(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to § 24-7-710.
(b) However, the plan participant's surviving spouse may choose to receive the plan benefit in a lump sum without affecting the monthly retirement benefit payable from the Arkansas Teacher Retirement System.
(c) For the purposes of § 24-7-709, any amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments shall be considered to be annuity payments received by the member or his or her designated beneficiary and shall reduce or eliminate the disposition of residue that, except for the provisions of this subsection, would have been paid under § 24-7-709.
Section: Previous 24-7-1303 24-7-1304 24-7-1305 24-7-1306 24-7-1307 24-7-1308 24-7-1309 24-7-1310 24-7-1311 24-7-1312 24-7-1313 24-7-1314 24-7-1315 24-7-1316 NextLast modified: November 15, 2016