AR SB38

Amends Arkansas Code § 24-7-719(b) to allow distributees and eligible beneficiaries to direct a portion of eligible rollover distributions of $500 or more directly to an eligible retirement plan in a single rollover.

Eliminates the previous requirement that entire distributions be rolled over at once, allowing partial rollovers of distributions meeting the $500 minimum threshold.

Permits rollovers despite any other chapter provisions that would limit a distributee's election, and requires distributions be made at times and in manner prescribed by the system.

Allows non-spouse beneficiaries, effective July 1, 2010, to direct eligible rollover distributions via trustee-to-trustee transfer to individual retirement accounts or annuities under federal law 26 U.S.C. § 402(c)(11).

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