HB1223 Summary

• Amends the definition of "active member" in the Arkansas Teacher Retirement System Act to clarify that active members must be eligible for service credit while rendering service to a covered employer.

• Changes termination requirement waiting periods from 180 days to six (6) calendar months for members with less than 38 years of service, and from 30 days to one (1) calendar month for members with 38 or more years of service before they can be re-employed without forfeiting retirement benefits.

• Establishes application deadlines and cancellation procedures for voluntary retirement, early voluntary retirement, disability retirement, and deferred retirement benefits, allowing members to cancel applications within two (2) calendar months of the effective benefit date.

• Adds provisions allowing surviving spouses to continue receiving cost-of-living adjustments and clarifies that members who die while performing qualified military service are entitled to additional survivor benefits as if employment had been terminated due to death.

• Declares an emergency effective date to allow immediate implementation of these technical corrections to align system statutes with Board of Trustees policy and sound public pension practices.