AR SB205

Allows Arkansas Teacher Retirement System members to elect to waive all or part of concurrent service credit earned through the system and a reciprocal system.

Members must acknowledge in writing that waiving concurrent service credit is a voluntary surrender and cancels their concurrent service credit in the system.

Employer-accrued and employee-accrued contributions remain with the Arkansas Teacher Retirement System and are not affected by the waiver election.

Declares an emergency, making the act effective upon gubernatorial approval, expiration of the veto period, or veto override by the legislature.

Approved by the Governor on March 23, 2017.