§ 24-7-1310 - Death of participant. - Arkansas Statutes

24-7-1310. Death of participant.

(a) In the event that a Teacher Deferred Retirement Option Plan participant dies, the benefits payable from the plan shall be determined according to 24-7-710.

(b) However, the plan participant's surviving spouse may choose to receive the plan benefit in a lump sum without affecting the monthly retirement benefit payable from the Arkansas Teacher Retirement System.

(c) For the purposes of 24-7-709, any amounts received from the Teacher Deferred Retirement Option Plan account in the form of lump-sum or annuity payments shall be considered to be annuity payments received by the member or his or her designated beneficiary and shall reduce or eliminate the disposition of residue that, except for the provisions of this subsection, would have been paid under 24-7-709.