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24-7-707. Deferred retirement.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-707. Deferred retirement.
(a)(1)(A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505, then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.
(B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505, and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.
(2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.
(3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.
(b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705.
(c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711.
(d) If a member fails to submit a complete deferred retirement application within six (6) calendar months of the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is grante
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-707
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:24-7-707
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a52bce7dc290ca794115d4dc04b1ad4a73a9d200e6fd87be0a26efb275f3b526
Source location: content.xml paragraph 7077
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24-7-707. Deferred retirement.
(a)(1)(A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505, then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.
(B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505, and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.
(2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.
(3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.
(b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705.
(c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711.
(d) If a member fails to submit a complete deferred retirement application within six (6) calendar months of the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the system.
(e)(1) A member may cancel an application for deferred retirement benefits any time before two (2) calendar months from 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
24-7-505. Buyout plan for inactive members — Definition.
(a) As used in this section, “buyout plan” means a voluntary program established by the Board of Trustees of the Arkansas Teacher Retirement System to make a one-time lump-sum payment to a member, surviving spouse, or alternate payee in exchange for a member's, surviving spouse's, or alternate payee's cancellation of membership and retirement benefit rights in the Arkansas Teacher Retirement System.
(b)(1) The board may adopt rules as necessary to implement this section.
(2) A buyout plan established by the board:
(A) May be offered periodically and have a limited term of duration for participation, as determined by a resolution adopted by the board at a meeting of the board;
(B) Shall specifically identify the formulas by which contributory and noncontributory service or a future retirement benefit will be purchased by the system as a one-time lump-sum payment from the system, paid directly to the member, surviving spouse, or alternate payee or transferred to another administrator in compliance with the Internal Revenue Code; and
(C) Applies only to a group of members, group of surviving spouses, or group of alternate payees, who:
(i) Are identified by the board as a group eligible to participate in a buyout plan offered by the board; and
(ii) Elect to participate in a buyout plan in exchange for future benefit rights in the system.
(3) A buyout plan established by the board may be extended, modified, or expanded by board resolution.
(c) A member is eligible to participate in a buyout plan if the member is:
(1) Eligible for deferred retirement under § 24-7-707; and
(2) Inactive for a minimum of one (1) year following the last fiscal year that the member rendered actual service to a covered
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-505
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 24-7-505. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-706. Annuity options.
(a)(1) Before the date the first payment of his or her annuity becomes due, a member may elect to receive his or her annuity as a straight life annuity, or he or she may elect to receive the actuarial equivalent, at that time, of his or her straight life annuity in a reduced annuity payable throughout his or her life.
(2) The member may nominate a beneficiary, in accordance with one (1) of the following options:
(A) Option A — 100% Survivor Annuity.
(i) Under Option A, upon the death of a retirant, his or her reduced annuity shall be continued throughout the life of and paid to such person as he or she shall have nominated by written designation executed and filed with the Board of Trustees of the Arkansas Teacher Retirement System before the date the first payment of his or her annuity becomes due.
(ii) The person designated as a beneficiary by the retirant shall be:
(a) The retirant's spouse for not less than one (1) year immediately preceding the first payment due date; or (b) A dependent child of the retirant who has been adjudged physically or mentally incapacitated by a court of competent jurisdiction;
(B) Option B — 50% Survivor Annuity.
(i) Under Option B, upon the death of a retirant, one-half (1/2) of his or her reduced annuity shall be continued throughout the life of and paid to such person as he or she has nominated by written designation executed and filed with the board before the date the first payment of his or her annuity becomes due.
(ii) The person designated as a beneficiary by the retirant shall be:
(a) The retirant's spouse for not less than one (1) year immediately preceding the first payment due date; or (b) A dependent child of the retirant who has been adjudged physically or mentally i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-706
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 24-7-706. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-711. Refund of member contributions upon termination.
(a)(1) If a member discontinues covered employment, the member may elect to be paid a refund of his or her contributions and regular interest credited to the member's deposit account within six (6) months following the date the member's written application is filed with the Arkansas Teacher Retirement System.
(2) Any contributions remaining on deposit shall accrue regular interest at the end of each fiscal year as provided by law.
(b)(1) If an active member dies and a survivor annuity is not payable under § 24-7-710, the member's accumulated contributions and regular interest to the time of payment shall be paid to such persons as the member shall have nominated by a written designation that is executed by the member and filed with the system.
(2) If there are no designated persons surviving the member, the accumulated contributions are payable to the member's estate.
(3) If no annuity is payable to a dependent child on account of the member's death and if the sole beneficiary who can receive the annuity is the member's surviving spouse, then the member's surviving spouse may elect to receive a refund of accumulated contributions and regular interest paid under this subchapter.
(4) For members dying before July 1, 2011, with an unpaid residual balance, interest on the deceased member's accumulated contributions under this subsection shall cease to accrue after July 1, 2011.
(5) Interest on a deceased member's accumulated contributions under this subsection shall cease to accrue on the July 1 after the member's death.
(c) A member or surviving spouse who elects to receive a refund of member contributions under this section also cancels all the member's service credit, including noncontributory ser
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-711
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 24-7-711. This identifies an authority to review, not proof of applicability.