AR HB1298

Changes the retirement benefit calculation for mayors of first-class Arkansas cities from one-half of the "mayoral salary payable to the mayor at the time of retirement" to one-half of the "person's mayoral salary" at "completion of his or her last term as mayor."

Maintains eligibility requirements: mayors with 10+ years of service at age 60, or 20+ years of service regardless of age, with optional city ordinance provision allowing retirement at age 55 with 10+ years of service.

Preserves provisions for crediting prior service as elected officials or city employees toward retirement benefits, with options for up to 2-4 additional years of credit depending on age and years of service, if authorized by city ordinance.

Sets minimum monthly retirement benefit at $250 for both salaried and nonsalaried mayors, with optional cost-of-living increases up to 3% annually after 12 months of retirement if approved by city governing body.

Allows city governing bodies to decrease retirement benefits by ordinance beginning January 31 of years when mayoral elections may be filed, provided an actuarial study supports the reduction and benefits do not fall below $250, with protections preventing the ordinance from applying to current or former mayors and filed candidates as of the effective date.