AR HB1123

Limits contributory local elected public officials to one (1) year of retirement credit per year worked, unless they and their employer each contribute an additional 2.5% of gross payroll for the extra service credit.

Applies new contribution requirements to elected public officials who have never served in a contributory elected position before January 1, 2014, allowing them to earn two (2) times the regular service credit rate with the additional contributions.

Exempts the Governor, elected state constitutional officers, General Assembly members, and State Division elected public officials from the new restrictions.

Requires at least five (5) years of actual service to meet retirement eligibility requirements and death benefit eligibility under the Arkansas Public Employees' Retirement System.

Becomes effective on January 1, 2014.