This defined benefit plan offers a pension based on a formula which takes into account the number of years of participation in the plan and average annual salary, not contributions made to the plan. A cash option is not available for APERS. Employees are vested after five years of participation in the plan. Once you elect to participate in the defined benefit plan, you may only participate in the defined contribution plan (TIAA-CREF or Fidelity) under a supplemental retirement plan (SRA).
The APERS system is automatically non-contributory unless you were enrolled on a contributory basis with some other state agency/institution before coming to work at UALR. UALR contributes an amount equal to 13.47% of your base salary whether you are enrolled on a contributory or a non-contributory basis.
Please Note: UALR is a campus of the University of Arkansas System. The University of Arkansas System is not a post secondary or higher education employer as provided in Act 513 of 2011, and will enroll no new employees in ATRS after June 30, 2011.