To Amend The Law Concerning Survivor Annuity Benefits For Dependent Children Under The Arkansas Teacher Retirement System; And To Declare An Emergency.
Impact
The bill is expected to have a significant impact on the Arkansas Teacher Retirement System, particularly for families affected by the loss of a teacher. By extending the eligibility for survivor benefits, the legislation aims to alleviate some of the financial burdens faced by young adults who are continuing their education after the death of a parent. This change is crucial as it not only supports the children of deceased teachers but also encourages higher education enrollment among them, potentially leading to long-term benefits in terms of educated workforce participation.
Summary
House Bill 1157 aims to amend the current provisions related to survivor annuity benefits for dependent children under the Arkansas Teacher Retirement System. Specifically, the bill seeks to raise the age at which a deceased active member's child is no longer considered a dependent child from eighteen to twenty-two years. The new legislation intends to allow these children to continue receiving financial support as long as they are enrolled as full-time students in accredited educational institutions. Furthermore, the bill provides that dependent children who delay their enrollment in school for valid reasons will still remain eligible for the annuity benefits.
Contention
While this bill seems to address the needs of families in a meaningful way, potential points of contention may arise centered on the financial implications for the Arkansas Teacher Retirement System. Opponents might argue that extending benefits could strain the fund, leading to questions about the sustainability of the retirement system. Additionally, the emergency declaration noted within the bill highlights the urgency to make these legislative changes; however, it may also provoke discussions regarding the standard legislative process and thoroughness of considerations for amendments of this nature.
To Amend Titles Of Members Of The Board Of Trustees Of The Arkansas State Highway Employees' Retirement System; And To Amend The Laws Regarding Survivor Benefits Under The Arkansas State Highway Employees' Retirement System.