AR HB1078

Allows Arkansas Teacher Retirement System members receiving Option C annuities (10 years certain and life thereafter) to nominate successor beneficiaries if designated beneficiaries predecease them, or elect to return to single lifetime benefits.

Permits retirants whose designated beneficiary spouse dies, or whose marriage ends in divorce or dissolution, to nominate a successor beneficiary or return to single lifetime benefit equivalent by written election filed with the board.

Allows retirants who marry after retirement and receive single lifetime benefits to elect Option B (50% Survivor Annuity) for their spouse within 6 months after the marriage date on a board-approved form.

Establishes the effective date as the first day of the month following receipt of the election by the Arkansas Teacher Retirement System.

Declares an emergency clause, making the act effective immediately upon gubernatorial approval, expiration of veto period, or veto override.