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AR SB75
Bill
Status
Passed
2/17/2015
Primary Sponsor
Uvalde Lindsey
Click for details
AI Summary
- Amends Arkansas Code § 24-7-607 to modify how private school service is credited to the Arkansas Teacher Retirement System for eligible members
- Active members may purchase up to 15 years of certified private school service and up to 5 years of noncertified private school service, with members paying the actuarial equivalent of benefits
- Private school service credit becomes system-credited only after the member payment is paid in full and the member has established at least 5 years of actual service in the Arkansas Teacher Retirement System
- Members may purchase fractional years of private school service provided they have at least one-fourth year of service in a fiscal year
- Declares an emergency to allow immediate implementation, effective upon gubernatorial approval or expiration of the veto period
Legislative Description
To Amend How Private School Service Is Recorded For Purposes Of Retirement Benefits; And To Declare An Emergency.
Last Action
Notification that SB75 is now Act 90
2/17/2015
Committee Referrals
Public Retirement & Social Security Programs1/20/2015
Full Bill Text
No bill text available