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AR HB1216

Bill

Official Source

Status

Failed

4/22/2015

Primary Sponsor

David Whitaker

Click for details

Origin

House of Representatives

90th General Assembly (2015 Regular)

AI Summary

  • Adds new section 24-11-835 to Arkansas Code governing reduction of benefits for local fire and police pension funds
  • Allows pension fund boards of trustees to decrease all payments to all eligible beneficiaries by an equal percentage if the fund is determined by an actuary to be actuarially unsound or at substantial risk of depletion
  • Reduction level must be recommended by the actuary and designed to prevent fund assets from being depleted before all beneficiaries receive their lifetime benefits
  • Applies to both local firemen's relief and pension funds and local policemen's pension and relief funds established under Arkansas Code Title 24, Chapter 11

Legislative Description

Concerning The Benefits Of Local Firemen's Relief And Pension Funds And Local Policemen's Pension And Relief Funds.

Last Action

Died in House at Sine Die adjournment.

4/22/2015

Committee Referrals

Public Retirement & Social Security Programs2/9/2015

Full Bill Text

No bill text available