AR SB58

Amends Arkansas Code § 24-10-102 to reorganize and clarify definitions related to the Arkansas Local Police and Fire Retirement System, including separating accumulated contributions into after-tax and picked-up contributions effective July 1, 2009.

Establishes that the system shall be operated consistent with the Internal Revenue Code of 1986 (as of January 1, 2011) to maintain qualified trust status under Section 401(a), with board authority to promulgate implementing rules.

Adds limitations on retirement benefits to comply with Section 415 of the Internal Revenue Code, capping annual benefits for police and fire department employees and defining compensation according to Treasury Regulation 1.415-2(d)(2).

Amends military service provisions to treat members who die while performing USERRA-qualified military service on or after January 1, 2007, as if they resumed employment the day before death, with service credit accrual based on vested status.

Declares an emergency clause providing the act becomes effective upon gubernatorial approval, expiration of veto period, or veto override.