(a)
(1)
(A) If a retirant and his or her option annuitants, if any, die before receiving annuity payments equal to the member's residue amount, then the residue amount shall be paid to such persons as the retirant shall have nominated by written designation duly executed and filed with the Arkansas Teacher Retirement System.
(B) As used in this section, “residue” means the difference between the accumulated contributions and regular interest credited to the retirement reserve account as of the member's retirement effective date and the total amount of annuities paid.
(2) If a retirant and his or her option annuitants die and the member has failed to designate a beneficiary or if all designated beneficiaries have predeceased the retirant, the residue shall be paid to the retirant's estate.
(b) If upon the termination of the option annuity no surviving beneficiary designated by the member survives and it is impracticable to make payment to the member's estate, the residue shall be forfeited to the trust assets of the system subject to any valid claim of the member's estate under § 24-7-734.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 7 - Retirement of Employees of Schools and Educational Institutions
Subchapter 7 - Arkansas Teacher Retirement System — Benefits
§ 24-7-701. Voluntary retirement
§ 24-7-702. Early voluntary retirement
§ 24-7-704. Disability retirement
§ 24-7-707. Deferred retirement
§ 24-7-708. Employment of retired members by covered employers
§ 24-7-709. Disposition of member contributions — Residue
§ 24-7-710. Survivor annuity benefits
§ 24-7-711. Refund of member contributions upon termination
§ 24-7-712. Determination of benefit program
§ 24-7-714. Increase in monthly benefits — Acts 1979, No. 655, and Acts 1981, No. 885
§ 24-7-715. Benefit rights not subject to legal process — Definition
§ 24-7-718. Minimum financial conditions for benefit increases
§ 24-7-719. Rollover of distributions — Definitions
§ 24-7-720. Lump-sum benefit — Definition
§ 24-7-725. Limitation on benefit enhancement of § 24-7-702
§ 24-7-726. Computation of benefits based on contract salary
§ 24-7-727. Compounded cost of living adjustments
§ 24-7-728. Computation of benefits based on life annuity
§ 24-7-729. Adjustment of § 24-7-713 base amount
§ 24-7-730. Required distributions
§ 24-7-732. System termination or discontinuance — Vesting
§ 24-7-733. Limitation on benefits
§ 24-7-735. Contract buyout agreement — Settlements — Judgments — Calculation of benefits
§ 24-7-736. Calculation of final average salary — Definition