Arkansas Code Title 24. Retirement and Pensions § 24-7-718. Benefit increases--By formula

(a) For an increase in benefit formulas to be effective, the regular annual actuarial valuation for the calendar year immediately preceding the effective date of the increase shall be based upon an investment rate assumption as recommended by the system's actuary as financially sound for the Arkansas Teacher Retirement System and set by the Board of Trustees of the Arkansas Teacher Retirement System and shall indicate that up to and including a fourteen-percent-of-pay employer contribution rate is sufficient to amortize all unfunded actuarial accrued liabilities for members over a period of eighteen (18) years or less unless the required contribution rate would exceed fourteen percent (14%).

(b) For any increase to be effective on a scheduled date, all increases scheduled for that date must collectively meet the minimum financial conditions.