(a) The Board of Trustees of the Arkansas Teacher Retirement System is authorized by the General Assembly to promulgate rules.
(b) The Arkansas Teacher Retirement System follows the requirements of the Arkansas Administrative Procedure Act, Arkansas Code § 25-15-201 et seq., and in particular Arkansas Code §§ 25-15-203 and 25-15-204.
(c) The system is required to abide by Arkansas Code § 10-3-309, which establishes a method for continuing legislative review and approval of agency rules.
(d)
(1) The board or the system’s staff may request the initiation of the rulemaking process, which includes adopting a new rule or amending or repealing an existing rule.
(2) Persons outside the system may petition for the issuance, amendment, or repeal of any rule.
(3) However, staff of the system shall not proceed with the rulemaking process for a rule unless the rule is approved by the board.