(a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap periods if the member:(1) Has five (5) years of actual service in the system;(2) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap period or the initial gap period of consecutive gap periods;(3) Returns to his or her position as a classroom teacher after one (1) or more gap periods;(4) Accrues at least one-half (1/2) year of service credit after returning to his or her position as a classroom teacher;(5) Was inactive during the gap period or gap periods; and(6) Is ineligible to receive free service credit for each gap period under another provision of the law applicable to the system.
(1) Has five (5) years of actual service in the system;
(2) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap period or the initial gap period of consecutive gap periods;
(3) Returns to his or her position as a classroom teacher after one (1) or more gap periods;
(4) Accrues at least one-half (1/2) year of service credit after returning to his or her position as a classroom teacher;
(5) Was inactive during the gap period or gap periods; and
(6) Is ineligible to receive free service credit for each gap period under another provision of the law applicable to the system.
(b) (1) A member may purchase one-quarter (1/4) year of permissive service credit for each gap period.(2) A member shall not purchase more than five (5) years of permissive service credit.
(1) A member may purchase one-quarter (1/4) year of permissive service credit for each gap period.
(2) A member shall not purchase more than five (5) years of permissive service credit.
(c) Permissive service credit for one (1) or more gap periods shall not be purchasable after a member retires from the system.
(d) Permissive service credit shall be credited in accordance with § 24-7-601.
(e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each one-quarter (1/4) year of permissive service credit purchased.(2) Each one-quarter (1/4) year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.
(1) The member shall pay the actuarial equivalent of the member's benefits to the system for each one-quarter (1/4) year of permissive service credit purchased.
(2) Each one-quarter (1/4) year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.
(f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the:(1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or(2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.
(1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or
(2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.