AR HB1258

Reduces minimum continuous service requirement for Board of Trustees members from 10 years to 5 years with a public employer, applicable to both state and nonstate employees.

Limits retired members on the board to no more than one (1) retired nonstate employee trustee and one (1) retired state employee trustee among the three (3) members in each category.

Establishes that the Governor shall declare a vacancy when a trustee leaves employment, or when a retired trustee retires and another retired member of the same employee type already serves on the board.

Requires the Governor to appoint a replacement trustee within 30 days of vacancy declaration for the remainder of the unexpired term.

Declares an emergency effective date to ensure immediate stability of the retirement system and applies provisions to current board members as of the bill's effective date of March 1, 2017.