AR SB162

Caps the employer contribution rate for the Arkansas Teacher Retirement System at 14% through June 30, 2013, and raises the cap to 15% beginning July 1, 2013

Allows the Board of Trustees to increase the contribution rate above 14% only if the annual actuarial report shows the system has a greater than 30-year amortization period for unfunded liabilities at the 14% rate

Requires the contribution rate to return to no more than 14% if the actuarial report shows the system's amortization period is 30 years or less with a 14% contribution rate

Establishes that public school employers pay up to 14% of contributions, with any additional contributions between 14% and 15% paid from Department of Education appropriations

Declares an emergency, making the act effective upon Governor approval or expiration of the veto period