Human Resources

DESCRIPTION:

ATRS is a cost sharing, multiple employer, defined benefit pension plan.  ATRS provides age and service retirement benefits for public school employees and other education related employees.  ATRS members are contributory or non-contributory based on their employment status.

ELIGIBILITY/ENROLLMENT:

All full-time employees are eligible to elect this retirement plan upon hire. 

NOTE:  Election of a retirement plan is a one-time, irrevocable decision for the length of your employment at NWACC.

CONTRIBUTION RATES :

The employee contribution rate is currently six percent (6%) of gross earnings.  As of July 1, 1997, all member contributions are tax-deferred.  All participating employers pay the employer contribution rate for eligible employees in accordance with ATRS laws and regulations.  The contribution rate for participating employers is currently fourteen percent (14%) of the member’s gross earnings.

KEY POINTS :

• ATRS requires a member to have 5 years of creditable service to be vested. 
• A member may retire at age 60 with 5 or more years of credited service or after 28 years of credited service regardless of age.
• Members with at least 25 years of service are eligible to receive a reduced benefit payment at any age.
• If employment is terminated or if a position is eliminated due to a reduction in force, employee can request a refund of contributions plus interest or employee can apply for a retirement annuity when age and service requirements are met.
• Workshops are offered during the school year for members planning to retire in July.  These workshops are held from October to April throughout the state.  Specific times and sites are listed on the ATRS website.

WORKING WHILE RECEIVING RETIREMENT BENEFITS:

• Your Arkansas Teacher Retirement System (ATRS) benefit is affected only if you return to work in a position covered by ATRS. 
• Employee will need to make a choice: 
• Work under the ATRS earnings limitation; or
• Qualify for and be granted a waiver of the earnings limitation; or
• Rescind retirement; or
• Participate in the Teacher Deferred Retirement Option Plan (T-Drop).
• ATRS retirees who return to work for ATRS participating employer are subject to an earnings limitation.  Click here to view the Earnings Limitation Bulletin. Upon return to work, retiree must complete the Employee Certification portion of the Statement of Employment and submit to the Benefits Specialist. This must be done each time retiree signs an NWACC employment memorandum.

QUESTIONS/CONTACT INFORMATION:

For questions about this retirement plan, contact your Benefits Specialist, visit ATRS website at www.atrs.state.ar.us or contact ATRS at 1-800-666-2877 and speak with a representative.  

FORMS:

Beneficiary Form - Residue
Beneficiary Form - Death Benefit
Name/Address Change
Statement of Employment