AR HB1337

Amends Arkansas Code § 24-4-601(b)(3) and § 24-4-1103(a)(3) concerning straight life annuity benefits for Arkansas Public Employees' Retirement System members.

For service years in excess of 28 years rendered between July 1, 2009 and June 30, 2019, members receive an additional 0.5% of final average compensation for each year of service.

For service years in excess of 28 years rendered after July 1, 2019, members receive an additional 0.5% of final average compensation unless the Board of Trustees reduces this amount by board resolution.

The Board of Trustees may reduce the 0.5% annuity rate to a lower amount (but not below 0.5%) only to maintain actuarial soundness of the retirement system.