24 CAR § 10-506. Purchasable service credit — Out-of-state service

(a)(1) Out-of-state service purchased before July 1, 1987, shall be credited as service in accordance with the law in effect before July 1, 1987. (2) A member may purchase up to fifteen (15) years of out-of-state service if the out-of-state service is purchased on and after July 1, 1987. (b) Out-of-state service shall be credited if: (1) The member: (A) Has contributions left on deposit with another system and the out-of-state service credit being purchased is limited to service for which another system similar in purpose to the Arkansas Teacher Retirement System, except for Social Security, could not pay a benefit; (B) Pays the Arkansas Teacher Retirement System, in full, the actuarial equivalent of benefits for each year of out-of-state service credit being purchased; and (C) Has established at least five (5) years of actual service, excluding out-of-state service; and (2) All other requirements set by rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System are met. (c) A member may purchase a fraction of a year of out-of-state service that shall be credited if the: (1) Member has at least one-fourth (1/4) of a year of out-of-state service in a fiscal year; and (2) Fraction of a year of out-of-state service can be credited in accordance with Arkansas Code § 24-7-601. (d) At the member’s request, a member’s payment for out-of-state service credit shall be refunded by the Arkansas Teacher Retirement System if the: (1) Member ceased to be an active member before the out-of-state service credit is established as credited service in the Arkansas Teacher Retirement System; or (2) Out-of-state service credit is not otherwise used to establish the member’s eligibility for retirement under the Arkansas Teacher Retirement System.