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24-7-807. Participation in plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-807. Participation in plan.
Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows:
(1) Any staff member employed or appointed by a college or university on or after the establishment of its alternate retirement plan shall participate in the plan or in the Arkansas Teacher Retirement System;
(2) Any staff member employed or appointed by a college or university prior to July 1, 1969, who is a member of the retirement system shall continue in that membership or shall participate in the alternate retirement plan, as provided in this subchapter;
(3)(A) Any staff member employed or appointed by a college or university with less than ten (10) years of member service in the retirement system may elect to terminate his or her membership in the retirement system and participate in the alternate retirement plan established by the employing college or university.
(B) The election shall be in writing and filed with the retirement system and the disbursing officer of the employing college or university within one (1) year after he or she becomes eligible to participate in the alternate retirement plan, except that, on or after July 1, 1993, until December 31, 1993, any staff member employed or appointed by a college or university who has less than ten (10) years of member service in the retirement system and who has not already so elected may elect to terminate his or her membership in the retirement system and participate in the alternate retirement plan established by the employing college or university. The election shall be in writing and filed with the retirement system and the disbursing officer of the employing college or university.
(C) All accumulated contributions to the credit of the staff member in the me
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-807
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:24-7-807
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5075df9ba8b0f754b253f8658ad34b84c49fa60e7c3562cc1dceed5a62cde21c
Source location: content.xml paragraph 7628
Stored source content
24-7-807. Participation in plan.
Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows:
(1) Any staff member employed or appointed by a college or university on or after the establishment of its alternate retirement plan shall participate in the plan or in the Arkansas Teacher Retirement System;
(2) Any staff member employed or appointed by a college or university prior to July 1, 1969, who is a member of the retirement system shall continue in that membership or shall participate in the alternate retirement plan, as provided in this subchapter;
(3)(A) Any staff member employed or appointed by a college or university with less than ten (10) years of member service in the retirement system may elect to terminate his or her membership in the retirement system and participate in the alternate retirement plan established by the employing college or university.
(B) The election shall be in writing and filed with the retirement system and the disbursing officer of the employing college or university within one (1) year after he or she becomes eligible to participate in the alternate retirement plan, except that, on or after July 1, 1993, until December 31, 1993, any staff member employed or appointed by a college or university who has less than ten (10) years of member service in the retirement system and who has not already so elected may elect to terminate his or her membership in the retirement system and participate in the alternate retirement plan established by the employing college or university. The election shall be in writing and filed with the retirement system and the disbursing officer of the employing college or university.
(C) All accumulated contributions to the credit of the staff member in the members' deposit account which is maintained pursuant to the provisions of § 24-7-406 shall be returned to the staff member, and all of his or her credited service under the retirement system shall be cancelled;
(4)(A)(i) Any staff member employed or appointed by a college or university with five (5) or more years of actual service who elects to participate only in the alternate retirement plan and who has left his or her contributions in the retirement system shall be eligible to receive an annuity on or after attaining sixty (60) years of age and on his or her retirement from covered employment.
(ii) The amount of the annuity shall be determined by the benefit formula of the retirement system at the time of his or her retirement.
(B) The election authorized under subdivision (4)(A) of this section shall be made in writing and filed with the retirement system and with the disbursing officer of the employing college or university on or before July 1 of the year in which the person makes the election to participate in the alternate retirement plan.
(C) The person's annuity shall begin on the first day of the month following the date his or her application for retirement is filed with the board of trustees on or after his or her attainment of age sixty (60);
(5)(A)(i) Any Division of Higher Education employee who transferred from another state department or division covered by a state-supported retirement system may elect to participate in an alternate retirement plan.
(ii) The employee shall file written notice of his or her election with the Director of the Division of Higher Education.
(B)(i) Any division employee with five (5) or more years of actual service who elects to participate only in the alternate retirement plan and who has left his or her contributions in the retirement system shall be eligible to receive an annuity on or after attaining the normal retirement age and on his or her retirement from covered employment.
(ii) The amount of the annuity shall be determined by the benefit formula of the retirement system at the time of his or her retirement.
(C)(i) The election authorized under this subdivision (5) shall be made in writing and filed with the retirement system and with the director on or before July 1 of the year in which the person makes the election to participate in the alternate retirement plan.
(ii) The person's annuity shall begin on the first day of the month following the date his or her application for retirement is filed with the board of trustees on or after his or her attainment of normal retirement age and on his or her retirement from covered employment.
(D)(i) Effective July 1, 2001, staff members who elect to participate in an alternate retirement plan may elect to become members of the retirement system.
(ii) Service credit forfeited while a member of an alternate retirement plan cannot be established in the retirement system.
(iii) The election to withdraw from the alternate retirement plan and become a member of the retirement system shall be made by December 31, 2001, and notice of the election shall be made in writing and filed with the retirement system and the disbursing officer of the employing college or university by December 31, 2001.
(6)(A) Each college or university shall provide to each new employee of the college or university a written document explaining to the employee each of his or her retirement plan options.
(B) The written document shall contain a line for the employee's signature verifying that he or she understands his or her retirement plan options.
(C) The signed document shall be added to the employee's personnel file.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-406. Retirement fund assets accounts — Members' deposit account — Contributions.
(a)(1) The members' deposit account is the account:
(A) In which member contributions are accumulated;
(B) From which member refunds of contributions are paid; and
(C) From which transfers are made as provided in this act.
(2) Employer contributions that are paid by an employee instead of an employer shall be:
(A) Credited to the members' deposit account; and
(B) Subject to refund under the same conditions that regular member contributions are refunded.
(3) In the event survivor benefits become payable on account of the death of a member, his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred to the survivor benefit account.
(b)(1) Except as provided otherwise in this section, the contributions of a member to the Arkansas Teacher Retirement System shall be the amounts set forth in this subsection.
(2)(A) Each member who first became a member July 1, 1971, or later shall contribute to the system six percent (6%) of his or her salary for all salary earned on or before June 30, 2013.
(B) Beginning July 1, 2013, each member who first became a member July 1, 1971, or later shall contribute to the system the percentage of his or her salary set by the Board of Trustees of the Arkansas Teacher Retirement System under subdivision (b)(8) of this section.
(3) Member contributions before July 1, 1969, shall be in accordance with provisions in force before July 1, 1969.
(4)(A) For each member who first became a member before July 1, 1971, member contributions for the period after June 30, 1969, shall be six percent (6%) of the first seven thousand eight hundred dollars ($7,800) of his or her annual salary thr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-406
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 24-7-406. This identifies an authority to review, not proof of applicability.