§ 24-7-1312. Federal taxation
(a) The Teacher Deferred Retirement Option Plan is intended to operate in accordance with 26 U.S.C. § 415 and other applicable sections of the Internal Revenue Code in a manner that protects the tax-qualified status of the system. (b) Any provision of the plan that is found to be in conflict with an applicable provision […]
§ 24-7-1313. Limitation on benefit enhancement — Acts 1997, No. 953
(a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System’s unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) A benefit enhancement provided for by § 24-7-1306 shall not be implemented by the system until the unfunded actuarial accrued liability is reduced […]
§ 24-7-1315. Duty of board of trustees
The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.
§ 24-7-1316. Funding objectives of Teacher Deferred Retirement Option Plan — Cost neutrality
As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost neutral to the Arkansas Teacher Retirement System.
§ 24-7-1501. Title
This subchapter shall be known and may be cited as the “Retirants’ Ad Hoc Increase Act”.
§ 24-7-1502. Benefit generally
(a) (1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirants of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retirant’s years of credited service that is grouped within descending decades as calculated by subtracting the total years of credited service from the […]
§ 24-7-1302. Application — Review
(a) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) The member’s plan application shall be reviewed by the Arkansas Teacher Retirement System within a reasonable period of time to determine […]
§ 24-7-1503. Ad hoc benefit formula
The schedule of decade dollar amounts per year of credited service is: Formula Decades in Which Credited Service Was Accrued Service Annual $ Increase Per Year of Credited Service 2000 – and later $5 1990–1999 $10 1980–1989 $20 1970–1979 $30 1960–1969 $40 1950–1959 $50 1940–1949 $60 1930–1939 $70 1920–1929 $80 1910–1919 $90 Click to view […]
§ 24-7-1303. Contributions to Arkansas Teacher Retirement System
(a) (1) When a member begins participation in the Teacher Deferred Retirement Option Plan, member contributions to the Arkansas Teacher Retirement System shall cease. (2) Until and on August 31, 2003, employer contributions on behalf of the members participating in the Teacher Deferred Retirement Option Plan that are due the system may be retained by […]
§ 24-7-1504. Promulgation of rules — Duty of board
(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter. (b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System’s unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. […]