(b)

1. (1) A member may purchase up to fifteen (15) years of private school service to be credited as certified service if:

   1. (A) The member:

(i) Has contributions left on deposit with another system and the private school service credit being purchased is limited to service for which another system similar in purpose to the Arkansas Teacher Retirement System, except for Social Security, could not pay a benefit;

1. (ii) Pays the Arkansas Teacher Retirement System, in full, the actuarial equivalent of benefits for each year of private school service credit being purchased; and

   1. (iii) Has established at least five (5) years of actual service, excluding private school service; and
   2. (B) All other requirements set by rules adopted by the Board of Trustees of the Arkansas Teacher Retirement System are met.

2. (2) At the member’s request, a member’s payment for certified private school service credit shall be refunded by the Arkansas Teacher Retirement System if the:

   1. (A) Member ceased to be an active member before the certified private school service credit is established as credited service in the Arkansas Teacher Retirement System; or

   2. (B) Certified private school service credit is not otherwise used to establish the member’s eligibility for retirement under the Arkansas Teacher Retirement System.

      1. (c)

3. (1) A member may purchase up to five (5) years of noncertified private school service that shall be credited as noncertified service if:

   1. (A) The member:

      1. (i) Applies for noncertified private school service credit by submitting to the Arkansas Teacher Retirement System a completed application form approved by the Arkansas Teacher Retirement System;
      2. (ii) Has contributions left on deposit with another system and the noncertified service credit being purchased is limited to service for which another state-supported pension system or system similar in purpose to the Arkansas Teacher Retirement System could not pay a benefit;
      3. (iii) Pays the Arkansas Teacher Retirement System, in full, the actuarial equivalent of benefits for each year of service credit being purchased; and
      4. (iv) Has established at least five (5) years of actual service; and
   2. (B) All other requirements set by rules adopted by the board are met.

4. (2) At the member’s request, a member’s payment for noncertified private school service credit shall be refunded by the Arkansas Teacher Retirement System if the:

   1. (A) Member ceased to be an active member before the noncertified private school service credit is established as credited service in the Arkansas Teacher Retirement System; or

   2. (B) Noncertified private school service credit is not otherwise used to establish the member’s eligibility for retirement under the Arkansas Teacher Retirement System.

      1. (d)

5. (1) A member may purchase up to five (5) years of private education-related entity private school service that shall be credited as noncertified service if:

   1. (A) The member:

      1. (i) Applies for private education-related entity private school service by submitting to the Arkansas Teacher Retirement System a completed application approved by the Arkansas Teacher Retirement System;
      2. (ii) Has contributions left on deposit with another system and the private education-related entity private school service credit being purchased is limited to service for which another state-supported pension system or system similar in purpose to the Arkansas Teacher Retirement System could not pay a benefit;
      3. (iii) Pays the Arkansas Teacher Retirement System, in full, the actuarial equivalent of benefits for each year of service credit being purchased; and
      4. (iv) Has established at least five (5) years of actual service; and
   2. (B) All other requirements set by rules adopted by the board are met.

6. (2) At the member’s request, a member’s payment for private education-related entity private school service credit shall be refunded by the Arkansas Teacher Retirement System if the:

   1. (A) Member ceased to be an active member before the private education-related entity private school service is established as credited service in the Arkansas Teacher Retirement System; or
   2. (B) Private education-related entity private school service credit is not otherwise used to establish the member’s eligibility for retirement under the Arkansas Teacher Retirement System.

(e) A member may purchase a fraction of a year of private school service that shall be credited if the:

1. (1) Member has at least one-fourth (1/4) of a year of private school service in a fiscal year; and
2. (2) Fraction of a year of private school service can be credited in accordance with Arkansas Code § 24-7-601.