§ 24-7-728 - Computation of benefits based on life annuity. - Arkansas Statutes

24-7-728. Computation of benefits based on life annuity.

The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this section to raise the level of benefit to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result of any increase in the calculation of a life annuity as provided in 24-7-705(a)(1)(A) and (a)(1)(B) in accordance with any rules and regulations the board might promulgate. The amount of any increase for retirants and other beneficiaries shall also be determined in accordance with the rules and regulations of the board as is actuarially appropriate for the system. Prior to increasing a benefit as provided in this section, the board shall file relevant information concerning the actuarial appropriateness of the action with the Joint Committee on Public Retirement and Social Security Programs, and the action shall be reviewed by the committee.