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24-7-718. Minimum financial conditions for benefit increases.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-718. Minimum financial conditions for benefit increases.
(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).
(b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.
(c)(1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met.
(2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-718
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:24-7-718
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f42059fd8bc059b3d6affed4980184c8d5814e342c983ae155f59107be7439df
Source location: content.xml paragraph 7288
Stored source content
24-7-718. Minimum financial conditions for benefit increases.
(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).
(b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.
(c)(1) On any scheduled date that the increases do not collectively meet the minimum financial conditions, the Board of Trustees of the Arkansas Teacher Retirement System shall have the authority to delay the increase until the minimum financial conditions are met.
(2) Such delayed increase shall only be given on a July 1 and shall be the increase set out in § 24-7-713(b)(1).
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-713. Retirement annuity — Simple cost of living adjustment and monthly benefit stipend — Definition.
(a)(1) July 1 of each year, retirants, survivors, participants in the Teacher Deferred Retirement Option Plan, and annuity beneficiaries who have been receiving monthly benefits for the previous twelve (12) months shall receive a simple cost of living adjustment.
(2) The cost of living adjustment under this section is calculated by multiplying one hundred percent (100%) of the member's base retirement annuity times three percent (3%).
(3) The redetermined amount shall not be less than the base amount.
(4) As used in this section, “base amount” means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section and the benefit stipend under subsection (d) of this section.
(5) The redetermined amount under this subsection is not considered a benefit enhancement under the limitations under § 24-1-106.
(b)(1) A member with at least ten (10) years of actual service in the Arkansas Teacher Retirement System is eligible to receive a benefit stipend in addition to his or her monthly retirement benefit.
(2) The Board of Trustees of the Arkansas Teacher Retirement System may modify the amount of the benefit stipend from a maximum of seventy-five dollars ($75.00) per month to not less than one dollar ($1.00) per month for eligible benefit participants as a benefit supplement in addition to the cost of living adjustment under subsection (a) of this section.
(3) A benefit stipend increase or decrease adopted by the board shall apply to a complete fiscal year and shall remain in effect until adjuste
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-713
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 24-7-713. This identifies an authority to review, not proof of applicability.