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(a)
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(1) Any college or university which elects to establish and maintain an alternate retirement plan, and the Arkansas Higher Education Coordinating Board if it so elects, shall contribute to that plan on behalf of each staff member who elects to participate in the alternate retirement plan, or employee of the Division of Higher Education, six percent (6%) of his or her total regular compensation during the continuance of his or her employment.
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(2) Each staff member who elects to participate in the alternate retirement plan, or division employee, at the discretion of the college or university, shall also contribute thereto six percent (6%) of his or her total regular compensation.
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(b)
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(1) At its discretion, the division, college, or university may contribute a minimum of an additional four percent (4%) of the staff member’s total regular compensation.
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(2) The division, college, or university may contribute an amount so that the percentage rate in subdivision (a)(1) of this section plus the additional rate in subdivision (b)(1) of this section equals the total employer contribution rate under the Arkansas Teacher Retirement System if the college or university determines that sufficient funds are available to pay that contribution rate.
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(3) Each staff member may be required to match that additional contribution by contributing a percentage of his or her total regular compensation as determined by the division, college, or university.
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(c) In addition to the contributions defined in subsections (a) and (b) of this section, the division or any college or university which elects to establish and maintain an alternate retirement plan may permit a newly eligible employee who elects to establish and maintain an alternate retirement plan and may permit a newly eligible employee who elects to participate in an alternate retirement plan to make incremental increases in plan contributions to reach the required contribution level by completion of the fourth year of participation in the alternate retirement plan.
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(d) Payment of contributions authorized by this section shall be made by the disbursing officer of the college or university and by the state official charged with the duty of paying salaries to division employees to the designated companies in accordance with the provisions of this section.
