A.C.A. §
24-7-502, A.C.A. §§
24-7-701 -707, and
A.C.A. §
24-7-202 and 24-7- 727
I.
RETIREMENT ELIGIBILITY
A. If eligible, any active or inactive member
who attains age 60 and has five (5) or more years of actual and reciprocal
service credit may voluntarily retire upon written application filed with the
System.
B. If eligible, any active
or inactive member who has not reached age 60 and has twenty-five (25) or more
years of actual and reciprocal service credit, including purchased or free
credited service, may voluntarily retire upon written application filed with
the System.
C. In order to be
eligible, a member must comply with the following requirements:
i. Satisfy the credited service requirements
under one of the System's retirement statutes, A.C.A. §§
24-7-701 -707,
ii. Be credited with
all required employer and member contributions in the member's deposit account
with no amounts owed to the System,
iii. Pay all amounts owed to the System for
underpayments or purchase service accounts; and
iv. Terminate employment with all
participating employers or have reached age 65 or older.
II.
BENEFITS
A. Benefits Formula
The retirement benefits payable shall be the total number of
contributory years of credited service multiplied by 2.15% of the final average
salary, plus the total number of noncontributory years of credited service
multiplied by 1.39% of the final average salary, unless modified by the board
as necessary to maintain actuarial soundness. (A.C.A. §
24-7-705 (b)(5)).
B. Effective Date
of Retirement Benefits (A.C.A. §
24-7-701)
If a member meets all eligibility requirements for retirement and
is approved for retirement, annuity benefits shall be effective the month
proposed by the member. If the member does not file an application at least one
calendar month prior to the proposed effective retirement date, then that
proposed retirement effective date cannot be used, and the member's effective
retirement date shall be the following month.
If a member has signed an employment contract for the fiscal year
and has been paid in full v\/ithout providing service for the full period of
the employment contract, the member's retirement effective date shall not be
prior to July 1 of the subsequent fiscal year.
C. Compound Cost of Living Adjustment (A.C.A.
§
24-7-727)
By Board resolution, as needed to maintain the actuarial
soundness of the system, the Board may reverse a compound cost of living
adjustment. A reversal may be phased in as the Board determines
appropriate.
D. Last
Benefit Payment Upon Death
Benefits are payable through the month in which the retirant's
death occurs.
E. Change of
Marital Status
If the marriage of the member legally ends for any reason, the
member may choose to cancel the designation of the former spouse as the
designated beneficiary. If the member so chooses, the member must file a change
of option beneficiary on an ATRS approved form, and any change in the benefit
amount shall become effective the month after receipt by ATRS of the approved
form.
III. A
member age 65 or older may apply for retirement benefits without terminating
employment and may begin drawing benefits with no effect on the member's
retirement benefit.
IV. In addition
to a complete retirement application, the following documents are mandatory
documents and shall be submitted to ATRS within six (6) months of the effective
date of retirement unless an extension is granted by ATRS:
A. Member elects a straight life annuity:
i. Proof of member's birthdate from a birth
certificate or other authenticating documents.
ii. Proof of member's taxpayer identification
number from a Social Security card or other authenticating documents.
B. Member elects Option A or
Option B benefit with Spouse as the beneficiary:
i. Proof of member's birthdate from a birth
certificate or other authenticating documents.
ii. Proof of member's taxpayer identification
number from a Social Security card or other authenticating documents.
iii Proof of spouse's birthdate
from a birth certificate or other authenticating documents.
iv. Proof of spouse's taxpayer identification
number from a Social Security card or other authenticating documents.
v. Proof of marriage between the member and
spouse from a marriage license or equivalent, marriage license recording
document, or other legally acceptable proof of the existence of the
marriage.
C. Member
elects Option A or Option B benefit with incompetent child as the beneficiary:
i. Proof of member's birthdate from a birth
certificate or other authenticating documents.
ii. Proof of member's taxpayer identification
number from a Social Security card or other authenticating documents.
iii. Adequate proof of the existence of a
guardianship of the member's child due to incapacity that preexists the
member's official retirement date. Authenticating documents may include the
order appointing guardianship of the person, letters of guardianship or other
adequate proof of the existence of the guardianship due to the incapacity of
the member's child.
iv. Proof of
child's taxpayer identification number from a Social Security card or other
authenticating documents.
D. Member elects Option C annuity:
i. Proof of member's birthdate from a birth
certificate or other authenticating documents.
ii. Proof of member's taxpayer identification
number from a Social Security card or other authenticating documents.
E. If the member elects an
alternative residual beneficiary or beneficiaries in lieu of their spouse, the
member shall submit, on a form provided and approved by ATRS, the names of the
alternative residual beneficiary or beneficiaries along with the alternative
residual beneficiary's or beneficiaries' birthdate from a birth certificate or
other authenticating document approved by ATRS. The selection of an alternative
residual beneficiary or beneficiaries allows the member's residue from T-DROP
and/or the member's contributions to be paid in a lump sum to the alternative
residual beneficiary or beneficiaries and a monthly retirement annuity shall
not be paid.
F. The failure to
submit a complete retirement application and any mandatory documents within a
six-month period from the member's effective retirement date plus any extension
granted by ATRS shall result in the retirement application being voided and of
no effect. This rule on required documents applies to all retirement
applications including retirement based upon age retirement, service
retirement, early retirement, and disability retirement.
HISTORY
Amended: June 15, 2004
February 7, 2006
April 26, 2007
June 16, 2009 (Emergency)
October 5, 2009 (Permanent)
July 1, 2011 (Emergency)
Adopted: Augusts, 2011
Effective: November 11, 2011 Approved by
Board: July 26, 2013
Amended: October 9, 2013
Effective: November 8, 2013_ Approved by
Board: October 5, 2015 Amended: February 1, 2016
Effective: February 10, 2016
Approved by Board: February 5, 2018
Effective:
