AR HB1305

Allows Arkansas Teacher Retirement System members to designate one or more residual beneficiaries using an approved beneficiary form to receive lump sum payments of the member's residue amount instead of the surviving spouse.

Modifies survivor annuity benefits so that unless a member directs an alternative beneficiary, the surviving spouse who was married to the member for at least 2 years immediately before death receives standard annuity benefits.

Amends the Teacher Deferred Retirement Option Plan to prevent eligible surviving spouses from receiving lump sum benefits if the member has designated one or more residual beneficiaries; residual beneficiaries receive residual benefits instead and the spousal benefit is not paid.

Authorizes the Board of Trustees of the Arkansas Teacher Retirement System to adopt rules to carry out the provisions of the act.

Declares an emergency and makes the act effective immediately upon the Governor's approval, expiration of the veto period, or veto override.