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(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit.
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(b) If a plan participant has at least thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, a plan deposit shall be calculated beginning with the participant’s plan benefit and then reduced by one percent (1%) for each year of credited service, including fractions of a year.
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(c)
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(1) If a plan participant has at least twenty-eight (28) years of credited service but fewer than thirty (30) years of credited service in the Arkansas Teacher Retirement System, including combined service with a reciprocal system, the Board of Trustees of the Arkansas Teacher Retirement System may authorize early participation in the plan.
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(2) The plan deposit of the early participant shall be calculated beginning with the plan benefit of the early participant, then initially reduced by one percent (1%) for each year of credited service, including fractions of a year, and then may be further reduced by at least an additional five-tenths of one percent (0.5%) but no more than one percent (1%) of the initially reduced plan deposit for each month of credited service under thirty (30) years.
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(d) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan by board resolution to make it cost-neutral to the Arkansas Teacher Retirement System.
