(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 participant forfeits any retirement benefits, including plan account benefits, if the participant:(A) Fails to meet the termination of employment requirement of § 24-7-701; and(B) Has not reached normal retirement age.(3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.
(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 participant forfeits any retirement benefits, including plan account benefits, if the participant:(A) Fails to meet the termination of employment requirement of § 24-7-701; and(B) Has not reached normal retirement age.
(A) Fails to meet the termination of employment requirement of § 24-7-701; and
(B) Has not reached normal retirement age.
(3) A plan participant becomes eligible again for retirement benefits, including plan account benefits, when the termination requirements are met.
(b) (1) When the member's participation in the plan ceases, the member may elect to:(A) Receive the balance in the plan account as a lump sum;(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.(2) The Board of Trustees of the Arkansas Teacher Retirement System shall:(A) Determine factors to be used for the conversion of plan balances to monthly amounts;(B) Set requirements for the member's election under this subsection; and(C) Modify the options under subdivision (b)(1) of this section by rule as necessary.(3) A member may cancel his or her original election and elect another distribution option under subdivision (b)(1) of this section if the member:(A) Did not elect to receive all or a part of the balance in the plan account as a lump sum payable through an Internal Revenue Code-eligible rollover transaction;(B) Has not previously changed his or her election;(C) Cancels his or her election before the end of the second full calendar month immediately following his or her effective retirement date;(D) Files with the system a new distribution election form approved by the system; and(E) Repays the system any amount that he or she is no longer entitled to have received as a result of changing his or her election.
(1) When the member's participation in the plan ceases, the member may elect to:(A) Receive the balance in the plan account as a lump sum;(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.
(A) Receive the balance in the plan account as a lump sum;
(B) Annuitize the plan account as a monthly benefit paid under the annuity option selected by the member; or
(C) Receive a part of the balance in the plan account as a lump sum and annuitize the remaining balance.
(2) The Board of Trustees of the Arkansas Teacher Retirement System shall:(A) Determine factors to be used for the conversion of plan balances to monthly amounts;(B) Set requirements for the member's election under this subsection; and(C) Modify the options under subdivision (b)(1) of this section by rule as necessary.
(A) Determine factors to be used for the conversion of plan balances to monthly amounts;
(B) Set requirements for the member's election under this subsection; and
(C) Modify the options under subdivision (b)(1) of this section by rule as necessary.
(3) A member may cancel his or her original election and elect another distribution option under subdivision (b)(1) of this section if the member:(A) Did not elect to receive all or a part of the balance in the plan account as a lump sum payable through an Internal Revenue Code-eligible rollover transaction;(B) Has not previously changed his or her election;(C) Cancels his or her election before the end of the second full calendar month immediately following his or her effective retirement date;(D) Files with the system a new distribution election form approved by the system; and(E) Repays the system any amount that he or she is no longer entitled to have received as a result of changing his or her election.
(A) Did not elect to receive all or a part of the balance in the plan account as a lump sum payable through an Internal Revenue Code-eligible rollover transaction;
(B) Has not previously changed his or her election;
(C) Cancels his or her election before the end of the second full calendar month immediately following his or her effective retirement date;
(D) Files with the system a new distribution election form approved by the system; and
(E) Repays the system any amount that he or she is no longer entitled to have received as a result of changing his or her election.
(c) When the member's participation in the plan ceases, the board shall cause the member's plan benefit to be paid directly to the member in the form of regular monthly amounts in the same amount and manner as would have been the case if the member had retired on the plan date and had made the same election under § 24-7-706 that was made on or before the plan date.
(d) (1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement.(2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.
(1) A member who fails to meet the termination requirements and receives retirement benefits shall repay any benefits received before becoming eligible again for voluntary retirement.
(2) If the member becomes eligible to receive the plan account distribution before the system collects it back from the member, the system may charge interest on the distribution for the time the member was ineligible to receive the distribution.
(e) The system may offset, adjust, or otherwise collect any benefits overpaid to a member under this subchapter.