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AR HB1239

Bill

Official Source

Status

Passed

3/11/2013

Primary Sponsor

Bill Gossage

Click for details

Origin

House of Representatives

89th General Assembly (2013 Regular)

AI Summary

  • Creates Benefit Program 3 under Arkansas Local Police and Fire Retirement System with a maximum total benefit of 100% of final average pay plus volunteer service amounts
  • Establishes Benefit Program 4 effective July 1, 2013, providing $10.00 monthly per year of volunteer service (increased by inflation index) with a maximum of $400 monthly, available only if a political subdivision elects this option
  • Allows members to retroactively claim increased volunteer service benefits under Program 4 by paying the actuarial cost of the increased benefit through a single contribution or increased contribution rate approved by the board of trustees
  • Limits Benefit Program 4 election to one-time rescission by political subdivisions and prohibits funding the increased benefits through premium tax revenue allocation
  • Declares an emergency clause for immediate effectiveness upon gubernatorial approval, expiration of veto period, or veto override

Legislative Description

To Create A New Benefit Program Under The Arkansas Local Police And Fire Retirement System.

Last Action

Notification that HB1239 is now Act 315

3/11/2013

Committee Referrals

Public Retirement & Social Security Programs2/1/2013

Full Bill Text

No bill text available