Public Notice: ATRS Board of Trustees Election 2025

PUBLIC NOTICE

Arkansas Teacher Retirement System (ATRS)

Board of Trustees Election 2025

 

Election of the following 2 positions on the ATRS Board of Trustees is scheduled for March, 2025: Position No. 3 (Certified Member Trustee – 3rd Congressional District, Requires State Teaching Licensure), and Position No. 10 (Retired Trustee).

Candidates for Position No. 3 must:

1. Be active members of ATRS or participants in the Teacher Deferred Retirement Option Plan (T-DROP) who are receiving T-DROP deposits;
2. Have a minimum of 5 years of actual service in ATRS;
3. Be employed primarily in a position that requires state teaching licensure or its equivalent, but not an administrator’s license; and
4. Be employed by a participating employer in the 3rd Congressional District.

Eligible voters for Position No. 3 must be:

1. Active ATRS members (includes T-DROP participants), regardless of credited service;
2. Employed by a participating employer located in the 3rd Congressional District; and
3. Employed primarily in a position that requires state teaching licensure or its equivalent, but not an administrator’s license.

Candidates for Position No. 10 must be:

1. Retired members of ATRS; and
2. Residents of the State of Arkansas.

Eligible voters for Position No. 10 must be retired members of ATRS, regardless of present employment status or residency.

Nomination for election shall be upon receipt of a petition signed by at least 25 voters who are eligible to vote for the trustee position for which the member is seeking nomination. For verification of each member’s eligibility to vote for the position, the petition must include each signatory’s legibly printed name and signature, and the last four digits of each signatory’s Social Security number. Nominating petitions and a candidate information form must be filed with the Executive Director of the Arkansas Teacher Retirement System by Friday, January 10, 2025. Petitions may be requested by contacting Tammy Porter by email at tammyp@artrs.gov or by phone at 501-682-6149.

The ATRS Board of Trustees will employ an independent contractor who will mail ballots to eligible voters' addresses of record and will also collect, count, and certify election results.

• Deadline for nomination: Friday, January 10, 2025.
• Ballots mailed: Saturday, March, 15, 2025.
• Deadline for ballots to be returned: Tuesday, April 15, 2025.
• Results certified: Sunday, April 20, 2025. 

If no candidate receives at least 50% of votes cast by eligible voters on the first ballot, a run-off election will be held between the 2 candidates receiving the highest number of votes for the position. The Schedule for the run-off election will be as follows:

• Run-off ballots mailed: Thursday, May 1, 2025.
• Deadline for ballots to be returned: Sunday, June 1, 2025.
• Results certified: Thursday, June 5, 2025.

If a candidate receives at least 50% of the votes cast on the first ballot, they will be declared the winner of the election and will assume office on July 1, 2025. If a run-off election is necessary, the candidate receiving at least 50% of the votes cast in the runoff will be declared the winner of the election and will assume office on July 1, 2025.

The term of office of each elected trustee is 6 years. Each trustee shall continue to serve as trustee until his or her successor is elected.

If any of the above fixed dates fall on a weekend or holiday, that date is moved to the next regular work day.

The ATRS Board of Trustees and ATRS staff do not and will not endorse any candidate for election to the Board of Trustees.

Executive Director Update: National Retirement Security Month

October is National Retirement Security Month. Congress created this recognition as a reminder of the importance of saving for retirement. Saving for retirement is a sorely-needed message in our country – a recent survey showed that 79% of Americans agree there is a retirement crisis, and researchers estimate that “almost half of American households will run short of money in retirement if they stop working at 65.”

For ATRS members, retirement security can be described as three legs of a stool – your ATRS benefit, Social Security, and personal savings. To be fully secure in retirement, you need all three legs in place. A contributory ATRS member who has 28 years of credited service will receive a monthly benefit from ATRS that is more than 60% of their final average salary. They can typically expect Social Security to pay a benefit equal to the remaining 40% of their work salary. Together, your ATRS benefit and Social Security can provide a secure monthly income to cover your day-to-day expenses.

But those are only two legs of the stool. That third leg – personal savings – can be critically important, because we all run into unexpected expenses from time to time. A car accident, a busted water heater, a serious illness – these are the types of unexpected events that can quickly strain our financial resources. If you have a nest egg saved, that can make all the difference in protecting your future financial security even when the unexpected happens.

There are many different options available for Americans to save for retirement. Many of them come with tax advantages that can save you money now or in the future. Even if you have already retired, you still have options for tax-advantaged retirement savings.

If you aren’t building a retirement savings nest egg yet, or you need to grow your nest egg, here are some options you can consider.

For all members who are working for an ATRS-covered employer:

403b or 457b Plan: Many ATRS employers allow employees to contribute additional pre-tax dollars to a retirement account that is separate from ATRS. These savings will grow tax-deferred. You can begin withdrawing them when you retire, and in some cases even earlier. Check with your employer’s HR office for more information.

 

For all members, whether working or retired:

529 Plan: Arkansas offers the Brighter Future 529 Plan that allows tax-advantaged savings to help pay for college and other qualified education expenses. You can open a 529 plan for any one you choose, including your own child or grandchild, a niece or nephew, or even a non-family member. And if you live in Arkansas, you may be eligible to deduct up to $5,000 from your state taxes (or $10,000 for a married couple) for contributions to a 529 plan. Additional info is here: https://brighterfuturedirect529.com/

Traditional or Roth IRA: Any taxpayer with earned income can open and contribute to an Individual Retirement Arrangement (IRA) account, even when you are also covered by ATRS as your retirement plan. For a Traditional IRA, your investment earnings are generally not taxed until you withdraw them, and depending on your income your IRA contributions may be tax deductible when you make them. For a Roth IRA, your IRA contributions are not tax-deductible, but your investment earnings may be tax free. Additional info is here:

https://www.irs.gov/retirement-plans/traditional-and-roth-iras
https://www.irs.gov/taxtopics/tc451

For non-retired members who are still working for an ATRS-covered employer:

T-DROP: ATRS offers actively-employed members with at least 28 years of credited service the ability to build savings in the Teacher Deferred Retirement Option Plan. When you enroll in T-DROP, you begin to accumulate a portion of monthly retirement benefits in a cash savings account, even as you continue to work for your school or other ATRS employer. And once you are in T-DROP, you no longer have to make member contributions, which means that 7% contribution will stay in your salary and not be deducted. Additional info is here:

https://www.artrs.gov/teacher-deferred-retirement-option-t-drop

 

Keep in mind that the tax advantages and tax implications of these different plans may vary, depending on your unique situation. Consider talking with a financial advisor or tax expert as you make decisions on how to save for retirement.

Finally, you can find more information on financial planning and retirement at this link:

https://www.consumerfinance.gov/consumer-tools/retirement/

 

As always, if you ever have a question about your retirement options or need information or advice, please reach out to our counselors by calling (501) 682-1517 or e-mailing info@artrs.gov. And if you have any concerns or questions about the System as a whole, please contact me at the email address or phone numbers below.

Mark White
Executive Director, ATRS
MarkW@artrs.gov
Office: (501) 621-8853
Cell: (501) 541-2057