088.01.23 Ark. Code R. 019
Current through Register Vol. 49, No. 10, October, 2024
Rule 088.01.23-019 - Rule 12-1 Protection of "Qualifed Trust" Status of the Arkansas Teacher Retirement System under Internal Revenue Code Section 401(a)§12-101.Definition.(a) As used in this rule, "Internal Revenue Code" means the same as defined in Arkansas Code § 24-7-202.(b) The definition of "Internal Revenue Code" shall apply to the policies, rules, and regulations of the Arkansas Teacher Retirement System.§ 12-102.Compliance with federal law.(a) The Executive Director of the Arkansas Teacher Retirement System is authorized and directed to: (1) Operate the Arkansas Teacher Retirement System in accordance with the requirements of the Internal Revenue Code and applicable United States Treasury regulations as may be necessary for the system to maintain its status and continue being operated as a qualified trust under 26 U.S.C. § 401(a); and(2) Interpret Arkansas Code §§ 24-7-101 et seq., and the policies, rules, and regulations of the system in a manner that is consistent with the requirements of the Internal Revenue Code and applicable United States Treasury regulations as may be necessary for the system to maintain its status and continue being operated as a qualified trust under 26 U.S.C. § 401 (a).(b)(1) The policies, rules, and regulations promulgated by the Board of Trustees of the Arkansas Teacher Retirement System shall be consistent with the requirements of the Internal Revenue Code and applicable United States Treasury regulations.(2) Any policy, rule, or regulation found to be in conflict with an applicable provision of the Internal Revenue Code are void.(3) In accordance with Arkansas Code § 24-7-305, the board by resolution may modify or eliminate a rule of the system if a requirement under the Internal Revenue Code becomes unnecessary, immaterial, or obsolete to the maintenance of the system's status as a qualified trust. Authority: Arkansas Code §§ 24-7-101 etseq., 24-7-202, and 24-7-305,
History
Adopted: | July 18, 2005 | |
Approved by Board: | July 26, 2013 | |
Amended: | October 9, 2013 | |
Effective: | November 8, 2013 | |
Effective: | TBD | |
088.01.23 Ark. Code R. 019
Adopted by Arkansas Register Volume 49, Number 07, Effective 7/7/2024