AR HB1177

Allows General Assembly members to opt out of the Arkansas Public Employees' Retirement System beginning July 1, 2013, if they meet all four criteria: are at least 65 years old, are receiving Social Security benefits, are retired from a reciprocal state retirement system, and are currently serving in the General Assembly.

Amends Arkansas Code § 24-4-301(a)(2) to add an optional membership provision for qualifying legislators who would otherwise be required to participate in the retirement system.

Addresses state fiscal concerns by allowing the state to cease retirement contributions for certain General Assembly members who are already retired from other state reciprocal systems and unlikely to accrue 10 years of service needed for benefits.

Declares an emergency clause making the act effective July 1, 2013, to align implementation with the beginning of the state fiscal year.