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24-7-715. Benefit rights not subject to legal process — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-715. Benefit rights not subject to legal process — Definition.
(a) As used in this section, “pension assignee” means an individual or entity that is not a designated beneficiary and:
(1) Is assigned some or all of a benefit participant’s pension benefits by the benefit participant; or
(2) Claims an interest in, or control over, a benefit participant’s plan benefit or an account to which a benefit participant’s plan benefit is deposited.
(b)(1) Except as provided in subsection (e) of this section, a benefit participant’s right to an annuity, to the return of accumulated contributions, to the annuity itself, to any annuity option, to a plan benefit, and to any other right accrued or accruing under the provisions of this act, and all moneys belonging to the Arkansas Teacher Retirement System, shall not be:
(A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or
(B) Assignable or transferable.
(2) An employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a benefit participant.
(3) This subsection does not prevent the right of the system to:
(A) Correct errors under § 24-7-205 in any manner provided by law; or
(B) Collect any moneys due from or related to a member account associated with a benefit participant.
(4) This subsection does not apply to the rollover of distributions as allowed under § 24-7-719.
(c) If an inactive member is found by any court of competent jurisdiction of this state to be willfully refusing or failing to support minor dependent children of the individual in violation of a court order providing for such support, although the individual is financially able to do so, then the court may order the a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-715
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:24-7-715
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5cac14874bc33dead598286d00f53fc57295070d136c45f5a79e36f3ffe04a6f
Source location: content.xml paragraph 7240
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24-7-715. Benefit rights not subject to legal process — Definition.
(a) As used in this section, “pension assignee” means an individual or entity that is not a designated beneficiary and:
(1) Is assigned some or all of a benefit participant’s pension benefits by the benefit participant; or
(2) Claims an interest in, or control over, a benefit participant’s plan benefit or an account to which a benefit participant’s plan benefit is deposited.
(b)(1) Except as provided in subsection (e) of this section, a benefit participant’s right to an annuity, to the return of accumulated contributions, to the annuity itself, to any annuity option, to a plan benefit, and to any other right accrued or accruing under the provisions of this act, and all moneys belonging to the Arkansas Teacher Retirement System, shall not be:
(A) Subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other legal or equitable process; or
(B) Assignable or transferable.
(2) An employer shall have the right of setoff for any claim arising from embezzlement by, or fraud of, a benefit participant.
(3) This subsection does not prevent the right of the system to:
(A) Correct errors under § 24-7-205 in any manner provided by law; or
(B) Collect any moneys due from or related to a member account associated with a benefit participant.
(4) This subsection does not apply to the rollover of distributions as allowed under § 24-7-719.
(c) If an inactive member is found by any court of competent jurisdiction of this state to be willfully refusing or failing to support minor dependent children of the individual in violation of a court order providing for such support, although the individual is financially able to do so, then the court may order the accumulated contributions, annuity or annuity options, or any other funds accruing under this chapter to be paid into the registry of the court for such further disposition as the court deems just and proper.
(d)(1) If, under the provisions of subsection (c) of this section, a court orders all, or a portion of, a person’s accumulated contributions to be paid into the registry of the court, the payment shall be made by the system to the court.
(2) The system shall notify the person of the payment and give the person an opportunity to redeposit the amount of the payment in the system.
(3) If the payment is not redeposited, then any system annuity otherwise payable to, or on behalf of, the person shall be reduced in the proportion that the payment bears to the person's accumulated contributions before the payment.
(e)(1) A pension assignee shall not use any device, transfer, or other related scheme to circumvent the prohibition against the assignment or transfer of a plan benefit.
(2) A device, transfer, or other related scheme under subdivision (e)(1) of this section includes without limitation:
(A) The deposit of a plan benefit into a joint account held by a benefit recipient and a pension assignee; and
(B) A pension assignee’s authorization under a power of attorney or other instrument to access, or obtain funds from, an account to which plan benefits are deposited.
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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
24-7-719. Rollover of distributions — Definitions.
(a) As used in this section:
(1) “Direct rollover” means a payment by the Arkansas Teacher Retirement System to the eligible retirement plan specified by the distributee;
(2)(A) “Distributee” includes a member or former member.
(B) The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in the Internal Revenue Code, 26 U.S.C. § 414(p), as it existed on January 1, 2011, are distributees with regard to the interest of the spouse or former spouse;
(3)(A) “Eligible retirement plan” means an eligible plan under the Internal Revenue Code, 26 U.S.C. § 457(b), as it existed on January 1, 2011, that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such a plan from the Arkansas Teacher Retirement System individual retirement account described in the Internal Revenue Code, 26 U.S.C. § 408(a), as it existed on January 1, 2011, and an individual retirement annuity described in the Internal Revenue Code, 26 U.S.C. § 408(b), as it existed on January 1, 2011, an annuity plan described in the Internal Revenue Code, 26 U.S.C. § 403(a), as it existed on January 1, 2011, an annuity contract described in the Internal Revenue Code, 26 U.S.C. § 403(b), as it existed on January 1, 2011, or a qualified plan described in the Internal Revenue Code, 26 U.S.C. § 401(a), as it existed on January 1, 2011, that accepts the distributee's eligible rollover distribution.
(B) The definition of “eligible retirement plan” shall also apply in the case of distribu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-719
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 24-7-719. This identifies an authority to review, not proof of applicability.