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24-7-728. Computation of benefits based on life annuity.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-728. Computation of benefits based on life annuity.
The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this section to raise the level of benefit to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate. The amount of any increase for retirants and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. Prior to 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, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-728
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:24-7-728
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 323cc01ce179fa0ff3363994d613d76797b6a5eccdb7c73375b2bd014141cb0e
Source location: content.xml paragraph 7420
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24-7-728. Computation of benefits based on life annuity.
The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this section to raise the level of benefit to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate. The amount of any increase for retirants and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. Prior to 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, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.
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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.