AR SB169

Adds new section 24-4-213 to Arkansas Code establishing eligibility requirements for the Arkansas Municipal League to participate in the Arkansas Public Employees' Retirement System by July 1, 2015.

Requires the Arkansas Municipal League to comply with state fiscal management laws, submit to legislative audits, follow state accounting and budgetary procedures, and comply with the Uniform Classification and Compensation Act.

Mandates the Arkansas Municipal League receive appropriations from the General Assembly in the same manner as state agencies.

If the Arkansas Municipal League fails to comply by July 1, 2015, current and former employees are removed from the retirement system, non-vested employees receive refunds of contributions, and vested employees receive the present dollar value of their actuarially accrued benefits.

Declares an emergency to ensure the retirement system maintains its tax-qualified status under the Internal Revenue Code, with the act becoming effective upon gubernatorial approval or expiration of the veto period.