AR SB57

Amends Arkansas Code § 24-10-510 to allow active members of the Arkansas Local Police and Fire Retirement System to purchase up to 5 years of credited service for prior military service, increased from the previous 2-year limit.

Requires members to have received an honorable discharge from the armed forces and have at least 5 years of actual service in the retirement system to be eligible.

Members must contribute an amount equal to the actuarial equivalent of the credited service being purchased, as determined by the system's actuary at the time of purchase.

Purchased military service credit counts toward total credited service but cannot be used to calculate final average pay under the system.

The Board of Trustees makes final determinations on the length of purchased service credit, interest charges, and payment methods; the bill takes effect upon gubernatorial approval or veto override.