AR HB1365

Amends the definition of "salary" under the Arkansas Teacher Retirement System to include remuneration on which income tax would be due under the Internal Revenue Code, not just amounts requiring federal income tax withholding.

Modifies settlement and judgment provisions to prevent accumulation of service credit for payments that are not for on-site work for the employer.

Allows members or employers to purchase service credit or additional salary for wrongful termination or underpayment claims, paid using the actuarial equivalent of the member's benefits as calculated by the system.

Requires the system to use the same factors for calculating additional salary purchase costs when determining additional monthly benefits in T-DROP distribution annuitization.

Declares an emergency effective immediately upon Governor approval, non-veto, or veto override to allow the Arkansas Teacher Retirement System to implement immediate changes to maintain actuarial status.