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AR HB1259
Bill
Status
N/A
Primary Sponsor
Jim Nickels
Click for details
AI Summary
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Effective January 1, 2012, municipalities with populations of 100,000 or more and existing retirement plans must enroll all newly hired employees and newly elected public officials in the Arkansas Public Employees' Retirement System
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Current employees and elected officials in affected municipalities may elect to continue participation in their municipality's existing retirement plan or switch to the Arkansas Public Employees' Retirement System
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Employees switching to the state system may purchase service credit from their municipality's plan to transfer, or roll over a 401(k) in a prorated amount, into the state system
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Employees electing to participate in the state system must notify the system in writing using a form determined acceptable by the system
Legislative Description
To Require Large Municipalities To Participate In The Public Retirement System For All New Employees And New Public Officials And To Allow Current Employees To Opt Into The Public System.
Last Action
House Recommended for study in the Interim by Joint Interim Committee on PUBLIC RETIREMENT & SOCIAL SECURITY PROGRAMS-JOINT
3/30/2011