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Arkansas Code Title 24. Retirement and Pensions § 24-7-1310. Death of participant

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710 and the rules and resolutions of the Arkansas Teacher Retirement System.

(b)(1) However, the plan participant's eligible surviving spouse may choose to receive the plan benefit in a lump sum without affecting the payment of a monthly retirement benefit from the Arkansas Teacher Retirement System.

(2)(A) Subdivision (b)(1) of this section shall not apply if the member has directed one (1) or more residual beneficiaries under § 24-7-710.

(B) If a member has directed one (1) or more residual beneficiaries, the residual beneficiary shall receive the residual benefits payable, and the spousal benefit shall not be paid.

(c) The Teacher Deferred Retirement Option Plan participant's residue as used in § 24-7-701 et seq. that, except for the provisions of this subsection, would have been paid under § 24-7-709 shall be calculated as the greater of the following:

(1) The accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date reduced by the total amount of regular annuities paid, further reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments; or

(2) The Teacher Deferred Retirement Option Plan account as of the member's retirement effective date reduced by amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-7-1310. Death of participant - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-7-1310/

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