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24-7-729. Adjustment of § 24-7-713 base amount.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-729. Adjustment of § 24-7-713 base amount.
The base amount in § 24-7-713 will be adjusted at the same time a benefit increase is granted to active members under § 24-7-728.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-729
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:24-7-729
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4647e1985cbd2d5ced00eda8a27e52d26b0e294445f9995e3ac5cf6e5043b4db
Source location: content.xml paragraph 7428
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24-7-729. Adjustment of § 24-7-713 base amount.
The base amount in § 24-7-713 will be adjusted at the same time a benefit increase is granted to active members under § 24-7-728.
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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.
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. The source passage cites 24-7-728. This identifies an authority to review, not proof of applicability.