Ark. Code Ann. § 24-7-707 (2020)

1. 1. 1. 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.
      2. The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account, has not participated in a buyout plan of the member's rights to benefits in the system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.
2. An inactive member's deferred annuity shall be a life annuity as provided for in § 24-7-705.
3. 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.
4. If a member fails to submit a complete deferred retirement application within six (6) calendar months of 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 system.
5. 1. A member may cancel an application for deferred retirement benefits any time before two (2) calendar months from 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.

History. Acts 1973, No. 427, § 9; 1975, No. 549, §§ 6-13; 1977, No. 541, §§ 5-8; 1977, No. 640, §§ 1, 2; 1977, No. 727, § 1; 1979, No. 681, §§ 5-12; 1979, No. 776, §§ 1, 2; 1981, No. 14, § 1; 1981, No. 365, §§ 6, 7; 1981, No. 435, § 2; 1983, No. 17, § 2; 1983, No. 127, § 2; 1983, No. 619, §§ 9-11; 1983, No. 665, §§ 9-11; 1985, No. 805, § 7; A.S.A. 1947, § 80-1443; Acts 1995, No. 281, § 1; 1997, No. 1053, § 8; 2007, No. 97, § 13; 2009, No. 468, § 18; 2011, No. 45, § 10; 2013, No. 606, § 2.

Amendments. The 2009 amendment subdivided (a)(1); inserted “when the member becomes sixty (60) years of age” in (a)(1)(A); inserted “if the member's being vested is based on the other system service” in (a)(1)(B); deleted (a)(2)(A) and redesignated the remaining text accordingly; deleted “have the right to” in (a)(3); and made related and minor stylistic changes.

The 2011 amendment added (d) and (e).

The 2013 amendment, in (a)(1)(A), substituted “and completes” for “upon completion of” and inserted “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”; and inserted “has not participated in a buyout plan of the member's rights to benefits in the system under § 24-7-505” in (a)(1)(B).