24 CAR § 10-507 – Purchasable service credit — Overseas service

(a) A member may purchase service credit for service in an overseas school if:
1. (1) The member:
  1. (A) Has at least five (5) years of service in a position covered by the Arkansas Teacher Retirement System; and
  2. (B) Performs the minimum days of service at the overseas school required for a fiscal year of service credit;
2. (2) The overseas service credit is limited to service for which another system similar in purpose to the Arkansas Teacher Retirement System, except Social Security, could not pay a benefit; and
3. (3) The actuarial equivalent of the member’s benefits is paid to the Arkansas Teacher Retirement System.
(b) The Arkansas Teacher Retirement System shall not credit a member with more than ten (10) years of overseas service credit.
(c) A member may be credited with fractions of years of service as provided by Arkansas Code § 24-7-601.
(d) At the member’s request, a member’s payment for overseas service credit shall be refunded by the Arkansas Teacher Retirement System if the:
1. (1) Member ceased to be an active member before the overseas service credit is established as credited service in the Arkansas Teacher Retirement System; or
2. (2) Overseas service credit is not otherwise used to establish the member’s eligibility for retirement under the Arkansas Teacher Retirement System.