Executive Director Update: 2024 Retirement Planner + ATRS Election Results

I have an important update for you on the recent Trustee Election, but first I want to let you know that our 2024 Retirement Planner is now available.

Each year, we publish this Planner to assist our members who are considering retirement or T-DROP. The Planner has important information for you to know whether you are eligible to apply for retirement or T-DROP, and to walk you through the application process. 

You can find the Planner, our memo to ATRS Employers, and this year’s Contribution Rates & Multipliers at these links:

• Retirement Planner
• Employer Memo
• Contribution Rates & Multipliers for 2024

You can also find additional information in the Retirement and T-DROP frequently asked questions located on the ATRS Frequently Asked Questions web page.

Applications to retire effective July 1 or to enter the T-DROP program in 2024 are being accepted now. May 31 is the deadline to file an application to become a July 1st retiree or a 2024 T-DROP participant.

I know that making the decision to retire, or the decision to enter the T-DROP program, can be an emotional and even stressful decision. We want to give you all the information you need to make the decision that is best for you and your family. If you would like to talk through your options, get exact benefit estimates, and consider the financial impact of retiring or remaining employed, please give us a call at (501) 682-1517.

Board of Trustees Election

As I explained in an update earlier this year, ATRS is overseen by an independent Board of Trustees that is elected by the members of ATRS. Altogether, 11 of the 15 Board positions are elected positions. The remaining four positions are Ex Officio Trustees.

It is my privilege to announce the results of the 2024 System Election. One position was contested this year, Position #11, which is a Retired Trustee position. Congratulations to Mr. Danny Knight on being re-elected to the Board. Mr. Knight currently serves as Chair of the Board.

Only retired ATRS members are eligible to vote for this position, and more than 12,000 of you participated in this election. Thank you to all of you who returned your ballots. The election was conducted by an independent election vendor, and their certified results will be presented to the Board in the June meeting.

Two other positions were filled this year, both of them incumbent members who had no opposition. Congratulations to Ms. Keri Hamilton who was elected to a full term as Member Trustee for the 4th Congressional District, and to Mr. Kelsey Bailey who was elected to a full term as Non-Certified Member Trustee.

You can find the full list of our Board members, along with their contact information, at the following link: https://www.artrs.gov/trustees

Legislative Fiscal Session

Earlier this month, the Arkansas Legislature convened for the 2024 Fiscal Session. In a Fiscal Session, legislators primarily consider only appropriation bills and related budget issues. They can consider other legislation, but only with a supermajority vote.

The appropriation bill for ATRS was filed as Senate Bill SB48. I am pleased to report that our appropriation bill passed out of the House and Senate last week without opposition, and on Friday the Governor signed our bill into law. This will give us spending authority to continue System operations for the next fiscal year, which runs July 1, 2024, through June 30, 2025.

The Fiscal Session will continue for several more days, but I do not expect them to consider any substantive legislation affecting ATRS or our members.

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

Executive Director Update: Updates for Members + Survey Request

This month, I have several updates I want to pass along. One update is important for all of our members who are reading this; one is important for members who are considering retirement this year; and the last two are important for members who are already retired.

For all members:

ATRS is conducting a survey of all of our members. We are asking for your feedback to let us know how we are doing, and to help us understand the best ways to communicate with you. The survey is short and should take no more than 3 or 4 minutes of your time.

Your participation would be a big help to us -- and we're asking everyone to participate, both our retired members and our actively-employed members who aren't retired yet.

If you saw the survey link on social media or in an email from ARTA and have already taken the survey, thank you!

If you have not taken the survey yet, you can access it at this link: https://www.surveymonkey.com/r/ArkansasTRS

For all members who participate in the survey, you can enter your email address at the end of the survey to be entered in a drawing for a $100 gift card. Thank you in advance for your help!

For members who are considering retirement this year:

As of March 1, members can begin submitting applications to retire or enter T-DROP this summer. If you are thinking about retiring, I urge you to also consider entering T-DROP -- the Teacher Deferred Retirement Option Plan.

When you enter T-DROP, you continue working in your job, but you accumulate cash benefits in a T-DROP account. You can continue to work in T-DROP for up to 10 years, and when you do finally retire, you will have a cash balance to use and rely on. That cash balance can be rolled over to another retirement account, or you can receive it directly as a lump sum (after considering the tax consequences). Or you can use that balance to increase the amount of your monthly retirement benefits for the rest of your lifetime.

While you continue to work and remain in T-DROP, your health insurance and other employment benefits will continue unchanged through your current employer. And you will no longer be contributory, meaning you will save the 7% of your salary you may be contributing to ATRS now.

Applications to enter T-DROP are due May 31st. Please email us at info@artrs.gov or call us at (501) 682-1517 to ask questions and learn more about T-DROP. And you can find out more on our website at this link: https://www.artrs.gov/teacher-deferred-retirement-option-t-drop

For retired members:

Ballots were mailed on March 15 to all retired members for this year's Board of Trustees Election. We have one position on the ballot: Position #11, Retiree Trustee. All retired ATRS members are eligible to vote in this election.

When you receive your ballot, please fill it out and mail it back to us. By participating in the Board Election, you will be signaling to legislators and others that you value the independence of our System. The more of our members who vote, the stronger the case will be to the Legislature that we should remain independent with a member-elected Board.

If you are a retired ATRS member and you do not receive a ballot by March 25, please send me an email with your name and mailing address to markw@artrs.gov.

All completed ballots must be received back by us no later than April 15. Please complete and return your ballot as quickly as you can, to allow time for the mail to reach us. If you have any questions about the election process, please let me know.

Also, if you are a retired member receiving monthly benefits from ATRS, you should have already received your IRS Form 1099 for 2023. If you did not receive it, please let us know. And if you have an account on our member portal, you can download a copy of your Form 1099 directly from the portal.

For all our members -- but especially for our active teachers -- I hope you have a restful and wonderful Spring Break.

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