AR SB172

Allows Arkansas National Guard and armed forces reserve service to be purchased in one-month increments instead of requiring a single lump-sum payment, while maintaining the requirement for payment before credit is granted.

Modifies the overpayment recovery limitation period from "first" to "last" overpayment, allowing the board one year from the date of the last overpayment to recover any amounts owed.

Adds compliance provisions for the Heroes Earnings Assistance and Relief Tax Act of 2008, providing survivor benefits and disability protections for members performing qualified military service on or after January 1, 2011.

Establishes that retirement elections are irrevocable except under circumstances permitted by board regulation, and clarifies that failure to meet termination requirements does not revoke a retirement election.

Adds sovereign immunity protections in the public retirement systems statutes and restricts members who cease participation in the Deferred Retirement Option Plan from employment in covered positions, with declared emergency effective upon Governor approval.