AR SB130

Board of Trustees of the Arkansas Teacher Retirement System gains authority to increase or decrease the monthly benefit stipend for retirees, survivors, and beneficiaries based on actuarial conditions, with a range from $1.00 to $75.00 per month.

Any stipend increase or decrease adopted by the board applies to a complete fiscal year and remains in effect until adjusted by the board subject to limitations.

Board may only reduce the benefit stipend if the system's actuary certifies the amortization period exceeds 30 years and determines reduction is necessary to address unfunded liabilities.

Board may adjust the benefit stipend amount by resolution at a meeting rather than through statutory amendment.

Act becomes effective July 1, 2013, with an emergency clause declaring necessity to align with the system's July 1 to June 30 fiscal year and maintain orderly administration of benefits.