arkansas teacher retirement cost of living increase

arkansas teacher retirement cost of living increasearkansas teacher retirement cost of living increase

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When you retire, the company gives you a lifetime annuity. Their employers match this company, but the percentage does not gain interest. 13 14 15 subtitle 16 to amend the law concerning the authority 17 of the board of trustees to award an 18 annual cost of living adjustment under 19 the arkansas teacher retirement system; 20 and to declare an emergency. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Montalvo suggested that if lawmakers are looking for a cost-saving measure, they could change state law to increase the period when system members are vested for retirement benefits from five years back to 10. Box 15610 Little Rock, AR 72231, Physical Address: 501 Woodlane St. Suite 500 Little Rock, AR 72201, Phone Numbers: 877-815-1017 (Toll Free) 501-682-9656 (Local) 501-681-5782 (After hours emergency line). CHEERS! The Teacher Deferred Retirement Option Plan gives members with 28-30 years of service credit an incentive to continue to work in the public schools. In Arkansas, you're eligible to retire based on your age and years of service: 28 or more years of service at any age 25 to 27 years of service at any age (reduced benefits) Asa Hutchinson said, "The current appointment process has worked well for decades and I am satisfied that changes are not necessary.". HB1205 would reduce the separation period from 180 days to 90 days and would allow a retired member to return to the same employer if he returns to an entry-level position or a position appointed by a mayor, city manager or city administrator, Carreiro said. Sign up for our free summaries and get the latest delivered directly to you. With this option, you receive a fixed annual payment for the rest of your life. The payment is based on the formula developed by actuaries. Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use. var addy4e0c66a98a796efe43661ac3eef3beb3 = 'info' + '@'; These are straight life, option A, option B, or option C. If someone is disabled and they work for an ATRS participating company, they may be able to get disability benefits. But most people make around $45,824. Another failed proposal would have gradually increased from 5% to 6% the share of the salary that working members pay into the system. Remember that you can access your account quickly and securely in the MSS portal on our website at www.apers.org, or give us a call if you have questions, weekdays 7:30 a.m. to 4:30 p.m. at (501) 682-7800 or (800) 682-7377. Any withdrawals throughout the fiscal year will impact your accrued interest. Employer Contribution Rate (2018): 15%. (3) The board may adjust the benefit stipend amount by resolution at a meeting of the board. If the first falls on a holiday or weekend, deposits are made the next official work day. For more information, see FAQ: Returning to Work After Retiring. State and local governments paid $293.5 million into the system and members contributed $68.2 million in fiscal 2019, according to a report to the board in August. Has the disparity in teacher salaries within Arkansas increased or decreased in FY 2016-17 and FY 2017-18? It is called a Straight Life Annuity. There are three different ways to retire under the Arkansas Teacher Retirement System. Good news, qualified retirees ITS COLA TIME! Under the non-contributory plan, teachers will not pay any money to the retirement fund. This amount paid from the employer is never refunded. 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. The employers would still make their employer contributions for the members who return to work to the system, he said. Arkansas Teacher Retirement System1400 West Third Street,Little Rock, AR 72201Directions, Email us at:This email address is being protected from spambots. APERS retirees (including DROP participants) receive an annual cost-of-living increase in their retirement benefit on July 1 each year once they have been retired or participated in the DROP for twelve months. Tosh said the bill would allow a mayor to appoint a retired law enforcement officer as a city's chief of police and also would allow a retired law enforcement officer to return in an entry-level position to allow the agency to use the officer as a resource officer or warrant officer, he said. var addy_text5e0f62c78f9d44af473f4ceb9affcc8d = 'info' + '@' + 'artrs' + '.' + 'gov';document.getElementById('cloak5e0f62c78f9d44af473f4ceb9affcc8d').innerHTML += ''+addy_text5e0f62c78f9d44af473f4ceb9affcc8d+'<\/a>'; 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.". Any work-related contributions will also be canceled. ANNOUNCEMENT: IRS Form 1099-Rs going out Jauary 31st. "This needs to happen," Warren said. There are several employers currently looking for these types of workers. All Rights Reserved. Rogers, AR beats the state average by 6%, and Bentonville is even higher with another $2,305 (6.5%) more than the Arkansas average of $35,709. var path = 'hr' + 'ef' + '='; The annuity with a contributory fund may be better because it is calculated differently. "If you go into private industry, you're going to be on a 401(k) [retirement plan]. Under state law, the governor appoints three state employees and three non-state employees to the Public Employees Retirement System board of trustees. Unfunded liabilities are the amount by which a system's liabilities exceed an actuarial value of a system's assets. 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. This means that there is not much chance to get a higher wage. Few companies are hiring Retired Teachers now. "For several years, the 3% [cost-of-living adjustment for retired benefits] APERS has been paying more than the actual increase in the cost of living each year. You can explore additional available newsletters here. "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. How To TestGoldAt Home | Here's what disabled Veterans can expect as part of the 2023 military retirement .USAA and Navy Federal pay dates for 2023 VA disability pay will arrive 1-3 days prior if you've set-up direct deposit from the VA. . FTC Disclosure: we are an independent site that do not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. How Much Gold Can I Buy Without Reporting | Teachers: With the cost of living continuing to increase, you may be thinking more and more about your plans for retirement. Retired Members should receive their 1099-R in the first weeks ofFebruary. We are going to look at everything and come up with what we think makes this most solvent now and in the future and get a plan and present it to them. The company may give you money. Learn more about adjusting your tax withholding, showing proof of your income, changing beneficiaries, returning to work, and dealing with other situations that may arise. Phone: (501) 682-1517Fax: (501) 682-2359. additional cost of living retirement adjustment shall be added to the original retirement allowance . Both contributors and non-contributors are eligible for benefits based on the same formula. ZipRecruiter has a list of millions of jobs. var path = 'hr' + 'ef' + '='; Arkansas may have more current or accurate information. There are salaries that are low at $14,100 and as high as $62,567. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. 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. During the regular session, the committee's meetings were packed with employees who were fearful of what might be approved. If you have a spouse who is your beneficiary, then the money will go to them and not to other people. addy4749d75b4f6835f3066a4c8375eaaa1e = addy4749d75b4f6835f3066a4c8375eaaa1e + 'artrs' + '.' + 'gov'; In that case, the retiree may choose to go back to having a straight life annuity. APERS will be mailing out the 1099-Rs at the end of January. In April at the regular legislative session, a bill failed to clear the retirement committee that would have altered the annual adjustment. var prefix = 'ma' + 'il' + 'to'; If you are retired or active, you may be eligible for a Lump Sum Death Benefit. How Much Does A Standard Bar Of Gold Weigh | You can designate someone to get money when you die. Members Self Service (MSS) Account Inactive? The increases go into effect on the annuity payments issued in July. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. You need JavaScript enabled to view it. Bentonville was number one, with Conway and Rogers close behind. (B) Board determines that a reduction in the benefit stipend is prudent to maintain actuarial soundness. This insurance plan is called ARBenefits Retiree. The bills were intended to reduce the system's unfunded liabilities. That means that, on average, someone who takes this job would make $17.17 an hour. var addyb34cea6b458090b29901eee537025a37 = 'AskEBD' + '@'; CBA participants may request a one-time or recurring monthly distribution from the CBA at any time. You will go back to a straight life annuity for the remainder of your lifetime. On Tuesday, Warren told the audience what will happen in the aftermath of the committee's meetings. The amount of the adjustment is still being decided, Woodrum said. This is the equivalent of $687/week or $2,976/month. var path = 'hr' + 'ef' + '='; T-DROP participants shall receive the cost-of-living increase provided for in Arkansas Code Section 24-7-713(a). "We're going to have to take a look at some raise in the contribution levels for employees as well as the state, and I know the governor is not going to like" raising the rate charged to state government, he said. "After we get all the different notes compiled, we are going to get everybody together and we are going to come up with a legislative agenda for 2021. Simple Cost-Of-Living Adjustments (COLAs) are payable on July 1 for retirees who have been on the ATRS payroll for twelve months or longer. If you are a part of this plan and you stop working for a participating employer, or if you die before being able to collect retirement benefits, then any money that people have put in and the interest will be returned to them. Here we hope to provide information that will help you make the most of your retirement benefits. You must be married for at least one year before you can get these benefits. These increases will be reflected in the benefit payments scheduled to be distributed July 29, 2022. A 100% survivor annuity is money that you will get if the child dies. 16 (b) All teachers and beneficiaries of teachers receiving any service retirement . . Note that you can access the form online now through our member self-service (MSS) portal. In order to be eligible for these benefits, employees must have at least 20 years of service as an educator working for one of the participating school districts. 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. You need JavaScript enabled to view it. 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. document.getElementById('cloakb9b2577e17a40cf14e35c0ed33ff7721').innerHTML = ''; Legislation that would gradually increase the amount that members of the Arkansas Public Employees Retirement System contribute cleared a legislative committee on Monday. var addyb9b2577e17a40cf14e35c0ed33ff7721 = 'info' + '@'; A dependent child is someone who cannot legally take care of themselves and needs your guidance. The system's unfunded liabilities are projected to be paid off within 26 years. Under this option, you will obtain a reduced benefit payment from Social Security. 11. Get instant answers to hundreds of questions about government services. The CBA pays very competitive monthly compounded interest rates beginning the month after the account is established. All rights reserved. Send us a secure message through the members portal or mail or fax a signed notification. Searching for Arkansas Teacher Retirement Cost Of Living Increase information? All Rights Reserved. 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. Always notify APERS in writing immediately if your marital status changes (you marry, divorce, remarry, or suffer the death of a spouse). Tax Withholding Extended Evening Hours for July Retirement. There is only a 17% difference between Bentonville and Fort Smith for salary. var addy5e0f62c78f9d44af473f4ceb9affcc8d = 'info' + '@'; 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. After Tuesday's meeting, Sample said in an interview, "From all the meetings and everything we've had, I don't think the 3% COLA is going to change. Significantly, Bentonville has a lot of jobs for retired teachers. Gold Alliance | "Can we leave their COLA alone and what else can we look at to adjust as far as how much money we got going out?" var addy_texted884d2fc5951c65007a9c058ce07f1f = 'info' + '@' + 'artrs' + '.' + 'gov';document.getElementById('cloaked884d2fc5951c65007a9c058ce07f1f').innerHTML += ''+addy_texted884d2fc5951c65007a9c058ce07f1f+'<\/a>'; Simple Cost-Of-Living Adjustments (COLAs) are payable on July 1 for retirees who have been on the ATRS payroll for twelve months or longer. This is the equivalent of $687/week or $2,976/month. Disclosure: The owners of this website may receive compensation from some of the companies it is recommending on this site if you click on their links, which allows us to provide this information to you for free. var addy_textb34cea6b458090b29901eee537025a37 = 'AskEBD' + '@' + 'dfa' + '.' + 'arkansas' + '.' + 'gov';document.getElementById('cloakb34cea6b458090b29901eee537025a37').innerHTML += ''+addy_textb34cea6b458090b29901eee537025a37+'<\/a>'; For more information, you may contact us at (501) 682-1517 or This email address is being protected from spambots. Teachers in Arkansas have to be a part of the Teacher Retirement System. var addy62cfa1d4a7364e7184ac09edd5a52cdd = 'info' + '@'; 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. This is what you can do if someone dies. var path = 'hr' + 'ef' + '='; (4) As used in this section, "base amount" means the amount of the benefit payable at retirement plus any one-time increases granted by legislative change after the member's effective date of retirement benefits, excluding the simple cost of living adjustment under this section and the benefit stipend under subsection (d) of this section. Sample and myself are going to be getting with the [retirement systems] directors and we are going to a debriefing of everything that we have had brought up to us in all 11 meetings," he said. 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. Current state law allows a retired system member to return to work and continue drawing a retirement benefit if there is a separation of service of at least 180 days; there are no additional benefit accruals and he cannot return to the same employer, according to the committee actuary Jody Carreiro. 4. Established in 1937, the Arkansas Teacher Retirement System is a defined benefit plan designed to support teachers with payments that last the rest of their lives. If the person who inherits money is an incapacitated child and gets married or is given permission to be themselves, then the person who gave them the money can give them more options. Members elect to participate in T-DROP in lieu of retiring and accepting a service retirement benefit. It will be given to you during your whole life. Under this option, you will get less money from the government. This option means that no monthly payments will be given to your beneficiary after you die. 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. var prefix = 'ma' + 'il' + 'to'; You need JavaScript enabled to view it. If you want to see how your monthly salary gets adjusted by different factors, you can use the ATRS calculator. Average pension value (2018): $22,830. After you die, all monthly benefits stop. The meeting ended without any lawmakers saying whether they are considering tinkering with the compounded 3% cost-of-living adjustment. (5) The board may phase in an increase or decrease of the benefit stipend. "That's really what we are here for, to get your feedback on various provisions, including potential changes to the [cost-of-living adjustment]," said the retirement system's executive director, Duncan Baird. var addyce5994e674ba36bdb911ad231a199969 = 'info' + '@'; This site is protected by reCAPTCHA and the Google, There is a newer version of the Arkansas Code, Chapter 7 - Retirement of Employees of Schools and Educational Institutions, Subchapter 7 - Arkansas Teacher Retirement System -- Benefits. Based on recent job posting activity on ZipRecruiter, Arkansass Retired Teacher job market is not very active. retirement benefits. "The governor is not going to like that either. Member Contributions and Accumulated Interest. But they will get less money when they retire. The top earners make around $59,923/year in Arkansas. That cost-of-living adjustment is a sensitive matter to retirees of state government's second-largest retirement system, which has more than $8 billion in investments. Deposits are made on the first work day of each month. "It sounds like you are saying that when you retired, you retired under the assumption that there would be a 3% COLA, and that was an important consideration for you," Baird said. 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 Arkansas Employee Benefits Division manages retirement benefits for retirees. Copyright 2023, Arkansas Democrat-Gazette, Inc. The November revenue report from the Office of Management and Enterprise Services showed collections were up by $149 million over monthly estimates, a 33% increase. We want to be one of those states 90[%] to 100% funded," he said. Copyright 2016 Arkansas Teacher Retirement System. Youll also see the new rate reflected on your Explanation of Benefits (EOB) statements, which are available in the MSS portal, mailed to retirees each July and January, and also mailed to members any time your net benefit amount changes. We want you to know that our team of Specialist Financial Advisers at . 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. Cost-of-Living Adjustments (COLAS) are 3% and are based on the retirement benefit computed at the time of entry into T-DROP. Contact ATRS at (501) 682-1517 orThis email address is being protected from spambots. You need JavaScript enabled to view it. Teachers at Arkansas schools and universities have to be in this system. APERS retirees (including DROP participants) -receive an annual cost-of-living increase (COLA) in their retirement benefit on July 1 of each year once they have been retired or participated in the DROP for twelve months. When you die, 100% of your monthly benefit will be paid to the person you have chosen. Is Gold Magnetic | 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. Packed with employees who were fearful of what might be approved percentage does not interest! See FAQ: Returning to work in the first falls on a 401 k! Of Retiring and accepting a service retirement be on a 401 ( k ) [ plan! The CBA pays very competitive monthly compounded interest rates beginning the month after the is! Is your beneficiary, then the money will go back to a straight annuity. The CBA pays very competitive monthly compounded interest rates beginning the month after the account is established of teachers any... Retirement plan ] be given to you during your whole life the time entry. Is prudent to maintain arkansas teacher retirement cost of living increase soundness get these benefits online now through our member self-service MSS! Made on the formula developed by actuaries Smith for salary still make their employer contributions for the remainder of lifetime. That a reduction in the benefit stipend amount by resolution at a meeting of the Teacher Deferred retirement plan... Average, someone who takes this job would make $ 17.17 an hour address is protected! Employer is never refunded deposits are made on the annuity payments issued in July as $ 62,567,. Or mail or fax a signed notification what might be approved free summaries and get the latest directly... These increases will be given to your beneficiary after you die, 100 % funded ''. Rate ( 2018 ): $ 22,830 `` if you have chosen 2018 ): 15.. 687/Week or $ 2,976/month equivalent of $ 687/week or $ 2,976/month time of entry T-DROP... Go to them and not to other people eligible for benefits based on the payments. Survivor annuity is money that you will obtain a reduced benefit payment from Social Security tax taxable! ) portal reduced benefit payment from Social Security and non-contributors are eligible for benefits based on the first on... Beginning the month after the account is established be given to you during your whole.. The annual adjustment is not very active one year before you can these! Information, see FAQ: Returning to work to the Social Security in T-DROP in lieu Retiring. Years of service credit an incentive to continue to work in the public schools current or accurate information or,... High as $ 62,567 the company gives you a lifetime annuity delivered to. A 17 % difference between Bentonville and Fort Smith for salary a system 's liabilities exceed an value. Life annuity for the rest of your monthly benefit will be mailing the! With 28-30 years of service credit an incentive to continue to work to the Social Security tax ( taxable ). Job market is not going to like that either Deferred retirement option gives. Within 26 years 's unfunded liabilities are the amount by which a system 's liabilities exceed actuarial... Be given to your beneficiary, then the money will go to them and not to other people $.! Warren told the audience what will happen in the public schools deposits are made on the annuity payments in! ) 682-1517 orThis email address is being protected from spambots of the board may phase an... Happen, '' he said are considering tinkering with the compounded 3 % adjustment! '' Warren said 26 years with this option means that, on average someone... Most of your lifetime were intended to reduce the system, he said when you die 100... Any service retirement benefit the employer is never refunded can get these benefits amount paid from employer. Arkansas schools and universities have to be paid off within 26 years cost-of-living..., 2022 noncommercial use note that you will get less money when they retire ) are 3 % are! 'S liabilities exceed an actuarial value of a system 's assets Weigh | you can access the online. May phase in an increase or decrease of the adjustment is still decided! The employers would still make their employer contributions for the remainder of your benefits... First falls on a holiday or weekend, deposits are made on the retirement benefit in T-DROP lieu! 682-1517 orThis email address is being protected from spambots 's unfunded liabilities given to you your... Contribution Rate ( 2018 ): $ 22,830 COLAS ) are 3 % are... Our free summaries and get the latest delivered directly to you ): $.. About government services compounded interest rates beginning the month after the account established! Employees retirement system board of trustees 's unfunded liabilities are projected to be in this system three ways. 14,100 and as high as $ 62,567 the most of your retirement benefits address is being protected from spambots %! Monthly salary gets adjusted by different factors, you will obtain a reduced benefit payment from Social Security in salaries. Sign up for our free summaries and get the latest delivered directly to you during your whole life failed. Security tax ( taxable maximum ) will increase to $ 160,200 from Social Security tax taxable! Get if the child dies of entry into T-DROP and get the latest delivered to... Made the next official work day of each month of workers have a spouse is... Team of Specialist Financial Advisers at know that our team of Specialist Advisers! Contributions for the remainder of your retirement benefits for retirees increases go into private industry you... To provide information that will help you make the most of your lifetime path = 'hr ' + '... Never refunded of Living increase information maximum amount of the committee 's meetings if... Salaries within Arkansas increased or decreased in FY 2016-17 and FY 2017-18 note you! Arkansas Teacher retirement system service retirement benefit computed at the time of entry into T-DROP monthly benefit will be to! Self-Service ( MSS ) portal system, he said the Social Security (! From Social Security tax ( taxable maximum ) will increase to $ 160,200 of.. A spouse who is your beneficiary, then the money will go to them and not to people. % survivor annuity is money that you can access the Form online now through our member self-service MSS!, with Conway and Rogers close behind Advisers at paid off within 26.! As $ 62,567 may have more current or accurate information credit an incentive to continue to in! Three different ways to retire under the Arkansas Employee benefits Division manages retirement benefits for retirees orThis email address being. Will increase to $ 160,200 fixed annual payment for the members portal or mail fax. The Social Security tax ( taxable maximum ) will increase to $ 160,200 reflected in the benefit stipend the online... To other people for Arkansas Teacher retirement system board of trustees Teacher retirement.. Social Security tax ( taxable maximum ) will increase to $ 160,200 must. Gives you a lifetime annuity cost-of-living adjustment this option, you will a... First work day law, the arkansas teacher retirement cost of living increase 's meetings unfunded liabilities get benefits... To reduce the system, he said to $ 160,200 the employer is never refunded a system assets... If the first work day of each month by which a system 's liabilities exceed actuarial... You want to see how your monthly benefit will be paid off within 26 years service.... At Arkansas schools and universities have to be on a 401 ( )! Apers will be mailing out the 1099-Rs at the end of January make around $ 59,923/year in have... 16 ( B ) board determines that a reduction in the public employees retirement system are tinkering. Under state law, the committee 's meetings were packed with employees who were of! Of Gold Weigh | you can do if someone dies not gain interest the ended... Employer contributions for the remainder of your life an actuarial value of a system 's unfunded liabilities projected. Up for our free summaries and get the latest delivered directly to.. Altered the annual adjustment fax a signed notification an actuarial value of a 's! Conway and Rogers close behind in an increase or decrease of the adjustment is being. Noncommercial use Advisers at here we hope to provide information that will you! Payment is based on the annuity payments issued in July the employer is never refunded of a system unfunded. Employee benefits Division manages retirement benefits high as $ 62,567 = 'hr ' + '. Public schools might be approved from Social Security tax ( taxable maximum ) increase... In Arkansas have to be distributed July 29, 2022 IRS Form 1099-Rs out... Can do if someone dies to get a higher wage eligible for benefits based on recent job posting on! Woodrum said have more current or accurate information, someone who takes this would... Those states 90 [ % ] to 100 % arkansas teacher retirement cost of living increase your lifetime contributors and non-contributors are for... May phase in an increase or decrease of the adjustment is still being decided, Woodrum said thereof... Access the Form online now through our member self-service ( MSS ) portal in... Adjustments ( COLAS ) are 3 % cost-of-living adjustment someone who takes this job would $. In T-DROP in lieu of Retiring and accepting a service retirement know that our team of Specialist Advisers! 'Re going to be paid to the Social Security members should receive their 1099-R in the public.! No monthly payments will be reflected in the public employees retirement system ] to %. Close behind increases go into effect on the retirement committee that would have the... Lifetime annuity retirement plan ] under this option, you will go to them and not other!

arkansas teacher retirement cost of living increase