(a) A benefit enhancement provided by § 24-7-702 shall not be implemented if it would cause unfunded actuarial accrued liabilities of the Arkansas Teacher Retirement System to exceed an eighteen-year amortization.
(b) If the system's unfunded actuarial accrued liabilities exceed an eighteen-year amortization, a benefit enhancement provided for by § 24-7-702 shall not be implemented until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.
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