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AR SB55
Bill
Status
2/14/2011
Primary Sponsor
Bill Sample
Click for details
AI Summary
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Amends Arkansas Code § 24-5-106(b) to clarify that employer contributions to the Arkansas State Highway Employees' Retirement System Fund may be drawn either in accordance with existing statutory provisions or as provided under new § 24-5-137
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Adds new section 24-5-137 requiring benefits paid under the retirement system chapter not exceed the limitations of Section 415 of the Internal Revenue Code as it existed on January 1, 2011, for governmental plans
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Authorizes the Board of Trustees of the Arkansas State Highway Employees' Retirement System to promulgate rules implementing Section 415 Internal Revenue Code limitations, including payment of limited benefits under Section 415(m) arrangements as it existed on January 1, 2011
Legislative Description
To Allow The Arkansas State Highway Employees' Retirement System To Adopt Rules To Remain In Compliance With Federal Laws And Regulations.
Last Action
Senate Notification that SB55 is now Act 16
2/14/2011