Safeguarding retirement assets for Arkansas's educators since 1937 Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. A.C.A. document.getElementById('cloak7b45d71f16d445bc3e309d0e80ee28b7').innerHTML = ''; document.getElementById('cloak5043be95d889e54c33cf9accbcbbe67f').innerHTML = ''; After defining an "adequate" savings threshold, I compare it to the current Arkansas Teacher Retirement System (ATRS) plan, as well as two other types of plans, a defined contribution plan currently offered to employees at the University of Arkansas and a cash balance plan currently offered to retirees in the ATRS system. "I always keep getting questions [about] is there any way to shorten the six-month separation period," he said. The Arkansas Teacher Retirement System's investments have dropped in value from $21.7 billion to $20.3 billion so far this year, officials for the system and its investment consultant said Monday. Listed below is the address and phone number for each vendor. N. Little Rock, AR 72116 1400 W. 3rd Street COBRAServ will mail correspondence to you concerning your COBRA rights. If a reciprocal system in which a teacher retirement system member has three or more years of service provides a higher final average salary for that member, "we will use that one instead," under this bill, Rhoden said. Hudson withdraws from field as trustee says decision near, Jim Hudson, chief of staff for the Department of Commerce, answers questions regarding the high broadband grants from the Joint Budget Committee on Thursday at the state Capitol in Little Rock. In the 2019 regular session, state government retirees packed the Joint Committee on Public Retirement and Social Security Programs' meetings. State of Arkansas 94th General Assembly A Bill If you elect to continue coverage, you will be billed quarterly for the following quarter-years coverage. Rhoden said another option would be to recommend changing state law to permit a waiver of part of the six-month separation period for these retired members to return to work under certain circumstances. Rhoden said system officials learned through more questioning of tax attorneys that the IRS "does not actually have a set number of months that you have to separate [from employment].". The states general accountant and payroll officer for the Executive, Legislative and Judicial branches. Medical coverage may be continued for retirees as both major medical insurance and as a supplemental to Medicare. It is a good idea to apply for Medicare Part A three months before the month you turn age 65 even if you do not plan to retire, so that your coverage will begin the month you reach 65. Quarters of coverage are earned each year of work depending upon your earnings. Part B pays some doctor fees and outpatient hospital and related services. "That would get ATRS out of the business of trying to determine whether a separation period was valid or not. This collection of resources can help you start, run, and manage your business in the state of Arkansas. SOCIAL SECURITY - RETIREMENT BENEFITS. Brief of respondents Arkansas Teacher Retirement System, et al. Rhoden said "we looked at our circumstances for a separation period [and] we ran three months up the flagpole to start a conversation. Arkansas Teacher Retirement Benefit Calculator - BenefitsTalk.net All rights reserved. Phone: (501) 682-1517Fax: (501) 682-2359. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. PDF Supreme Court of The United States The salary range for the executive director's post is $149,682 to $181,500 a year and is commensurate with qualifications and experience, according to the advertisement for the job. Always notify APERS in writing immediately if your marital status changes (you marry, divorce, remarry, or suffer the death of a spouse). General Financial Objective. The Arkansas Teacher Retirement System is a defined benefit retirement plan established by state law for public school and other public education empl Frequently Asked Questions Helpful Links A change in your marital status could affect your retirement benefits and beneficiary designations. To continue medical and/or dental coverage, you must make an election within 31 days after your retirement date. Sarah Huckabee Sanders is the 47th Governor of Arkansas and the first woman to serve as governor of the state. 20-222 . August 8, 2023 - Executive Director Update: ATRS Board Changes and Updates + Normal Retirement Age Confusion, July 20, 2023 - Board Vacancy: Member Trustee, Non-Certified, July 7, 2023 - Executive Director Update: Introduction, June 9, 2023 - Executive Director Update: Next Executive Director. The state statutes, Arkansas Code 24-7-201 et. CB Login Arkansas public employees retirement system. Under House Bill 1306 by Rep. Jon Eubanks, R-Paris, the state treasurer would be replaced by the state's securities commissioner as a member of the board of trustees of the Arkansas Teacher Retirement System, the Arkansas Public Retirement System and Arkansas State Highway Employees Retirement System. Little Rock, AR 72202 ", Trustee Jeff Stubblefield of Charleston advised fellow trustees that "the big thing is don't panic.". Teacher Retirement System Real and Alternative Assets Investment Manager Jerry Meyer. It's a little bit more difficult to hold a position open artificially in that circumstance, so that's why we settled essentially on this four-month separation period. Many towns have downtown historic districts filled with hundreds of boutiques, quaint stores and some interesting offbeat places. $2.9 billion in bond investments with an investment return of -7.5%. Also on Monday, Rhoden raised the idea of possibly recommending legislation reducing the required six-month separation period before members who retire but who haven't reached the normal retirement age can return to work for an employer covered by the system. The Official Website of the State of Arkansas. Benefit Payroll Schedule Boston, MA 02105 24-7-201 et seq. Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. All rights reserved. addy7b45d71f16d445bc3e309d0e80ee28b7 = addy7b45d71f16d445bc3e309d0e80ee28b7 + 'artrs' + '.' + 'gov'; The trustees will receive the system's actuarial report for June 30, 2022, during their meeting Dec. 5, system Director Clint Rhoden said Monday after the trustees' meeting. The fund is being formed to make investments in advanced manufacturing and business services companies across logistics, aerospace and defense and transportation sub-sectors in the United States, Franklin Park reported. FILE The state Capitol is shown in this 2019 file photo. The Arkansas Teacher Retirement System counters that the lower courts properly weighed the evidence presented at the class certification stage of the litigation, including the generic nature of the misstatements, when it decided to grant certification of plaintiffs' shareholder class. ", Rhoden said the bill is "a compromise" between the retirement system and school district superintendents "to maybe try to get some educators back in the system.". Trip Trails highlight the best of Arkansass food, music, recreation, and history. Advocates. Earlier this week I had the chance to testify in front of a joint committee of the Arkansas State Legislature focused on Public Retirement and Social Security Programs. $3 billion in private equity investments with an investment return of 16.6%. Gabriel said the projected payoff period for the unfunded liabilities is about 32 years. The board set an 8% interest rate for late contributions, Rhoden said, and the legislation would lower the interest rate to be in line with the system's target rate of return, which is now 7.5% a year. This will help you to receive your first payment on time. FILE The state Capitol is shown in this 2019 file photo. 501-682-1517 If you are ineligible for coverage as a retiree, you may continue the health and/or dental insurance that is offered to active employees for 18 months through the Consolidated Omnibus Budget Reconciliation Act (COBRA). The majority of Arkansas teachers will need to make up the gap somehow, by saving more in other jobs, working longer, or suffering from a less-than-adequate retirement. The system also had 3,465 working deferred retirement members with an average salary of $65,732 a year. The system's former executive director, George Hopkins, referred to members who retire and return to work for a system employer as "working retirees." He said 35 out of the 340 participating employers don't submit contributions through electronic transfer. Members should contact the Call Center if they need a tax withholding change forms or they can make the change on the Member Self Service portal. Such a change may allow you to change your beneficiaries. Arkansas | TeacherPensions.org In March, the trustees voted to authorize the system to seek to become lead plaintiff in a class-action lawsuit against the London-based information services and analytics company Clarivate, after Miller estimated that roughly $2.5 million to $3 million in investment losses are at stake. In the coming legislative session, the Arkansas Teacher Retirement System will seek approval for bills . var addyae6bd5f6c92b85df3a56eb38264e395f = 'info' + '@'; Earlier this year, the system netted $507.4 million out of a $642.8 million settlement of a lawsuit filed in July 2020 in federal court in New York seeking to recover losses that the system claimed it incurred as a result of negligence and breaches of fiduciary and contractual duties by Allianz Global Investors U.S., LLC and related defendants. The system's normal retirement age was 65 in the past before the system expanded through a 2021 law the normal retirement age to also be at least age 60 with 38 years of service, for a Rule of 98 with age and service totaling 98 years, Rhoden said. As we've written before, retirement plans appear to be a poor tool to shape the workforce, and other factors are far more important for how teachers make decisions about whether to enter or remain in the teaching profession. Comstock said the system's investments gained about $240 million in value during the first two months of fiscal 2023, which started July 1, to reach $19.9 billion at the end of August. Protecting employers, employees, and their dependents from financial burdens imposed by job-related injury and disease. System members who do not meet the normal retirement age cannot return to employment in a position covered by the system within six months of their effective date of retirement or their retirement will be canceled. Print Headline: Panel OKs teacher retirement bill. 700 West Capitol If you have not received yours by February 15 or you wish to order a duplicate copy, you may request a duplicate 1099-R. In the coming legislative session, the Arkansas Teacher Retirement System will seek approval for bills that tweak state laws on the required separation period for some retirees before they can return to work, reciprocal service in other state retirement systems, and electronic transfers of employer contributions. That ranks among the top 10% of the nation's public retirement systems, the consultant said. seq . 124 W. Capitol, Suite 400 Little Rock, AR 72201 (501) 682 7800 (Pulaski County) 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. That is in the middle of the first semester. Email us at: . UA Little Rock's site search requires JavaScript to be enabled. Repeal a state law that barred system members at state agencies and higher-education institutions from using accumulated sick leave in the calculation of their final average salary for computing their retirement benefits. State Treasurer Senior Investment Officer James Pulley. Email us at: This email address is being protected from spambots. var prefix = 'ma' + 'il' + 'to'; All rights reserved. In February, the system's trustees voted to increase the employer contribution rate from 14.75% to 15% of payroll and increase the rate charged to employees who pay into the system from 6.75% to 7% of their salary, starting July 1 of this year. This summary is designed to give retiring employees information on UA Little Rock retirement benefits. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. There is no reason to undermine more than 50 years of historical precedent under which the state treasurer has served on the retirement boards as a statewide elected official, he said. All Rights Reserved, Arkansas.gov. var prefix = 'ma' + 'il' + 'to'; Rhoden raised the idea of reducing that period to three months, to help public schools with a shortage of teachers, bus drivers and other employees. State law requires that a system member who does not have at least 38 years' service and is under age 65 to have a six-month separation period once they retire before they can return to work. Box 1823 Chad Aldeman. According to the Aon Investment Consulting, the value of the system's various investments and their respective investment returns at the end of fiscal 2022 on June 30, 2022, included: $10.1 billion in stock market investments with an investment return of -13.4%. These resources will help you find your opportunity. Plaintiff, the Arkansas Teacher Retirement System ("ATRS" or the "System"), by and through its undersigned counsel, respectfully submits its Complaint against Defendants Allianz Global Investors US LLC ("AllianzGI"), the Allianz Global Investor defendants (defined fully Retirement FAQ - artrs.gov A QDRO is an order issued by a divorce court making a former spouse an "alternate payee" with the right to receive all or part of a member's retirement benefits. My full presentation is below. Actuaries often compare the projected payoff period for unfunded liabilities to a mortgage on a house. Check for name availability, or gain more information about any business entity filed in the state of Arkansas. PDF United States District Court for The Southern District of New York addy5043be95d889e54c33cf9accbcbbe67f = addy5043be95d889e54c33cf9accbcbbe67f + 'artrs' + '.' + 'gov'; P.O. We apologize for falling short of your expectations in this instance. You must contact the Social Security Office before retirement benefits start. The teacher retirement system is state government's largest retirement system, with more than $20 billion in investments and more than 100,000 working and retired members. On Monday, Graves said that the system's investments are now valued at roughly $20.1 billion. Former state Rep. Michelle Gray, R-Melbourne, who is the executive director of practice transformation for the White River Health System. You must apply for Medicare at least one month in advance if you are not receiving retirement benefits. No. PDF ARKANSAS TEACHER RETIREMENT SYSTEM - Department of Finance and addyae6bd5f6c92b85df3a56eb38264e395f = addyae6bd5f6c92b85df3a56eb38264e395f + 'artrs' + '.' + 'gov'; The House and Senate have approved HB1201. Little Rock, AR 72201 The Arkansas Teacher Retirement System's investments increased last quarter by $783 million in value to total $20.2 billion, an investment consultant reported Monday. "But I think the better solution would be to modify our definition of normal retirement age," Rhoden said. The system was established in 1937 and is the largest public retirement system in the state. Forgot Login? "They just have [these] facts and circumstances that you have to have a bona fide termination from employment, and it could change for every circumstance out there," he said. For example, effective July 1, 2023, if a member is age 62 with 36 years of service, they meet the definition of normal retirement age and are allowed to remain working and draw their retirement without a separation period, he said. "That to me is a good compromise in order to eliminate the one-month separation for 38 years of service because in practicality somebody with 38 years of service that is age 62 would meet this criteria and they would be able to work with their employer without a separation period," Rhoden told the system's board of trustees. In other action, the committee endorsed Senate Bill 78 by Sen. Jimmy Hickey, R-Texarkana, which would allow members of the Arkansas Judicial Retirement System who forfeit their retirement benefits by serving longer than state law allows to be paid back their member contributions to the system. Copyright 2023, Arkansas Democrat-Gazette, Inc. PDF Arkansas Teacher Retirement System Attendees will be required to socially distance. This email address is being protected from spambots. Your feedback is invaluable in helping us gauge the effectiveness of our content and ensure your experience is a great one! Medicare becomes available at the beginning of the month in which you become age 65. Oversight of businesses transacting in the state, elections compliance & finance, and capitol facilities management. 120 were here. However, in April, the value of the teacher retirement system's investments fell from $21.6 billion to $20.6 billion based on Aon Hewitt's preliminary report for the month. Once you begin receiving APERS retirement benefits, you may be subject to restrictions on when or if you can return to work in APERS-covered employment. Find your next tour experience. We look forward to providing you with an even better user experience in the future. Docket no. Section 24-7-401 (a) of the Arkansas Code provides as follows (emphasis added): (1) The financial objective of the Arkansas Teacher Retirement System is to establish and receive contributions that expressed as percentages of active member payroll will remain ", "That conversation got changed to where four months could be viewed as a reasonable separation from service, considering that most retirees retire on July 1," he said. Arkansas Teacher Retirement System 1400 West Third Street, Little Rock, AR 72201 Directions. "Therefore, I am withdrawing from consideration for the opening," Hudson wrote. The actuary phases in recognition of investment gains and losses over a four-year period for actuarial purposes in an attempt to stabilize the rate charged to system employers. House Bill 1201 would fill in the normal retirement age gap with the Rule of 98 for ages 61 through 64, he said. The fund is being formed primarily to make acquisitions of U.S. middle market companies in the tech-enabled business services and information technology service sectors, according to the system's private equity consultant Franklin Park. Click here for instructions on requesting a duplicate 1099-R. Click here for instructions on setting up your MSS account. Main Document . "We are seeing some positive movement in the equity market in June far," Katie Comstock of Aon told the system's trustees. Besides a technical-corrections bill, the teacher system's other proposals would: Require system members whose service is not reported by their employer to the system to be guaranteed at least noncontributory service credit. I used the opportunity to show that Arkansas' current plan offers solid benefits to long-serving . The preliminary report for April reflects changes in the system's stock, bond and opportunistic and alternative investments, but not changes in the system's real estate, timber, agriculture, infrastructure and private equity investments. 2023 BENEFIT PAYMENT SCHEDULE: Checks Mailed and Direct Deposit Dates: January 27, 2023: February 24, 2023: March 29, 2023: April 26, 2023: May 26, 2023 Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. Main Document | Certificate of Word Count | Proof of Service; Oct 21, 2020: Motion of petitioner to delay distribution of the petition for a writ of certiorari under Rule 15.5 from November 4, 2020 to November 17, 2020, submitted to The Clerk. Earlier this week I had the chance to testify in front of a joint committee of the Arkansas State Legislature focused on Public Retirement and Social Security Programs. 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. The rate increases approved in February are the final ones from the 2017 plan to raise the rates by 0.25% a year over four years. As a result, state leaders should prioritize how well their retirement benefits are meeting the needs of workers. Established in 1957, the Arkansas Public Employees Retirement System (APERS) provides pension, retirement and disability benefits for some 60,000 members, retirees and beneficiaries employees who meet its eligibility requirements.While APERS functions as the state's primary system for public employees, it also offers additional pension and retirement systems. Note that you can access the form online now through our member self-service (MSS) portal. $237 million in agriculture investments with an investment return of 12.8%. Change provisions regarding reciprocal service in other retirement systems. 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. In two and a half years, the teacher training program, run by nonprofit Reach University, has grown from 50 applicants to about 1,000, with most coming from rural areas of Louisiana, Arkansas . In fiscal 2011 that ended June 30, 2011, the system had 4,101 of them with an average salary of about $21,800 and an average pension of about $20,500, Hopkins said at that time. In fiscal 2022, which ended June 30, 2022, the system's investments dropped in value by $1.4 billion to $19.7 billion amid declining stock and bond markets. The state statutes, Arkansas Code 24-7-201 et. This field is for validation purposes and should be left unchanged. The system's target investment return is 7.25% a year, after the trustees voted to reduce it from 7.5% a year in November. Arkansas Teacher Retirement System | Little Rock AR - Facebook (Arkansas Democrat-Gazette/Staci Vandagriff). You need JavaScript enabled to view it. Both POS and Classic plans are available to retirees, along with an Indemnity plan, which is available only to retirees who reside outside of Arkansas. ARKANSAS TEACHER RETIREMENT SYSTEM, ET AL. As of June 30, 2021, the system had 66,663 working members not on the deferred retirement plan with an average age of 44.2 years, average service of 10.5 years and average salary of $42,901 a year, according to Gabriel.
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