AR HB1173

Requires seven publicly funded retirement systems to conduct financial risk analyses if recommended by their respective actuaries, including the Arkansas Teacher Retirement System, State Highway Employees' Retirement System, Public Employees' Retirement System, State Police Retirement System, Judicial Retirement System, Local Police and Fire Retirement System, and firemen's/policemen's relief funds.

Financial risk analyses must be conducted in accordance with generally accepted government accounting standards and generally accepted actuarial standards that exist at the time of analysis.

Board of trustees for each retirement system shall select an actuary to conduct the financial risk analyses.

The Joint Committee on Public Retirement and Social Security Programs may direct a General Assembly-employed actuary to perform financial risk analyses of each publicly funded retirement system.

Results of financial risk analyses must be submitted to the Joint Committee on Public Retirement and Social Security Programs no later than 20 days before the convening of a regular legislative session.