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AR HB1256
Bill
Status
4/24/2019
Primary Sponsor
Douglas House
Click for details
AI Summary
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Changes Arkansas Code § 24-4-607 to make cost-of-living adjustments discretionary rather than mandatory by replacing "shall" with "may" for annual benefit redeterminations on July 1.
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Limits cost-of-living adjustments to no more than 3% annually for benefits that have been payable for at least 12 full calendar months.
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Establishes a "base amount" for members retiring on or after July 1, 2019, defined as the initial benefit plus any one-time legislative increases, excluding cost-of-living adjustments.
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Authorizes the Board of Trustees to grant cost-of-living adjustments to employed members, nonvested members, vested members, retirants, and beneficiaries at its discretion.
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Declares an emergency effective July 1, 2019, citing the need to revise the retirement system before the fiscal year begins.
Legislative Description
To Amend The Law Concerning The Redetermination Of Benefits Under The Arkansas Public Employees' Retirement System; And To Declare An Emergency.
Last Action
Died on House Calendar at Sine Die Adjournment
4/24/2019