AR SB171

Amends Arkansas Code § 24-7-602 to clarify military service credit provisions for active and inactive members of the Arkansas Teacher Retirement System who served during periods when a federal military draft was in effect.

Allows members who entered the armed forces during compulsory military service and received an honorable discharge to receive free military service credit without needing five (5) or more years of credited service at the time of reemployment.

Requires members to complete five (5) or more years of actual service in the system and receive an honorable discharge to be eligible for free military service credit.

Permits crediting of all United States Armed Forces service not otherwise creditable if the member pays the actuarial equivalent for the service credit.

Declares an emergency, making the act effective upon gubernatorial approval, expiration of veto period, or veto override; approved March 20, 2015.