(a) As used in this section, “overseas service” means service in an American-type overseas school sponsored and approved by either the United States Department of State or the United States Department of Defense, or service rendered in the Peace Corps or AmeriCorps VISTA, Volunteers in Service to America.
(b) A member of the Arkansas Teacher Retirement System may receive membership service credit for service in an overseas school subject to the following conditions:
(1) To be eligible for overseas service credit, a member must have a minimum of five (5) years of membership service in a position covered by the system;
(2)
(A) The overseas service credit to be granted shall be limited to service for which no benefit could be paid by another system similar in purpose to this system, except Social Security.
(B) The maximum overseas service credited to any member shall be ten (10) years;
(3)
(A) To be eligible for a year of overseas service credit, a member must have rendered the minimum days of service required for a fiscal year of service credit under § 24-7-601.
(B) Fractions of years of service may be credited in keeping with policies of the Board of Trustees of the Arkansas Teacher Retirement System as provided by § 24-7-601;
(4)
(A) Overseas service credit may be established by paying to the system the actuarial equivalent of the member's benefits.
(B) The employer's cost-of-service credit may be paid either by the employer or by the member.