AR SB137

Repeals Arkansas Code § 24-7-716, which allowed the Arkansas Teacher Retirement System to pay lump-sum payments of reserve value for annuities less than $20 per month.

Eliminates the option for retirants and beneficiaries to receive a one-time lump-sum payment in lieu of small monthly annuity benefits, ensuring all annuities are paid as lifetime benefits.

Previously allowed lump-sum payments up to $1,750 without consent, and any amount exceeding $1,750 required payee consent; this provision is removed entirely.

Declares an emergency clause with an effective date of July 1, 2015, to align implementation with the Arkansas Teacher Retirement System's fiscal year and ensure proper administration of the change.

Justifies the emergency designation by citing the need to update teacher retirement law in accordance with sound pension policy and to protect member benefits.