(a) Teacher Deferred Retirement Option Plan deposits shall be a percentage of the plan benefit.
(b) (1) The percentage is one hundred percent (100%) reduced by the product of one percent (1%) multiplied by the number of years of reciprocal service and credited service and fractions thereof in the Arkansas Teacher Retirement System.
(2) (A) When a participant whose effective date in the plan is before September 1, 2003, reaches normal retirement age, the plan deposits shall be one hundred percent (100%) with no reduction.
(B) For any participant whose effective date in the plan is September 1, 2003, or after, the plan deposits for a participant who reaches normal retirement age shall continue as reduced under subdivision (b)(1) of this section.
(c) (1) In the event a member whose effective date in the plan is before September 1, 2003, has more than thirty (30) years of service, the years of service above thirty (30) years shall be reduced by one-half of one percent (0.5%) for contributory years and three-tenths of one percent (0.3%) for noncontributory years.
(2) For any member whose effective date in the plan is September 1, 2003, or after and who has more than thirty (30) years of service, the plan deposits for the years of service above thirty (30) years shall be reduced under subdivision (b)(1) of this section.
(d) The Board of Trustees of the Arkansas Teacher Retirement System is authorized to make further adjustments on the plan to make it cost-neutral to the Arkansas Teacher Retirement System.
(e) As used in this section, "effective date" means the date determined to be the member's plan date under the policies and rules of the board.
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