088.01.23 Ark. Code R. 020

Current through Register Vol. 49, No. 9, September, 2024

Rule 088.01.23-020 - Rule 14-1 Retirement Fund Asset Accounts

§ 14-101.Retirement fund asset accounts.

(a) In accordance with Arkansas Code § 24-7-405, the Board of Trustees of the Arkansas Teacher Retirement establishes the following accounts to manage the Arkansas Teacher Retirement System's fund assets and liabilities:

(1) The Members' Deposit Account is the account in which members' contributions, interest, purchases of service, refunds, transfers, and other related activity are reported in accordance with current accounting processes and procedures used by the system's fiscal department;

(2) The Employer Accumulation Account is the account in which employers' contributions and transfers are reported in accordance with current accounting processes and procedures used by the system's fiscal department;

(3) The Retirement Reserve Account is the account into which transfers for the payment of benefits to retirees and beneficiaries are reported in accordance with current accounting processes and procedures used by the system's fiscal department;

(4) The Income-Expense Account is the account in which all investment income is reported and from which interest credits and other expenses of the board are reported for the administration and operation of the system in accordance with current accounting processes and procedures used by the system's fiscal department; and

(5) The Teacher Deferred Retirement Option Plan Account is the account in which T-DROP participants' T-DROP account activity is reported in accordance with current accounting processes and procedures used by the system's fiscal department.

(b) The accounts established by the board may have subaccounts as deemed necessary by the system's staff to further classify and manage the assets of the system.

Authority: Arkansas Code § 24-7-405

History

Adopted:	July 1,2011	(Emergency)
Adopted:	August 8, 2011
Effective:	November 11, 2011
Effective:	TBD	Rule 14.1

088.01.23 Ark. Code R. 020

Adopted by Arkansas Register Volume 49, Number 07, Effective 7/7/2024