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Current as of March 28, 2024 | Updated by Findlaw Staff
(a)(1) A public school teacher or administrator who is a member of the Arkansas Teacher Retirement System and takes a leave of absence from a school in order to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant shall be eligible, upon application, to receive credited service in the system for the time of actual enrollment in the institution.
(2) Evidence of the minimum days of enrollment at an institution of higher education in a fiscal year equivalent to the minimum days of service required for a fiscal year of service credit under § 24-7-601 shall be presented with the application.
(b) The service shall be credited in accordance with § 24-7-601.
(c) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of service credit being granted.
(d) At the member's request, a member's payment under this section shall be refunded if the:
(1) Member ceases to be an active member before the service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is established as credited service in the system; or
(2) Service for leave of absence to obtain an advanced degree at an institution of higher learning or to fulfill the requirements of a scholarship or grant is not otherwise used to establish the member's eligibility for retirement under the system.
Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-7-606. Service for leave of absence to obtain advanced degree - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-7-606/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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