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AR SB123
Bill
Status
4/4/2013
Primary Sponsor
Bruce Maloch
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AI Summary
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Members of the Arkansas Teacher Retirement System who joined on or after July 1, 1971 contribute 6% of salary through June 30, 2013, then the Board of Trustees sets the rate beginning July 1, 2013.
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The Board of Trustees may set the member contribution rate between 6% and 7% of salary, with changes applying to complete fiscal years.
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The Board may only increase the member contribution rate if the system's actuary certifies that the amortization period exceeds 30 years and the increase is necessary to address unfunded liabilities.
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Similar contribution rate changes apply to members who joined before July 1, 1971, with options to contribute on either the first $7,800 of annual salary or their full salary.
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The act is declared an emergency and becomes effective upon gubernatorial approval, expiration of the veto period, or veto override by the legislature.
Legislative Description
To Set The Member Contribution Rate In The Arkansas Teacher Retirement System Between Six Percent (6%) And Seven Percent (7%) Of Salary Based On Actuarial Need And To Declare An Emergency.
Last Action
Notification that SB123 is now Act 602
4/4/2013