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AR SB186
Bill
Status
3/21/2017
Primary Sponsor
Bart Hester
Click for details
AI Summary
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Amends Arkansas Code § 24-7-705(b)(5) to lower the threshold for reducing the multiplier rate for teacher retirement benefits from 30 years to 18 years of unfunded liability amortization period.
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Allows the Arkansas Teacher Retirement System Board to reduce the multiplier rate for contributory service earned after the first 10 years of service only when the system's actuary certifies the amortization period exceeds 18 years and the Board determines the reduction is prudent for actuarial soundness.
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Declares an emergency to allow immediate implementation, stating the Arkansas Teacher Retirement System needs ability to make urgent changes to maintain actuarial status and meet member needs.
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Act became effective upon Governor approval on March 21, 2017.
Legislative Description
To Amend The Law Concerning The Adjustment Of The Multiplier Rate Under The Arkansas Teacher Retirement System; And To Declare An Emergency.
Last Action
Notification that SB186 is now Act 551
3/21/2017