To Amend The Provisions Regarding Delinquent Payments By A Political Subdivision Under The Arkansas Local Police And Fire Retirement System; And To Declare An Emergency.
Impact
The bill seeks to address an identified need for better administration of delinquent payments related to pensions for municipal firemen and policemen. By shifting the responsibility to a centralized department, the bill intends to create a more streamlined process for managing these payments. The anticipated implementation date of July 1, 2025, is expected to provide sufficient time for necessary changes in programming and communications regarding the new procedures to relevant stakeholders.
Summary
House Bill 1119 proposes amendments to existing provisions regarding delinquent payments made by political subdivisions under the Arkansas Local Police and Fire Retirement System. The bill aims to enhance financial management by transferring the oversight of delinquent payments from the current retirement system to the Department of Finance and Administration. The proposed changes are positioned as necessary for improving financial security and efficiency in managing funds meant for the benefits of municipal fire and police personnel.
Contention
While the bill focuses on improving administrative efficiencies, potential points of contention could arise regarding how such changes may affect local control over retirement funds and the distribution of payments. Stakeholders involved with the current retirement system might express concerns about the effectiveness of the transition and whether it will adequately serve the needs of municipal employees. The declaration of an emergency clause indicates urgency, but it may also raise questions about the necessity of immediate action within this timeframe.
To Amend Retirement Eligibility Requirements Under Various Public Retirement Systems Of The State Of Arkansas For Police Officers, Firefighters, Public Safety Members, And Sheriffs.
To Amend The Age In Which Members Of Certain Plans Under The Arkansas Local Police And Fire Retirement System And Local Police And Fire Pension And Relief Funds Begin To Receive Fund Distributions.