(c) In resolving any conflict between provisions of the plan, and in resolving any other uncertainty as to the meaning or intention of any provision of the plan, the prevailing interpretation shall be the interpretation that:

1. (1) Causes the plan to constitute a qualified governmental excess benefit arrangement under 26 U.S.C. § 415(m) and the trust fund to be exempt from tax under 26 U.S.C. §§ 115 and 415(m);
2. (2) Causes the plan and the Arkansas Teacher Retirement System to comply with all applicable requirements of the Internal Revenue Code as defined by Arkansas Code § 24-7-202; and
3. (3) Causes the plan and the system to comply with all applicable laws of this state.

(d) Neither the establishment nor maintenance of the plan, nor any amendment to the plan, nor any act or omission under the plan or resulting from the operation of the plan shall be construed:

1. (1) As conferring upon any participant or any other person a right or claim against the board, trustees on the board, employers, or administrator, if any, except to the extent that the right or claim is specifically expressed and provided in the plan;
2. (2) As creating any responsibility or liability of the employers for the validity or effect of the plan;
3. (3) As a contract between the employers and any participant or other person;
4. (4) As being consideration for, or an inducement or condition of, employment of any participant or other person, or as affecting or restricting in any manner or to any extent whatsoever the rights or obligations of the employers or any participant or other person to continue or terminate the employment relationship at any time; or
5. (5) As giving any participant the right to be retained in any employer’s service or to interfere with any employer’s right to discharge any participant or other person at any time.

(f)

1. (1) Any payment to any participant shall, to the extent of the payment, be in full satisfaction of the participant’s claim for which the payment is being made.
2. (2) The board may condition the payment on the participant’s delivery of a duly executed receipt and release in a form determined by the board.

(g)

1. (1) The board, board trustees, administrator, if any, shall not incur any liability in acting upon any paper or document or electronic transmission believed by the board, board trustees, or administrator to be genuine or to be executed or sent by an authorized person.

2. (2) The plan shall hold harmless and indemnify the board, the board trustees, and the administrator, and the officers and employees thereof, from financial loss arising out of any claim, demand, suit, or judgment by reason of alleged negligence or other act by that board member, trustee, officer, or employee if:

   1. (A) The board member, trustee, officer, or employee at the time of the alleged negligence or act was acting in the discharge of his or her duties and within the scope of his or her employment;
   2. (B) The damages did not result from a willful and wrongful act of gross negligence of the board member, trustee, officer, or employee; and
   3. (C) The board member, trustee, officer, or employee shall, within five (5) days of the time he or she is served with any summons, complaint, process, notice, demand, or pleading, deliver the original or a copy thereof to the administrator’s legal advisor.
3. (3) The board may obtain insurance to provide coverage for any liabilities that may arise as described by this subpart.

(j)

1. (1) The only party necessary to any accounting, litigation, or other proceedings relating to the plan is the administrator.
2. (2) The settlement or judgment in any case in which the administrator is duly served will be binding upon all affected participants in the plan, their beneficiaries, estates, and all persons claiming by, through, or under them.