§ 24-7-728 — Computation of benefits based on life annuity

(a) (1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to raise the level of benefit to the current retirees and other beneficiaries of the Arkansas Teacher Retirement System. (2) The board may raise the level of benefit to a comparable level increase that matches the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in § 24-7-705(a)(1) in accordance with any rules the board might promulgate. (b) (1) The amount of any increase for retirees and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system. (2) Before increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the Joint Committee on Public Retirement and Social Security Programs.

Legislative History

Amended by Act 2023, No. 107,§ 54, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2891, eff. 7/24/2019. Acts 1999, No. 396, § 2.