A member with 5 years of credited service is eligible to apply for an Age and Service retirement annuity from ATRS by meeting one or more of the following requirements:

• 5-24 Years of service at age 60
• 25 or more years of service at any age*

* Members retiring with 25-27 years of service under the age of 60 are subject to Early Retirement reductions 

The reduction is the lessor of

• 10% for each year the member lacks having 28 years of service, or
• 10% for each year the member lacks being age 60.

PLEASE NOTE:

• An active member who is eligible for Age and Service Retirement is not eligible for Disability Retirement.
• Purchase Service accounts must be paid in full prior to your retirement date for the purchased service to be included in your retirement annuity calculation.

See Retirement FAQs for more information.

Contact ATRS at (501) 682-1517 or info@artrs.gov to discuss information specific to your account and your retirement planning.

12 MONTHS PRIOR TO RETIREMENT

• View one of our pre-recorded workshop presentations:
  Age & Service Retirement
  

   

  Entering TDrop
  

   

  Exiting TDrop
  

   

• Get a Benefit Estimate to get a general idea of your retirement annuity.
• Review your Annuity Options (Straight Life, Option A, B, or C).
• Prepare to complete any established purchase accounts.
• Inquire about the possibility of purchasing additional service credit.
• Contact your insurance (medical and life) provider to verify your post-retirement eligibility and rates.
• Understand your tax status after retirement.
• Review and understand ATRS' Termination Separation Policy.
• Make certain any reciprocity service credit is established.
• If you have reciprocal service credit with another system, contact that system regarding their retirement requirements, deadlines, etc.
• Contact ATRS at (501) 682-1517 or info@artrs.gov with any questions.

ATRS will accept your retirement application no earlier than four (4) months prior to your effective date of benefits and no later than one (1) month prior to your effective date of benefits. REMEMBER, your effective date is not the date you stopped working – it is always the 1st day of the month in which you are to receive your first annuity payment. Please see chart below. If you change your mind, you simply need to submit a request in writing to ATRS to withdraw your retirement application any time prior to the effective date and your application will be withdrawn!

6-9 MONTHS PRIOR TO RETIREMENT

• Prepare a post-retirement budget to determine if your standard of living can be maintained, considering emergency expenses, insurance rates, financial obligations, future large purchases (car, appliances, home renovations, etc.).
• If part of your post-retirement budget includes returning to work after retirement, please make certain to review ATRS' Termination Separation Period Policy regarding employment with an ATRS covered employer.
• Contact ATRS to request a current estimate of your benefits based on current laws, rules, and information specific to your account (selected annuity option, purchased service, etc.).
• Request an Application for Retirement Annuity from ATRS. Contact ATRS at (501) 682-1517 or info@artrs.gov or download the application packet from our website.
• Visit with an ATRS Counselor for information specific to your account, in person, or by phone. Walk-ins are welcome. 

3 MONTHS PRIOR TO RETIREMENT

• If you haven't already, request an Application for Retirement Annuity packet from ATRS at (501) 682-1517 or info@artrs.gov.

• Begin completion of all required documents:

Retirement Application (notary required)

Annuity Option Selection

Proof of Marriage (if optional beneficiary is your spouse)

Certificate of Service and Final Salary for Retirement (Employer must complete)

Birth Certificate – member's & beneficiary(s)

Social Security – member's & beneficiary(s)

Taxpayer Identification Number (TIN) if applicable

Termination Separation Acknowledgment

Direct Deposit

Tax Election Form

Beneficiary Forms (Lump Sum Death Benefit & Disposition of Residue)

PLEASE NOTE: ATRS must receive your application one calendar month prior to the effective retirement date. For example, a July 1 retiree's application must be received by ATRS on or before May 31 so, please allow ample time to complete and gather all required documents.

1 MONTH PRIOR TO RETIREMENT

• You should have already submitted your Retirement Application by now!
• Complete any outstanding paperwork and submit ASAP.
• Review the ATRS Termination Separation Policy.
• Unless you are age 65 prior to your retirement effective date, you must terminate employment with an ATRS covered employer prior to your retirement date and, in most cases, that retirement date is July 1. NOTE: Your retirement effective date is not the date you stop working. It is always the 1st day of the month.

YOU ARE RETIRED

• If you are considering returning to employment with an ATRS covered employer after retirement, make certain you comply with the ATRS Termination Separation Policy. You are strongly encouraged to contact ATRS at (501) 682-1517 or info@artrs.gov to make certain you are not violating the ATRS Termination Separation Policy.
• If you have changes in your personal status (address, bank, tax status, change in beneficiary due to death or divorce) please contact ATRS to request the appropriate forms to update your records or visit our Forms Page to download any forms you might need. 

See Retirement FAQs for more information.

Members of ATRS may obtain a general benefit estimate regarding their future Retirement Annuity in multiple ways:

1. During ATRS office hours, members may contact an ATRS Counselor to request a benefit estimate specific to his or her record, selected options, and current laws and rules.  However, members are strongly encouraged to request a current benefit estimate as he or she begins to consider retirement
2. At any time a member may use the Benefit Estimator application that is available on your My Account page by signing in to their online account. If your online account indicates that you are a verified ATRS member, we will automatically load your current years of service and salary into the application.  You can change service years and salary to generate different estimates.

For more information about retirement, see Retirement FAQs.

Under the Arkansas Teacher Retirement System law, you may choose to retire under Option 1 (Straight Life Annuity) or one of the three benefit options: A, B, or C. These options differ in the annuity amount paid to you and benefits payable to someone else after your death.

PLEASE NOTE:  Within one (1) year of your effective retirement date, you may elect to cancel your annuity election made at the time of retirement and elect another option. The election to change your annuity option will be retroactive to the effective date of retirement and you will repay, including interest, the difference between the amount of your original annuity and the new annuity determined by your selection of another option.

The Straight Life Annuity is based on the following formula:

Of all four options, Option 1 (Straight Life Annuity) provides the maximum monthly benefit payment throughout your lifetime. Under this option, no monthly benefits will be payable to your beneficiary after your death. Upon your death, all monthly benefits cease and any applicable lump sum death benefit or residual accumulated member contributions will be paid to the designated beneficiary. (See Your Beneficiaries for more information of designating beneficiaries.) In most instances, a member who has been retired for eighteen (18) months has no residual balance left, and only the death benefit, if applicable, will be paid.

If you selected Option 1 (Straight Life Annuity) and die within one (1) year of your effective retirement date, your surviving spouse, if designated as the residue beneficiary and married to you for at least one (1) year immediately preceding your effective date of benefits, may elect to cancel the Straight Life Annuity and elect Option A – 100% Survivor Annuity.

A retiree receiving a Straight Life Annuity who was married to his or her spouse less than one (1) year upon his or her effective retirement date OR marries after retirement may elect to cancel this single lifetime benefit to elect Option A or B, providing continuous lifetime benefits to his/her spouse. The member must make the election to change the Option selection no later than six (6) months after completing one (1) full year of marriage.

Under this option you will receive a reduced benefit payment (Straight Life Annuity is reduced by a predetermined formula developed by ATRS actuaries) throughout your lifetime. For example, if both member & spouse are age 60, the reduction is approximately 18%. Upon your death, 100% of your monthly Option A benefit will be paid to the designated option beneficiary for the balance of his or her lifetime. Your option beneficiary may be one or both of the following:

1.  Your spouse, married to you at least one year immediately preceding the effective date of benefits;

2.  A dependent child who has been ruled physically or mentally incapacitated by a court of competent jurisdiction.

Option A Example: The member elects an Option A benefit and has a monthly benefit of $2,500. If the retiree dies, the Option A beneficiary receives approximately $2,500 each month for the rest of his or her lifetime with an annual 3% COLA added each July 1. 

Important Option A – "Pop Up" Provision

The death of the designated beneficiary, divorce, or other marriage dissolution following retirement shall, at your written election (contact ATRS for applicable form), cancel any option plan elected at retirement to provide continuing lifetime benefits (Option A) to such spouse or beneficiary and return you to your single lifetime benefit, Option 1 (Straight Life Annuity), for the remainder of your lifetime. If the designated beneficiary is an incapacitated child and emancipation occurs through a court order, marriage, or death, the retiree may elect to return to Option 1(Straight Life Annuity).

Under Option B, you will receive a reduced benefit payment (Straight Life Annuity is reduced by a predetermined formula developed by ATRS actuaries) throughout your lifetime. For example, if both member and spouse are age 60, the reduction is approximately 10%. Upon your death, 50% of your monthly Option B benefit will be paid to the designated option beneficiary for the balance of his or her lifetime.

Your designated beneficiary may be one or both of the following:

1.  Your spouse, married to you not less than one year immediately preceding the effective date of benefits;

2.  A dependent child who has been ruled physically or mentally incapacitated by a court of competent jurisdiction.

Option B Example: The member elects an Option B benefit and has a monthly benefit of $2,500. If the retiree dies, the Option B beneficiary receives approximately $1,250 each month for the rest of his or her lifetime with an annual 3% COLA added each July 1.

Important Option B – "Pop Up" Provision

The death of the designated beneficiary, divorce, or other marriage dissolution following retirement shall, at your written election (contact ATRS for applicable form), cancel any option plan elected at retirement to provide continuing lifetime benefits (Option B) to such spouse or beneficiary and return you to your single lifetime benefit (Option 1 – Straight Life Annuity) for the remainder of your lifetime. If the designated beneficiary is an incapacitated child and emancipation occurs through a court order, marriage, or death, the retiree may elect to return to Option 1 (Straight Life Annuity).

Under Option C, ATRS guarantees that at least 120 benefit payments will be made. The retiree will receive reduced benefits for that 120 months, and then "pops-up" to a Straight Life Annuity (SLA) on the 121^st month and draws a SLA benefit for the remainder of his or her life. For example, if member is age 60, the reduction is approximately 4%. If the retiree dies before receiving one hundred twenty (120) monthly benefit payments, the payments shall be continued for the remainder of the original 120 month period and be paid to the Option C beneficiary named by the retiree. Effective the month following completion of 120 payments to the retiree, the retiree's monthly benefit shall return to the "Straight Life Annuity" and the Option C beneficiary no longer has rights to the retiree's benefit. The Option C beneficiary does not have to be a relative. The Option C beneficiary can be a person or any entity that has a tax payer identification number (TIN), such as a church or charity.

Important Option C – "Pop Up" Provision

If you select Option C, and your beneficiary predeceases you, you can elect your monthly benefit payments to "pop up" to the maximum amount payable under Option 1, Straight Life Annuity, for the remainder of your lifetime OR you may designate a new beneficiary or beneficiaries.

For more information on retirement, see Retirement FAQs.

Contact ATRS at (501) 682-1517 or info@artrs.gov to request the appropriate forms or for more information.