AR SB112

Amends Arkansas Code § 24-7-305(b)(2) to authorize the Board of Trustees of the Arkansas Teacher Retirement System to promulgate rules aligning with Internal Revenue Service requirements and modifications.

Grants the board authority to establish retirement age provisions consistent with Internal Revenue Code Section 411 and maintain tax-qualified status under Section 401(a).

Permits the board to modify or eliminate plan provisions originally established for federal compliance that are no longer necessary to maintain tax-qualified status, including provisions concerning penalties, restrictions, time limitations, and other requirements affecting members or benefits.

Authorizes the board to adopt rules, procedures, plans, programs, and actions necessary to pay all earned benefits to members and reduce Internal Revenue Service penalties or restrictions while maintaining compliance.

Declares an emergency, making the act effective upon gubernatorial approval, expiration of the Governor's veto period, or veto override by the legislature.