(b)

1. (1) The purpose of the plan is solely to restore the part of a participant’s retirement benefit that would otherwise have been payable by the Arkansas Teacher Retirement System except for the limitations of 26 U.S.C. § 415(b).
2. (2) The plan is intended to be a “qualified governmental excess benefit arrangement” within the meaning of 26 U.S.C. § 415(m)(3) and shall be interpreted and construed consistently with that intent.
3. (3) This plan is deemed a portion of the employers’ qualified plan solely to the extent required under, and within the meaning of, 26 U.S.C. § 415(m)(3) and Arkansas Code § 24-7-305.

(c)

1. (1)

   1. (A) The plan is an “exempt governmental deferred compensation plan” described in 26 U.S.C. § 3121(v)(3).
   2. (B) 26 U.S.C. §§ 83, 402(b), 457(a), and 457(f)(1) do not apply to this plan.
2. (2) The system shall not hold any assets or income under this plan in trust for the exclusive benefit of participants or their beneficiaries.

(d) Whenever any actuarial present value or actuarial equivalency is to be determined under the plan to establish a benefit, it:

1. (1) Shall be based on reasonable actuarial assumptions approved by the board in its sole discretion; and
2. (2) Will be determined in a uniform manner for all similarly situated participants.