AR HB1304

Amends the definition of "Arkansas Teacher Retirement System" to explicitly include limited liability companies or other corporate entities solely owned by the system.

Adds "covered employer" as alternative terminology for "employer" in the Arkansas Teacher Retirement System Act, referring to public schools, public educational agencies, and other eligible participating employers.

Requires members applying for early voluntary retirement (with 25+ years of service) to submit complete retirement applications within 6 calendar months of the effective date of benefits, or the application becomes void unless an extension is granted.

Makes technical updates to the Teacher Retirement System provisions regarding life annuity multipliers, annuity options following divorce or death of spouse, member contribution refunds, and the Deferred Retirement Option Plan.

Declares an emergency clause, stating the revisions are necessary to maintain sound pension policy, meet actuarial requirements, and preserve orderly benefit management for system members.