AR HB1209

Modifies the Arkansas Public Employees' Retirement System to change how credited service is calculated for various elected officials and public employees.

For the Governor and elected state constitutional officers employed after July 1, 1999, changes credited service from multiplied rates to the regular rate for crediting service.

For elected county and municipal officials, establishes that credited service defaults to the regular rate unless the governing body notifies the retirement system of intent to credit at two (2) times the regular rate, with employees and employers contributing an additional 2.5% of gross payroll for the multiplied service.

Requires all affected officials to have at least five (5) years of actual service to meet retirement eligibility requirements and death benefits eligibility under the system.

Effective date: January 1, 2017.