AR SB163

Members of the Arkansas State Highway Employees' Retirement System may purchase up to 5 years of creditable military service without interest if they have at least 5 years of actual service as of August 20, 2015

Members must have relied upon the ten-year service time requirement before applying to purchase military service credit to be eligible for this option

Purchase may be made through a lump sum cash payment or automatic payroll deductions spread over no more than 3 years

Members must elect to purchase military service credit and either pay in full or enroll in payroll deductions within 60 days of the act's effective date

An emergency is declared due to an error in the 1997 amendment to Arkansas Code § 24-2-502, which caused some members to overpay interest based on an outdated ten-year requirement rather than the five-year requirement