(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.(2) The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate.
(1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefits provided to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System.
(2) The board may raise the level of benefits to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any reduction caused by setting the applicable number of years used in computing final average salary for retirement benefits at not less than three (3) years and not more than five (5) years in accordance with any rules that the board may promulgate.
(b) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system.