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AR HB1142
Bill
Status
Passed
2/24/2011
Primary Sponsor
Butch Wilkins
Click for details
AI Summary
- Amends Arkansas Code § 24-7-711(b) to terminate interest accrual on deceased Arkansas Teacher Retirement System members' accumulated contributions when no survivor annuity is payable
- For members who died before July 1, 2011, with unpaid residual balances, interest ceases to accrue after July 1, 2011
- For members dying on or after July 1, 2011, interest on accumulated contributions ceases to accrue on the July 1 following the member's death
- Declares an emergency to allow the bill to become effective July 1, 2011, citing the need for conformance with sound public pension policy and alignment with the Arkansas Teacher Retirement System's fiscal year schedule
Legislative Description
To Specify That Interest On Deceased Arkansas Teacher Retirement System Member's Accumulated Contributions When No Survivor Annuity Is Payable Ceases After First Full Fiscal Year Following Member's Death; To Declare An Emergency.
Last Action
House Notification that HB1142 is now Act 136
2/24/2011
Committee Referrals
Public Retirement & Social Security Programs1/19/2011
Full Bill Text
No bill text available