§ 24-7-708 - Employment of retired members by covered employers. - Arkansas Statutes

24-7-708. Employment of retired members by covered employers.

(a) Effective July 1, 2009, after terminating employment under 24-7-502 or reaching the age of normal retirement, a retirant may:

(1) Accept employment with an employer covered by the Arkansas Teacher Retirement System without a limitation of his or her retirement annuity; and

(2) Continue to receive his or her monthly retirement annuity.

(b) Employers covered by the system that hire an employee who meets the conditions under subsection (a) of this section shall report the hiring of the retirant to the system in a time and a manner that the system may reasonably require.

(c) A retirant who receives monthly benefits and is employed by a covered employer shall not accrue additional service credit.

(d) (1) For a retired member employed in a position covered by the system, the covered employer shall remit the contributions on all salary paid to the retirant in an amount equal to the employer contribution rate applicable to active members.

(2) Contributions shall be paid by the employer and are not the responsibility of the retirant.

(e) (1) The Board of Trustees of the Arkansas Teacher Retirement System shall adopt rules to carry out the provisions of this section.

(2) A covered employer that employs retirants is subject to the rules adopted by the board.