(1) The boards of trustees of the reciprocal systems may enter into an agreement whereby the reciprocal system from which a member retires shall be the disbursing system for his or her annuities payable, as provided in this subchapter, by the other reciprocal systems.
(2) The agreement shall provide, but shall not be limited to, the manner and frequency with which the disbursing system shall be reimbursed for the annuities payable by the other reciprocal systems.
(3) Except for provisions of this section regarding the deferred retirement option plan under § 24-7-1301 et seq. for the Arkansas Teacher Retirement System, the provisions of this section shall not apply to retirants in the Arkansas Teacher Retirement System.