§ 24-7-735. Contract buyout agreement — Settlements — Judgments — Calculation of benefits
(a) A member shall not accumulate service credit in the Arkansas Teacher Retirement System during the time that payments under a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment are paid to the member by the employer unless the member continues to work on-site for the employer. (b) (1) The employer […]
§ 24-7-714. Increase in monthly benefits — Acts 1979, No. 655, and Acts 1981, No. 885
(a) The monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Teacher Retirement System who were retired on or before July 1, 1978, and who were receiving benefits on July 1, 1979, shall be increased as follows: (1) For all benefits to retirants and beneficiaries of the system whose total credited service is […]
§ 24-7-736. Calculation of final average salary — Definition
(a) Compensation in excess of the limitations set forth in the Internal Revenue Code of 1986, 26 U.S.C. 401(a)(17), as it existed on January 1, 2011, shall not be used for purposes of calculating final average salary on which benefits under the Arkansas Teacher Retirement System shall be based. (b) (1) The limitation on compensation […]
§ 24-7-715. Benefit rights not subject to legal process — Definition
(a) As used in this section, “pension assignee” means an individual or entity that is not a designated beneficiary and: (1) Is assigned some or all of a benefit participant’s pension benefits by the benefit participant; or (2) Claims an interest in, or control over, a benefit participant’s plan benefit or an account to which […]
§ 24-7-738. Return to regular covered employment for service credit after disability retirement — Alternate option to return to disability retirement — Incentive to work
(a) If a member who has been on disability retirement with the Arkansas Teacher Retirement System returns to regular, covered employment and then returns to disability retirement with the system, the disability retirement benefit shall be the higher of the: (1) Amount that the member would have received if he or she did not return […]
§ 24-7-718. Minimum financial conditions for benefit increases
(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system’s actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board […]
§ 24-7-719. Rollover of distributions — Definitions
(a) As used in this section: (1) “Direct rollover” means a payment by the Arkansas Teacher Retirement System to the eligible retirement plan specified by the distributee; (2) (A) “Distributee” includes a member or former member. (B) The member’s or former member’s surviving spouse and the member’s or former member’s spouse or former spouse who […]
§ 24-7-720. Lump-sum benefit — Definition
(a) (1) (A) If prior to July 1, 2007, an active member of the Arkansas Teacher Retirement System with five (5) or more years of actual service, including actual service for the year immediately preceding the member’s death, dies in employer service before retirement, then a lump sum of up to ten thousand dollars ($10,000) […]
§ 24-7-725. Limitation on benefit enhancement of § 24-7-702
(a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization. (b) If the system’s unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented […]
§ 24-7-704. Disability retirement
(a) (1) (A) An active member in employer service with five (5) or more years of actual and reciprocal service who becomes totally and permanently physically or mentally incapacitated for his or her job duties as a result of a personal injury or disease may be retired by the Board of Trustees of the Arkansas […]