Loading chat...
AR SB95
Bill
Status
4/1/2011
Primary Sponsor
Jimmy Jeffress
Click for details
AI Summary
-
Amends Arkansas Code § 24-7-720 to allow Arkansas Teacher Retirement System members with a minimum of 15 years of actual contributory service to receive the maximum lump-sum death benefit, regardless of any noncontributory service accrued.
-
Requires the lump-sum death benefit to be paid to persons designated by the member in a written designation executed and filed with the board.
-
Allows the board to set a separate lump-sum benefit amount for noncontributory service as it deems appropriate.
-
Declares an emergency and establishes an effective date of July 1, 2011, based on the urgent need to revise Arkansas Teacher Retirement System statutes to align with sound public pension policy.
Legislative Description
To Allow The Maximum Lump-sum Death Benefit To Be Paid To Members Of The Arkansas Teacher Retirement System Who Have Accrued Fifteen (15) Years Of Contributory Service; To Declare An Emergency.
Last Action
Senate Notification that SB95 is now Act 977
4/1/2011