- (a) For a member who is inactive, vested, and immediately eligible to retire, retirement benefits shall be payable the month after the Arkansas Teacher Retirement System receives the member’s application for age and service retirement.
(b)
- (1) If a member meets all eligibility requirements for age and service retirement and is approved for retirement, annuity benefits shall be effective on the month proposed in the member’s application.
- (2) If the member does not file an application at least one (1) calendar month before the proposed effective retirement date, then the proposed retirement effective date in the member’s application shall not be used, and the member’s effective retirement date shall be the following month.
- (c) If a member has signed an employment contract for the fiscal year and has been paid in full without providing service for the full period of the employment contract, the member’s effective retirement date shall not be before July 1 of the subsequent fiscal year.
(d) If a member has accrued a full year of service credit equal or greater to one hundred sixty (160) days in a fiscal year, the member's retirement date shall not begin earlier than July 1 of the subsequent fiscal year. year unless the member:
- (1) Has attained the normal retirement age and is not separating from employment; or
- (2) Is not licensed or otherwise certified as a classroom teacher and vacating a classroom.
(e)
(1) A member who attains the normal retirement age may:
- (A) Apply for retirement benefits without terminating employment; and
- (B) Begin drawing retirement benefits.
- (2) The retirement benefits of a member who attains the normal retirement age shall not be affected if the member applies for and draws retirement benefits.