Arkansas Code
Subchapter 7 - Arkansas Teacher Retirement System — Benefits
§ 24-7-734. Lost payees

(a)
(1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary.
(2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.

(b)
(1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system.
(2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered:
(A) To the member's residual beneficiary, if any;
(B) To the member's lump-sum death beneficiary, if any;
(C) To the member's estate, if any; or
(D) To the system.


(c) If a provision of this section conflicts with a provision of the Unclaimed Property Act, § 18-28-201 et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, § 18-28-201 et seq.

Structure Arkansas Code

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

§ 24-7-705. Life annuity

§ 24-7-706. Annuity options

§ 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

§ 24-7-713. Retirement annuity — Simple cost of living adjustment and monthly benefit stipend — Definition

§ 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

§ 24-7-731. Forfeitures

§ 24-7-732. System termination or discontinuance — Vesting

§ 24-7-733. Limitation on benefits

§ 24-7-734. Lost payees

§ 24-7-735. Contract buyout agreement — Settlements — Judgments — Calculation of benefits

§ 24-7-736. Calculation of final average salary — Definition

§ 24-7-738. Return to regular covered employment for service credit after disability retirement — Alternate option to return to disability retirement — Incentive to work