| 3 | 2 | | *LJH004* 01/16/2025 9:20:35 AM LJH004 |
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| 4 | 3 | | State of Arkansas 1 |
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| 5 | 4 | | A Bill 2 |
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| 6 | 5 | | Regular Session, 2025 HOUSE BILL 1156 3 |
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| 7 | 6 | | 4 |
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| 8 | 7 | | By: Representative Warren 5 |
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| 9 | 8 | | By: Senator K. Hammer 6 |
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| 10 | 9 | | 7 |
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| 11 | 10 | | For An Act To Be Entitled 8 |
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| 12 | 11 | | AN ACT TO AMEND THE LAW CONCERNING THE ELIGIBILITY OF 9 |
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| 13 | 12 | | A SURVIVING SPOUSE FOR SURVIVOR ANNUITY BENEFITS 10 |
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| 14 | 13 | | UNDER THE ARKANSAS TEACHER RETIREMENT SYSTEM; TO 11 |
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| 15 | 14 | | DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES. 12 |
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| 16 | 15 | | 13 |
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| 17 | 16 | | 14 |
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| 18 | 17 | | Subtitle 15 |
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| 19 | 18 | | TO AMEND THE LAW CONCERNING THE 16 |
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| 20 | 19 | | ELIGIBILITY OF A SURVIVING SPOUSE FOR 17 |
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| 21 | 20 | | SURVIVOR ANNUITY BENEFITS UNDER THE 18 |
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| 22 | 21 | | ARKANSAS TEACHER RETIREMENT SYSTEM; AND 19 |
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| 23 | 22 | | TO DECLARE AN EMERGENCY. 20 |
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| 24 | 23 | | 21 |
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| 25 | 24 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 22 |
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| 26 | 25 | | 23 |
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| 27 | 26 | | SECTION 1. Arkansas Code § 24 -7-710(b)(1)(A)(i), concerning survivor 24 |
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| 28 | 27 | | annuity benefits for surviving spouses under the Arkansas Teacher Retirement 25 |
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| 29 | 28 | | System, is amended to read as follows: 26 |
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| 30 | 29 | | (b)(1)(A)(i) Unless the active member otherwise directs an alternative 27 |
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| 31 | 30 | | beneficiary to receive the member’s residue with a payable balance by using a 28 |
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| 32 | 31 | | beneficiary form approved by the system, the active member's surviving 29 |
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| 33 | 32 | | spouse, who was married to the active member for at least the two (2) years 30 |
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| 34 | 33 | | one (1) year immediately preceding the active member's death, shall receive 31 |
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| 35 | 34 | | an annuity computed in the same manner in all respects as if the active 32 |
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| 36 | 35 | | member had retired on the date of the active member's death and elected 33 |
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| 37 | 36 | | Option A under § 24-7-706 to provide one hundred percent (100%) survivor 34 |
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| 38 | 37 | | annuity benefits, including benefits applicable under § 24 -7-713, for his or 35 |
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| 39 | 38 | | her surviving spouse. 36 HB1156 |
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| 40 | 39 | | |
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| 41 | 40 | | 2 01/16/2025 9:20:35 AM LJH004 |
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| 42 | 41 | | 1 |
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| 43 | 42 | | SECTION 2. EMERGENCY CLAUSE. It is found and determined by the 2 |
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| 44 | 43 | | General Assembly of the State of Arkansas that the operations of a state 3 |
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| 45 | 44 | | public retirement system are complex; that the Arkansas Teacher Retirement 4 |
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| 46 | 45 | | System must be able to meet the needs of its members as anticipated by the 5 |
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| 47 | 46 | | General Assembly; that certain provisions of the Arkansas Teacher Retirement 6 |
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| 48 | 47 | | System Act, § 24-7-201 et seq., need immediate revision and updating to 7 |
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| 49 | 48 | | address administrative complexities caused by these provisions and to bring 8 |
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| 50 | 49 | | these provisions into conformance with sound public pension policy and 9 |
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| 51 | 50 | | actuarial requirements; that the revisions and updates are of great 10 |
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| 52 | 51 | | importance to members of the Arkansas Teacher Retirement System and to other 11 |
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| 53 | 52 | | citizens of the State of Arkansas; that as the Arkansas Teacher Retirement 12 |
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| 54 | 53 | | System operates on a fiscal year of July 1 to June 30, an effective date of 13 |
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| 55 | 54 | | July 1, 2025, is necessary in order to allow the provisions within this act 14 |
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| 56 | 55 | | to begin on the first day of the fiscal year and to allow for a structured 15 |
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| 57 | 56 | | and proper administration of the procedures referenced in this act; that the 16 |
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| 58 | 57 | | updates and revisions to the Arkansas Teacher Retirement System Act are of 17 |
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| 59 | 58 | | great importance and necessary for protecting member benefits and clarifying 18 |
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| 60 | 59 | | the reporting and contribution requirements of employers participating in the 19 |
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| 61 | 60 | | Arkansas Teacher Retirement System; and that this act is necessary in order 20 |
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| 62 | 61 | | to maintain an orderly system of benefits for the members of the Arkansas 21 |
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| 63 | 62 | | Teacher Retirement System. Therefore, an emergency is declared to exist, and 22 |
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| 64 | 63 | | this act being necessary for the preservation of the public peace, health, 23 |
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| 65 | 64 | | and safety, shall become effective on July 1, 2025. 24 |
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| 66 | 65 | | 25 |
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| 67 | 66 | | 26 |
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