AR HB1147

Establishes a "look-back period" defined as the current fiscal year plus the four preceding fiscal years for the Arkansas Teacher Retirement System to adjust records, correct overpayments, underpayments, contributions, and benefit calculations.

Expands the definition of "benefit participant" to include members, spouses, survivors, residual beneficiaries, death beneficiaries, former spouses, and estates of members who receive any benefits or payments from the system.

Limits all determinations, reviews, administrative actions, causes of action, and requests to enforce or modify obligations, benefits, contributions, or service credits to commence only within the look-back period, except when the system determines justification exists due to intentional nondisclosure, fraud, misrepresentation, or criminal acts.

Allows the board to make adjustments beyond the look-back period only if the board determines that the time limitation would result in manifest injustice in a specific case.

Declares the act an emergency effective July 1, 2011, citing the need for finality of decisions after four fiscal years to better allocate system resources and maintain an orderly benefit system.