§ 24-7-1504 — Promulgation of rules - Duty of board

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall promulgate rules for the ad hoc benefit under this subchapter. (b) An ad hoc benefit under this subchapter shall not be implemented if the ad hoc benefit would cause the Arkansas Teacher Retirement System's unfunded actuarial accrued liabilities to exceed an eighteen-year amortization. (c) The board shall only authorize an ad hoc benefit that is actuarially appropriate for the system. (d) Before an increase of retirement benefit through an ad hoc benefit is authorized, the board shall file relevant information with the Joint Interim Committee on Public Retirement and Social Security Programs regarding the actuarial appropriateness of the increase. (e) The board may reduce the decade increase formula under § 24-7-1503 proportionately on a one-to-one (1:1) formula basis for each decade when the reduction is actuarially feasible to implement. (f) The ad hoc benefit increase is a one-time adjustment and shall also be used to increase the base amount of a retiree's benefits when calculating any future additional benefit increases.

Legislative History

Amended by Act 2023, No. 107,§ 60, eff. 7/1/2023. Amended by Act 2019, No. 427,§ 22, eff. 7/1/2019. Acts 2009, No. 1315, § 1.