§ 24-7-201. Title

This act, which establishes the Arkansas Teacher Retirement System, may be cited as the “Arkansas Teacher Retirement System Act”.

§ 24-7-202. Definitions

As used in this act: (1) “Accumulated contributions” means the total of all amounts contributed by a member credited to the member’s deposit account, together with regular interest; (2) “Active member” means any member eligible for service credit rendering service to an employer that is covered by the Arkansas Teacher Retirement System; (3) “Actual service” […]

§ 24-7-203. Penalty

Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in an attempt to defraud the Arkansas Teacher Retirement System shall be guilty of a Class A misdemeanor and upon conviction shall be punished as provided by law.

§ 24-7-204. Tax status of system assets

The assets of the Arkansas Teacher Retirement System are exempt from taxes by the state, any political subdivision, or an agency thereof.

§ 24-7-205. Correction of errors

(a) (1) If a change, omission, or error in the records of the Arkansas Teacher Retirement System results in a benefit participant, employer, or the system having received an overpayment or underpayment of any obligation, liability, contribution, or other right to payment more or less than what would have been paid or received if the […]

§ 24-7-206. Withholding association membership dues

(a) (1) Upon receipt of a written request signed by a retiree who is receiving an annuity from the Arkansas Teacher Retirement System, the retirement system shall withhold membership dues of the Arkansas Education Association – Retired, the National Education Association – Retired, and the Arkansas Retired Teachers’ Association from the monthly annuity checks of […]

§ 24-7-207. Increase in benefit amount

(a) The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this act to raise the level of benefits to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result […]

§ 24-7-208. Benefit enhancements — Restrictions

(a) No benefit enhancement provided for by this act shall be implemented if it would cause the publicly supported retirement system’s unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) No benefit enhancement provided for by this act shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized […]

§ 24-7-209. Suspension of benefit payments upon request

(a) Subject to the minimum distribution provisions of § 24-7-730, a person entitled to receive an annuity may submit a request to the system in writing, for personal reasons and without disclosure thereof, to suspend the payment of all the benefit otherwise payable to him or her by the system. (b) Upon receipt of the […]

§ 24-7-210. Federal taxation

(a) The Executive Director of the Arkansas Teacher Retirement System is authorized and directed to operate the Arkansas Teacher Retirement System and interpret any provisions of § 24-7-101 et seq. consistent with the requirements under the Internal Revenue Code and applicable United States Department of the Treasury regulations necessary to permit the system to be […]

§ 24-7-211. Appeals

A benefit participant or employer may appeal a final administrative decision of the Board of Trustees of the Arkansas Teacher Retirement System by filing a complaint in the Pulaski County Circuit Court.