§ 24-7-707 - Deferred retirement.
24-7-707. Deferred retirement.
(a) (1) (A) If an active member, becomes inactive before the member reaches sixty (60) years of age, upon completion of five (5) years of actual and reciprocal service, the member is entitled to a deferred annuity when the member becomes sixty (60) years of age as provided in this section.
(B) The member is eligible for deferred retirement if the member has not withdrawn his or her accumulated contributions from the members' deposit account and is not employed in a position covered by another retirement plan that is supported wholly or in part by state contributions if the member's being vested is based on the other system service.
(2) Upon approval by the Arkansas Teacher Retirement System, the deferred annuity shall commence as of the first day of the calendar month following the date the written application is received by the system.
(3) A member shall elect an option provided for in 24-7-706 at the time of filing the written application.
(b) An inactive member's deferred annuity shall be a life annuity as provided for in 24-7-705.
(c) In the event the inactive member dies before qualifying for deferred retirement, no benefits whatsoever shall be paid except under the provisions of 24-7-711.