(a)(1) If a retiree and his or her option annuitants, if any, die before receiving annuity payments equal to the retiree's residue, then the residue shall be paid to one (1) or more beneficiaries nominated by the retiree in a written designation that is executed and filed with the Arkansas Teacher Retirement System.(2) If a retiree designates more than one (1) beneficiary, the residue shall be divided equally among each designated beneficiary.(3) If a retiree and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retiree, the residue shall be paid to the retiree's estate.(4) If all designated beneficiaries predecease the retiree, the residue shall be paid to the estate of the most recently deceased designated beneficiary.(b) If upon the termination of the option annuity no surviving beneficiary designated by the retiree survives and it is impracticable to make payment to the retiree's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the retiree's estate under § 24-7-734.Amended by Act 2023, No. 107,§ 44, eff. t to the retiree's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the retiree's estate under § 24-7-734.Amended by Act 2023, No. 107,§ 44, eff. 7/1/2023.Amended by Act 2021, No. 279,§ 23, eff. 7/1/2021.Acts 1973, No. 427, § 9; A.S.A. 1947, § 80-1443; Acts 2005, No. 494, § 1; 2007, No. 97, § 15; 2009, No. 468, § 19.
Arkansas Legal Code