Senate Bill 51 Summary

• Changes actuarial valuation frequency from biennial to annual for fire and police pension funds under Arkansas Code § 24-11-205

• Modifies unfunded liability amortization period from forty (40) years to thirty (30) years in actuarial valuation requirements

• Updates terminology and references throughout the statutes, including changing "evaluations" to "valuations" and replacing "board members" with more specific titles

• Repeals Arkansas Code § 24-11-209 (Arkansas Fire and Police Pension Guarantee Fund) and § 24-11-303 (Payments) and § 24-11-419 (Credited service for police in cities of 75,000)

• Declares an emergency clause for immediate effectiveness to update and clarify existing law governing local police and fire retirement systems