AR SB111

Adds state-authorized local retirement benefit systems for elected city and town officials established before July 3, 1989, to the definition of "reciprocal system" under Arkansas Public Employees' Retirement System.

Provides two-for-one credited service multiplier for employment as an elected public official under a local retirement system, requiring minimum five years of actual service to meet retirement eligibility.

Establishes January 1, 2001, as the effective membership date for locally elected public officials and allows credit for pre-2001 service if the official was in office on January 1, 2001, and July 1, 2010.

Requires retroactive application to officials who retired after December 31, 2000, and mandates contribution payments by both officials and local systems at specified rates (4-5% employee, 4-7% employer) from January 1, 2001, through July 1, 2011, plus 4% annual compound interest payable by July 1, 2012.

Declares an emergency due to inadvertent exclusion of local retirement systems from state coverage in 2001 when uniform benefit laws were repealed, with immediate effective date upon gubernatorial approval or veto override.