(a) (1) Notwithstanding the provisions of this subchapter, each member and each beneficiary of a deceased member shall file with the Board of Trustees of the Arkansas Teacher Retirement System from time to time in writing the post office address and each change of post office address of the member or beneficiary.
(2) Any communication addressed to a member or beneficiary at the last address filed with the board or, if no address has been filed, then at the last address as indicated on the records of the employer of the member or beneficiary, shall be binding on the member or beneficiary for all purposes of the Arkansas Teacher Retirement System, and neither the board nor the system shall be obligated to search for or ascertain the whereabouts of any member or beneficiary.
(b) (1) If the board is unable within five (5) years after payment of a benefit is due to a member or beneficiary to make the payment because it cannot ascertain the whereabouts of the member or the identity and whereabouts of the beneficiary or personal representative by mailing to the last known address shown on the board's records and neither the member, the beneficiary, or personal representative has submitted the paperwork and forms required by the system before the expiration of the five (5) years, then, and in each case, the board shall direct that the amount shall be forfeited to the trust assets of the system.
(2) If the final payment is not delivered in the normal course of business, then the total payment is sent in the following order until delivered:
(A) To the member's residual beneficiary, if any;
(B) To the member's lump-sum death beneficiary, if any;
(C) To the member's estate, if any; or
(D) To the system.
(c) If a provision of this section conflicts with a provision of the Unclaimed Property Act, § 18-28-201 et seq., the provision of this section supersedes the conflicting provision of the Unclaimed Property Act, § 18-28-201 et seq.
Section: Previous 24-7-719 24-7-720 24-7-725 24-7-726 24-7-727 24-7-728 24-7-729 24-7-730 24-7-731 24-7-732 24-7-733 24-7-734 24-7-735 24-7-736 NextLast modified: November 15, 2016