Arkansas § 24-7-733 Limitation on benefits

Arkansas Statutes

§ 24-7-733 — Limitation on benefits

Arkansas § 24-7-733

Title24

This text of Arkansas § 24-7-733 (Limitation on benefits) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 24-7-733 (2026).

Text

(a)(1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A) .

(2)The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b) , applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d) , and benefits shall be paid in a manner that protects the tax-qualified status of the system.

(b)For purposes of determining compliance with the Inte

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(a) (1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 , that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A) . (2) The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b) , applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d) , and benefits shall be paid in a manner that protects the tax-qualified status of the system. (b) For purposes of determining compliance with the Internal Revenue Code, 26 U.S.C. § 415 , "compensation" is defined as set forth in United States Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2) , as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code, 26 U.S.C. § 132(f)(4) , as it existed on January 1, 2011.

Legislative History

Amended by Act 2023, No. 107,§ 56, eff. 7/1/2023. Amended by Act 2015, No. 301,§ 9, eff. 3/4/2015. Acts 2001, No. 155, § 4; 2005, No. 71, § 4; 2009, No. 1202, § 1; 2011, No. 45, § 18.