AR HB1117

Amends Arkansas Code § 24-7-405 to clarify that the Arkansas Teacher Retirement System assets shall be recorded in five accounts: members' deposit account, employer accumulation account, retirement reserve account, survivor benefit account, and income-expense account.

Authorizes the Board of Trustees of the Arkansas Teacher Retirement System to create the income-expense account and establish additional accounts as necessary to properly manage the system's fund assets.

Amends Arkansas Code § 24-7-406(a)(1) to specify that member contributions are accumulated in the members' deposit account, with interest calculated and credited from another account to accurately reflect the accounting of contributions.

Declares an emergency, citing the need to update Arkansas Teacher Retirement System statutes to conform with sound public pension policy and to enable proper accounting and management of system assets and member contributions.

Provides that the act becomes effective immediately upon gubernatorial approval, upon expiration of the veto period, or upon veto override.