(a) A member shall not accumulate service credit in the Arkansas Teacher Retirement System during the time that payments under a contract buyout agreement, settlement, claim, judgment, arbitration award, decree, or court-ordered payment are paid to the member by the employer unless the member continues to work on-site for the employer.
(b) Employer contributions shall be payable to the system on payments made to the member on which the employer is required to withhold federal income tax as if the payments were made under ยง 24-7-708 if the member does not continue to work on-site for the employer.
(c) (1) The employer shall provide a copy of a settlement agreement or court order under this section to the system to calculate any contributions due to the system or service credit and salary due to the member.
(2) A member shall not receive service credit or salary from the system under a settlement agreement or court order unless permitted under this section.
(d) The system shall allow a member to purchase service credit under a settlement agreement or court order to resolve a claim of wrongful termination if the service credit is:
(1) (A) Purchased from the date of termination by an employer to the date of the settlement agreement, court order, or other resolution of the dispute.
(B) Service credit earned by the member from an employer from the date of termination by an employer to the date of the settlement agreement or court order shall be subtracted from the amount of service credit allowed for purchase under subdivision (d)(1)(A) of this section; and
(2) Paid using the actuarial equivalent, as calculated by the system, of the member's benefits to the system.
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