(a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system. (d) Permissive service credit shall be credited in accordance with § 24-7-601 . (e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the: (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system. Added by Act 2023, No. 125,§ 2, eff. 7/1/2023. (a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system. (d) Permissive service credit shall be credited in accordance with § 24-7-601 . (e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the: (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system. Added by Act 2023, No. 125,§ 2, eff. 7/1/2023. (a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system. (d) Permissive service credit shall be credited in accordance with § 24-7-601 . (e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the: (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system. Added by Act 2023, No. 125,§ 2, eff. 7/1/2023. (a) A member of the Arkansas Teacher Retirement System may purchase permissive service credit for one (1) or more gap years if: (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (1) The member: (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (A) Has five (5) years of actual service in the system; (B) Has left his or her position as a classroom teacher immediately before each nonconsecutive gap year or the initial gap year of consecutive gap years; (C) Returns to his or her position as a classroom teacher after one (1) or more gap years; (D) Accrues at least one-half (½) year of service credit after returning to his or her position as a classroom teacher; (E) Was inactive during the gap year or gap years; and (F) Is ineligible to receive free service credit for each gap year under another provision of the law applicable to the system; and (2) Each gap year amounts to an entire fiscal year. (b) (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (1) A member may purchase one (1) year of permissive service credit for each one (1) gap year. (2) A member shall not purchase more than five (5) years of permissive service credit. (c) Permissive service credit for one (1) or more gap years shall not be purchasable after a member retires from the system. (d) Permissive service credit shall be credited in accordance with § 24-7-601 . (e) (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (1) The member shall pay the actuarial equivalent of the member's benefits to the system for each year of permissive service credit purchased. (2) A year of permissive service credit that is being purchased by a member shall not become credited service under the system until the actuarial equivalent of the member's benefits is paid in full. (f) At the member's request, a member's payment for permissive service credit under this section shall be refunded if the: (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system. (1) Member ceases to be an active member before the permissive service credit is established as credited service in the system; or (2) Permissive service credit is not otherwise used to establish the member's eligibility for retirement under the system.
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