§ 24-7-716 - Lump-sum payment of reserve value of small annuity.
24-7-716. Lump-sum payment of reserve value of small annuity.
(a) The Arkansas Teacher Retirement System may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity amount is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750).
(b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable.
(c) Any lump-sum payment so made shall be a complete discharge of all liability under the system with respect to the annuity.