Arkansas Administrative Code
Agency 088 - Arkansas Teacher Retirement System
Rule 088.00.93-001 - Qualified Domestic Relations Orders for Active Members
Universal Citation: AR Admin Rules 088.00.93-001
Current through Register Vol. 49, No. 9, September, 2024
QUALIFIED DOMESTIC RELATIONS ORDERS FOR ACTIVE MEMBERS
DEFINITIONS
(1) "Alternate payee" means a spouse, former spouse, child or other dependent of a participant under Arkansas law.
POLICIES
1. Qualified domestic relations orders issued by a chanceiy court of the State of Arkansas and which apply to a participant of the Teacher Retirement System (retirement plan) shall be accepted by the system, subject to the following restrictions:
(a) Benefits to the alternate payee shall
begin when the participant retires, or ceases employment in a covered position
and receives a refund of contributions.
(b) participants receiving disability
benefits, as defined in Section 24-7-704 of the Arkansas Code of 1987,
Annotated, from the retirement plan shall not be subject to quahfied domestic
relations orders.
(c) Pursuant to
Act 1143 of 1993, a model qualified domestic relations order is added as
Addendum A to these policies. Any qualified domestic relation order issued by a
chancery court must comply with the content of and substantially follow the
form set out in the addendtim.
(d)
When a quahfied domestic relations order is received by the retirement plan,
(1) the plan administrator shall promptly
notify the participant and the alternate payee of the receipt of such order,
and
(2) within a reasonable time
after receipt of the order, determine whether the order is a qualified domestic
relations order as set out in Addendum A to these policies and notify the
participant and the alternate payee of such determination.
(e) Qualified domestic relations orders
received prior to a participant's retirement or cessation of employment will be
handled as set out in (d) above, but any amounts payable to the alternate payee
will be held in the participant's account until due to be paid.
(f) Nothing contained in the qualified
domestic relations order shall be construed to require the retirement plan to
provide an alternate payee any type or form of benefit or option not otherwise
available to the participant; to provide the alternate payee actuarial benefits
not available to the participant; or to pay an benefits to the alternate payee
which are required to be paid to another alternate payee under a previous
quahfied domestic relations order.
(g) Should the alternate payee die prior to
the receipt of benefits under the qualified domestic relations order, the
entire amoimt due the alternate payee shall revert to the
participant.
(h) Should the
participant die prior to retirement, the alternate payee shall receive the same
percentage of the participant's contributions, if any, as was awarded by the
court in dividing the marital property. In no case shall be the alternate payee
receive monthly benefits from the retirement plan.
(i) Monthly benefits paid the alternate payee
shall be computed on the benefit formula in effect at the time of the
participant's retirement, but shall include only service credit earned by the
participant diaring the marital relationship.
(j) The retirement plan shall have the right
to malte any necessary correction to the monthly benefit amount paid both to
the participant and the alternate payee and to recover from either, or both,
any overpayments made.
(k) If the
alternate payee fails at any time to notify the retirement plan of any mailing
address change, the retirement plan shall not be eligible for failure to malce
the payments as due.
(l) Should the
retirement plan determine that the alternate payee's monthly benefits are less
than $20.00, the participant shall be paid the total benefit due and shall be
responsible for paying the alternate payee the amoimt due.
(m) Qualified domestic relations order
received by the retirement plan before the effective date of Act 1143 of 1993
may be honored but only if the participant or the alternate payee notifies the
plan, and it is determined that the order is a quahfied order as set out in
Addendiun A.
QUALIFIED DOMESTIC RELATIONS ORDERS FOR RETIRED MEMBERS
DEFINITIONS
(1) "Alternate payee" means a spouse, former spouse, child or other dependent of a participant under Arkansas law.
POLICIES
1. Qualified domestic relations orders issued by a chancery court of the State of Arkansas and which apply to a participant of the Teacher Retirement System (retirement plan) shall be accepted by the system, subject to the following restrictions:
(a) Participants receiving disability
benefits, as defined in Section 24-7-704 of the Arkansas Code of 1987,
Annotated, from the retirement plan shall not be subject to quahfied domestic
relations orders.
(b) Pursuant to
Act 1143 of 1993, a model quahfied dometic relations order is added as Addendum
A to these policies. Any qualified domestic relation order issued by a chancery
court must comply with the content of and substantially follow the form set out
in the addendum.
(c) When a
quahfied domestic relations order is received by the retirement plan,
(1) the plan administrator shall promptly
notify the participant, and the alternate payee of the receipt of such order,
and
(2) within a reasonable time
after receipt of the order, determine whether the order is a qualified domestic
relations order as set out in Addendum A to these policies and notify the
participant and the alternate payee of such determination.
(d) Nothing contained in the qualified
domestic relations order shall be construed to require the retirement plan to
provide an alternate payee any type or form of benefit or option not otherwise
available to the participant; to provide the alternate payee actuarial benefits
not available to the participant; or to pay an benefits to the alternate payee
which are required to be paid to another alternate payee under a previous
quahfied domestic relations order.
(e) Should the alternate payee die prior to
the receipt of benefits under the qualified domestic relations order, the
entire amount due the alternate payee shall revert to the
participant.
(f) Should the
participant die prior to retirement, the alternate payee shall receive the same
percentage of the participant's contributions, if any, as was awarded by the
court in dividing the marital property. In no case shall be the alternate payee
receive monthly benefits from the retirement plan.
(g) The retirement plan shall have the right
to malce any necessary correction to the monthly benefit amount paid both to
the participant and the alternate payee and to recover from either, or both,
any overpayments made.
(h) If the
alternate payee fails at any time to notify the retirement plan of any mailing
address change, the retirement plan shall not be liable for failure to malce
the payments as due.
(i) Should the
retirement plan determine that the alternate payee's monthly benefits are less
than $20.00, the participant shall be paid the total benefit due and shall be
responsible for paying the alternate payee the amount due.
(j) Qualified domestic relations order
received by the retirement plan before the effective date of Act 1143 of 1993
may be honored but only if the participant or the alternate payee notifies the
plan, and it is determined that the order is a quahfied order as set out in
Addendiun A.
(k) During any period
while it is being determined if the order is a qualified domestic relations
order, the plan administrator shall separately account for the amounts which
would have been payable to the alternate payee during that time.
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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