AR HB1335

Amends Arkansas Code § 24-7-601(e)(4) to use the final average salary from the reciprocal system that furnishes the highest final average salary at the time of retirement for credited service calculations.

Modifies Arkansas Code § 24-7-701(d) and (e) regarding voluntary retirement to allow members retiring on non-standard dates to receive service credit and use current year salary for final average salary calculations, with restrictions that credited service cannot exceed one-quarter year per full calendar quarter and must be based only on completed quarters.

Amends Arkansas Code § 24-7-702(e) and (f) concerning early voluntary retirement with identical provisions to § 24-7-701, including service credit limitations and restrictions on when annuities can begin.

Declares an emergency effective July 1, 2019 to allow provisions to take effect on the first day of the fiscal year for proper administration of the Arkansas Teacher Retirement System and protection of member benefits.