AR SB187

Amends Arkansas Code § 24-7-406(b)(8) to authorize the Board of Trustees of the Arkansas Teacher Retirement System to increase member contribution rates to maintain actuarial soundness, replacing the previous fixed range of 6-7%.

Reduces the amortization period threshold for triggering potential contribution rate increases from 30 years to 18 years for paying unfunded liabilities.

Requires the system's actuary to certify that the amortization period exceeds 18 years and the Board must determine that an increase in member contribution rates is prudent to maintain actuarial soundness before raising rates.

Allows contribution rate changes to be adopted by Board resolution at any meeting and applied to subsequent fiscal years until modified.

Declares an emergency effective upon Governor approval, expiration of veto period, or veto override, stating the system needs immediate ability to make changes to maintain actuarial status.