AR SB110

Defines "manifest injustice" as obvious unfairness with direct and observable unconscionable effects resulting from technical errors or errors of judgment, requiring clear and convincing evidence of great harm to the system, benefit participants, or employers.

Establishes six factors the Arkansas Teacher Retirement System may consider when determining manifest injustice: degree of fault, ambiguity in interpretation, cost-benefit analysis of correction, public interest in expedited decisions, fundamental fairness of remedies, and whether status quo would produce unconscionable outcomes.

Authorizes the retirement system board or its designee to waive or modify rules, provisions, or laws that do not violate federal law or jeopardize the system's tax-qualified status in order to correct or prevent manifest injustice.