Section 24-7-730 - Required distributions(a)(1)(A) Notwithstanding the provisions of this subchapter regarding the required dates of distribution of benefits under the Arkansas Teacher Retirement System to former members, the distribution of a former member's benefits under the system shall in any event be made or begun by April 1 of the calendar year following the latter of the calendar year in which the member retires or the calendar year in which the member attains the applicable age.(B) The applicable age for a member is as follows:(i) In the case of a member who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2030, the applicable age is seventy-three (73) years of age;(ii) In the case of a member who attains seventy-three (73) years of age after December 31, 2029, and seventy-four (74) years of age before January 1, 2033, the applicable age is seventy-four (74) years of age; and(iii) In the case of a member who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.(2) Distributions shall be made over the life of the member or over the lives of the member and the member's designated beneficiary or over a period not extending beyond the life expectancy of the member or the life expectancy of the member and the member's designated beneficiary.(b)(1) If the member dies after the distribution of benefits under the system commences, the distribution of the benefits shall be continued in accordance with the form of benefit in effect prior to the member's death.(2)(A) If the member dies before the distribution of benefits under the system commences, the entire death benefit, if any, due as a result of the member's death shall be distributed no later than five (5) years after the member's death except to the extent that a written election is made to receive distributions in accordance with subdivision (b)(2)(B) or (b)(2)(C) of this section.(B) If any portion of the member's benefit is payable to a designated beneficiary, distributions shall be made in substantially equal installments over the life or life expectancy of the designated beneficiary commencing no later than one (1) year after the member's death.(C)(i) If the designated beneficiary is the member's surviving spouse, the date distributions required to begin in accordance with subdivision (b)(2)(A) of this section shall not be earlier than the date on which the member would have attained seventy-two (72) years of age.(ii) If the spouse dies before payments begin, subsequent distributions shall be made as if the spouse had been the member.(D) Notwithstanding the provisions of this subchapter, all distributions of benefits under the system shall comply with the requirements of the Internal Revenue Code, 26 U.S.C. § 401(a)(9), and the regulations under the Internal Revenue Code, including United States Treasury Regulation, 26 C.F.R. § 1.401(a)(9)-2, and those provisions shall override any distribution options in this chapter that are inconsistent with the Internal Revenue Code, 26 U.S.C. § 401(a)(9).Amended by Act 2023, No. 107,§ 55, eff. 7/1/2023.Amended by Act 2021, No. 279,§ 29, eff. 7/1/2021.Amended by Act 2021, No. 279,§ 28, eff. 7/1/2021.Acts 2001, No. 155, § 4; 2005, No. 71, § 3.