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AR HB1203
Bill
Status
4/27/2011
Primary Sponsor
Jim Nickels
Click for details
AI Summary
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Amends Arkansas Code § 24-4-723(a)(3) to allow municipal employees covered under the Arkansas Public Employees' Retirement System to roll over 401(k) accounts from municipal employers to purchase retirement service credit.
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Permits the purchase of service credit in prorated amounts in increments of less than one (1) year, rather than the current requirement of full-year multiples.
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Limits this provision to a specific time period from June 30, 2011, through December 31, 2012.
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Declares an emergency clause, citing economic hardship preventing employees from purchasing the full amount of prior municipal employment service credit.
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Effective date is June 30, 2011.
Legislative Description
To Allow Municipal Employees To Purchase Credit In Prorated Amounts During A Specific Period Of Time And To Declare An Emergency.
Last Action
House Died in House Committee at Sine Die adjournment.
4/27/2011