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AR SB222
Bill
Status
3/23/2017
Primary Sponsor
Bill Sample
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AI Summary
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Allows members to defer receiving payment of their account balance upon conclusion of participation in the Local Police and Fire Deferred Retirement Option Plan and keep funds deposited in the plan.
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Interest on deferred amounts shall be credited at a rate of 2% per annum, calculated using the same method as Arkansas Code § 24-10-704(b).
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Limits deferral of plan fund payments to one (1) time only.
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Requires all plan funds to be distributed by the Board of Trustees of the Arkansas Local Police and Fire Retirement System no later than December 31 of the year the participant turns 70½ years old.
Legislative Description
To Amend The Law Concerning Participation In The Local Police And Fire Deferred Retirement Option Plan.
Last Action
Notification that SB222 is now Act 608
3/23/2017