A member may cancel his or her original T-DROP distribution election and elect another distribution option if the member:

1. (1) Did not elect to receive all or a part of his or her T-DROP account balance rolled over into a qualified retirement plan;
2. (2) Has not previously changed his or her election;
3. (3) Cancels his or her election before the end of the second full calendar month immediately following his or her effective retirement date;
4. (4) Files a new distribution election form with the Arkansas Teacher Retirement System; and
5. (5) Repays the system any amount that he or she is no longer entitled to have received as a result of changing his or her election.

Codification Notes: “T-DROP” means Teacher Deferred Retirement Option Plan.