AR HB1111

Allows members of the Arkansas Teacher Retirement System to purchase up to five years of credited service for service in the Arkansas National Guard or armed forces reserve components.

Requires members to submit an application to the Board of Trustees, provide proof of military service, and pay a calculated amount based on employee and employer contribution rates multiplied by either their first year salary or average of three highest salaries, plus accrued interest.

Members receive one year of purchased service credit for each one year of National Guard or armed forces reserve service (changed from previous five-to-one ratio).

Service credit does not become effective until member payments are made in full and the member has established at least five years of actual service in the retirement system.

Declares an emergency clause effective upon gubernatorial approval, to allow members with national guard service from other states and armed forces reserve service to purchase this credit immediately.