AR SB40

Amends the definition of "final average pay" to clarify calculation methods and limits on usable pay, including provisions for workers' compensation benefits in disability retirement calculations

Modifies the Board of Trustees composition by changing reference to "Arkansas Council of Professional Fire Fighters" to "State Firefighters Association"

Revises employer contribution requirements and accounting procedures under the retirement system, including updates to how contribution rates are calculated and certified to employers

Changes multiple instances of "written" application language to "proper" application throughout various retirement benefit provisions (early retirement, disability retirement, vested annuity, etc.)

Updates references to retirement annuity options and beneficiary designation procedures to specify that elections and designations be made "in a manner prescribed by the system" rather than "in writing"

Corrects technical language regarding disability benefits, military service credit, and the Deferred Retirement Option Plan eligibility provisions