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AR SB89
Bill
Status
4/1/2011
Primary Sponsor
Harmon Jeffress
Click for details
AI Summary
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Amends Arkansas Code § 24-7-711 to clarify that members or surviving spouses who elect to receive a refund of member contributions automatically cancel all service credit, including noncontributory service credit, in the Arkansas Teacher Retirement System.
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Declares an emergency to expedite implementation, citing the need to align Arkansas Teacher Retirement System statutes with sound public pension policy.
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Establishes an effective date of July 1, 2011, to align with the Arkansas Teacher Retirement System's fiscal year beginning.
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Justifies the emergency declaration by noting the system operates on a July 1 to June 30 fiscal year, making plan changes most effective at the fiscal year start.
Legislative Description
To Clarify That A Member Who Elects To Receive A Refund Of Member Contributions Also Elects To Cancel Any Service Credit For Noncontributory Years; To Declare An Emergency.
Last Action
Senate Notification that SB89 is now Act 976
4/1/2011