(a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system;(B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years;(C) Returns to his or her position as a classroom teacher after one (1) or more gap years;(D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher;(E) Was inactive during the gap year or gap years; and(F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and(2) Each gap year amounts to an entire fiscal year.(b)(1) A member may purchase one (1) year of permissive service credit for each one (1) gap year.(2) A member shall not purchase more than five (5) years of permissive service credit.(c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system.(d) Permissive service credit shall be credited in accordance with § 24-7-601.(e)(1) The member ce credit for one (1) or more gap years shall not be purchasable after a member retires from the system.(d) Permissive service credit shall be credited in accordance with § 24-7-601.(e)(1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased.(2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.(f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the:(1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or(2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.Added by Act 2023, No. 125,§ 2, eff. 7/1/2023. (a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system;(B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years;(C) Returns to his or her position as a classroom teacher after one (1) or more gap years;(D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher;(E) Was inactive during the gap year or gap years; and(F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and(2) Each gap year amounts to an entire fiscal year.(b)(1) A member may purchase one (1) year of permissive service credit for each one (1) gap year.(2) A member shall not purchase more than five (5) years of permissive service credit.(c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system.(d) Permissive service credit shall be credited in accordance with § 24-7-601.(e)(1) The member ce credit for one (1) or more gap years shall not be purchasable after a member retires from the system.(d) Permissive service credit shall be credited in accordance with § 24-7-601.(e)(1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased.(2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full.(f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the:(1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or(2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.Added by Act 2023, No. 125,§ 2, eff. 7/1/2023.
Arkansas Legal Code