AR HB1199

Allows Arkansas Teacher Retirement System members to request refunds of payments made to purchase service credit if they cease to be active members before the credit is established or if the credit is not used to establish retirement eligibility.

Applies refund provisions to multiple types of purchased service credit including federal service, military service, out-of-state service, overseas school service, General Assembly service, advanced degree leave, private school service, National Guard/armed forces reserve service, and domestic federal service.

Members may receive refunds under two conditions: when they leave the system before purchased service becomes credited service, or when purchased service is never used to establish their retirement eligibility.

Effective date of July 1, 2023, to align with the Arkansas Teacher Retirement System's fiscal year and allow for structured administration of the new refund procedures.

Approved February 13, 2023.