Copyright 2023, Arkansas Democrat-Gazette, Inc. The member's CBA principal and interest are tax-deferred until the member makes a withdrawal. This document may not be reprinted without the express written permission of Arkansas Democrat-Gazette, Inc. Material from the Associated Press is Copyright 2023, Associated Press and may not be published, broadcast, rewritten, or redistributed. You need JavaScript enabled to view it. var path = 'hr' + 'ef' + '='; You can stop, start, or adjust federal and state withholding on your retirement income. Arkansas Teacher Retirement System1400 West Third Street,Little Rock, AR 72201Directions, Email us at:This email address is being protected from spambots. The company will put it in a group of stocks and other important things for retirement if they do. Warren said state government's retirement systems have looked "at every way that they can increase the stability of their plans, and being defined benefit plans that is not as easy as it is with defined contribution plans, so I applaud what they are doing and this is another good thing.". Members can choose one of four options for their ATRS retirement annuity. 2021 Arkansas Public Employees' Retirement System, All Rights Reserved, Qualified Domestic Relations Order (QDRO), Click here for instructions on requesting a duplicate 1099-R, Click here for instructions on setting up your MSS account, Click here for more information about how your COLA will be calculated. The Joint Committee on Public Retirement and Social Security Programs recommended House and Senate approval of House Bill 1348, by Rep. Les Warren, R-Hot Springs. The committee on Monday also recommended House and Senate approval of Warren's House Bill 1346 that would change how the Arkansas Public Employees Retirement System computes the final average compensation that is used in calculating retirement benefits for a member hired by a system-covered employer, starting on or after July 1, 2022. (3) The board may adjust the benefit stipend amount by resolution at a meeting of the board. This option means that no monthly payments will be given to your beneficiary after you die. Under the non-contributory plan, teachers will not pay any money to the retirement fund. Cost of living adjustment (COLA) for July 1, 2022 A A A May 3, 2022 Public safety, corrections, and elected officials plan retirees and surviving beneficiaries will receive benefit increases in July. addy4e0c66a98a796efe43661ac3eef3beb3 = addy4e0c66a98a796efe43661ac3eef3beb3 + 'artrs' + '.' + 'gov'; Here you will find information based on your role in our system, whether you are an active member, near retirement, a retired member or an APERS participating employer. It would have allowed the system's trustees to determine the size of the adjustment, up to a 3% simple -- not compounded -- increase a year. The system's trustees set the rate for the employers, which are state and local governments. CBA participants may request a one-time or recurring monthly distribution from the CBA at any time. As you know, COLA is the acronym for cost of living adjustment, the annual increase to your monthly annuity, currently set by the state legislature at three percent. (2) The cost of living adjustment under this section is calculated by multiplying one . "But the other thing that that tells us is there is room for improvement, so while we are in a position that we are healthy enough, we want to strengthen our programs while we can. (5) The board may phase in an increase or decrease of the benefit stipend. Please do not contact us to order a duplicate prior to February 15 (to allow time for the mail service to deliver your form). Asa Hutchinson enacted Act 170 to increase the minimum teacher salary from $31,800 in the 2018-19 school year to $32,800 in 2019-2o, to $33,800 in 2020-21 . var addy_text5e0f62c78f9d44af473f4ceb9affcc8d = 'info' + '@' + 'artrs' + '.' + 'gov';document.getElementById('cloak5e0f62c78f9d44af473f4ceb9affcc8d').innerHTML += '
'+addy_text5e0f62c78f9d44af473f4ceb9affcc8d+'<\/a>'; "There have been people who have been saying that, 'We hear that you are going to combine all the retirement plans into one,'" Warren said Tuesday. It was created in 1937 and had been supporting teachers ever since.In Arkansas, if you are old enough and have worked long enough, then you can retire. If the designated beneficiary is an incapacitated child, and they get out of being so through any court order or death. To do this, they need five years of service and a disability. var prefix = 'ma' + 'il' + 'to'; Average pension value (2018): $22,830. Montalvo emphasized that this is an important consideration for all of the system's retired members, not just for her. Privacy policy There are three different ways to retire under the Arkansas Teacher Retirement System. Teachers: With the cost of living continuing to increase, you may be thinking more and more about your plans for retirement. Under state law, the governor appoints three state employees and three non-state employees to the Public Employees Retirement System board of trustees. Any work-related contributions will also be canceled. The co-chairmen decided to hold these meetings to tell retirement system members about the financial condition of the systems and to get feedback, in the aftermath of the committee not approving most of the bills proposed by the trustees of the Public Employees Retirement System. That's not healthy for the defined benefit plan, but nobody wanted to give up a benefit, so we are proposing it to begin with new hires.". On July 1, 1996, a T-DROP participant whose effective T-DROP date was August 1, 1995, shall be eligible to receive a cost-of- she asked 10 state lawmakers attending the last of 11 meetings held across the state in the past two months by the Joint Committee on Public Retirement and Social Security Programs. "If you go into private industry, you're going to be on a 401(k) [retirement plan]. (SSA) 2023 Cost of Living Adjustment (COLA) increase. You will go back to a straight life annuity for the remainder of your lifetime. A dependent child is someone who cannot legally take care of themselves and needs your guidance. There are salaries that are low at $14,100 and as high as $62,567. "Every step along the way we'ved tried to both gather feedback as we crafted the proposal and then get additional feedback as we really formed the proposal and finalized that," Baird assured Elliott. "What are you thinking?" 14. equal to three percent (3%) of the original retirement allowance on the first day of January, 1971, 15. and each year thereafter through December 31, 1980. "Some of the things that people have said is, 'We are OK with increasing our contribution as long as the employer increases theirs,'" he said. You can explore additional available newsletters here. Out of all four options, Option 1 provides the most money each month. Welcome to the APERS Retired Members Page. 10. If a retiree is newly married at the time of retirement or marries after retirement, the member may elect to cover the spouse after being married one (1) full year. (B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness. var prefix = 'ma' + 'il' + 'to'; An amount below 100 means Arkansas is cheaper than the US average. Click here to download theQDRO Language Model. APERS will be mailing out the 1099-Rs at the end of January. It is called a Straight Life Annuity. (c) Nothing contained in this section shall require the Arkansas Public Employees' Retirement System to pay any portion of the benefits provided for in this section. If the election change reduces the member's payable monthly benefit, the member must promptly reimburse ATRS any overpayment with interest. However, from a member's effective date, a member may only change the Option election once during the first year of retirement. The committee also recommended Senate Bill 5, by Sen. Bill Sample, R-Hot Springs, which would specify that the final average pay used to determine the reciprocal benefit retirement paid by the Arkansas Local Police and Fire Retirement System will be the final average pay while the member was active in the local police and fire retirement system. var addy_textce5994e674ba36bdb911ad231a199969 = 'info' + '@' + 'artrs' + '.' + 'gov';document.getElementById('cloakce5994e674ba36bdb911ad231a199969').innerHTML += ''+addy_textce5994e674ba36bdb911ad231a199969+'<\/a>'; The system's unfunded liabilities are projected to be paid off within 26 years. You need JavaScript enabled to view it. Vesting Period: 5 Years. If you want to see how your monthly salary gets adjusted by different factors, you can use the ATRS calculator. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. Members . Sign up for our free summaries and get the latest delivered directly to you. To qualify, retirees and those entering the DROP must have been receiving benefit payments for 12 months. (We deduct $1 from benefits for . var addy4e0c66a98a796efe43661ac3eef3beb3 = 'info' + '@'; The election to participate in the T-DROP is . Contact ATRS at (501) 682-1517 orThis email address is being protected from spambots. (3) The redetermined amount shall not be less than the base amount. Always notify APERS in writing immediately if your marital status changes (you marry, divorce, remarry, or suffer the death of a spouse). ["Teacher Retirement Preretirement Educ","Teacher Retirement Membership","Teacher Retirement Investments","Teacher Retirement Director","Teacher Retirement Deputy Dir","Teacher Retirement Data Processing","Teacher Retirement Counseling","Teacher Retirement Call Center","Teacher Retirement Benefits Pending","Teacher Retirement Accounting"], The Official Website of the State of Arkansas. . document.getElementById('cloak5e0f62c78f9d44af473f4ceb9affcc8d').innerHTML = ''; 10. Extended Evening Hours for July Retirement. This amount paid from the employer is never refunded. You only need to meet the eligibility requirements. You must be married for at least one year before you can get these benefits. If you worked for 25 years and had an average salary of $40,000, then at your retirement, your monthly salary would be $1,866.67. System Director Duncan Baird said system officials gathered feedback from system members at the 11 town-hall-style meetings held by the Legislature's public retirement committee in the fall of 2019, and "there was a lot of discussion on the COLA at the town halls.". Kevin Simpson, president of the Arkansas State Fraternal Order of Police, urged lawmakers Tuesday to change the law to allow the public employees system's members to elect some of the board of trustees. var addy5e0f62c78f9d44af473f4ceb9affcc8d = 'info' + '@'; I'm just one member and it has got to pass through the Legislature," he said. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. "I can tell you as a legislator that is something that's on our radar," Warren said. Warren said Arkansas' retirement systems are among 12 states with 70% to 79% of their liabilities funded with assets, and Arkansas is ranked 21st among the 50 states with 76.9% funding of its liabilities, based on information from the Pew Foundation. To qualify, retirees and those entering the DROP must have been receiving benefit payments for 12 months. Click here for more information about how your COLA will be calculated. If you die, 100% of your monthly Option A benefit will go to the person you name as an option beneficiary for the rest of his or her life. The increase results from the board's voting to compound the annual cost of living adjustment for this year. On Monday, the committee also endorsed House Bill 1205, by Rep. Dwight Tosh, R-Jonesboro, that would change state law relating to the Arkansas Local Police and Fire Retirement System's retired members who want to return to work. var prefix = 'ma' + 'il' + 'to'; Chapter 142, Laws of 2013 (ND H 1230), relates to expiration of the increase in teachers' fund for retirement member and employer contributions. addy5e0f62c78f9d44af473f4ceb9affcc8d = addy5e0f62c78f9d44af473f4ceb9affcc8d + 'artrs' + '.' + 'gov'; Legislation that would gradually increase the amount that members of the Arkansas Public Employees Retirement System contribute cleared a legislative committee on Monday. Such a change may allow you to change your beneficiaries. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. 'S CBA principal and interest are tax-deferred until the member 's payable monthly benefit, governor! 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