§ 24-7-610 - Arkansas National Guard service credit.

24-7-610. Arkansas National Guard service credit.

(a) (1) Any member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the Arkansas National Guard if the member:

(A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System;

(B) Provides proof satisfactory to the board of that person's service in the Arkansas National Guard; and

(C) Pays to the system for each year of service credit being granted:

(i) The product of the sum of the employee and employer contribution rates in effect at the time of purchase multiplied by the greater of:

(a) The annual salary received by the member for his or her first full year of credited service that precedes the fiscal year in which the service is purchased; or

(b) The average of the three (3) highest salaries earned at the time of purchase; plus

(ii) Interest from the end of that year of credited service to the date of payment in full.

(2) If the payment for service under this section is not made in a single lump-sum payment, interest shall accrue from the date of the initial payment to the date of the payment in full.

(3) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions.

(b) Members shall receive one (1) year of purchased service credit for each five (5) years of Arkansas National Guard service.

(c) The Arkansas National Guard service shall not become credited service under this system until:

(1) The member payments specified in subdivision (a)(1)(C) of this section have been paid in full; and

(2) The member has established five (5) or more years of actual service in the system.

(d) If a member ceases to be an active member before the Arkansas National Guard service has been established as system-credited service, the member payments contributed as specified in subdivision (a)(1)(C) of this section shall be refundable.

(e) (1) This section shall be supplemental to 24-7-602, and nothing in this section shall be construed to diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by 24-7-602.

(2) However, no member shall be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section.

(f) Except for service credit under 24-7-602(e), service credit in the Arkansas National Guard shall not be given if the service is credited under any other retirement plan, including a federal military retirement.