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AR HB1137
Bill
Status
4/4/2013
Primary Sponsor
Homer Lenderman
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AI Summary
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Amends Arkansas Code § 24-7-701(d) to allow teachers retiring on dates other than July 1 or the first day of a calendar quarter to receive service credit for the current year and use current year salary in calculating final average salary.
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Limits credited service for mid-fiscal-year retirements to one-quarter (¼) year for each full calendar quarter elapsed since the beginning of the fiscal year, with no credit for partial quarters worked.
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Applies identical provisions to Arkansas Code § 24-7-702(e) for early voluntary retirement calculations.
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Declares an emergency clause, establishing an effective date of July 1, 2013, to align with the Arkansas Teacher Retirement System's fiscal year and ensure proper system administration.
Legislative Description
To Allow Service Credit And Current Salary To Be Used In The Calculation Of Final Average Salary For Members Retiring Other Than The First Day Of A Calendar Quarter Within A Fiscal Year And To Declare An Emergency.
Last Action
Notification that HB1137 is now Act 720
4/4/2013