Section 24-7-725 - Limitation on benefit enhancement of section 24-7-702

(a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization.(b) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.Amended by Act 2019, No. 427,§ 17, eff. 7/1/2019.Acts 1997, No. 1074, § 2.