Arkansas 2025 Regular Session

Arkansas Senate Bill SB79 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Stricken language would be deleted from and underlined language would be added to present law.
2	2	LJH054 01/21/2025 9:18:13 AM LJH054
3	3	State of Arkansas 1
4	4	95th General Assembly A Bill 2
5	5	Regular Session, 2025 SENATE BILL 79 3
6	6	4
7	7	By: Senator Crowell 5
8	8	By: Representative Jean 6
9	9	7
10	10	For An Act To Be Entitled 8
11	11	AN ACT TO AMEND THE LAW CONCERNING SERVICE CREDIT FOR 9
12	12	ELECTED OFFICIALS PARTICIPATING IN A PUBLIC EMPLOYEE 10
13	13	RETIREMENT PLAN; TO AMEND THE LAW CONCERNING THE 11
14	14	ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE 12
15	15	STATE POLICE RETIREMENT SYSTEM; TO PERMIT A CHANGE IN 13
16	16	THE DATE OF RETIREMENT IN THE CASE OF A NON -14
17	17	CONTRIBUTORY MEMBER WITH SERVICE IN BOTH THE ARKANSAS 15
18	18	PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE STATE 16
19	19	POLICE RETIREMENT SYSTEM WHEN THE MEMBER HAS 17
20	20	CONTINUOUS SERVICE IN ONE SYSTEM AND ERRONEOUSLY 18
21	21	RETIRED FROM COVERED EMPLOYMENT WITH BOTH SYSTEMS 19
22	22	WHEN CHANGING COVERED EMPLOYMENT; TO ALLOW FOR A 20
23	23	CHANGE OF SELECTION OF RETIREMENT ANNUITY UNDER THE 21
24	24	ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM DEFERRED 22
25	25	RETIREMENT OPTION PLAN; AND FOR OTHER PURPOSES. 23
26	26	24
27	27	25
28	28	Subtitle 26
29	29	TO AMEND THE LAW CONCERNING THE ARKANSAS 27
30	30	PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND 28
31	31	THE STATE POLICE RETIREMENT SYSTEM. 29
32	32	30
33	33	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 31
34	34	32
35	35	SECTION 1. Arkansas Code Title 24, Chapter 2, Subchapter 7, is amended 33
36	36	to add additional sections to read as follows: 34
37	37	24-2-705. Service in Arkansas Public Employees' Retirement System and 35
38	38	State Police Retirement System — Erroneous retirement — Affidavit. 36 SB79
39	39
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41	41	(a)(1) If a noncontributory member, including without limitation a 1
42	42	noncontributory member who is an elected official, establishes service in 2
43	43	both the Arkansas Public Employees' Retirement System and the State Police 3
44	44	Retirement System and has continuous service in either system, but 4
45	45	erroneously retired from both systems when his or her employment changed from 5
46	46	being covered by one (1) of the systems to the other system, the non -6
47	47	contributory member may file with the relevant retirement system an affidavit 7
48	48	stating that his or her retirement from his or her most recent employer was 8
49	49	in error. 9
50	50	(2) If the noncontributory member files the affidavit in 10
51	51	subdivision (a)(1) of this section, he or she shall have his or her date of 11
52	52	retirement changed to the last date of employment with his or her most recent 12
53	53	employer. 13
54	54	(b) The Arkansas Public Employees' Retirement System shall create a 14
55	55	formula to calculate interest that has accrued in the event that the 15
56	56	noncontributory member has: 16
57	57	(1) Paid contributions to the system that covers his or her most 17
58	58	recent employment; and 18
59	59	(2) Received any retirement benefits from the system that covers 19
60	60	his or her most recent employment. 20
61	61	(c) A person making an election under this section must submit the 21
62	62	affidavit under subdivision (a)(1) of this section no later than: 22
63	63	(1) Six (6) months after retiring from his or her final position 23
64	64	in covered employment with either the Arkansas Public Employees' Retirement 24
65	65	System or the State Police Retirement System; or 25
66	66	(2) Six (6) months from the effective date of this act, if the 26
67	67	person has already retired from his or her final position in covered 27
68	68	employment with either the Arkansas Public Employees' Retirement System or 28
69	69	the State Police Retirement System. 29
70	70	30
71	71	SECTION 2. Arkansas Code § 24 -4-803(b), concerning a member's deferred 31
72	72	option contributions and selection of deferred retirement option, time of 32
73	73	retirement deferral, and retirement annuity under the Arkansas Public 33
74	74	Employees' Retirement System Deferred Retirement Option Plan, is amended to 34
75	75	read as follows: 35
76	76	(b)(1) The member's deferred option account shall be the account in 36 SB79
77	77
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79	79	which shall be accumulated the member's deferred option contributions, plus 1
80	80	interest. Effective July 1, 1999, the The Arkansas Public Employees' 2
81	81	Retirement System's deferred option contributions shall be at least seventy -3
82	82	five percent (75%) of the system's deferred option benefit with the exact 4
83	83	contribution to be determined in accordance with the rules of the board as is 5
84	84	actuarially appropriate for the system. The member shall be informed of the 6
85	85	amount of his or her deferred option contribution and informed that his or 7
86	86	her selection of the deferred retirement option , and the time of the 8
87	87	retirement deferral, and the selection of the retirement annuity are 9
88	88	irrevocable. 10
89	89	(2) The member's section of the retirement annuity may be 11
90	90	changed one (1) time after his or her initial election, subject to the 12
91	91	requirements of subdivision (b)(3) of this section: 13
92	92	(A) At the election of the member; and 14
93	93	(B) By contacting the board. 15
94	94	(3) A person making a change of election under subdivision 16
95	95	(b)(2) of this section must submit an affidavit requesting to change his or 17
96	96	her selection of retirement annuity no later than: 18
97	97	(A) Six (6) months after retiring from his or her final 19
98	98	position in covered employment with the system; or 20
99	99	(B) Six (6) months from the effective date of this act, if 21
100	100	the person has already retired from his or her final position in covered 22
101	101	employment with the system. 23
102	102	(4) A person who elects to change his or her selection of 24
103	103	retirement annuity under subdivision (b)(2) of this section shall pay to the 25
104	104	system a lump sum of any difference in the monetary benefits he or she 26
105	105	received from his or her initial selection of retirement annuity and his or 27
106	106	her subsequent selection of retirement annuity to the system within six (6) 28
107	107	months after the change in retirement annuity becomes effective. 29
108	108	30
109	109	31
110	110	32
111	111	33
112	112	34
113	113	35
114	114	36