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24-7-907. Participation in plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-7-907. Participation in plan.
Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows:
(1) All staff members shall participate in either the Arkansas Teacher Retirement System or an alternate retirement plan or may participate in both, but participation in both shall be limited to the circumstances described in subdivision (2) of this section;
(2) Any staff member who has become fully vested in the retirement system may:
(A) Continue as an active member of the retirement system;
(B) Discontinue contributing to the retirement system, thus becoming an inactive member of the retirement system, and participate instead in an alternate retirement plan. Under those circumstances, the staff member would be both an inactive member of the retirement system and an active member of the alternate retirement plan; or
(C) Participate in an alternate retirement plan and receive 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 and have the member's credited service under the retirement system cancelled;
(3) Any staff member who has participated in the retirement system for a period which is insufficient to allow for full vesting of that staff member's retirement system benefits may:
(A) Continue as an active member of the retirement system;
(B) Discontinue membership in the retirement system and transfer from the retirement system into his or her account with the alternate retirement plan, i.e., roll over all contributions which the staff member has previously made to the retirement system; or
(C) Participate in the alternate retirement plan and receive all accumulated contributions to the credit of the staff
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-7-907
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:24-7-907
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3bdb947c9e2a6ba0530454ff1d8fee10dc999a563ac8bdd1fe6082660aeb80c2
Source location: content.xml paragraph 7757
Stored source content
24-7-907. Participation in plan.
Participation in an alternate retirement plan established pursuant to this subchapter shall be as follows:
(1) All staff members shall participate in either the Arkansas Teacher Retirement System or an alternate retirement plan or may participate in both, but participation in both shall be limited to the circumstances described in subdivision (2) of this section;
(2) Any staff member who has become fully vested in the retirement system may:
(A) Continue as an active member of the retirement system;
(B) Discontinue contributing to the retirement system, thus becoming an inactive member of the retirement system, and participate instead in an alternate retirement plan. Under those circumstances, the staff member would be both an inactive member of the retirement system and an active member of the alternate retirement plan; or
(C) Participate in an alternate retirement plan and receive 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 and have the member's credited service under the retirement system cancelled;
(3) Any staff member who has participated in the retirement system for a period which is insufficient to allow for full vesting of that staff member's retirement system benefits may:
(A) Continue as an active member of the retirement system;
(B) Discontinue membership in the retirement system and transfer from the retirement system into his or her account with the alternate retirement plan, i.e., roll over all contributions which the staff member has previously made to the retirement system; or
(C) Participate in the alternate retirement plan and receive 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 and have the member's credited service under the retirement system cancelled;
(4)(A) No staff member may participate in an alternate retirement plan without giving prior written notice of his or her election to participate in the alternate retirement plan.
(B) The notice of election shall be in writing on a form established by the Department of Career Education and filed with both the Director of the Division of Higher Education and the retirement system.
(C) New staff members shall make the election within ninety (90) days after the date of their employment;
(5)(A) Effective July 1, 2001, a staff member who elected to participate in an alternate retirement plan may elect to become a member of the retirement system.
(B) Service credit forfeited while a member of an alternate retirement plan cannot be established in the retirement system.
(C) 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 to the director and the retirement system by December 31, 2001.
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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.