§ 24-7-1603. Provisions of subchapter controlling
(a) (1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternative retirement plan that is offered by a PSHE employer. (2) This subchapter is enacted to supersede and specifically control […]
§ 24-7-1604. Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011
(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if: (1) The employee is: (A) Part-time and the employee continues to provide […]
§ 24-7-1605. Optional participation by institution of higher education employers on or after July 1, 2011
(a) (1) A PSHE employer shall adopt and record a policy or designation that identifies which positions at the PSHE employer’s institution of higher education are benefits-eligible for retirement benefits. (2) A new employee of a PSHE employer may participate in the PSHE plan if the employee: (A) Is benefits-eligible as determined by the PSHE […]
§ 24-7-1606. Concurrent participation and certain salary credit prohibited
(a) A benefits-eligible employee shall not participate in an alternate retirement plan and continue to accrue service credit with the Arkansas Teacher Retirement System. (b) If a benefits-eligible employee is first employed by a nonmandatory employer or PSHE employer after July 1, 2011, and is concurrently employed by another retirement system employer, all separate days […]
§ 24-7-1607. Duties and responsibilities of board
The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary to carry out this subchapter.
§ 24-7-1305. Benefits
The member’s Teacher Deferred Retirement Option Plan benefit shall be the monthly benefit to which the member would have been entitled if the member had actually retired on the plan date without regard to the provisions of § 24-7-708 related to conditions subjecting annuities to limitations.
§ 24-7-1602. Definitions
As used in this subchapter: (1) “Alternative retirement plan” means an optional retirement plan based on the purchase of contracts providing retirement and death benefits for a benefits-eligible employee of a post-secondary or higher education employer; (2) “Benefits-eligible” means a class of employees, determined at the discretion of a post-secondary or higher education employer, eligible […]
§ 24-7-1306. Amount of deposits
(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit. (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 […]
§ 24-7-1307. Account — Credit
(a) The member’s Teacher Deferred Retirement Option Plan account shall be the account in which shall be accumulated the: (1) Plan deposits made on behalf of the member; and (2) Plan interest. (b) At the end of each fiscal year, the Board of Trustees of the Arkansas Teacher Retirement System shall credit each plan participant’s […]
§ 24-7-1308. Termination of participation in Teacher Deferred Retirement Option Plan — Distribution options
(a) (1) The member’s participation in the Teacher Deferred Retirement Option Plan shall cease when the member files an application for voluntary retirement with the Arkansas Teacher Retirement System under § 24-7-701 and is granted a monthly retirement benefit by the system. (2) The system shall cancel a plan participant’s retirement benefits, and the plan […]