To Amend The Law Concerning The Arkansas Public Employees' Retirement System And The State Police Retirement System.
Impact
This legislation is significant for state laws as it enhances the flexibility and rights of noncontributory members in the retirement systems, allowing them to correct inconsistencies without undue penalties or loss of benefits. By creating provisions for wrongful retirement situations, the bill ensures that members can retain their rights to retirement benefits based on their true tenure within the systems.
Summary
Senate Bill 79 addresses service credit management for elected officials who participate in the Arkansas Public Employees' Retirement System and the State Police Retirement System. The bill aims to amend existing laws to allow noncontributory members to rectify erroneous retirements that occur when transitioning between jobs covered by either of the two retirement systems. Specifically, it permits these individuals to file an affidavit indicating that their retirement was in error, effectively adjusting their retirement date to the last date of employment with the most recent employer.
Contention
One of the notable points of contention in the discussions surrounding SB79 includes concerns over the administrative burden on the retirement systems to process affidavits and adjust retirement dates. Additionally, discussions highlighted the implications for financial forecasting within the retirement systems, as changes in retirement dates may affect both the contributions and distributions within the plan. Although the intent is to correct errors for members, parties involved in retirement administration may have differing views on the potential workload and impact on the system's sustainability.
To Permit A Change Of Retirement Date In The Case Of Certain Members With Service In Both The Arkansas Public Employees' Retirement System And The State Police Retirement System When Retirement From Both Systems Was In Error.
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 Retirement Eligibility Requirements Under Various Public Retirement Systems Of The State Of Arkansas For Certain Police Officers, Firefighters, Public Safety Members, And Sheriffs.
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.