24 CAR § 10-601. Definitions

As used in this subpart: (1) "Act 808 employee" means an employee of a state agency who: (A) On April 8, 1987, was an active member of the Arkansas Teacher Retirement System; (B) Qualified to retire before January 1, 1988, under the Early Retirement Incentive Law of 1987 (Acts 1987, No. 187); and (C) Could elect to become a member of the Arkansas Public Employees’ Retirement System and have his or her credited service in the Arkansas Teacher Retirement System transferred to the Arkansas Public Employees’ Retirement System; (2) "Annuity options" means one (1) or more options that: (A) Concern how an annuity benefit shall be paid, in accordance with Arkansas Code § 24-7-706, to a member for his or her lifetime after the member’s retirement; and (B) Are available for a member’s election at the time of the member's retirement; (3) “Application”, for the purposes of retirement eligibility, means an application form and any other documents required by the Arkansas Teacher Retirement System to establish a member’s eligibility to retire; (4) "Covered employer" or “employer” means an employer: (A) Who participates in the Arkansas Teacher Retirement System; and (B) Whose employees are eligible for membership in the Arkansas Teacher Retirement System; (5) “Dependent child” means a child of a member or retiree who: (A) Is a minor; or (B) Has been adjudged physically or mentally incapacitated by a court of competent jurisdiction; (6) "Effective retirement date" means the first day of the month in which a member requests to receive retirement benefits and for which the member submits a timely retirement application; (7) “Eligible employee”, for the purposes of salary or compensation limitations concerning the calculation of a final average salary, means a person who was a member of the Arkansas Teacher Retirement System before the first plan year beginning after December 31, 1995; (8) “Full service year” means employment with a covered employer for one hundred sixty (160) days or more in a fiscal year; (9) “Incapacitated child” means a child who has been adjudged physically or mentally incapacitated by a court of competent jurisdiction; (10) "Marriage dissolution" means a final decree of divorce, separate maintenance, or annulment executed by a court of competent jurisdiction and filed of record in the Office of the Ex Officio Recorder; (11) "Medical committee" means the committee of three (3) physicians appointed by the Board of Trustees of the Arkansas Teacher Retirement System for the purpose of evaluating disability retirement applications; (12) "Option beneficiary" means a person who: (A) A member nominates by written designation, before or after the member’s retirement, to receive annuity payments after the member’s death in accordance with the annuity option selected by the member; and (B) If eligible, shall receive annuity payments after the member’s death in accordance with the annuity option selected by the member; (13) “Partial service year” means employment with a covered employer for less than one hundred sixty (160) days in a fiscal year; (14) "Person" means an individual, trust, estate, corporation, partnership, or other legal entity; (15) "Residue" means a member’s accumulated contributions, including regular interest standing in the member’s credit at the time of his or her retirement; (16) "Residue beneficiary" means a person who a member nominates by written designation to receive the member’s residue, if any, under Arkansas Code § 24-7-709; (17) "Receivable" means moneys due to the Arkansas Teacher Retirement System from a member, former member, covered employer, contributor, retiree, beneficiary, or alternate payee under a qualified domestic relations order (QDRO) as a result of an overpayment of any payment or benefit by the Arkansas Teacher Retirement System; (18) "Retiree" means a retired member who receives an annuity from the Arkansas Teacher Retirement System; and (19) “Service” means employment rendered as an employee.