AR HB1339

Amends Arkansas Code § 24-4-101(18)(A)(i) to modify the definition of "final average compensation" for Arkansas Public Employees' Retirement System members by adding a reference to § 24-4-623 as an exception to the standard three-year calculation period.

Creates new Arkansas Code § 24-4-623 authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to increase the number of years of credited service used in calculating final average compensation from the current three years to a maximum of five years.

The Board may implement the increased calculation period either gradually or immediately at its discretion.