§ 24-7-713 - Retirement annuity -- Simple cost of living adjustment and monthly benefit stipend.
24-7-713. Retirement annuity -- Simple cost of living adjustment and monthly benefit stipend.
(a) (1) July 1 of each year, retirants, survivors, and annuity beneficiaries who have been receiving monthly benefits for the previous twelve (12) months shall receive a simple cost of living adjustment.
(2) The cost of living adjustment under this section is calculated by multiplying one hundred percent (100%) of the member's base retirement annuity times three percent (3%).
(3) The redetermined amount shall not be less than the base amount.
(4) As used in this section, "base amount" means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section.
(5) The redetermined amount under this subsection is not considered a benefit enhancement under the limitations under 24-1-106.
(b) (1) (A) Effective July 1, 1999, subject to the minimum financial conditions set forth in 24-7-718, retirees, survivors, and beneficiaries shall receive an increase in benefits of not less than fifty dollars ($50.00) per month.
(B) However, the Board of Trustees of the Arkansas Teacher Retirement System may elect and is granted authority to increase the benefit to retirees in an amount determined by the board, except that the benefit increase shall not exceed seventy-five dollars ($75.00) per month.
(2) (A) Members retiring after July 1, 1999, but before July 1, 2008, with five (5) or more years of actual service in the Arkansas Teacher Retirement System and their survivors and beneficiaries shall receive an additional benefit of not less than fifty dollars ($50.00) per month over and above their regular annuity.
(B) Members retiring on or after July 1, 2008, with ten (10) or more years of actual service in the Arkansas Teacher Retirement System and their survivors and beneficiaries shall receive an additional benefit of not less than fifty dollars ($50.00) per month over and above their regular annuity.
(C) However, the board may elect and is granted authority to increase the additional benefit to members retiring in an amount determined by the board, except that the additional benefit shall not exceed seventy-five dollars ($75.00) per month.
(3) The board may prorate the benefits provided under this subsection for all individuals retiring after June 30, 1999, if the individual is also eligible for an additional monthly benefit as a result of credited service under one (1) or more of the other reciprocal systems, as such systems are enumerated in 24-2-401.
(c) Nothing contained in this section shall require the Arkansas Public Employees' Retirement System to pay any portion of the benefits provided for in this section.