remain terminated during the member's applicable termination separation period to become and remain eligible for retirement.
(2)(A) Effective July 1, 2011, a member shall not be terminated from employment for purposes of retirement eligibility if within six (6) calendar months of the member's effective date of retirement the member:
(i) Meets both of the following requirements:
(a) Becomes employed with an employer covered by the system; and
(b) Has not attained the system's normal retirement age; or
(ii) Does not have a total or a combined total of thirty-eight (38) years or more of credited service in the system, Teacher Deferred Retirement Option Plan, or reciprocal service in another eligible state retirement system.
(B) If a member has a combined total of thirty-eight (38) years or more of credited service in the system, Teacher Deferred Retirement Option Plan, or reciprocal credited service in another eligible state retirement system, then the member shall not be terminated from employment for purposes of retirement eligibility if within one (1) calendar month of the member's effective date of retirement the member:
(i) Becomes employed with an employer covered by the system; and
(ii) Has not attained the system's normal retirement age.
(3) A member who fails to meet both the termination requirement and the termination separation period requirement of this subsection shall:
(A) Repay retirement benefits paid during the period the member did not meet the requirements; and
(B) Forfeit all future retirement benefits until the member files a new completed retirement application using the stan
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-502
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 24-7-502. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-705. Life annuity.
(a)(1)(A)(i) For a member who is retired or who is in the Teacher Deferred Retirement Option Plan as of June 30, 2013, the multipliers used at the time of retirement or entry into the Teacher Deferred Retirement Option Plan shall remain the multipliers used to calculate the member's retirement benefits for retirement or the Teacher Deferred Retirement Option Plan.
(ii) For all service earned through June 30, 2013, by a member who is active or inactive on June 30, 2013, he or she shall receive a straight life annuity equal to his or her number of years of credited service for which member contributions were made as provided in § 24-7-406 multiplied by two and fifteen-hundredths percent (2.15%) of his or her final average salary, or a straight life annuity equal to his or her number of years of credited service rendered after June 30, 1986, for which no member contributions were made as provided in § 24-7-406 multiplied by one and thirty-nine hundredths percent (1.39%) of his or her final average salary, or a combination of both.
(B)(i) The multipliers in this section shall be determined in accordance with this chapter and the rules and resolutions of the Board of Trustees of the Arkansas Teacher Retirement System as is actuarially appropriate for the Arkansas Teacher Retirement System.
(ii) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs.
(2)(A) For a member contributing on only the first seven thousand eight hundred dollars ($7,800) of each annual salary after June 30, 1969, each annual salary used in computing his or her final average salary shall be limited
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-705
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 24-7-705. This identifies an authority to review, not proof of applicability.