(a)

1. (1) A participant in the Arkansas Teacher Retirement System Benefit Restoration Plan and Trust shall receive a benefit equal to the amount of retirement income that would have been payable by the Arkansas Teacher Retirement System to, or with respect to, a participant, that could not be paid because of the application of the limitations on the participant’s retirement income under 26 U.S.C. § 415(b).
2. (2) The benefit restoration under the plan shall be paid only if and to the extent the participant is receiving retirement benefits from the retirement fund.

(b)

1. (1) The benefit restoration shall be paid at the same time and in the same manner as the retirement benefit payable under the system.
2. (2) The timing of the benefit restoration shall take into consideration the existence of monthly deductions from the retirement benefit.
3. (3) No election shall be directly or indirectly provided by the system at any time to the participant to defer compensation under this plan.

(c)

1. (1) A participant’s right to a restoration benefit shall be vested as of the participant’s vesting under the retirement fund.
2. (2) Additionally, each member in the retirement fund who is receiving a retirement benefit under the retirement fund on the date of adoption of this plan shall be vested.
3. (3) A beneficiary’s right to a restoration benefit shall be vested as of the date of the participant’s death.

(d) Notwithstanding 24 CAR § 10-1203, if the retirement fund is terminated and employers are making no further contributions to the retirement fund, no further restoration benefits shall be payable after the date that the employers’ contributions to the retirement fund cease unless the employers:

1. (1) Establish another plan to serve the same purpose; or
2. (2) Make other arrangements to pay benefit amounts that would have been payable had the plan continued to receive employers’ contributions to fully fund the plan.