AR SB202

Active General Assembly members may elect to rescind coverage in the Arkansas Public Employees' Retirement System if they are retired from a reciprocal system or concurrently earning service credit from another state employer position participating in the system.

Members who rescind coverage receive a return of all employee and employer contributions made on their behalf, and their General Assembly service credit is cancelled.

Members who have rescinded coverage may repurchase past General Assembly service credit by paying all employer and employee contributions based on the employer's normal cost, compensation that would have been paid, plus regular interest from the date service was rendered.

Repurchased service credit may be purchased in one-year increments or in full, and payment must be made as a lump sum.

The act becomes effective July 1, 2013, declared an emergency to allow system revisions at the beginning of the fiscal year.