AR SB214

Amends Arkansas Code § 24-7-1001(a) to clarify that employees of specified state universities not covered by other retirement systems must be included in the Arkansas Public Employees' Retirement System, changing "state-supported retirement system" to "public employee retirement plan."

Repeals Arkansas Code §§ 24-7-1003 through 24-7-1007, which previously governed retirement system options for University of Arkansas employees, former Arkansas Agricultural and Mechanical College employees, and Pine Bluff campus employees.

Creates new Arkansas Code § 24-7-1009 establishing retirement plan options for University of Arkansas System employees with half-time or greater appointments who are not on seasonal, temporary, or incidental employment, allowing them to elect participation in either a University of Arkansas System plan or the Arkansas Public Employees' Retirement System, with elections being irrevocable during employment tenure.

Permits employees who become eligible to participate in retirement plans after initial ineligibility to buy service credit by paying a lump sum covering employee and employer contributions plus regular interest if they elect Arkansas Public Employees' Retirement System participation.

Prohibits new University of Arkansas System employees hired on or after July 1, 2011, from participating in the Arkansas Teacher Retirement System and makes the act effective July 1, 2013, as an emergency measure.