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Arkansas Statutes, Title 24

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Arkansas/Statutes

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Title 24, Retirement and Pensions

12 chapters · 682 sections in this title.

All chapters in Title 24682 Ch 7, Retirement of Employees of Schools a…126 Ch 4, Arkansas Public Employees' Retiremen…103 Ch 8, Retirement of Judges and Court Employees85 Ch 11, Local Police and Fire Pension and Re…82 Ch 10, Arkansas Local Police and Fire Retir…65 Ch 6, State Police Retirement62 Ch 2, Public Employee Retirement Plans Gen…54 Ch 5, Arkansas State Highway Employees' Re…39 Ch 12, Local Officers and Employees — Misce…35 Ch 1, General Provisions22 Ch 9, Local Pension Funds Generally9

682 sections·Filtered byTitle 24✕

Ark. Code Ann. § 24-7-1311 Term of participation in Teacher Deferred Retirement Option Plan
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(a) The Arkansas Teacher Retirement System's monthly deposit into the member's Teacher Deferred Retirement Option Plan shall not exceed one (1) plan term of ten (10) consecutive years, beginning with the member's plan date. (b) Once a member participates in the plan, the member s…
Ark. Code Ann. § 24-7-1312 Federal taxation
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(a) The Teacher Deferred Retirement Option Plan is intended to operate in accordance with 26 U.S.C. § 415 and other applicable sections of the Internal Revenue Code in a manner that protects the tax-qualified status of the system. (b) Any provision of the plan that is found to be…
Ark. Code Ann. § 24-7-1313 Limitation on benefit enhancement — Acts 1997, No. 953
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(a) A benefit enhancement provided for by § 24-7-1306 shall not be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) A benefit enhancement provided for by § 24-7-1306 shall no…
Ark. Code Ann. § 24-7-1315 Duty of board of trustees

Showing 301–350 of 682

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The Board of Trustees of the Arkansas Teacher Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a m…

Ark. Code Ann. § 24-7-1316 Funding objectives of Teacher Deferred Retirement Option Plan — Cost neutrality

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As part of its obligation to ensure that the Teacher Deferred Retirement Option Plan is cost neutral to the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments to the plan to make it cost ne…

Ark. Code Ann. § 24-7-1501 Title

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This subchapter shall be known and may be cited as the “Retirees' Ad Hoc Increase Act”. This subchapter shall be known and may be cited as the “Retirees' Ad Hoc Increase Act”.

Ark. Code Ann. § 24-7-1502 Benefit generally

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(a) (1) The annual benefit payable to eligible retirees, survivors, and beneficiaries of retirees of the Arkansas Teacher Retirement System shall be subject to a one-time ad hoc increase based on the retiree's years of credited service that is grouped within descending decades as…

Ark. Code Ann. § 24-7-1503 Ad hoc benefit formula

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The schedule of decade dollar amounts per year of credited service is: Formula Decades in Which Credited Service Was Accrued Ser- | Annual $ Increase Per Year of Credited Service vice 2000 – and later | $5 1990–1999 | $10 1980–1989 | $20 1970–1979 | $30 1960–1969 | $40 1950–1959 …

Ark. Code Ann. § 24-7-1504 Promulgation of rules — Duty of board

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(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…

Ark. Code Ann. § 24-7-1601 Legislative history — Findings — Intent

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(a) It is found and determined by the General Assembly that:(1) The establishment of the Post-Secondary Education Plan is a historical component of retirement legislation that seeks to develop a more equitable retirement system for members of the Arkansas Teacher Retirement Syste…

Ark. Code Ann. § 24-7-1602 Definitions

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(1) As used in this subchapter:(1) “Benefits-eligible” means a class of employees, determined at the discretion of a post-secondary or higher education employer, eligible to participate in the Arkansas Teacher Retirement System, an alternate retirement plan, or the Arkansas Publi…

Ark. Code Ann. § 24-7-1603 Provisions of subchapter controlling

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(a) (1) This subchapter controls any inconsistent provision of any other law regarding the enrollment and coverage of an employee of a PSHE employer in either the Arkansas Teacher Retirement System retirement plan or an alternate retirement plan that is offered by a PSHE employer…

Ark. Code Ann. § 24-7-1604 Coverage for employees enrolled in Arkansas Teacher Retirement System before July 1, 2011

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(a) Beginning July 1, 2011, all current employees of a nonmandatory employer that are current members of the Arkansas Teacher Retirement System may continue membership and continue to accrue service credit in the system without any change in participation in the system if:(1) The…

Ark. Code Ann. § 24-7-1605 Optional participation by institution of higher education employers on or after July 1, 2011

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(a) (1) A PSHE employer shall adopt and record a policy or designation that identifies which positions at the PSHE employer's institution of higher education are benefits-eligible for retirement benefits.(2) A new employee of a PSHE employer may participate in the PSHE plan if th…

Ark. Code Ann. § 24-7-1606 Concurrent participation and certain salary credit prohibited

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(a) A benefits-eligible employee shall not participate in an alternate retirement plan and continue to accrue service credit with the Arkansas Teacher Retirement System. (b) If a benefits-eligible employee is first employed by a nonmandatory employer or PSHE employer after July 1…

Ark. Code Ann. § 24-7-1607 Duties and responsibilities of board

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The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary to carry out this subchapter.

Ark. Code Ann. § 24-7-201 Title

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

Ark. Code Ann. § 24-7-202 Definitions

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(1) 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 employe…

Ark. Code Ann. § 24-7-203 Penalty

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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.

Ark. Code Ann. § 24-7-204 Tax status of system assets

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

Ark. Code Ann. § 24-7-205 Correction of errors

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(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 …

Ark. Code Ann. § 24-7-207 Increase in benefit amount

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(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 le…

Ark. Code Ann. § 24-7-208 Benefit enhancements — Restrictions

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(a) No benefit enhancement provided for by this chapter shall be implemented if it would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (b) No benefit enhancement provided for by this chapter shall be…

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

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(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 …

Ark. Code Ann. § 24-7-210 Federal taxation

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(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 Uni…

Ark. Code Ann. § 24-7-211 Appeals

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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.

Ark. Code Ann. § 24-7-212 Creating an Investment Opportunity for Early Childhood Workers Act of 2025 — Definition

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(a) This section shall be known and may be cited as the “Creating an Investment Opportunity for Early Childhood Workers Act of 2025”. (b) As used in this section, “early childhood worker” means a person who is:(1) Providing teaching, early childcare education, or supervision for …

Ark. Code Ann. § 24-7-301 Board of trustees — Members

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(1) The general administration and responsibility for the proper operation of the Arkansas Teacher Retirement System and for making effective the provisions of this act are vested in a board of trustees of fifteen (15) persons as follows:(1) The Bank Commissioner, the Treasurer o…

Ark. Code Ann. § 24-7-302 Term of office and vacancies

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(a) (1) The term of office of each member-elected trustee shall be six (6) years.(2) (A) (i) An active member trustee shall be ineligible to serve after becoming inactive, retiring, or ceasing to be employed by an Arkansas Teacher Retirement System employer.(ii) A member trustee …

Ark. Code Ann. § 24-7-303 Board of trustees — Officers — Committees

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(a) The Board of Trustees of the Arkansas Teacher Retirement System shall select from its own number a chair and a vice chair. (b) (1) The trustees shall serve as trustees without compensation for their services as such, except that:(A) Each trustee may receive expense reimbursem…

Ark. Code Ann. § 24-7-304 Meetings

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(a) The Board of Trustees of the Arkansas Teacher Retirement System shall hold regular meetings at least quarterly. (b) Eight (8) trustees constitute a quorum at any meeting of the board. (c) Each trustee shall be entitled to one (1) vote on each question before the board, and at…

Ark. Code Ann. § 24-7-305 Board of trustees — Duties and responsibilities

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(a) (1) Both the contributory plan provided by this act and the noncontributory plan established by §§ 24-7-401 — 24-7-411 and 24-7-701, 24-7-702, 24-7-704 — 24-7-713, 24-7-715, and § 24-7-716 [repealed] shall be under the administration and control of the Board of Trustees of th…

Ark. Code Ann. § 24-7-401 Fund contributions — Fund rates

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(a) (1) The financial objective of the Arkansas Teacher Retirement System is to establish and receive contributions that expressed as percentages of active member payroll will remain approximately level from generation to generation of Arkansas citizens.(2) Contributions received…

Ark. Code Ann. § 24-7-402 Assets as trust fund — Custodian

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(a) All assets of the Arkansas Teacher Retirement System shall constitute a single trust fund, and the Board of Trustees of the Arkansas Teacher Retirement System shall be the trustees of the fund. (b) (1) The custodian of system assets shall be the Treasurer of State or other fi…

Ark. Code Ann. § 24-7-403 Restrictions on use of assets

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(a) All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or const…

Ark. Code Ann. § 24-7-404 Default where issuer receives money from State of Arkansas

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In the event of default in payment of the principal or interest of any investment obligation held by the Arkansas Teacher Retirement System where the issuer of the obligation receives moneys from the State of Arkansas, the default shall be certified by the Board of Trustees of th…

Ark. Code Ann. § 24-7-405 Retirement fund assets accounts generally

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The assets of the Arkansas Teacher Retirement System shall be recorded in accounts established by the Board of Trustees of the Arkansas Teacher Retirement System, as necessary, to manage the system's fund assets.

Ark. Code Ann. § 24-7-406 Retirement fund assets accounts — Members' deposit account — Contributions

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(a) (1) The members' deposit account is the account:(A) In which member contributions are accumulated;(B) From which member refunds of contributions are paid; and(C) From which transfers are made as provided in this act.(2) Employer contributions that are paid by an employee inst…

Ark. Code Ann. § 24-7-407 Retirement fund assets accounts — Employer accumulation account

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(a) The employer accumulation account is the account in which shall be accumulated the employer's contributions to the Arkansas Teacher Retirement System, and from which shall be made transfers as provided in this act. (b) Upon the retirement of a member, the difference between h…

Ark. Code Ann. § 24-7-408 Retirement fund assets accounts — Retirement reserve account

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(a) The retirement reserve account shall be the account from which shall be paid all annuities and benefits in lieu of annuities payable as provided in this act to retirees who retired on account of superannuation or disability and to beneficiaries of such retirees. (b) If a disa…

Ark. Code Ann. § 24-7-409 Retirement fund assets accounts — Survivor benefit account

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The survivor benefit account shall be the account from which shall be paid survivor benefits payable as provided in this act.

Ark. Code Ann. § 24-7-410 Retirement fund assets accounts — Income-expense account

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(a) The income-expense account shall be the account to which shall be credited all investment income from invested assets of the Arkansas Teacher Retirement System. It shall also be the account in which shall be accumulated the contributions made by employers for the administrati…

Ark. Code Ann. § 24-7-411 Compelling payment upon delinquency of employer

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(a) (1) If an employer fails to remit moneys that are required by law or rule to the Arkansas Teacher Retirement System by the date and at the frequency established by the Board of Trustees of the Arkansas Teacher Retirement System, the system shall impose an interest penalty equ…

Ark. Code Ann. § 24-7-501 Membership generally

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(a) The membership of the Arkansas Teacher Retirement System shall include the following persons:(1) All teachers who last began service on or after July 1, 1971, and whose service is not covered by another retirement plan similar in purpose to the Arkansas Teacher Retirement Sys…

Ark. Code Ann. § 24-7-502 Termination of active membership — Definitions

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(a) (1) A member of the Arkansas Teacher Retirement System shall terminate covered employment and remain terminated during the member's applicable termination separation period to become and remain eligible for retirement.(2) Effective July 1, 2023, a member shall not be terminat…

Ark. Code Ann. § 24-7-505 Buyout plan for inactive members — Definition

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(a) As used in this section, “buyout plan” means a voluntary program established by the Board of Trustees of the Arkansas Teacher Retirement System to make a one-time lump-sum payment to a member, surviving spouse, or alternate payee in exchange for a member's, surviving spouse's…

Ark. Code Ann. § 24-7-506 Outsourcing — Election to participate — Definitions

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(a) As used in this section:(1) (A) “Covered employer” means any public school, public educational agency, or other eligible employer participating in the Arkansas Teacher Retirement System.(B) “Covered employer” does not include a:(i) Nonmandatory employer or a PSHE employer as …

Ark. Code Ann. § 24-7-507 Youth participants — Summer work programs

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(a) At the request of the Arkansas Teacher Retirement System, a covered employer shall provide the system with a memorandum of understanding, partnership agreement, or another similar document related to the covered employer's actions as a pass-through fiscal agent for participan…

Ark. Code Ann. § 24-7-601 Credited service generally

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(a) By rule, the Board of Trustees of the Arkansas Teacher Retirement System shall fix and determine the number of years, and fraction thereof, of service to be credited each member for his or her employment as an employee. (b) (1) A member shall be employed by an employer covere…

Ark. Code Ann. § 24-7-602 Military service credit

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(a) (1) If a member of the Arkansas Teacher Retirement System enters the United States Armed Forces during a period that a federal military draft was in effect and obtains a refund of member contributions from the system, the compulsory military service required of the member may…