AR SB116

Amends Arkansas Code § 24-2-402(2)(B) and (C) to clarify requirements for reciprocal service credits for public employees in state retirement systems.

Allows active members of reciprocal systems to receive service credit for previous public employment by paying prescribed employee and employer contributions at the rate in effect during that previous employment, plus regular interest from the date of previous service to repayment date.

Permits eligible active members of state retirement systems to receive one year of service credit for retirement eligibility purposes for every five years of full-time employment at a state college or university if they have at least 10 years of actual service in their current retirement system, plus at least 10 years of service in an alternative retirement plan after 1985, or at least 10 years of full-time employment before 1985 at the same institution during periods without mandatory employer contributions.

Designates the prevailing regulations of each reciprocal system as the standard for determining what constitutes a year of service credit.

Declares an emergency clause to make the act effective immediately upon the Governor's approval, allowing the Arkansas Teacher Retirement System to provide credit for public service and prevent harm to members from losing service credit eligibility.