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AR HB1338
Bill
Status
1/25/2017
Primary Sponsor
Dwight Tosh
Click for details
AI Summary
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Reduces the retirement age eligibility for State Police Retirement System-Tier Two members with less than 30 years of service from age 65 to age 53, with a minimum age floor reduced from 55 to 50.
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Lowers the service requirement for participating in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan from 30 years to 28 years of actual total service.
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Increases the monthly retirement benefit contribution rate paid into Tier Two Deferred Retirement Option Plan accounts from 72% to 80% of what would have been payable upon service retirement.
Legislative Description
To Amend The Retirement Age Under The State Police Retirement System-tier Two; To Amend The Requirements For Deferred Retirement; And To Amend The Benefit Percentage Paid Into Tier Two Deferred Retirement Option Plan Accounts.
Last Action
Recommended for study in the Interim by Joint Interim Committee on PUBLIC RETIREMENT & SOCIAL SECURITY PROGRAMS-JOINT
3/21/2017