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AR SB63
Bill
Status
3/7/2011
Primary Sponsor
Jeremy Hutchinson
Click for details
AI Summary
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Adds reciprocal service credit to the calculation of plan deposits under the Teacher Deferred Retirement Option Plan, reducing the percentage by 1% per year of contributory and reciprocal service credit.
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Expands member distribution options to allow partial distributions: members may elect 75% lump sum/25% annuity, 50%/50%, or 25% lump sum/75% annuity in addition to full lump sum or full annuity options.
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Authorizes the Board of Trustees to promulgate rules for eligibility for continued deposits for part-time employment and to modify distribution options by rule as necessary.
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Declares an emergency effective July 1, 2011, citing the need to align the Arkansas Teacher Retirement System with sound public pension policy and provide member flexibility in retirement planning.
Legislative Description
To Expand Options For Distribution Of A Member's Teacher Deferred Retirement Option Plan In The Arkansas Teacher Retirement System; To Include Reciprocal Service When Calculating Plan Deposits; To Declare An Emergency.
Last Action
Senate Notification that SB63 is now Act 162
3/7/2011