AR SB233

Amends Arkansas Code § 24-7-715 to prohibit pension advances and restrict assignment or transfer of Arkansas Teacher Retirement System benefits, with exceptions only as specifically provided by law.

Defines "pension assignee" as any individual or entity that is not a designated beneficiary and either receives assigned pension benefits or claims control over a benefit participant's plan benefits or accounts.

Prohibits pension assignees from using devices, transfers, or schemes to circumvent assignment prohibitions, including depositing benefits into joint accounts or using power of attorney to access benefit accounts.

Maintains employer's right of setoff for embezzlement or fraud claims and preserves system's ability to correct errors and collect moneys due from member accounts.

Declares an emergency effective upon Governor's approval, expiration of veto period, or override of gubernatorial veto; approved February 17, 2017.