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Arkansas Code Title 24. Retirement and Pensions § 24-7-707. Deferred annuity

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

(a)(1)(A) If an active member becomes inactive before the member reaches sixty (60) years of age and completes five (5) years of actual and reciprocal service or if the member has not obtained a refund or participated in a buyout plan of the member's rights to benefits in the Arkansas Teacher Retirement System under § 24-7-505, then the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.

(B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505, and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.

(2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.

(3) A member shall elect an option provided for in § 24-7-706 at the time of filing the written application.

(b) An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705.

(c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of § 24-7-711.

(d) If a member fails to submit a complete deferred retirement application by the end of the sixth full calendar month immediately following the effective date of benefits, including all additional documentation required by the system, the application shall be void unless an extension is granted by the Executive Director of the Arkansas Teacher Retirement System.

(e)(1) A member may cancel an application for deferred retirement benefits any time before the end of the second full calendar month immediately following the effective date of benefits.

(2) The member shall notify the system of cancellation in writing. Upon cancellation, the member shall be eligible for active membership in the system.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-7-707. Deferred annuity - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-7-707/

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