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24-7-711. Refund of member contributions upon termination.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-7-711
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 96d6868c2889ab7ba187e34c2a2aaf3ba523c6dbe9000ee5a8cf5ee06c287805
Source location: content.xml paragraph 7164
Stored source content
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 service credit, and all membership rights and beneficiary designations in the Arkansas Teacher Retirement System.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-710. Survivor annuity benefits.
(a)(1) If an active member with five (5) or more years of actual and reciprocal service, including credited service for the year immediately preceding his or her death, dies before the receipt of retirement benefits from the Arkansas Teacher Retirement System, then the benefits provided in this section shall be paid to eligible survivors.
(2)(A) An immediately eligible survivor is entitled to receive monthly benefits beginning the month after the death of the member if the survivor application is filed with the system within three (3) months of the death of the member, otherwise the monthly benefits shall begin the month that the survivor application is filed with the system.
(B) If an immediately eligible survivor or the minor survivor's guardian or legal representative fails to complete the application process within six (6) calendar months after the application required under subdivision (a)(2)(A) of this section is filed, including the submission of any additional documentation required by the system, the application shall be void unless an extension is granted by the system.
(b)(1)(A)(i) Unless the member otherwise directs an alternative beneficiary by using a beneficiary form approved by the system, a member's surviving spouse, who was married to the member for at least the two (2) years immediately preceding the member's death, shall receive an annuity computed in the same manner in all respects as if the member had retired on the date of the member's death and elected Option A under § 24-7-706 to provide one hundred percent (100%) survivor annuity benefits, including benefits applicable under § 24-7-713, for his or her spouse.
(ii) The system shall continue to pay any benefits applicable under § 24-7-713 for an elig
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-710
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 24-7-710. This identifies an authority to review, not proof of applicability.