AR SB86

Increases the minimum days of employment required to earn one (1) year of credited service in the Arkansas Teacher Retirement System from 120 days to 160 days per fiscal year, effective July 1, 2011.

Changes the minimum employment threshold for members to remain eligible for system benefits from 30 days to one-fourth (1/4) of a fiscal year across multiple provisions.

Allows contributory members who accrue less than one-fourth (1/4) year of service credit in a fiscal year to accumulate and carry forward service days until reaching the minimum threshold, beginning July 1, 2011.

Modifies the service credit calculation for previous unreported service rendered after July 1, 1937, requiring payment of actuarial equivalent benefits rather than member and employer contributions plus interest for service credited on or after July 1, 2011.

Declares an emergency effective July 1, 2011, citing the need to align the unchanged 120-day requirement (in place since the 1970s) with the expansion of the school year calendar and teacher service requirements.