AR SB124

Changes eligibility requirements for service credit purchases and retirement benefits by increasing the minimum actual service requirement from 5 years to 10 years for members hired on or after July 1, 2013, across multiple sections of the retirement system law

Modifies Arkansas Code § 24-10-506 to allow active members to purchase up to 15 years of credited service if they meet the new eligibility thresholds

Updates Arkansas Code § 24-10-604 to clarify that retirement applications must specify a date between at least 30 days and no more than 90 days after filing

Changes the reference in Arkansas Code § 24-12-109 from "Arkansas Local Police and Fire Retirement System" to "Public Employees' Retirement System" regarding investment advisor definitions for nonuniformed employees' pension funds

Declares an emergency effective date to allow the bill to take effect upon Governor approval, without waiting for normal legislative session procedures