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Arkansas Code Title 24. Retirement and Pensions § 24-7-301. Board of trustees--Members

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

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 of State, the Auditor of State, and the Commissioner of Elementary and Secondary Education shall be ex officio trustees;

(2)(A) Seven (7) members shall be elected active member trustees, each of whom shall have at least five (5) years of actual service in force and be an active member. For the purpose of this section and § 24-7-302, participants in the Teacher Deferred Retirement Option Plan shall be considered active members.

(B) Four (4) active member trustees shall be employed in a position that requires state licensure, but not an administrator's license. One (1) member trustee will be elected from each of the four (4) congressional districts. The four (4) member trustees shall be elected by the members employed in positions that require state licensure, but not an administrator's license.

(C)(i) Two (2) active member trustees shall be employed in a position requiring an administrator's license, one (1) of whom shall be a superintendent or an educational cooperative director.

(ii) These two (2) active member trustees shall be elected by members employed in positions requiring an administrator's license.

(D) One (1) active member trustee shall be employed in a position not requiring state licensure. This member trustee shall be elected by members employed in positions not requiring state licensure;

(3) One (1) trustee shall be a minority, as defined under § 1-2-503, who:

(A) Is an active or retired member of the system;

(B) Is elected from the active and retired membership of the system; and

(C) Has at least five (5) years of actual service;

(4)(A) Three (3) retirees shall be elected retiree trustees by the retirees of the system.

(B) Each retiree trustee shall be a retiree with an annuity being paid by the system at the beginning of his or her term of office;

(5) The member and retiree trustees shall be elected in accordance with rules as have been adopted by the board to govern the elections; and

(6) An employee working for the system is not eligible to be:

(A) Elected or appointed to the board; or

(B) A candidate to be elected or appointed to the board.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-7-301. Board of trustees--Members - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-7-301/

Read this complete Arkansas Code Title 24. Retirement and Pensions § 24-7-301. Board of trustees--Members on Westlaw

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