AR HB1373

Modifies the definition of "base amount" for Arkansas Teacher Retirement System benefits to exclude both the simple cost of living adjustment and benefit stipends paid under the amended law.

Allows the Board of Trustees to adjust monthly benefit stipends between $1.00 and $75.00 per month for eligible retirees as a supplement to cost of living adjustments.

Reduces the threshold for reducing benefit stipends from an amortization period exceeding 30 years to exceeding 18 years, requiring actuary certification and Board determination that reduction is prudent for actuarial soundness.

Grants the Board authority to remove benefit stipends from the base amount of current retirees and option beneficiaries by resolution if determined necessary to maintain actuarial soundness, with ability to phase in the removal.

Declares an emergency effective upon Governor approval or expiration of veto period, citing need for immediate changes to maintain the system's actuarial status.