Loading chat...
AR HB1219
Bill
Status
4/27/2011
Primary Sponsor
Tim Summers
Click for details
AI Summary
-
Increases the minimum service requirement for members becoming vested after July 1, 2011, from 28 years to 30 years of actual service across multiple retirement eligibility provisions.
-
Modifies early retirement eligibility for members with 25-28 years of service and under age 65, establishing a 1% monthly reduction instead of 0.5% monthly reduction.
-
Allows the Board of Trustees to lower plan entry requirements to a minimum of 28 years of service (for members vesting before July 1, 2011) with actuarially appropriate early participation reductions.
-
Applies the 30-year vesting requirement to deferred retirement option plans and deferred/early annuity provisions for members becoming vested after July 1, 2011.
-
Declares an emergency effective July 1, 2011, citing the economic crisis's impact on the Arkansas Public Employees' Retirement System's actuarial soundness.
Legislative Description
To Increase The Amount Of Required, Actual Service For Eligibility For Benefits Under The Arkansas Public Employees' Retirement System; To Amend The Actual Service Requirements; And To Declare An Emergency.
Last Action
House Died in House Committee at Sine Die adjournment.
4/27/2011