AR HB1194

Allows the Board of Trustees of the Arkansas Teacher Retirement System to adjust life annuity multiplier rates for service earned after June 30, 2013, if actuarially appropriate to maintain system solvency.

Establishes multiplier rate ranges for contributory service between 1.75% and 2.15%, and for noncontributory service between 0.5% and 1.39%, with board authority to adjust rates by resolution at board meetings.

Permits the board to set special lower multiplier rates for the first 10 years of service credit and increase them to standard rates after 10 years of service, but prohibits retroactive application of lower rates.

Restricts the board from reducing multiplier rates for contributory service after the first 10 years unless the system's actuary certifies that the amortization period exceeds 30 years for unfunded liabilities.

Declares an emergency and makes the act effective July 1, 2013, to align with the Teacher Retirement System's fiscal year and ensure orderly implementation of benefit provisions.