1. (a)

   1. (1) The CASH Program election form shall be made available to members using the Arkansas Teacher Retirement System’s standard procedures.
   2. (2) The system shall not be responsible for confirming the member’s receipt of a CASH Program election form, regardless of the manner in which the member requested to be provided with the CASH Program election form.
   3. (3) The member shall be solely responsible for obtaining and submitting to the system a CASH Program election from as required under this subpart.

2. (b)

   1. (1) A member’s election to participate in the CASH Program shall be submitted to the system on a form approved by the system before the applicable CASH Program offering period deadline.

   2. (2) A CASH Program election form is invalid and shall not be accepted by the system if it:

      1. (A) Has not been completed in its entirety by the member or as required by this subpart;
      2. (B) Is postmarked after the CASH Program offering period deadline;
      3. (C) Is submitted by facsimile and has a date-stamp that is after the CASH Program offering period deadline; or
      4. (D) Is sent as an attachment to an email and the email is sent after the CASH Program offering deadline.

3. (c) A CASH Program election form shall include the following:

   1. (1) The member’s signature and the date on which the member signed the election form; and

   2. (2) The member’s signed statement that he or she understands that:

      1. (A) The purpose and scope of the CASH Program and that the CASH Program election form cannot be withdrawn by the member after the system tenders the CASH Program payment to the member; and
      2. (B) A member who participates in the CASH Program plan shall receive a one-time lump-sum payment from the system that, upon the system’s tender of payment, cancels the member's interest in any retirement benefit and all future rights in the system.

Codification Notes: “CASH” means cash and savings help.