HB1228 Summary

• Repeals the definition of "actuarial equivalent" from Arkansas Code § 24-5-101(2) and § 24-5-117(c) effective July 1, 2013

• Adds a new section 24-5-138 allowing employees of the Arkansas State Highway and Transportation Department who joined the retirement system on or before July 1, 1967, to receive prior service credit for service rendered to any public employer prior to July 1, 1967, upon payment of actuarially determined amounts plus interest

• Reestablishes "actuarial equivalent" as a definition in Arkansas Code § 24-5-101(16) and allows members to purchase refunded service based on actuarial equivalents if they are reemployed by a state employer, received a refund from the system, and seek to reinstate withdrawn time, effective September 1, 2013

• Repeals the prior service credit section (24-5-138) to replace it with the new provision

• Declares an emergency effective July 1, 2013, to permit equitable application of the new law and provide affected members fair opportunity to take appropriate actions