§ 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 […]

§ 24-7-1503. 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 […]

§ 24-7-1504. 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. […]