§ 24-7-701 - Voluntary retirement.
24-7-701. Voluntary retirement.
(a) (1) Except as provided under subdivision (a)(2) of this section, an active member who either attains sixty (60) years of age and has five (5) or more years of actual and reciprocal service or who has twenty-eight (28) or more years of credited service regardless of age may voluntarily retire upon written application filed with the Arkansas Teacher Retirement System.
(2) (A) A member shall meet the termination of covered employment requirements under 24-7-502 to be eligible for retirement unless the member has attained normal retirement age.
(B) A member who fails to meet the termination of employment requirements of this subsection shall have his or her retirement benefits cancelled and forfeits any retirement benefits until the termination requirements are met.
(C) (i) A member who fails to meet the termination requirements of this section and has received retirement benefits from the system shall repay the benefits to the system before becoming eligible again for voluntary retirement.
(ii) The system may adjust and collect any benefits that have been overpaid to a member under 24-7-205.
(D) A member who fails to meet the termination requirements of this section upon employment by a covered employer shall return to active member status under 24-7-502.
(b) Upon a member's retirement, he or she shall receive a life annuity as provided for in 24-7-705.
(c) The annuity shall begin the first day of the calendar month next following the latest of:
(1) One (1) month after the date the written application is filed with the board;
(2) The member's termination of active membership;
(3) The member's attainment of the minimum age; or
(4) The member's completion of the minimum years of credited service.
(d) If a member is retiring with an effective date other than July 1 or the first day of a calendar quarter within the fiscal year, the following limitations shall apply:
(1) No salary for service within the fiscal year shall be considered in determining final average salary;
(2) Credited service for service within the fiscal year shall not exceed one-quarter (1/4) year for each full calendar quarter elapsed since the beginning of the fiscal year; and
(3) Service credit to be used in the computation of benefits shall be computed only on the full calendar quarter completed and shall not include service credit for a partial calendar quarter worked.
(e) (1) If a member has signed an employment contract for a fiscal school year and been paid in full for that fiscal school year, in no event shall the annuity begin earlier than the July 1 next following that fiscal school year.
(2) If a member has signed an employment contract for a fiscal school year and if that contract is not completed, the member shall receive credit for service within the current fiscal year as provided in this section.