24 CAR § 10-1207. Administration

(a)(1) The Board of Trustees of the Arkansas Teacher Retirement System has the exclusive authority to control and manage the operation and administration of the Arkansas Teacher Retirement System Benefit Restoration Plan and Trust. (2) The board has the same rights, duties, and responsibilities respecting the plan as it has with respect to the retirement fund. (3) The administrator has the same duties and authority respecting the plan as the administrator has with respect to the retirement fund. (b) The board has the power and authority, including without limitation discretion with respect to the exercise of that power and authority, necessary, advisable, desirable, or convenient to enable it to: (1) Establish procedures to administer the plan in a manner that is not inconsistent with the plan and the Internal Revenue Code as defined by Arkansas Code § 24-7-202, and to amend or rescind these procedures; (2) Determine, consistent with the plan, applicable law, rules, or regulations, all questions of law or fact that may arise as to eligibility for participation in the plan and eligibility for distribution of benefits from the plan, and the status of any person claiming benefits under the plan; (3) Make payments from the trust fund to participants pursuant to 24 CAR § 10-1504; (4) Contract with a third party to perform designated administrative services under this plan; and (5) Construe and interpret the plan as to administrative issues and to correct any defect, supply any omission, or reconcile any inconsistency in the plan with respect to same, subject to and consistent with the Internal Revenue Code as defined by Arkansas Code § 24-7-202. (c)(1) Any action by the board that is not found to be an abuse of discretion will be final, conclusive, and binding on all individuals affected thereby. (2) The board may take any such action in such manner and to such extent as the board in its sole discretion may deem expedient, and the board will be the sole and final judge of such expediency. (d)(1) The board may delegate any of its authority to the administrator with respect to the trust fund. (2) The board has delegated certain authority as set forth herein to the Executive Director of the Arkansas Teacher Retirement System. (e)(1) The board may obtain assistance and advice with regard to its responsibilities under the plan. (2) If in doubt concerning the correctness of their action in making a payment of a benefit, the board may suspend payment until satisfied as to the correctness of the payment or the person to receive the payment. (f) The administrator shall handle the day-to-day operation of the plan and may delegate certain functions to a third party as required.