24 CAR § 10-504. Purchasable service credit — National Guard and armed forces reserve

(a) A member may purchase up to five (5) years of service for his or her service in the National Guard or armed forces reserve. (b) A member shall receive credit for service in the National Guard or armed forces reserve if the member: (1) Applies to the Board of Trustees of the Arkansas Teacher Retirement System to purchase National Guard or armed forces reserve service credit by submitting a completed application form approved by the Arkansas Teacher Retirement System; (2) Provides the system with satisfactory proof of his or her service in the National Guard or armed forces reserve; (3) Pays the system, in full, the actuarial equivalent of the member’s benefits for each year of National Guard or armed forces reserve service credit being purchased; and (4) Has established at least five (5) years of actual service with the system, excluding National Guard or armed forces reserve service. (c) The system shall not credit a member with more than five (5) years of service for service in the National Guard or armed forces reserve. (d) Purchased National Guard or armed forces reserve service credit shall be credited to the year in which the member rendered the service even if the member has concurrent service with a covered employer. (e) At the member’s request, a member’s payment for National Guard or armed forces reserve service credit shall be refunded by the system if the: (1) Member ceased to be an active member before the National Guard or armed forces reserve service credit is established as credited service in the system; or (2) National Guard or armed forces reserve service credit is not otherwise used to establish the member’s eligibility for retirement under the system.