(a) As used in this section, “armed forces reserve” means one (1) of the reserve components of the United States Armed Forces.
(b)
(1) A member of the Arkansas Teacher Retirement System shall be entitled to purchase credited service in the system for a period not to exceed five (5) years for service rendered by the member in the National Guard or the armed forces reserve if the member:
(A) Makes an application to the Board of Trustees of the Arkansas Teacher Retirement System;
(B) Provides proof satisfactory to the board of that person's service in the National Guard or the armed forces reserve; and
(C) Pays to the system for each year of service credit being granted the actuarial equivalent of the member's benefits.
(2) The payment shall be credited to the member's account in the members' deposit account and shall be in addition to regular member contributions.
(c) A member may, one (1) time each fiscal year, purchase up to one (1) year of service credit for each one (1) year of service in the National Guard or armed forces reserve.
(d) The National Guard or armed forces reserve service shall not become credited service under this system until:
(1) The member payments specified in subdivision (b)(1)(C) of this section have been paid in full; and
(2) The member has established five (5) or more years of actual service in the system.
(e) If a member ceases to be an active member before the service in the National Guard or the armed forces reserve has been established as system-credited service, the member payments contributed as specified in subdivision (b)(1)(C) of this section shall be refundable.
(f)
(1) This section is supplemental to § 24-7-602, and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by § 24-7-602.
(2) However, a member shall not be entitled to or receive in excess of five (5) years of credited service rendered by the member under this section.