Loading chat...
AR SB116
Bill
Status
4/2/2013
Primary Sponsor
Robert Thompson
Click for details
AI Summary
-
Amends Arkansas Code § 24-7-601 to restrict use of reciprocal system salary calculations when a member's reciprocal service credit is less than years required by the system's formula, effective July 1, 2014
-
Requires the Arkansas Teacher Retirement System to obtain combined salary and service credit information from reciprocal systems and calculate final average salary as if all earnings were in the Arkansas system
-
Allows members earning concurrent service in both the Arkansas Teacher Retirement System and a reciprocal system to receive full service credit without reduction, effective July 1, 2013
-
Prohibits concurrent service from being counted for vesting, retirement eligibility, or final average salary calculations if it would credit a member with more than one year of service in a single fiscal year or combine salary from both systems in the same fiscal year
-
Declares an emergency effective July 1, 2013, to align the act's provisions with the fiscal year start date and ensure proper administration of retirement benefits
Legislative Description
To Limit The Use Of A Reciprocal System's Calculation Of Final Average Salary For An Arkansas Teacher Retirement System Member; To Declare An Emergency.
Last Action
Notification that SB116 is now Act 555
4/2/2013