ATRS Rule 7 REPORTING AND ELIGIBILITY
A.C.A. §§ 24-7-103, 24-7-202, 24-7-401, 24-7-406, 24-7-411, 24-7-601 - 24-7-611, 24-7-705, 24-7-708, 24-7-736, 24-7-1303, 24-2-701
Number of Days Worked in a Fiscal Year | Service Credit Earned |
1 -39 | None |
40-79 | 0.25 year |
80-119 | 0.50 year |
120-159 | 0.75 year |
160 days or over | 1.00 year |
Summary of Proposed Rule Change REVISED 3/13/2020
Arkansas Teacher Retirement System
Rule 7- Reporting and Eligibility
SUBSTANTIVE CHANGES:
* Definition of "Full service year" added.
* Amends the language to reflect changes enacted under Acts 427, 594, and 595 of 2019 that the calculation of "final average salary" will exclude partial service years.
* Clarifies when sick leave, payments for claims of wrongful termination, or payments under an early retirement plan or contract non-renewal can be used as "salary" in the calculation of "final average salary" per Act 427 of 2019.
* Clarifies that "final average salary" is set annually by the Board for the highest three, up to five, years of service, within standards of actuarial appropriateness per Act 427 of 2019.
* Clarifies Proof of Service Credit as based on number of days or hours worked, and the days specified in a contract between an ATRS employer and member, including those employed in specialized support positions.
* Adds that additional employer contributions will be paid from additional funds appropriated per Act 594 of 2019. See Section VI.H.
NON-SUBSTANTIVE CHANGES:
* Correct formatting issues, renumbering, grammar, and spelling, where appropriate
* Amend language for consistent use of defined terms, i.e. use "final average salary" instead of "final average compensation" per Act 595 of 2019.
* Significant rewrite of sentences for ease of understanding
CHANGES AS A RESULT OF PUBLIC COMMENTS:
* Insert the word "additional" before "funds appropriated" to conform to Act 594 of 2019.
* Correct typographical errors where appropriate.
088.00.20 Ark. Code R. 002