§ 24-7-1008 - Continued membership in retirement plan -- Election. - Arkansas Statutes

24-7-1008. Continued membership in retirement plan -- Election.

(a) (1) Each instructor and administrative staff member of a state-supported postsecondary vocational-technical school employed on July 1, 1991, shall, within ninety (90) days following the transfer to the technical and community college system established under 6-53-101 et seq., or upon transfer to the system with the approval of the board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to that date or transfer to the Arkansas Teacher Retirement System or any alternate retirement plan currently established for the institution into which it is being merged or consolidated.

(2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(b) (1) Each instructor and administrative staff member of a two-year campus of a four-year institution which is later converted to a technical college or community college under 6-53-101 et seq. shall, within ninety (90) days following the appointment of the local board, elect either to continue membership in the retirement plan in which he or she was enrolled prior to the conversion or to transfer membership to the Arkansas Teacher Retirement System.

(2) Once such an election is made, the election is irrevocable during the tenure of employment with the system.

(c) Any other employees of an institution transferring to the system under this section or under the approval of the board shall remain members of the retirement system to which they were enrolled prior to the transfer.